Tue, May 14, 8:59 PM (73 days ago)
Forian Inc. reported its quarterly financial results for the period ending March 31, 2024. Key financial metrics include revenues of $4.88 million, a slight increase from $4.87 million in the same period of 2023. However, the company posted a net loss of $1.21 million, an improvement from a net loss of $2.25 million in Q1 2023. The cost of revenues increased to $1.70 million from $1.25 million, reducing the gross profit margin to 65% from 74%. Operating expenses saw a decrease across research and development, sales and marketing, and general and administrative costs. Notably, there were no separation expenses this quarter, unlike the $599,832 recorded in Q1 2023. Adjusted EBITDA improved to $104,417 from a loss of $186,783. Cash and marketable securities totaled $47.43 million, while convertible notes stood at $23.98 million. The company continues to streamline operations post-divestiture of its cannabis-related businesses and focuses on healthcare analytics.