Business
FONAR Announces Fiscal 2020 2nd Quarter and Six Months Financial Results
Total MRI scan volume at the HMCA-managed sites increased 5% to approximately 94,000 scans, as compared to the same six month period ending December 31, 2018
About this update from Fonar Corporation
[{"type":"text","content":"Total MRI scan volume at the HMCA-managed sites increased 5% to approximately 94,000 scans, as compared to the same six month period ending December 31, 2018 of approximately 89,000 scans.The 35th HMCA-managed MRI scanner became operational during the 2nd fiscal quarter. HMCA expects to add three additional MRI scanners by the end of fiscal 2020, for $5 million in capital expenditures, bringing the total number of MRI scanners under its management to 38.Total Revenues-Net increased by 3% to $43.2 million for the six months ended December 31, 2019, versus corresponding six months one year earlier.Income from Operations decreased 9% to $10.5 million for the six months ended December 31, 2019, versus corresponding six months one year earlier.Net Income decreased 7% to $8.7 million for the six months ended December 31, 2019, versus corresponding six months one year earlier.Diluted Net Income per Common Share Available to Common Stockholders decreased 7% to $0.92 for the six months ended December 31, 2019, versus corresponding six months one year earlier.Cash and cash equivalents and short term investments increased 6% to $30.7 million at December 31, 2019, versus the fiscal year ended June 30, 2019.Working Capital increased 6% to $75.1 million as of December 31, 2019, versus the prior year-end at June 30, 2019. MELVILLE, N.Y., Feb. 10, 2020 (GLOBE NEWSWIRE) -- FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™, reported today its financial results for the fiscal 2020 2nd Quarter and Six Months period ended December 31, 2019. 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 35 MRI scanners.\n Financial Results Total Revenues-Net for the six months ended December 31, 2019 increased 3% to $43.2 million as compared to $41.9 million for the corresponding six months ended December 31, 2018. Total Revenues-Net for the quarter ended December 31, 2019 increased 1% to $21.5 million as compared to $21.2 million for the corresponding quarter ended December 31, 2018. Income from Operations for the six months ended December 31, 2019 decreased 9% to $10.5 million as compared to $11.5 million for the corresponding six months ended December 31, 2018. Income from Operations f...