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FONAR Corporation reports developments tied to its MRI technology business and diagnostic imaging management operations. The company designs, manufactures, sells and services MRI scanners, while Health Management Company of America manages MRI scanners for medical practices in New York and Florida.
Recurring news categories include quarterly operating results, revenue from diagnostic imaging management, product sales, upgrades, service and repair fees, material agreements, shareholder voting matters, capital-structure disclosure and governance matters.
FONAR Corporation (FONR) has reported its first quarter fiscal 2021 results, revealing a 50% increase in MRI scan volume to 41,566 scans compared to the previous quarter, though down 13% year-over-year. Total revenues decreased 4% to $21 million, with net income down 28% to $3.3 million. SG&A expenses surged 44% due to COVID-19 related reserves. Cash and equivalents grew 5% to $38.8 million. Despite challenges, the company aims to resume pre-pandemic levels of operation and expects to install additional MRI scanners in the current fiscal year.
FONAR Corporation (NASDAQ-FONR) announced its inclusion in the Russell 3000® and Russell 2000® Indexes effective June 29, 2020. This milestone reflects the company's strong financial performance and aims to enhance visibility to investors. The Russell Indexes serve as benchmarks for approximately $9 trillion in assets, being widely used by investment managers and institutional investors. Founder and Chairman Raymond V. Damadian expressed pride in this recognition, highlighting a decade of improving operating performance.
FONAR Corporation (NASDAQ-FONR), known for pioneering MRI technology, has appointed Richard E. Turk as an independent director to its board, filling recent vacancies. This change follows the passing of board member Robert Janoff. CEO Timothy Damadian expressed optimism about Turk's background in expanding outpatient practices, as FONAR's growth is heavily linked to its subsidiary, Health Management Company of America. Turk's experience includes significant acquisition successes at PRISM Vision Group and Professional Physical Therapy, enhancing prospects for FONAR’s development.
FONAR Corporation (NASDAQ-FONR) reported a 5% decline in total revenues to $21.7 million for the third quarter ended March 31, 2020, due to COVID-19 impacts. Net income fell to $1.9 million, down from $5.2 million in the previous year. However, cash and cash equivalents were robust at $31.0 million. The pandemic caused significant delays in MRI scanner installations, now expected in Q1 FY 2021, increasing total units managed to 39. Management remains optimistic about recovery as states begin reopening, anticipating improved scan volumes in the upcoming quarters.