Forian Inc. (NASDAQ: FORA), a provider of data analytics to healthcare and cannabis businesses, announced its financial results for the fourth quarter and year ending December 31, 2021.
Revenue for this quarter was $5.7 million unaudited, compared to $209,950 in revenue the same time last year. Net loss was $8.0 million, a 242.3% year-over-year change, and adjusted EBITDA1 for the quarter was negative $4.5 million compared to negative $1.7 million last year.
Full Year Financials
Total revenue for the full year 2021 was $16.9 million, a $16.3 million increase from last year. Net loss was $26.6 million, compared to $5.0 million, and adjusted EBITDA was negative $15.1 million, compared to negative $4.1 million last year.
Other 2021 Highlights
Forian merged with Helix Technologies, Inc. and Medical Outcomes Research Analytics LLC in March 2021, in which Forian and Helix combined and listed under “FORA” on the NASDAQ Stock Market LLC. This merge brought Helix’s expertise in data analytics and other technology offerings to Forian’s efforts to improve product development and marketing for its customers.
According to its press release, Forian also added $3.4B in data assets in cannabis gross merchandise value, and acquired a market leading position in cannabis point of sale market
Forian shared its outlook for 2022 which included revenue growth of 51% to 60%, or $25.5 to $27 million, and “improvement in Adjusted EBITDA loss beginning in the second half of 2022 reaching positive Adjusted EBITDA contribution in the second half of 2023.”
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