Forian Inc. Announces Q4 And Full Year 2021 Financial Results, FY21 Revenue $16.9M

Forian Inc. FORA, a provider of technology, analytics and data science driven solutions for the healthcare and cannabis industries, announced financial results for the quarter and year ended December 31, 2021.

“We have achieved many milestones in the last year,” said Max Wygod, Forian's executive chairman. “We have grown revenue tremendously, won key accounts, built out the Forian team and completed the acquisition of Helix Technologies, not to mention successfully listing on Nasdaq.”

Forian CEO Dan Barton said, “We had our highest revenue quarter as a result of strong focus on sales execution and continued investment in innovative products. We are expecting continued revenue growth as we expand our customer base and product portfolio. I want to thank all of our hard-working employees that drove these outstanding results.”

Fourth Quarter 2021 Financial Results

• Forian delivered the following results for the fourth quarter of 2021:

• Revenue for the quarter was $5.7 million, an increase of $5.5 million versus the prior year. On a pro forma basis, revenue grew 80% year-over-year and 16% sequentially over the third quarter of 2021.

• Net Loss for the quarter was $8.0 million, or $0.25 per share, compared to $2.4 million, or $0.14 per share, in the prior year and $6.9 million, or $0.22 per share, in the third quarter of 2021.

• Adjusted EBITDA¹for the quarter was negative $4.5 million compared to negative $1.7 million for the prior year and negative $4.1 million for the third quarter of 2021.

• Revenue for the full year was $16.9 million, an increase of $16.3 million versus the prior year. On a pro forma basis, revenue grew 53% year-over-year.

• Net Loss for the full year was $26.6 million, or $0.90 per share, compared to $5.0 million, or $0.38 per share, in the prior year.

• Adjusted EBITDA¹ for the full year was negative $15.1 million, compared to negative $4.1 million for the prior year.

• Cash and Marketable Securities at the end of the quarter was $31.1 million.

• Full Year 2021 Financial Results

• Revenue for the full year was $16.9 million, an increase of $16.3 million versus the prior year. On a pro forma basis, revenue grew 53% year-over-year.

• Net Loss for the full year was $26.6 million, or $0.90 per share, compared to $5.0 million, or $0.38 per share, in the prior year.

• Adjusted EBITDA¹for the full year was negative $15.1 million, compared to negative $4.1 million for the prior year.

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