Core Insights - Forian Inc. has announced a partnership with Databricks to provide access to its Chartis™ product through the Databricks Marketplace, enhancing visibility into healthcare data and analytics solutions [1][4] - The Chartis™ product utilizes a proprietary scoring algorithm to track provider connections, improving decision-making in the healthcare ecosystem [2] - The collaboration aims to empower healthcare organizations, researchers, and pharmaceutical companies with tools to enhance patient care and outcomes [4][5] Company Overview - Forian Inc. specializes in data management and analytics solutions for the life sciences, healthcare, and financial services sectors, recently expanding its capabilities through the acquisition of Kyber Data Science [6] - The company integrates and commercializes large-scale healthcare information, providing insights through Real World Evidence (RWE) studies and market analytics [6] Partnership Details - The partnership with Databricks allows Forian to extend the reach of its data products, making high-quality healthcare support more accessible [4] - Databricks Marketplace facilitates the sharing of live data across platforms, enhancing security and governance [3][5] - The integration of Chartis™ into the Databricks Marketplace is expected to drive innovation and efficiency in healthcare and life sciences [5]

Financial Data and Key Metrics Changes - Revenue in Q3 2024 was $4.7 million, down from $5.3 million year-over-year, indicating a decrease of approximately 11.3% [7][10] - Net loss for the quarter was $0.2 million compared to a net income of $4.3 million in the same quarter last year, reflecting a significant decline [7][11] - Adjusted EBITDA was $0.2 million, down from $1.2 million year-over-year, primarily due to lower revenue and higher costs [11] Business Line Data and Key Metrics Changes - The company experienced increased sales wins in healthcare services and life sciences, although the revenue impact from these sales has not yet been fully realized [6] - Quarterly revenue has remained between $4.6 million and $5.4 million since Q1 2024, attributed to macroeconomic factors and customer attrition [6][10] Market Data and Key Metrics Changes - The company noted improved sales momentum and a higher rate of contract renewals and expansions, suggesting a more favorable market environment [14][15] - The acquisition of Kyber Data Science is expected to expand the addressable market to include financial service customers, enhancing the company's market position [8] Company Strategy and Development Direction - Forian aims to strengthen its data relationships and continue investing in its information platform to drive innovation and growth [9][11] - The acquisition of Kyber is seen as a strategic move to enhance data science capabilities and provide unique insights derived from healthcare data [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in breaking out of the current revenue range in 2025, driven by improved sales momentum and the impact of the Kyber acquisition [6][10] - The company anticipates that the revenue for 2024 will be at the top end of the previously provided range of $19 million to $20 million, while maintaining adjusted EBITDA within the previously provided range [12] Other Important Information - The company ended the period with $49.4 million in cash and marketable securities, indicating a strong balance sheet [12] - A nonrecurring benefit of $0.5 million related to the termination of an inbound information contract was noted, which impacted the financial results for the quarter [11] Q&A Session Summary Question: Can you elaborate on the revenue trends and expected breakout in 2025? - Management indicated that the commentary on revenue was excluding Kyber, and noted improved sales momentum with expanded relationships and larger contract renewals expected to impact future revenue [14][15] Question: What factors are contributing to the higher rate of wins? - Management attributed the improved market conditions and seasonal trends, noting that the appetite for information contracts has increased [15][16] Question: With significant cash reserves, will the company invest more aggressively in sales and marketing? - Management stated that while they are looking for strong sales individuals, they believe the recent acquisition will help enhance their sales capabilities without necessarily increasing headcount [18] Question: What were the terms of the Kyber acquisition? - Management clarified that the acquisition involved assuming normal operating liabilities and that more details on revenue will be available in Q1 [19]

Company Performance - Forian Inc. reported quarterly earnings of $0.03 per share, exceeding the Zacks Consensus Estimate of $0.01 per share, representing an earnings surprise of 200% [1] - The company posted revenues of $4.69 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.58%, and down from $5.35 million year-over-year [2] - Over the last four quarters, Forian has surpassed consensus EPS estimates only once and has not beaten consensus revenue estimates during the same period [2] Stock Outlook - Forian shares have declined approximately 30.3% since the beginning of the year, contrasting with the S&P 500's gain of 25.5% [3] - The company's earnings outlook is mixed, with the current consensus EPS estimate for the coming quarter at $0.01 on revenues of $4.97 million, and $0.04 on revenues of $19.43 million for the current fiscal year [7] - The current Zacks Rank for Forian is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Industry Context - The Computer - Services industry, to which Forian belongs, is currently ranked in the bottom 44% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Forian's stock performance [5]

Revenue Performance - Forian's revenues for the three months ended September 30, 2024, were $4,686,312, a decrease of $662,157 compared to $5,348,469 for the same period in 2023[144] - Revenues for the nine months ended September 30, 2024, were $14,340,791, representing a decrease of $771,607 from $15,112,398 for the same period in 2023[151] Cost of Revenues - Cost of revenues for the three months ended September 30, 2024, was $1,402,920, an increase of $40,365 compared to $1,362,555 for the same period in 2023[146] - Cost of revenues for the nine months ended September 30, 2024, was $4,913,195, an increase of $1,021,713 from $3,891,482 for the same period in 2023[153] Gross Profit - Gross profit as a percentage of revenues decreased to 70% for the three months ended September 30, 2024, compared to 75% for the same period in 2023[146] Operating Expenses - Research and development expenses for the three months ended September 30, 2024, were $291,962, an increase of $27,181 compared to $264,781 for the same period in 2023[147] - Sales and marketing expenses for the three months ended September 30, 2024, were $956,983, a decrease of $356,229 compared to $1,313,212 for the same period in 2023[148] - General and administrative expenses for the three months ended September 30, 2024, were $2,822,253, a decrease of $65,518 compared to $2,887,771 for the same period in 2023[149] Litigation Expenses - Litigation settlements and related expenses for the nine months ended September 30, 2024, were $1,152,670, an increase of $401,190 compared to $751,480 for the same period in 2023[157] Adjusted EBITDA - Adjusted EBITDA for the three months ended September 30, 2024 was $185,916, a decrease of $886,231 compared to $1,072,147 for the same period in 2023[179] - Adjusted EBITDA for the nine months ended September 30, 2024 was $368,535, down $934,197 from $1,302,732 for the same period in 2023[180] - The decrease in Adjusted EBITDA is primarily due to lower revenues and higher cost of sales, partially offset by decreases in operating expenses[179][180] - Management excludes depreciation and amortization, stock-based compensation, interest expense, and other items from Adjusted EBITDA to provide a clearer view of operational performance[162][164][165][168] - The Company recognizes that Adjusted EBITDA has limitations and should not be considered a substitute for U.S. GAAP financial measures[175][177] Cash Flow and Financing - Net cash used in operating activities for the nine months ended September 30, 2024, was $1,467,084, an increase of $2,854,434 compared to $1,387,350 for the same period in 2023[183] - Net cash used in investing activities was $730,177 for the nine months ended September 30, 2024, an increase of $3,091,229 compared to cash provided by investing activities of $2,361,052 for the same period in 2023[185] - Net cash used in financing activities was $1,138,037 for the nine months ended September 30, 2024, an increase of $30,046 compared to $1,107,991 for the same period in 2023[186] - The total net decrease in cash and cash equivalents for the nine months ended September 30, 2024, was $3,335,298, compared to an increase of $2,640,411 for the same period in 2023[182] Asset Sales - The Company sold BioTrack for $30,000,000, consisting of $20,000,000 in cash at closing and $10,000,000 in future payments[181] - The Company sold a minority equity interest in a customer for cash proceeds of $5,805,858, with future contingent earnout payments of up to $3,600,000 in 2025 and 2026[181] Cash and Debt - As of September 30, 2024, the Company's cash and marketable securities totaled $49,357,888[181] - Outstanding principal and accrued interest on the Notes, due September 1, 2025, amounted to $24,370,509[181] - The Company expects to fund operations and potential acquisitions through cash flow from operating activities, available cash, marketable securities, debt financing, and/or additional equity issuances[181]

Financial Performance - Revenue for Q3 2024 was $4.7 million, a decrease of 12% from $5.3 million in Q3 2023[3] - Net loss from continuing operations for the quarter was $0.2 million, or $0.01 per share, compared to net income of $4.3 million, or $0.14 per share, in the prior year[3] - Adjusted EBITDA for the quarter was $0.2 million, down 83% from $1.1 million in the prior year[3] - Forian Inc. reported revenue of $4,686,312 for the three months ended September 30, 2024, a decrease from $5,348,469 in the same period of 2023, representing a decline of approximately 12.4%[13] - The total costs and expenses for the three months ended September 30, 2024, were $5,482,141, compared to $6,155,737 in the prior year, reflecting a decrease of about 10.9%[13] - The operating loss from continuing operations for the three months ended September 30, 2024, was $(795,829), slightly improved from $(807,268) in the same period of 2023[13] - For the nine months ended September 30, 2024, the net loss income was $(3,970,781), compared to a net income of $9,717,744 in the same period of 2023[14] - Forian Inc. recorded a total other income of $495,026 for the three months ended September 30, 2024, significantly lower than $6,354,102 in the same period of 2023[13] - Adjusted EBITDA for the three months ended September 30, 2024, was $185,916, compared to $1,072,147 for the same period in 2023, indicating a significant decline[31] - Net loss from continuing operations for the three months ended September 30, 2024, was $(204,907), compared to a net income of $5,453,643 for the same period in 2023[31] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $49.4 million as of September 30, 2024[3] - The cash and cash equivalents at the end of the period were $2,707,688, down from $5,377,079 at the end of September 30, 2023, indicating a decrease of approximately 49.7%[14] - Total assets decreased to $57.5 million from $58.9 million year-over-year[12] Liabilities and Equity - Total current liabilities were $30.1 million as of September 30, 2024, compared to $6.8 million in the prior year[9] - Total stockholders' equity increased to $26.9 million from $26.2 million year-over-year[11] Acquisitions and Strategic Moves - Forian acquired Kyber Data Science on October 31, 2024, enhancing its analytics offerings and expanding market reach[4] - The company plans to leverage its acquisition to capitalize on emerging opportunities in the financial services industry[4] - The company redeemed 3.5% Convertible Notes and outstanding equity of over $15 million in October and November 2024[4] Expenses and Adjustments - The company incurred research and development expenses of $291,962 for the three months ended September 30, 2024, compared to $264,781 in the same period of 2023, marking an increase of approximately 10.3%[13] - Stock-based compensation expense for the three months ended September 30, 2024, was $1,552,042, slightly up from $1,551,997 in the same period of 2023[31] - Interest expense related to convertible notes was $195,415 for the three months ended September 30, 2024, compared to $211,333 in the same period of 2023[31] - The company incurred severance expenses of $250,000 related to the resignation of the CEO during the nine months ended September 30, 2023[23] - The company recorded an adjustment of $542,389 for the impact of contract termination during the quarter ended September 30, 2024[26] - Interest and investment income for the three months ended September 30, 2024, was $(658,339), compared to $(646,832) in the same period of 2023[31] Non-GAAP Measures - Forian Inc. provided a non-GAAP measure of Adjusted EBITDA, which is intended to supplement the net loss calculated in accordance with U.S. GAAP[15] - The company excluded depreciation and amortization expenses from Adjusted EBITDA, which were $6,629 for the three months ended September 30, 2024[31] - The company believes that the presentation of Adjusted EBITDA helps investors understand management's decisions based on performance metrics[17]

NEWTOWN, Pa., Nov. 13, 2024 (GLOBE NEWSWIRE) -- NEWTOWN, Pa.  Forian Inc. (Nasdaq: FORA), a leading provider of data science driven information and analytics solutions to the life science, healthcare and financial services industries, today announced results for the quarter ended September 30, 2024. “While this quarter’s revenue remained steady, our team’s commitment to driving long-term value has resulted in progress in our strategic vision. The addition of Kyber Data Science enhances the momentum we are b ...

NEWTOWN, Pa., Nov. 08, 2024 (GLOBE NEWSWIRE) -- Forian Inc. (Nasdaq: FORA) announces that Max Wygod, Chief Executive Officer and Executive Chairman, and Mike Vesey, Chief Financial Officer, will attend ROTH MKM’s 13th annual Technology Event, which will be held on November 19th – 20th, 2024, at the Hard Rock Hotel in New York City. This year’s event will consist of 1-on-1 / small group meetings with over 70 innovative growth companies spanning the technology landscape. The format will provide investors with ...

NEWTOWN, Pa., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Forian Inc. (Nasdaq: FORA), a provider of data science driven information and analytics solutions to the healthcare and life sciences industries, will announce its third quarter 2024 financial results on Wednesday, November 13, 2024, after the close of the market. The Company will host a conference call and webcast at 4:30 p.m. (ET) on November 13, 2024 to discuss the results. To register for the conference call, click here. The webcast will be available live ...

NEWTOWN, PA, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Forian Inc. (Nasdaq: FORA), a provider of data science driven information and analytics solutions to the healthcare and life sciences industries, today announced it has acquired Kyber Data Science LLC (“Kyber”), a trusted provider of advanced healthcare data analytics and machine learning solutions to the financial services industry, from TD Cowen. This strategic acquisition strengthens Forian’s position in the healthcare information marketplace through the add ...

Core Viewpoint - Forian Inc. reported a quarterly loss of $0.03 per share, matching the Zacks Consensus Estimate, and has not surpassed consensus EPS estimates over the last four quarters [1][2]. Financial Performance - Forian's revenues for the quarter ended June 2024 were $4.78 million, missing the Zacks Consensus Estimate by 9.18%, and down from $4.89 million a year ago [2]. - The company has consistently failed to meet revenue estimates over the past four quarters [2]. Stock Performance - Forian shares have declined approximately 15.6% year-to-date, contrasting with the S&P 500's gain of 13.9% [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $5.88 million, and for the current fiscal year, it is $0.13 on revenues of $22.46 million [7]. - The trend of estimate revisions for Forian is mixed, which may change following the recent earnings report [6]. Industry Context - The Computer - Services industry, to which Forian belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8].