Business
Fonar Announces Financial Results for the 1st Quarter of Fiscal 2024
On September 13, 2022, the Company adopted a stock repurchase plan of up to $9 million. At September 30, 2023, the Company has purchased 146,359 shares at a
About this update from Fonar Corporation
[{"type":"text","content":"\n\nOn September 13, 2022, the Company adopted a stock repurchase plan of up to $9 million. At September 30, 2023, the Company has purchased 146,359 shares at a cost of $2,473,215.\n\n\nTotal MRI scan volume at the HMCA-managed sites increased 14% to 50,744 scans for the quarter ending September 30, 2023 versus the corresponding quarter one year earlier.\n\n\nCash and cash equivalents increased 1% to $51.7 million at September 30, 2023 as compared to the fiscal year-ended June 30, 2023.\n\n\nTotal Revenues - Net increased by 11% to $25.8 million for the quarter ended September 30, 2023 versus the corresponding quarter one year earlier.\n\n\nIncome from Operations increased 68% to $6.6 million for the quarter ended September 30, 2023 versus the corresponding quarter one year earlier.\n\n\nNet Income approximately doubled to $5.4 million for the quarter ended September 30, 2023 versus the corresponding quarter one year earlier.\n\n\nDiluted Net Income per Common Share approximately doubled to $0.59 for the quarter ended September 30, 2023 versus the corresponding quarter one year earlier.\n\n\nWorking Capital increased by 4% to $114.9 million at September 30, 2023 as compared to the fiscal year-ended June 30, 2023.\n\n\nBook Value Per Share increased by 7% to $23.88 per share versus the corresponding quarter one year earlier.\n\n\nOne HMCA-managed MRI scanner was added in the first quarter of fiscal 2024, bringing the total number of managed scanners to 42.\n\n\nMelville, New York--(Newsfile Corp. - November 14, 2023) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported today its financial results for the first quarter of fiscal 2024 which ended September 30, 2023. FONAR's primary source of income is attributable to its wholly-owned diagnostic imaging management subsidiary, Health Management Company of America (HMCA). In 2009, HMCA managed 9 MRI scanners. Currently, HMCA manages 42 MRI scanners in New York and in Florida.\nFinancial Results\nTotal revenues - Net increased by 11% to $25.8 million for the 1st fiscal quarter ended September 30, 2023, as compared to $23.2 million for the 1st fiscal quarter ended September 30, 2022.\nRevenues from the management of diagnostic imaging center segment, consisting of patient fee revenue, net of contractual allowances and discounts, and management and other fees of rel...