Business
FONAR Announces First Fiscal Quarter Earnings
Net cash provided by operating activities increased 117% to $2.7 million at September 30, 2022, versus the same quarter one year earlier. Cash and cash
About this update from Fonar Corporation
[{"type":"text","content":"\n\nNet cash provided by operating activities increased 117% to $2.7 million at September 30, 2022, versus the same quarter one year earlier.\n\n\nCash and cash equivalents and short term investments at September 30, 2022 was $48 million and approximately the same at June 30, 2022.\n\n\nBook Value Per Share increased 5% to $22.05 per share at September 30, 2022, versus the same quarter one year earlier.\n\n\nTotal MRI scan volume at the HMCA-managed sites decreased 8.3 % to 44,471 scans versus the same quarter one year earlier.\n\n\nDiluted Net Income per Common Share was $0.29 for the quarter ended September 30, 2022.\n\n\nTotal Revenues-Net was $23.2 million for the quarter ended September 30, 2022.\n\n\nNet Income was $2.7 million for the quarter ended September 30, 2022.\n\n\nIncome from Operations was $3.9 million for the quarter ended September 30, 2022.\n\n\nMelville, New York--(Newsfile Corp. - November 14, 2022) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported today financial results for the first fiscal quarter of 2023 which ended September 30, 2022. FONAR's wholly-owned diagnostic imaging management subsidiary, Health Management Company of America (HMCA) is its primary source of income. In 2009, HMCA managed 9 MRI scanners. Currently, HMCA manages 41 MRI scanners in New York and Florida.\nFinancial Results\nTotal MRI scan volume at the HMCA-managed sites decreased 8.3 % to 44,471 scans for the quarter ending September 30, 2022 versus 48,469 for the quarter ended September 30, 2021. The 2021 quarter was the highest quarterly total in the Company's history. The most significant factor that contributed to the decrease in scans was the shortage of MRI Technologist personnel who operate the scanners. The shortage of MRI Technologists, which was an industry-wide issue, caused the centers to be open fewer hours. The Company believes that the worst part of this shortage has past and that it will be back to full employment by December. An additional factor was Hurricane Ian in Florida.\nTotal Revenues-Net decreased by 2% to $23.2 million for the first fiscal quarter ended September 30, 2022, as compared to $23.7 million for the first fiscal quarter ended September 30, 2021. The revenue decrease is directly related to the decrease in MRI scan volume.\nTotal Costs and Expenses for the first fiscal quart...