Fonar Corporation

Recent News

• Fonar Announces Financial Results for the 1st Quarter of Fiscal 2024

  On September 13, 2022, the Company adopted a stock repurchase plan of up to $9 million. At September 30, 2023, the Company has purchased 146,359 shares at a cost of $2,473,215.Total MRI scan volume at the HMCA-managed sites increased 14% to 50,744 scans for the quarter ending September 30, 2023 versus the corresponding quarter one year earlier. Cash and cash equivalents increased 1% to $51.7 million at September 30, 2023 as compared to the fiscal year-ended June 30, 2023.Total Revenues...

  2023-11-14 7:00 AM EST
• Fonar Announces Distributor Agreement with AIRS Medical, Leader in AI-Powered MRI Technology

  Melville, New York--(Newsfile Corp. - November 8, 2023) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, announces that it is now the exclusive distributor of SwiftMR™ from AIRS Medical, Inc. to FONAR customers for use on their FONAR MRIs or on any other MRI scanner they own. AIRS Medical is the leading Artificial Intelligence (AI)-powered healthcare solution provider.SwiftMR™, an FDA 510(k)-cleared software product, uses AI-powered denoising and sharpening to enhance the quality of MRI images and enable the...

  2023-11-08 11:00 AM EST
• FONAR Announces Financial Results for Fiscal 2023

  On August 3, 2022, FONAR founder and The Father of MRI, Raymond V. Damadian, died at 86. At the time of his passing, Dr. Damadian was FONAR's Chairman of the Board. Timothy R. Damadian, FONAR's president and CEO since 2016 has been elected as Chairman of the Board.On September 13, 2022, the Company adopted a stock repurchase plan of up to $9 million. Total MRI scan volume at the HMCA-managed sites increased 1% to 188,348 scans for the fiscal...

  2023-09-28 7:00 AM EDT
• Fonar Announces Financial Results for Fiscal 2023 3rd Quarter and Nine-Month Period

  Total MRI scan volume at the HMCA-managed sites increased 7% to 49,451 scans for the quarter ended March 31, 2023 versus the corresponding quarter one year earlier. For the nine-month period ended March 31, 2023, 139,339 scans were performed as compared to 140,650 for the corresponding nine-month period one year ago.Net Income increased 37% to $4.5 million for the quarter ended March 31, 2023 and decreased 27% to $9.9 million for the nine-month period ended March 31, 2023. Diluted...

  2023-05-15 4:05 PM EDT
• FONAR Board of Directors Appoints Independent Director

  Melville, New York--(Newsfile Corp. - March 20, 2023) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning, today announced that its board of directors appointed Jessica Maher as a replacement independent director to a vacancy on the Company's board of directors and audit committee.Timothy Damadian, chairman, president and CEO of FONAR, said, "FONAR's primary source of income and growth is attributable to its diagnostic imaging management subsidiary, Health Management Company of America (HMCA). As a management company, HMCA...

  2023-03-20 11:37 AM EDT
• 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 year earlier. Cash 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. Total 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...

  2023-02-14 7:00 AM EST
• Fonar Corporation Designates Laurel Hill Advisory Group, LLC as Information Agent for the Company's $9 Million Share Repurchase Program

  Melville, New York--(Newsfile Corp. - November 30, 2022) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, announced today that the Company has engaged Laurel Hill Advisory Group, LLC as its Information Agent for the Company's previously announced share repurchase program.In September 2022, Fonar announced that its Board of Directors had approved a share repurchase program, pursuant to which the Company was authorized to purchase up to $9 million in value of shares of Fonar's common stock. Through...

  2022-11-30 2:47 PM EST
• FONAR Announces First Fiscal Quarter Earnings

  Net cash provided by operating activities increased 117% to $2.7 million at September 30, 2022, versus the same quarter one year earlier.Cash and cash equivalents and short term investments at September 30, 2022 was $48 million and approximately the same at June 30, 2022.Book Value Per Share increased 5% to $22.05 per share at September 30, 2022, versus the same quarter one year earlier.Total MRI scan volume at the HMCA-managed sites decreased 8.3 % to 44,471 scans versus the same...

  2022-11-14 7:00 AM EST
• FONAR Announces Fiscal 2022 Financial Results

  On August 3, 2022, FONAR founder and The Father of MRI, Raymond V. Damadian, died at 86. Dr. Damadian was the Chairman of the Board at the time of his passing. Since 2016 Dr. Damadian's son, Timothy Raymond Damadian, has been the president and CEO of FONAR. Timothy will also take over as Chairman of the Board.On September 13, 2022, the Company adopted a stock repurchase plan of up to $9 million. Total MRI scan volume at the...

  2022-09-27 5:00 PM EDT
• Raymond Vahan Damadian, the Father of MRI, Chairman and Founder of FONAR Corporation, Dies at 86

  Melville, New York--(Newsfile Corp. - August 5, 2022) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported today the passing of Founder and Chairman Raymond V. Damadian, MD on August 3, 2022.Highlights of the life of Dr. Raymond Damadian:Founded FONAR Corporation (1978), the first company in the MRI industry, maker of the QED80, the world's first MRI scanner (1980)Conceived the idea for MRI in 1969 Made the discovery in 1970 that is the b

  2022-08-05 4:00 PM EDT