Forian Q2 Revenue Grows 44% YoY, Here Are The Details

Forian Inc. FORA released results for the quarter ended June 30, 2022.

Q2 2022 Financial Highlights

  • Revenue for the quarter was $6.5 million, an increase of 44% versus the prior year and 2% sequentially over the first quarter of 2022.

  • Net loss for the quarter was $5.4 million, or $0.17 per share, compared to $7.0 million, or $0.22 per share, in the prior year.

  • Adjusted EBITDA for the quarter was negative $3.2 million, compared to negative $3.6 million in the prior year.

  • Cash and marketable securities at the end of the quarter was $23.9 million.

Second Quarter 2022 Operational Highlights

  • Expanded capabilities of Chronos, the company’s healthcare information product line

  • Completed integration of cannabis retail transactional data within the Forian data factory

“Forian delivered strong financial results in the second quarter, reflecting growing demand across our offerings,” stated Max Wygod, Forian executive chairman. “The second quarter passed an inflection point in the business where we now see our growth directly driving towards substantial profitability.”

Forian CEO Dan Barton stated, “Second quarter 2022 financial results built upon our momentum of strong sales of our subscription-based healthcare information offerings coupled with execution on cost management strategies.”

Photo by Mackenzie Marco on Unsplash

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Posted In: CannabisEarningsNewsPenny StocksMarketsDan BartonMax Wygod
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