Forian Inc (NASDAQ:FORA) has reported its first quarter results, posting revenue of roughly $1.6 million in its first filing since its combination with Helix Technologies Inc and March 3 Nasdaq listing.
For the three months ended March 31, which includes 29 days with Helix under its umbrella, Forian saw revenue jump year-over-year to $1.6 million from $66,667 in the same quarter in 2020. Net loss was $0.19 per share, compared to $0.08 per share a year earlier.
"This quarter was transformational for Forian,” CEO Dan Barton said. “We completed a strategic business combination with Helix Technologies and further positioned ourselves to be a disruptive leader in delivering high-value technology and information solutions to customers across the healthcare and evolving cannabis industries, while simultaneously becoming a Nasdaq publicly-traded company."
READ: Forian emerges from Helix Technologies/MOR Analytics combination to deliver data-driven improvements to the healthcare and cannabis markets
"We look forward to bringing new technology and information solutions to market that are driven by data science and improve the commercial, financial and clinical performance of our customers across healthcare and cannabis,” Barton added.
Forian has developed proprietary technology to pioneer the first and only integrated cannabis and healthcare informatics platform, the company said. Its platform enhances and improves the value and functionality of existing solutions while supporting the growth of innovative offerings for entities across healthcare and cannabis and those operating at the intersection of the two industries.
The company anticipates that upgrades to existing offerings and new products will be introduced later this year.
In April, Forian raised $12 million through private investment in public equity (PIPE) financing. The financing included both unaffiliated investors and directors of the company.
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