Business
FONAR Announces Fiscal 2020 Financial Results
COVID-19 continued to affect imaging center scan volumes in Q4. However, the Company recovered to nearly 75% of pre-COVID-19 levels by the end of Q4.Total MRI
About this update from Fonar Corporation
[{"type":"text","content":"COVID-19 continued to affect imaging center scan volumes in Q4. However, the Company recovered to nearly 75% of pre-COVID-19 levels by the end of Q4.Total MRI scan volume at the HMCA-managed sites decreased 42% to 27,757 scans for the three month period ending June 30, 2020 as compared to the prior year. The impact from COVID-19 on MRI scan volume for the current fiscal year cannot be forecasted at this time.Cash and cash equivalents and short term investments increased 27% to $36.8 million at June 30, 2020 versus the fiscal year ended June 30, 2019. In addition, Cash and cash equivalents and short term investments increased 19% from $31.0 million at March 31, 2020, to $36.8 million at June 30, 2020.Total Revenues-Net decreased by 2% to $85.7 million for the fiscal year ended June 30, 2020, versus the previous fiscal year.Income from Operations decreased to $13.7 million for the fiscal year ended June 30, 2020, versus the previous fiscal year.Net Income decreased to $11.7 million for the Fiscal Year ended June 30, 2020.Diluted Net Income per Common Share decreased to $1.18 for the year ended June 30, 2020.Working Capital increased by 9% to $77.2 million during Fiscal 2020.The 36th HMCA-managed MRI scanner became operational in Pembroke Pines, FL during the 1st Quarter of Fiscal 2021. HMCA expects to add 3 additional MRI scanners during Fiscal Year 2021. MELVILLE, N. Y., Sept. 28, 2020 (GLOBE NEWSWIRE) -- FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™, reported today its fiscal 2020 results. 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 36 MRI scanners in New York and in Florida.\n Effective April 27, 2020, the Securities and Exchange Commission issued a Final rule, Release No. 34-88365. Among the changes was that a smaller reporting company meeting an annual revenue threshold of under $100 million, such as FONAR, would no longer be an accelerated filer. Therefore, FONAR’s 10-K is due 90 days after the end of its fiscal year and 10-Qs are due 45 days after the end of each fiscal quarter. Financial Results Total Net revenues decreased by 2% to $85.7 million for the fiscal year ended June 30, 2020, as compared to $87.2 million for the fiscal year e...