Business
Fonar Announces Six Months and 2nd Quarter Financial Results for Fiscal 2023
Total MRI scan volume at the HMCA-managed sites decreased 5% to 89,888 scans for the six months ending December 31, 2022 versus the corresponding period one
About this update from Fonar Corporation
[{"type":"text","content":"\nTotal MRI scan volume at the HMCA-managed sites decreased 5% to 89,888 scans for the six months ending December 31, 2022 versus the corresponding period one year earlier.\n\nCash and cash equivalents and short-term investments increased 2% to $49.5 million at December 31, 2022, versus the fiscal year ended June 30, 2022.\n\nTotal Revenues-Net for the six month period ended December 31, 2022 decreased by 2% to $47.4 million, and for the quarter ended December 31, 2022 decreased by 1% to $24.3 million, versus corresponding periods one year earlier.\n\nIncome from Operations for the six month period ended December 31, 2022 decreased 33% to $8.1 million, and for the quarter ended December 31, 2022 decreased 35% to $4.2 million, versus the corresponding periods one year earlier.\n\nNet Income for the six months ended December 31, 2022 decreased 47% to $5.5 million, and for the quarter ended December 31, 2022 decreased 45% to $2.8 million, versus corresponding periods one year earlier.\n\nDiluted Net Income per Common Share for the six month period ended December 31, 2022 decreased 46% to $0.60, and for the quarter ended December 31, 2022 decreased 44% to $0.32, versus the corresponding periods one year earlier.\n\nNet Book Value Per Common Share increased by 4% to $22.25 per share at December 31, 2022, versus the corresponding period one year earlier.\n\nMelville, New York--(Newsfile Corp. - February 14, 2023) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported today its financial results for the fiscal 2023 six month period and quarter ended December 31, 2022. 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 40 MRI scanners.\nFinancial Results\nTotal Revenues-Net for the six months ended December 31, 2022 decreased 2% to $47.4 million, as compared to $48.2 million for the corresponding six month period ended December 31, 2021.\nTotal Revenues-Net for the quarter ended December 31, 2022 decreased 1% to $24.3 million as compared to $24.4 million for the quarter ended December 31, 2021.\nIncome from Operations for the six months ended December 31, 2022 decreased 33% to $8.1 million as compared to $12.2 million for the corresponding six month perio...