Q1 2024 Forian Inc Earnings Call Transcript
Key Points
- Forian Inc (FORA) has a substantial and ever-growing inventory of healthcare information, covering over 98% of all providers in the US and over 300 million longitudinal patient lives.
- The company is gaining brand recognition as a leader in the healthcare information sector, evidenced by successful cross-selling to existing customers and an increase in RFPs and inbound inquiries.
- Forian Inc (FORA) launched a new healthcare provider network mapping product called Chartis in beta testing mode, which includes provider affiliations' scoring and ranking.
- The company reported a positive adjusted EBITDA of $0.1 million, an improvement from a loss of $0.2 million year over year.
- Forian Inc (FORA) continues to invest in its Data Factory, integrating and mastering newly acquired datasets, which enhances its product offerings and competitive position.
- Forian Inc (FORA) reported flat year-over-year revenue growth for the first quarter at $4.9 million.
- The company experienced customer attrition which impacted financial results, although this was anticipated.
- Net loss from continuing operations for the quarter was $1.2 million, indicating ongoing challenges in achieving profitability.
- Cost of revenues increased by approximately $0.5 million or 36% from the prior year due to increased information licensing and infrastructure costs.
- Despite efforts to overcome customer attrition, significant challenges remain in returning to growth, with the most significant impact felt in the first quarter of 2024.
Greetings, and welcome to Forian Inc's first quarter 2024 financial results conference call and webcast. (Operator Instructions) Participating today from Florian are Max Wygod, Executive Chairman and Chief Executive Officer, and Michael Vesey, Chief Financial Officer.
Before we begin, I would like to remind you that management's remarks today may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by those forward-looking statements due to a variety of important factors, including those discussed in the risk factors section of the company's annual report on Form 10-K filed with the SEC on March 29, 2024.
In particular, management will discuss an estimate of its full year 2024 revenue outlook as of today. Estimating financial performance accurately for future performance is difficult as it involves assumptions and internal estimates that may prove to be incorrect and is based on plans and circumstances that may change. There is, therefore, a significant risk that
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