Summary of Forian Inc.

Company Overview

• Name: Forian Inc.
• Founded: October 15, 2020
• Incorporation: Delaware
• Headquarters: 41 University Drive, Suite 400, Newtown, PA 18940
• Website: www.forian.com

Business Focus

• Leading provider of data management, analytics, and information solutions targeting the healthcare, life sciences, and financial services industries.
• Leverages large-scale, proprietary, cloud-based data assets ("data factory") to create enriched, linked, and standardized datasets.
• Develops subscription-based data products and analytic solutions to improve operational, clinical, and financial performance.
• Focuses on Real World Evidence (RWE), market access, health economics, outcomes research, commercial analytics, and operational performance enhancement.

Key Data and Analytics Offerings

• Proprietary, HIPAA-compliant repositories of de-identified patient health data (billions of events dating back to 2014, covering the majority of the U.S. population).
• Licenses external structured and unstructured data, including claims, hospital, pharmacy, retail transactions, demographics, and social determinants of health.
• Provides actionable insights for healthcare providers, payers, pharma companies, and financial institutions.
• Offers solutions for understanding patient journeys, improving healthcare product efficacy, and enabling emerging therapeutics adoption by providing clinical and commercial intelligence.

Customer Base

• Number of Employees: 48 (as of April 9, 2025, most are full-time; none are unionized).
• Number of Shareholders: Approximately 275 record holders as of April 9, 2025.
• Customer Count: Specific customer count is not provided; however, revenue is generated from multiple customers, with the largest two representing 16.9% and 11.6% of annual revenue in 2024.
• Revenue (2024): Approximately $21.2 million, representing a slight decrease from 2023.
• Revenue Breakdown (2024):
  • U.S.: 90%
  • Australia: 8%
  • Canada/Other: 2%

Business Model

• Primarily generates revenue through multi-year subscription contracts for proprietary information products and analytics.
• Also provides custom reports and one-time product sales.
• Uses linkages of disparate healthcare and financial data sources, processed through their proprietary, privacy-focused data factory.
• Develops Real World Evidence (RWE) solutions that enable clinical surveillance, safety monitoring, and outcome studies, particularly for breakthrough and emerging therapies.

Recent Business Activities

• Acquisition of Kyber Data Science LLC: October 31, 2024. Kyber provides healthcare information products to the financial services industry, including hedge funds, mutual funds, and pension funds.
• Discontinued Operations: Sold BioTrack (cannabis software solutions) in February 2023 and other Helix subsidiaries (security monitoring and web services) in 2022, leading to no ongoing cannabis industry-related operations.
• Focused entirely on healthcare and financial services data analytics.

Financial Highlights

• 2024 Revenue: ~$21.2 million (down from ~$20.2 million in 2023 after restatements).
• Gross Profit Margin (2024): Approximately 64%
• Net Income (2024): approximately $2.4 million (post restatement), compared to a net loss in 2023.
• Employees: 48 as of April 2025.
• Market Cap (as of June 28, 2024): Approximately $42 million (market value of non-affiliated shares).

Additional Notes

• The company emphasizes privacy and regulatory compliance, particularly HIPAA.
• Continues to invest in technology upgrades, product development, and strategic acquisitions.
• Does not pay dividends; plans to reinvest earnings into growth initiatives.

This summary strictly uses the provided data and excludes any assumptions or external information.