Second quarter revenue grew 36% year-over-year

NEWTOWN, PA – (NewMediaWire) – August 10, 2023 –Forian Inc. (Nasdaq: FORA), a provider of data science driven information and analytics solutions to the healthcare and life sciences industries, today announced results for the quarter ended June 30, 2023.

“Forian’s commitment to delivering value to our customers and shareholders in a more challenging fiscal environment is evident from another quarter of operational and financial achievements. We continued to realize the benefits of our business streamlining, cost rationalization and operating leverage to reduce our cash burn while showing positive Adjusted EBITDA and keeping pace to meet our year-end revenue guidance,” stated Max Wygod, Chairman and Chief Executive Officer of Forian.

Second Quarter 2023 Financial Results

●      Forian delivered the following results for the second quarter of 2023:

●      Revenue for the quarter was $4.9 million, an increase of $1.3 million versus the prior year

●      Net loss from continuing operations for the quarter was $1.1 million, or $0.03 per share, compared to $4.0 million, or $0.13 per share, in the prior year

●      Adjusted EBITDA¹ for the quarter was $0.1 million, compared to negative $2.5 million in the prior year

●      Cash, cash equivalents and marketable securities at June 30, 2023 totaled $41.2 million

Second Quarter 2023 Operational Highlights

·       Executed on our business plan, increasing our revenue while reducing costs

·       Strengthened our balance sheet in July 2023 with $5.9 million of cash proceeds from the sale of our minority equity interest in a healthcare software and analytics customer that was acquired

¹ This 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.

Quarterly Conference Call and Webcast

Forian will host a conference call and webcast at 4:30 p.m. ET on August 10, 2023 to discuss its financial results with the investment community. To register for the conference call, click here. The webcast will be available live at https://edge.media-server.com/mmc/p/bdrcwudf. This information is also available on our website at www.forian.com/investors. To be included on the Company’s email distribution list, please sign up at www.forian.com/investors.

About Forian

Forian provides a unique suite of data management capabilities and proprietary information and analytics solutions to optimize and measure operational, clinical and financial performance for customers within the traditional and emerging life sciences and healthcare payer and provider segments. For more information, please visit the Company’s website at www.forian.com.

Cautionary Statements Regarding Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, which may include GAAP and non-GAAP financial measures, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about future financial and operating results, company strategy and intended product offerings and market positioning. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, those risks and uncertainties associated with operations, strategy and goals, our ability to execute on our strategy and the additional risks and uncertainties set forth more fully under the caption “Risk Factors” in Forian’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 30, 2023, and elsewhere in Forian’s filings and reports with the SEC. Forward-looking statements contained in this release are made as of the date hereof, and we undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

Media and Investor Contact:
forian.com/investors
[email protected]

267-225-6263
SOURCE Forian Inc.