Fonar shows profitable 2005

Sep 26, 2005

MRI vendor Fonar reported record revenue growth of 46% for the company's 2005 fiscal year (end-June 30), and positive net income.

Revenues for fiscal 2005 increased to $104.9 million, compared with $71.6 million posted in fiscal 2004, according to the Melville, NY-based Fonar. Overall revenues attributable to its MRI medical equipment segment were $81.3 million, a 67% increase over the $48.6 million medical equipment segment revenues reported in the comparable period last year.

The growth is primarily the result of increased scanner sales revenues for its Upright MRI, which increased to $71.7 million this fiscal year from $42.7 million in the prior fiscal year, the company said. Service and repair revenues also increased in fiscal 2005 to $5.8 million, an 81% upsurge compared with $3.2 million in the prior year. Revenues attributable to the company's physician and diagnostic services management segment (HMCA) were $23.6 million, a slight uptick compared with $23 million in fiscal 2004.

Net income for fiscal 2005 was $1 million, a turnaround compared with a net loss of $9.5 million for the same period of fiscal 2004.

By AuntMinnie.com staff writers
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