Q2 2024 Forian Inc Earnings Call Transcript
Key Points
- Forian Inc (FORA) managed to maintain a positive adjusted EBITDA despite challenging market conditions.
- The company successfully renewed several key contracts with existing clients, indicating strong client retention.
- Forian Inc (FORA) added a new large data source, enhancing its data capabilities.
- The company completed the license of approximately 1 billion additional claims annually, fortifying its information products.
- Forian Inc (FORA) has a strong balance sheet with $48 million in cash and marketable securities, providing flexibility for growth opportunities.
- Revenue for the second quarter was approximately flat at $4.8 million, compared to $4.9 million year over year.
- Net loss from continuing operations increased to $2.5 million, compared to $1.2 million year over year.
- Two early-stage clients are experiencing challenges in raising external capital, increasing the risk of non-payment.
- The industry faced unanticipated disruptions in the data supply chain, affecting short-term sales efforts.
- Forian Inc (FORA) incurred one-time advisory fees of $0.4 million in connection with a strategic review of the business.
Greetings, and welcome to Forian's second quarter 2024 financial results conference call and webcast. (Operator Instructions) Participating today from Forian are Max Wygod, Executive Chairman and Chief Executive Officer; and Michael Vesey, Chief Financial Officer.
Before we begin, I'd 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 involve 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 risks that actual results could
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