Business
Forian Inc. Announces Third Quarter Fiscal 2021 Financial Results
Third Quarter Revenue of $5.0 Million, Up $4.8 Million Year-Over-Year,Pro Forma Year-Over-Year Growth of 62% Newtown, PA , Nov. 11, 2021 (GLOBE NEWSWIRE) --
About this update from Forian Inc.
[{"type":"text","content":"Third Quarter Revenue of $5.0 Million, Up $4.8 Million Year-Over-Year,Pro Forma Year-Over-Year Growth of 62% Newtown, PA , Nov. 11, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Forian Inc. (NASDAQ: FORA), a provider of technology, analytics and data science driven solutions for the healthcare and cannabis industries, today announced results for the fiscal quarter ended September 30, 2021. “I am proud of the Forian team’s work to achieve our organic financial growth goals as we invest to better serve our clients in these dynamic markets,” said Max Wygod, Executive Chairman of Forian. “We are very pleased with the results we’ve achieved in the third quarter of 2021. We have continued to build on the momentum from previous quarters. Our revenue growth, especially in our software and information segment, allows us to responsibly invest in talent and product. We can reconfirm our top line guidance of $5.4 million to $5.7 million in fourth quarter revenues this year,” said Dan Barton, Chief Executive Officer of Forian. Third Quarter 2021 Financial Results Forian delivered the following results for the third fiscal quarter: Three Months Ended September 30, Year-over-Year % Change 2021 2020 Unaudited Unaudited Total revenue$4,961,755 $159,504 3010% Net Loss (6,876,472) (1,161,915) -492% Basic and diluted net loss per common share$(0.22) $(0.08) -175% Pro Forma Revenue$4,961,755 $3,062,557 62% Pro Forma Adjusted EBITDA1 (4,122,830) (1,162,844) -254% Revenue for the quarter was approximately $5.0 million, an increase of $4.8 million versus the prior year. On a pro forma basis, revenue grew 62% year-over-year and 9.1% sequentially over the second quarter of 2021.Net Loss for the quarter was approximately $6.9 million, or $0.22 per share, compared to approximately $1.2 million, or $0.08 per share, in the prior year and approximately $7.1 million, or $0.23 per share, in the second quarter of 2021.Pro Forma Adjusted EBITDA1for the quarter was negative $4.1 million compared to negative $1.2 million for the prior year and negative $3.6 million for the second quarter of 2021. 1This press release uses non-GAAP financial measures that are adjusted for the impact of various U.S. GAAP items. See the section titled “Non-GAAP Financial Measures” and the table entitled “Reconciliation of U.S. GAAP to Non-GAAP Financial Measures” below for details. Thir...