Fonar ( (FONR) ) has released its Q2 earnings. Here is a breakdown of the information Fonar presented to its investors.
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FONAR Corporation, a Delaware-based company, specializes in the research, development, production, and marketing of medical scanning equipment, particularly Magnetic Resonance Imaging (MRI) systems, and offers comprehensive management services for diagnostic imaging facilities through its subsidiary Health Management Corporation of America (HMCA).
In its latest earnings report for the quarter ending December 31, 2024, FONAR Corporation reported a net income attributable to the company of $1.964 million, compared to $3.759 million in the same period of the previous year. The company’s total revenues slightly decreased to $24.950 million from $25.386 million year-over-year.
Key financial metrics highlighted in the report include a decrease in patient fee revenue to $7.944 million from $8.221 million, while management and other fees remained stable at $12.189 million. The company’s costs and expenses rose to $22.515 million from $20.501 million, primarily driven by increased selling, general, and administrative expenses.
Despite the challenges, FONAR Corporation continues to maintain a strong balance sheet with total assets of $207.957 million and total equity of $158.951 million as of December 31, 2024. The company also reported a reduction in liabilities, which stood at $49.006 million compared to $57.458 million at the end of June 2024.
Looking ahead, FONAR Corporation’s management remains focused on navigating the competitive landscape of the medical imaging industry and leveraging its comprehensive management services to optimize operational efficiency and drive future growth.
