Forian Inc., a Nasdaq-listed provider of data science and analytics solutions for the life sciences and healthcare sectors, disclosed its financial outcomes for the third quarter ending September 30, 2024. The company reported a revenue of $4.7 million, marking a 12% decrease from the $5.3 million recorded in the same quarter the previous year. This period also saw Forian incur a net loss from continuing operations of $204,907, or $0.01 per share, a stark contrast to the net income of $5.5 million, or $0.16 per share, achieved in Q3 2023.
Despite the downturn in revenue, Max Wygod, Forian's Chairman and CEO, underscored the company's advancements in its strategic endeavors. Wygod pointed to the acquisition of Kyber Data Science as a pivotal move that bolsters Forian's suite of solutions and machine learning-driven analytics, thereby extending its market reach. This acquisition, finalized on October 31, 2024, is seen as a cornerstone for future growth and innovation within the company.
Forian's adjusted EBITDA for Q3 2024 was reported at $185,916, a decline from $1.1 million in the corresponding quarter of the prior year. However, the company maintains a robust financial position, with $49.4 million in cash, cash equivalents, and marketable securities as of the quarter's end. Additionally, Forian has made significant strides in reducing its debt, redeeming over $15 million of its 3.5% Convertible Notes in October and November 2024, following $950,000 in note redemptions during the third quarter.
Operating expenses for Q3 2024 were slightly reduced to $5.5 million from $6.2 million in Q3 2023, attributed to decreases in sales and marketing expenditures and general and administrative costs. The company's total assets stood at $57.5 million as of September 30, 2024, with total liabilities at $30.6 million, including $24.4 million related to convertible notes payable.
Looking ahead, Forian is poised to leverage the expanded capabilities from the Kyber acquisition to navigate the current challenges and seize emerging opportunities in the life sciences and healthcare analytics sectors. The company's strategic initiatives and strong cash reserves position it to potentially return to revenue growth and profitability in future quarters, a development keenly anticipated by investors and analysts alike.
