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Forian Inc (Nasdaq: FORA) delivers SaaS-powered data solutions for healthcare, life sciences, and emerging markets. This news hub provides investors and professionals with essential updates on operational developments, financial performance, and strategic initiatives.
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Forian Inc. (Nasdaq: FORA) has sold its cannabis software subsidiary, Bio-Tech Medical Software, Inc. (d/b/a BioTrack), to Alleaves, Inc. for $30 million, effective February 10, 2023. The payment structure includes $20 million at closing and $10 million in monthly installments, subject to adjustments. This strategic move allows Forian to concentrate on its healthcare information business, which has driven its growth and aims to achieve positive Adjusted EBITDA. Max Wygod, co-founder of Forian, has taken over as Interim CEO following the departure of Daniel Barton.
Forian Inc. (NASDAQ: FORA) announced that New York has selected BioTrack as the official seed-to-sale tracking system for its cannabis market. This system will monitor cannabis from cultivation to sale, ensuring compliance and preventing illegal diversion. All licensed cannabis operators in New York must integrate their systems with BioTrack. The software is already in use in 38 states and 13 countries, and is employed by 12 state governments. This partnership positions Forian to play a significant role in New York's burgeoning adult-use cannabis sector.
Forian Inc. (Nasdaq: FORA) announced third quarter 2022 results, reporting $7.2 million in revenue, a 45% increase year-over-year. The company is on track to exceed 2022 revenue guidance, driven by strong performance in healthcare information and cannabis sectors.
Net loss decreased to $5.1 million from $7.0 million last year. Adjusted EBITDA improved to negative $2.2 million from negative $4.1 million. With $20.6 million in cash and equivalents, Forian is focused on reducing net loss and achieving positive Adjusted EBITDA in the latter half of 2023.
Forian Inc. (Nasdaq:FORA) will announce its financial results for Q3 2022 on November 14, 2022, after market close. A conference call and webcast will follow at 4:30 p.m. ET. The company provides software, data, and analytics services for the healthcare and cannabis sectors, aiming to enhance operational, clinical, and financial performance. Investors can access the earnings release and a replay of the call on the company's official website.
Forian Inc. (Nasdaq: FORA) reported a revenue increase to $6.5 million for Q2 2022, marking a 44% rise from $4.5 million in Q2 2021. The company reaffirmed its 2022 revenue guidance between $25.5 million and $27 million. The net loss improved to $5.4 million (or $0.17 per share) from $7.0 million (or $0.22 per share) year-over-year. Adjusted EBITDA was negative $3.2 million, a slight improvement from $3.6 million in the prior year. Forian continues to expand its healthcare information product offerings and client base in biopharma.
Forian Inc. (Nasdaq:FORA) will release its financial results for the quarter ending June 30, 2022, on August 11, 2022, after market close. A conference call to discuss the earnings will occur at 4:30 p.m. ET on the same day, with a live webcast available. Forian specializes in software, data, and analytics services for healthcare and cannabis industries, offering SaaS solutions and data management capabilities to enhance operational performance. The company emphasizes caution regarding forward-looking statements due to inherent risks and uncertainties.
Forian Inc. (Nasdaq: FORA) reported Q1 2022 revenue of $6.4 million, a significant increase of 294% year-over-year, reaffirming its 2022 revenue guidance of $25.5 to $27.0 million. The growth was attributed to a 500% increase in healthcare information revenue, reaching $3.5 million. However, the company experienced a net loss of $11.9 million for the quarter, partially due to $5.6 million in separation expenses. Cash and marketable securities totaled $27.1 million.
Forian Inc. (Nasdaq:FORA) will release its financial results for Q1 2022 on May 12, 2022, after market close. A conference call to discuss these results will occur at 4:30 p.m. ET on the same day. Investors can join by dialing specific US or international numbers and using Conference ID 7079795. The webcast will be available live on Forian's investor relations website. The company specializes in SaaS solutions and analytics for the healthcare and cannabis sectors.
Forian Inc. (Nasdaq:FORA) will participate in the Benzinga Cannabis Capital Conference on April 20-21, 2022, at Fontainebleau Miami Beach, Florida. Andrew Douglas, Chief Data and Analytics Officer, will present on the 'Building Access to Cannabis' panel on April 21 at 3:30 p.m. ET. Forian's executives will engage in one-on-one meetings with clients and investors during the event. Douglas expressed excitement about discussing consumer-centric approaches in the cannabis industry, highlighting Forian's commitment to leveraging data analytics for enhanced brand quality.
Forian Inc. (Nasdaq: FORA) announced the successful launch of its BioTrack traceability system for adult-use cannabis in New Mexico on April 1, 2022. This system, which has tracked medical cannabis since 2015, facilitates the seamless transition to dual-use sales. In the first weekend, New Mexico achieved record sales of $5.2 million. BioTrack ensures product safety and compliance while supporting over 38 states and 10 countries. The collaboration with New Mexico enhances Forian's reputation in the cannabis sector and underscores its commitment to operational excellence.
