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