Business
Fonar Announces Fiscal 2024 Financial Results
Total MRI scan volume at the HMCA-managed sites increased 11% to 209,327 scans for the fiscal year ending June 30, 2024 as compared to the prior year. Cash
About this update from Fonar Corporation
[{"type":"text","content":"\n\nTotal MRI scan volume at the HMCA-managed sites increased 11% to 209,327 scans for the fiscal year ending June 30, 2024 as compared to the prior year.\n\n\nCash and Cash Equivalents increased 10% to $56.3 million at June 30, 2024 versus the previous fiscal year.\n\n\nTotal Revenues - Net increased by 4% to $102.9 million for the fiscal year ended June 30, 2024 versus the previous fiscal year.\n\n\nIncome from Operations increased 12% to $16.5 million for the fiscal year ended June 30, 2024 versus the previous fiscal year.\n\n\nNet Income increased 16% to $14.1 million for the fiscal year ended June 30, 2024 versus the previous fiscal year.\n\n\nDiluted Net Income per Common Share increased 16% to $1.53 for the fiscal year ended June 30, 2024 versus the previous fiscal year.\n\n\nWorking Capital increased by 11% to $122.5 million during fiscal 2024.\n\n\nBook Value per Share for the fiscal year ended June 30, 2024 increased to $24.78 per share.\n\n\nOn September 13, 2022, the Company adopted a stock repurchase plan of up to $9 million.\n\n\nTwo HMCA-managed MRI scanners were added in fiscal 2024, bringing the total number to 42.\n\n\nMelville, New York--(Newsfile Corp. - September 27, 2024) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported today its Fiscal 2024 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 42 MRI scanners in New York and in Florida.\nFinancial Results\nTotal Revenues - Net increased by 4% to $102.9 million for the fiscal year ended June 30, 2024, as compared to $98.6 million for the fiscal year ended June 30, 2023.\nTotal Costs and Expenses for the fiscal year ended June 30, 2024 increased by 3% to $86.3 million, as compared to $83.9 million for the fiscal year ended June 30, 2023.\nRevenues from the management of the diagnostic imaging center segment, consisting of Patient Fee Revenue Net of Contractual Allowances and Discounts, and Management and Other Fees of Related and Non-related Medical Practices, increased 5% to $94.6 million for the fiscal year ended June 30, 2024, as compared to $90.4 million for the fiscal year ended June 30, 2023.\nRevenues from Product Sales and Upgrades and Service and Repair ...