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Fonar Announces Financial Results for Fiscal 2023 3rd Quarter and Nine-Month Period
Total MRI scan volume at the HMCA-managed sites increased 7% to 49,451 scans for the quarter ended March 31, 2023 versus the corresponding quarter one year
About this update from Fonar Corporation
[{"type":"text","content":"\nTotal MRI scan volume at the HMCA-managed sites increased 7% to 49,451 scans for the quarter ended March 31, 2023 versus the corresponding quarter one year earlier. For the nine-month period ended March 31, 2023, 139,339 scans were performed as compared to 140,650 for the corresponding nine-month period one year ago.\nNet Income increased 37% to $4.5 million for the quarter ended March 31, 2023 and decreased 27% to $9.9 million for the nine-month period ended March 31, 2023.\nDiluted Net Income Per Common Share Available to Common Stockholders increased 72% to $0.55 for the third fiscal quarter ended March 31, 2023 and decreased 19% to $1.16 for the nine-month period ended March 31, 2023.\nTotal Revenues-Net increased 3% to $25.4 million for the quarter ended March 31, 2023 as compared to the corresponding quarter one year ago. Total Revenues-Net were $72.9 million for the nine-month period ended March 31, 2023, approximately the same as the corresponding nine-month period one year ago.\nTotal Cash, Cash Equivalents and Short Term Investments increased 2% to $49.7 million at March 31, 2023 as compared to $48.8 million at June 30, 2022.\nNet Book Value per Common Share increased 6% to $22.79 at March 31, 2023 as compared to $21.59 at March 31, 2022, one year ago.\n\nMelville, New York--(Newsfile Corp. - May 15, 2023) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported today its financial results for the 3rd fiscal 2023 quarter and nine-month period ended March 31, 2023. 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 41 MRI scanners.\nOperating Results\nTotal Revenues-Net for the third fiscal quarter ended March 31, 2023 increased 3% to $25.4 million as compared to $24.6 million for the third fiscal quarter ended March 31, 2022. Total Revenues-Net for the nine-month period ended March 31, 2023 was $72.9 million as compared to $72.8 million for the nine-month period ended March 31, 2022.\nIncome From Operations for the third fiscal quarter ended March 31, 2023 decreased 26% to $4.2 million as compared to $5.6 million for the third fiscal quarter ended March 31, 2022. Income From Operations for the nine-month period ended March 31, 2023 decre...