MRI vendor Fonar's revenue downturns continued in the first quarter of its 2007 fiscal year, although the firm trimmed its net losses for the period.
For the quarter (end-September 30), the company reported sales of $7.8 million, compared with revenues of $10.2 million for the same period in fiscal 2006. The Melville, NY, company posted a net loss of $6.1 million for the period, which compares favorably to the $8.3 million in net loss booked for the first quarter of 2006.
Fonar said a very competitive atmosphere has led to a decline in sales. The company said it is planning to expand its sales force, by hiring more sales personnel and further developing a U.S. network of distributors.
By AuntMinnie.com staff writers
November 10, 2006
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