Forian (FORA -2.06%) reported second-quarter 2025 results on August 13, 2025, delivering GAAP revenue of $7.5 million, representing 56% year-over-year growth and net income (GAAP) of $224,000. Margin and operating leverage improved following the Kyber Data Science acquisition, with management reaffirming full-year 2025 revenue guidance of $28 million to $30 million. Key areas of strategic focus included large-scale data integrations, robust health economics research demand, and active acquisition pursuits.
Revenue and margin accelerate after Kyber Data Science acquisition
Results included $1.9 million in incremental revenue attributable to the October 2024 acquisition of Kyber Data Science, which now operates alongside the organic life sciences data business. Forian’s adjusted EBITDA was $591,000, compared to $78,000 in the prior year period, with cost optimizations also contributing to profitability gains.
"Forian generated second-quarter revenue of $7.5 million, representing 56% year-over-year growth. Our net income for the quarter was $224,000, and our adjusted EBITDA was $591,000, which compares to a loss of $2.5 million and positive $78,000 year-over-year, respectively. The improvement in expenses and margin profile were primarily driven by the realization of cost optimizations and the impact of the Kyber acquisition."
-- Max Wygod, Executive Chairman and Chief Executive Officer
Forian’s revenue grew 56% year-over-year to $7.5 million, with net income of $224,000, driven in part by the Kyber acquisition.
Contracted backlog drives guidance confidence for FORA
The company’s 2025 revenue guidance reflects visibility from the mix of multiyear life sciences licenses and annual Kyber renewals, with full-year revenue expected to be $28 million to $30 million, with the majority of revenue risk in the second half tied to closing scheduled renewals. Forian ended the quarter with $35.6 million in cash and marketable securities, $6.8 million in convertible notes and accrued interest maturing in September 2025, and an adjusted EBITDA outlook (non-GAAP) for FY2025 between negative $1 million and positive $1 million.
"We have a high degree of visibility into second-half performance based on the mix of contracted backlog and renewals in our pipeline, which gives us confidence in our full-year growth expectations."
-- Max Wygod, Executive Chairman and Chief Executive Officer
This positions the company to deliver on its growth forecast even in a mixed macro environment.
Forian leverages proprietary data assets for competitive advantage
The Kronos data lake and centralized data factory platform integrate claims, electronic health records (EHR), and laboratory data for hundreds of millions of de-identified patients, supporting differentiated services like health economics and outcomes research (HEOR) and advanced analytics for institutional investors via Kyber. Forian’s ability to rapidly normalize, cleanse, and package healthcare data enables faster time-to-market versus traditional competitors.
"We believe we are able to contract, ingest, and produce differentiated information products quicker, more accurately, and cost-effectively than our competition. When ingesting new healthcare data feeds, we are expert in the normalization and cleansing that is essential to ensure the data is consistent, accurate, and usable across multiple models. As a reminder, normalization involves standardizing code sets, formats, and identifiers so that diagnosis needs, procedures, drugs, and facilities are mapped to common reference standards like the ICD-10, CPT, ACPCS, or MDC."
-- Max Wygod, Executive Chairman and Chief Executive Officer
This supports expansion into multiple verticals.
Looking Ahead
Management reaffirmed revenue guidance (GAAP) of $28 million to $30 million for 2025, indicating continued 39%-49% year-over-year growth for FY2025, and adjusted EBITDA (non-GAAP) guidance between negative $1 million and positive $1 million for FY2025. Key performance drivers for the second half include successful renewals of both annual Kyber licenses and multiyear life sciences contracts. Forian remains committed to strategic acquisitions, with active evaluation of targets as sector valuations decline with $35.6 million of liquidity as of June 30, 2025, prior to note retirement.
