MRI vendor Fonar posted a steep slump in sales and a sharp increase in losses for its fiscal 2006 third quarter (end-March 31).
The Melville, NY-based firm reported revenues of $7.1 million for the period, a dramatic downturn from the $25.3 million shown in the same quarter in fiscal 2005. The company stated that it believes the reduction in product revenue was due to increased marketing and advertising pressure from its competitors.
The net loss for the third quarter was $7.4 million, compared with a net loss of $480,000 in the same period last year. Fonar said the increase in losses for the quarter reflects the lower level of revenue from product sales and the reduction of revenues from the sale of its physical therapy and rehabilitation businesses.
By AuntMinnie.com staff writers
May 11, 2006
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Fonar adds Las Vegas customer, April 7, 2006
Fonar names European distributor, March 29, 2006
Fonar posts Q2 downturn, February 10, 2006
Fonar sells five Upright MRI scanners, January 18, 2006
Fonar gets Nasdaq delisting notice, January 5, 2006
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