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Forian Inc. Announces Third Quarter 2023 Financial Results

Third quarter revenue grew 24% year-over-year

 

Forian data factory expanded to drive improved insights 

NEWTOWN, PA – (NewMediaWire) – November 09, 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 September 30, 2023.

 

Our strong Financial quarter highlighted by an increase in Adjusted EBITDA is a testament to the hard work of the team and the scalability of our business model. We are committed to continuing to deliver valuable information products and intelligence to our customers. We continue to be prudent in cost containment while opportunistically investing in the business for long term organic growth,” stated Max Wygod, Chairman and Chief Executive Officer of Forian.

 

Third Quarter 2023 Financial Results

 

      Forian delivered the following results for the third quarter of 2023:

Three Months Ended
September 30,

 

Period-over-
Period %
Change

 

 

 

 

 

 

 

2023
Unaudited

 

2022
Unaudited

 

Total revenue

 

$

5,348,469

 

 

$

4,310,694

 

 

24

%

 

 

 

 

 

 

 

 

Income (loss) from continuing operations, net of tax

 

$

          5,453,643

 

 

$

(2,966,053

)

 

284

%

Loss from discontinued operations, net of tax

 

$

(1,111,552

)

 

$

(2,161,571

)

 

49

%

Net income (loss)

 

$

4,342,091

 

 

$

(5,127,626

)

 

185

%

 

 

 

 

 

 

 

 

Income (loss) from continuing operations, net of tax per share – diluted

$

                 0.16

 

 

$

(0.09

)

 

278

%

Loss from discontinued operations, net of tax per share – diluted

$

(0.03

)

 

$

(0.07

)

 

57

%

Income (loss) per share – diluted

 

$

          0.13

 

 

$

(0.16

)

 

181

%

 

 

 

 

 

 

 

 

Adjusted EBITDA1 – continuing operations

 

$

   755,327

 

 

$

(1,230,740

)

 

161

%

      Revenue for the quarter was $5.3 million, an increase of $1.0 million versus the prior year

      Net income from continuing operations for the quarter was $5.5 million, or $0.16 per share, compared to a net loss of $3.0 million, or $0.09 per share, in the prior year

      Adjusted EBITDA1 for the quarter was $0.8 million, compared to negative $1.2 million in the prior year

      Cash, cash equivalents and marketable securities at September 30, 2023 totaled $49.0 million

 

Highlights

 

·       Licensed additional strategic healthcare data, further differentiating Forian’s unique integrated de-identified data factory

·       Repurchased 1,604,676 shares of Forian common stock in a privately negotiated transaction in October at redemption price of $2.15 per share

·       Launched new data science based information products, including a referral mapping tool

 

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 5:00 p.m. ET on November 9, 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/uh4whvrn. 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. Forian has industry leading expertise in acquiring, integrating, normalizing and commercializing large scale healthcare data assets. Forian’s information products overlay sophisticated data management and data science capabilities on top of a comprehensive clinical data lake to identify unique relationships, create distinctive information assets and generate proprietary insights. 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.

FORIAN INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

 

2023

 

 

 

2022

 

 

 

(UNAUDITED)

 

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

$

5,377,079

 

 

$

2,795,743

 

 

Marketable securities

 

43,585,724

 

 

 

17,396,487

 

 

Accounts receivable, net

 

2,918,533

 

 

 

1,809,028

 

 

Proceeds receivable from sale of discontinued operation, net

 

4,097,872

 

 

 

 

 

Contract assets

 

870,328

 

 

 

2,252,958

 

 

Prepaid expenses

 

1,269,459

 

 

 

835,786

 

 

Other assets

 

369,616

 

 

 

432,338

 

 

Current assets of discontinued operations

 

 

 

 

1,393,688

 

 

Total current assets

 

58,488,611

 

 

 

26,916,028

 

 

 

 

 

 

 

Property and equipment, net



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