FONAR CORP. overview

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 basis for the making of every...

MELVILLE, N.Y., March 09, 2021 (GLOBE NEWSWIRE) -- FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™, will ring the Nasdaq Stock Market Closing Bell on March 9, 2021. Nasdaq and FONAR selected this day as it is 50 years since the discovery of MRI by Raymond V. Damadian, M.D., FONAR’s founder and chairman, was published in the widely-read, peer-reviewed scientific journal Science on March 19, 1971.* To access the live stream link for the FONAR Closing Bell Ceremony from Nasdaq...

The 38th HMCA-managed MRI scanner recently became operational at the White Plains, New York scanning center. The COVID-19 pandemic continues to be a hindrance to business. Total Revenues-Net decreased by 2% to $42.1 million for the six months ended December 31, 2020, versus corresponding six months one year earlier. Net Income for the six months ended December 31, 2020 decreased 18% to $7.2 million, versus corresponding six months one year earlier. Net Income for the quarter ended December 31,...

The negative impact of COVID-19 on scan volume at all MRI imaging centers managed by FONAR’s subsidiary, Health Management Company of America (HMCA), continued throughout the first quarter of fiscal 2021. However, collective MRI scan volume increased by 50% to 41,566 for the 3-month period ended September 30, 2020, as compared to 27,757 scans for the previous 3-month period ended June 30, 2020. To date, the most severe effects of the pandemic on MRI scan volume occurred during the 3-month...

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...

MELVILLE, N. Y., June 25, 2020 (GLOBE NEWSWIRE) -- FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™, reported today that upon the opening of U.S. markets on June 29, 2020, FONAR will, as part of the annual reconstitution of the Russell Indexes, be joining the broad-market Russell 3000® Index and the Russell 2000® Index. The Russell 3000 Index is a market-capitalization-weighted equity index that tracks the performance of the 3,000 largest U.S.-traded stocks. The Russell 2000 is...

MELVILLE, N.Y., June 09, 2020 (GLOBE NEWSWIRE) -- FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™, today announced that on June 4, 2020, its board of directors appointed Richard E. Turk as a replacement independent director to fill vacancies on the Company’s board of directors and audit committee. Timothy Damadian, president and CEO of FONAR, said, “Our primary source of income and growth is attributable to its diagnostic imaging management subsidiary, Health Management...

COVID-19 drastically affects imaging center scan volumes and delays installations of two MRI scanners until 1 st Quarter of Fiscal 2021. Upon their completion, FONAR subsidiary, HMCA, will have 38 MRI scanners under its management. Cash and Cash Equivalents were $31.0 million as of March 31, 2020. Total Revenues-Net decreased 5% to $21.7 million for the quarter ended March 31, 2020, versus corresponding quarter one year earlier. Income from Operations was $2.6 million for the quarter ended March...