Greetings and welcome to Forian Inc.'s Third Quarter 2021 Financial Results Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal comments. Participating on the call today from Forian are Max Wygod, Executive Chairman and Co-Founder; Daniel Barton, Chief Executive Officer; Michael Vesey, Chief Financial Officer; Edward Spaniel, Executive Vice President and General Counsel. Before we begin I would like to remind you that management's remarks on this call 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 these 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 31, 2021. Any forward-looking statements made on this call today represent the company's views as of this day and the company undertake no obligation to update them expect as required by law. Words such as estimates, project, expect, anticipate, forecast, plans, intend, believes, seeks, may, will, should, future, propose and variations of those words or similar expressions or versions of such word or expressions are intended to identify forward-looking statements. These statements include but are not limited to statements regarding future growth, anticipated performance and prospects. Today's presenters will also refer to certain non-GAAP financial measures on our call such as adjusted EBITDA which the company believes maybe important to investors to assess its operating performance and should be considered a supplement to and not a substitute for financial measures prepared in accordance with GAAP. A reconciliation of the comparable GAAP metric can be found in today's press release which is available on our website. These numbers are unaudited and any statements regarding the company's anticipated performance may be subject to change including as a result of risks related to changes in the cannabis and healthcare market and risk related to the impact of COVID-19 pandemic. Today's call is being recorded. A copy of the recording as well as the full transcript and copies of today's press release and SEC filings will be available at florian.com/investors. I'm now pleased to introduce the company's Executive Chairman, Max Wygod.

Thanks and good afternoon to all that have joined us. We are excited to share our third quarter 2021 financial performance, as well as select operating highlights from the quarter. Forian serves clients primarily in the healthcare in the U.S. legal cannabis markets. We developed sophisticated databases relating to traditional and emerging therapeutics that support life science companies from the drug discovery phase through commercial operations. Additionally, to companies across the cannabis industry, we offer a leading point-of-sale solution and are beginning to offer data-driven technologies that enable our clients to grow their businesses in a compliant, efficient, and profitable manner, as well as allowing regulators to track the distribution and utilization of cannabis in a highly dynamic market. We continue to see strong revenue growth of our newer offerings, which indicates how eager clients are for new technologies to help drive accurate insights and sophisticated data-driven approaches to business and clinical performance improvement. In the quarter, we have been focusing on talent acquisition to support a rapidly growing business and have recently hired several new key managers into the company across our sales, data science, engineering, and client success teams. In addition, Michael Vesey joined Forian as our Chief Financial Officer in September. Michael brings over 30 years of experience in building out and leading high growth, publicly traded software companies. He will be responsible for the company's finance and the core accounting functions and build the infrastructure to enable long-term growth. His leadership and expertise will be invaluable as we continue to implement our strategic initiatives and expand our suite of product offerings. Mike has worked with both high growth and development stage companies on acquisitions, financial and strategic planning, and SEC accounting and reporting requirements. We are happy to have him as part of the Forian family.…

Thanks Max. I would like to cover two areas today before I turn the call over to Mike Vesey, who will provide the details of our third quarter results. First, I will briefly cover our top line financial performance, which showed continued revenue growth consistent with our second quarter. And then, I will provide an update on our current product development initiatives, the highlight our momentum going into the end of the year and into 2022. First, the results. Earlier today, we reported strong Q3 revenue growth, with total revenue growth of 62% year-over-year on a pro forma basis. The majority of the revenue growth was derived from information and software products, which represented 90% of the total revenue during the quarter and grew 75% year-over-year on a pro forma basis. The majority of this growth is coming from our life science clients, where we added eight new clients in the past quarter. Our client count pipeline and contracted bookings have grown significantly in the quarter. We are winning business due to the scale of our data products and our customer centric approach that allows us to be more nimble and deliver faster than our competition. The opportunity for long-term growth in healthcare is based upon our proprietary information product, data science, talent, and knowledgeable go-to-market teams that help our clients leverage insights based on their unique use cases and needs. Growth will also be driven by the unique, disruptive and proprietary link data assets, which are the combination of healthcare information assets and alternative therapeutic utilization, which I will touch on in a minute. Last, there has been investment in our production and quality control engineering talent, as we scale these operations to meet the growing demand. We expect to grow with strong incremental margins typical in data and…

Thanks Dan. Today, I will provide an overview of Forian's financial results and key business metrics for the quarter ended September 30th, 2021. As previously disclosed in our SEC filings, Forian completed the business combination of Helix Technologies and MOR Analytics on March 2nd, 2021. The press release issued today presents Forian's third quarter 2020 and 2021 financial results on a GAAP basis, as well as on a pro forma basis as if the Helix results were included for the entire quarter in both periods. As in prior quarters, we have also reported adjusted EBITDA, which management uses as a measure to track performance of the business. The press release includes a detailed reconciliation of these measures. Our consolidated revenues of $5 million in the quarter were up $4.8 million compared to the prior year. On a pro forma basis, revenue increased $1.9 million or 62% year-over-year. This growth was driven by our information and software segment, which grew 75% year-over-year. The loss from operations in the third quarter widened by $6.2 million year-over-year to $7.4 million due to increased operating expenses related to the previously mentioned investments in product development, customer service, sales, and operational improvements, as well as increased administrative expenses to support our growth as a public company. Note that operating expenses for the third quarter included $2.6 million of stock-based compensation expense, and $600,000 of depreciation and amortization resulting from the Helix acquisition. Pro forma adjusted EBITDA, which excludes stock compensation, depreciation, amortization, and certain other non-cash costs and other items for the quarter, was negative $4.1 million, reflecting continued investment in our software offerings, reference data assets, development resources, as well as delivering customer support teams. As noted earlier, a reconciliation of our net loss to adjusted EBITDA, along with an explanation of the reconciling items, is included in today's earnings release. Turning to the balance sheet. We ended the quarter with $35.9 million of cash and marketable securities with no maturities of our convertible notes due prior to September, 2025. We are maintaining our top line guidance of total revenue of $5.4 million to $5.7 million for the fourth quarter of this year. And with that, I will turn the call over to the operator who will open up the line for questions.

Thank you. [Operator Instructions] Our first question comes from Gerard Heymann with RBC. You may proceed with your question.

Thank you, gentlemen. I appreciate the insight and the update on the growth in the business and the revenues. I have a quick question regarding the work with the state. You mentioned an increased competition and also additional new states coming in as customers. Could you give some insight as to the strategic relationship that these businesses will do, and what is the importance in the future of our business? Thank you very much.

Sure. This is Dan. I'm happy to answer that for you. The states, I would, first say are very important customers for us. We help the state customers ensure the compliant and safe use of cannabis products, which is very important to drive the industry forward. And we've recently expanded our business with Connecticut. We've won the track and trace business in Delaware. We've added business licensing portal capabilities, on top of our patient portal and track and trace capabilities. And then in Virginia, we've added the patient portal. So, we're seeing some good partnership and relationship with the states expanding our core business. We're also talking with several states and what we think is strategically important is to add additional services on top of the ones I just mentioned, primarily real-world evidence solutions. So, we have the capabilities to develop patient registries with the states and having those patient registries, we're able to do things like surveillance studies so that we can track adverse events in real-time. We also can do health outcomes studies and show the safety and efficacy of products, with the state constituent. The state relationships also benefit our commercial partners. When we have the state business, the commercial operators could also use our BioTrack point-of-sales system, which provides a seamless experience as the traceability track and trace and point-of-sale are interoperable. And we have seen in states where we have a partnership, our commercial share is higher historically, and that's one of the reasons that it is strategically important as well for us to maintain and grow our relationships with the states. So, at the end of the day, it's a win-win for both the states and for Forian.

Thank you. That's very good. Thank you.

Thank you. [Operator Instructions] And our next question comes from Stuart Akerman [ph], private investor. You may proceed with your question.

I have a two-part question, if you don't mind. What the said the specialists is going to be in the cannabis business of our total business in the future?

Thanks Stuart. We don't break out in the future. Right now, the segments we report, are the information services -- sorry -- information, software services, and other. Right now, you can see the majority of our growth is in the information services that are really serviced the healthcare and data offerings right now.

Okay. I had this on that. And my other question, I don't know if it's a proper question or not. I would like to know if [indiscernible] is enrolled at all Marty.

Yeah. Marty is on the Board of Directors.

That's pretty much it. Okay. Thank you very much.

Thank you.

Thank you. And I'm not showing any further questions at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.