Growth in product sales and service lifted MRI vendor Fonar to increased revenues in the second quarter of fiscal 2008 (end-December 31), helping to cut its net loss for the period.
Revenues for the Melville, NY, company increased 39% to $10.7 million, compared with $7.7 million in the second quarter of fiscal year 2007. Fonar also reduced its net loss to $3.8 million for the quarter, compared with a net loss of $5.5 million in the same quarter of 2007.
For the six-month period, revenues climbed 25% to $19.4 million, compared with $15.5 million in the same period of fiscal 2007. The six-month net loss decreased to $4 million, compared with a net loss of $11.6 million during the prior fiscal year.
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