Business
Fonar Announces 2nd Quarter and Six Months Financial Results for Fiscal 2021
The 38th HMCA-managed MRI scanner recently became operational at the White Plains, New York scanning center.The COVID-19 pandemic continues to be a hindrance
About this update from Fonar Corporation
[{"type":"text","content":"The 38th HMCA-managed MRI scanner recently became operational at the White Plains, New York scanning center.The COVID-19 pandemic continues to be a hindrance to business. Total Revenues-Net decreased by 2% to $42.1 million for the six months ended December 31, 2020, versus corresponding six months one year earlier.Net Income for the six months ended December 31, 2020 decreased 18% to $7.2 million, versus corresponding six months one year earlier.Net Income for the quarter ended December 31, 2020 was $3.9 million, which was an increase of 21% over the preceding quarter ended September 30, 2020.Cash and cash equivalents and short-term investments increased 10% to $40.6 million at December 31, 2020, versus the fiscal year ended June 30, 2020.FONAR’s Book Value is $20.00 per common share. MELVILLE, N.Y., Feb. 16, 2021 (GLOBE NEWSWIRE) -- FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™, reported today its financial results for the fiscal 2021 2nd Quarter and Six Months period ended December 31, 2020. FONAR’s primary source of income and growth is attributable to its diagnostic imaging management subsidiary, Health Management Company of America (HMCA). In 2009, HMCA managed 9 MRI scanners. Currently, HMCA manages 38 MRI scanners. Financial Results Total Revenues-Net was $42.1 million for the six months ended December 31, 2020, as compared to $43.2 million for the corresponding six month-period ended December 31, 2019. Total Revenues-Net for the quarter ended December 31, 2020 was $21.2 million as compared to $21.5 million for the quarter ended December 31, 2019. This also compares to $21.0 million for the preceding quarter ended September 30, 2020. Income from Operations for the six months ended December 31, 2020 was $9.1 million as compared to $10.5 million for the corresponding six-month period ended December 31, 2019. Income from Operations for the quarters ended December 31, 2020 and December 31, 2019 was $5.0 million. There was a 20% increase for the recent quarter as compared to $4.2 million for the preceding quarter ended September 30, 2020. Net Income for the six months ended December 31, 2020 was $7.2 million as compared to $8.7 million for the corresponding six-month period ended December 31, 2019. Net Income for the quarter ended December 31, 2020 was $3.9 million as compared to $4.2 million for the correspond...