Forian Inc. Announces Third Quarter Fiscal 2021 Financial Results

Forian Inc. FORA, a provider of technology, analytics and science-driven data solutions for the healthcare and cannabis industries, announced its financial results for the fiscal quarter ended September 30, 2021.

Third Quarter 2021 Financial Results

  • Revenue for the quarter was approximately $5 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 EBITDA for 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.

Third Quarter Operational Highlights

  • Generated strong revenue growth;
  • Expanded state services business;
  • Achieved planned product milestones;
  • Named Michael Vesey as chief financial officer;
  • Raised $24 million of 3.5% convertible notes due in 2025.

“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.

Dan Barton, CEO of Forian, was also delighted with the results.

“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.”

Price Action:

FORA traded 3.10% higher at $10.96 per share at the time of writing, Thursday night. 

Photo by giorgio-trovato On Unsplash

Posted In: Dan BartonForianMax WygodCannabisEarningsNewsSmall CapMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.