Forian Q3 Revenue Grows 45%, On Track To Exceed 2022 Guidance

Forian Inc. FORA released financial results for the quarter ended September 30, 2022, revealing revenue of $7.2 million, a 45% increase compared to $5 million in the Q3 2021 and 10% sequentially over the second quarter of 2022.

Q3 2022 Financial Highlights

• Net loss for the quarter was $5.1 million, or $0.16 per share, compared to $7.0 million, or $0.22 per share, in the prior year.

• Adjusted EBITDA for the quarter was negative $2.2 million, compared to negative $4.1 million in the prior year.

• Cash, cash equivalents and marketable securities at the end of the quarter was $20.6 million.

Q3 2022 Operational Highlights

• Year-to-date healthcare information new customer wins on par with total new wins in 2021

• Cross selling and upselling initiatives increased revenue from existing clients

• Strong cannabis software sales continued through the third quarter

• Successful implementation of cost management strategies

“Forian’s third quarter results demonstrate our business model’s ability to generate significant organic growth,” stated Max Wygod, Forian executive chairman. “The strong results enable us to report that we are on track to exceed the high-end of our revenue range for full year 2022.”

Forian CEO Dan Barton stated, “Third quarter 2022 financial results continue to demonstrate significant revenue growth, especially in our healthcare information offerings. This strong revenue growth coupled with the consistency in our cannabis business and the success of our cost management efforts provide the blueprint to reduce net loss and become adjusted EBITDA positive in the second half of 2023.”

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Photo by Giorgio Trovato on Unsplash

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