MRI vendor Fonar of Melville, NY, grew its revenues 7% and cut its net loss nearly in half in fiscal 2008 (end-June 30).
The company reported sales for the fiscal year of $35.6 million, compared with sales of $33.2 million in fiscal 2007. Fonar posted a net loss of $13.5 million in fiscal 2008, compared with a net loss of $25.5 million in fiscal 2007.
The company said that product sales remained constant at $11.3 million in both years, but service revenue rose 10.2% in fiscal 2008. Fonar said the growth is due to an increase in the company's installed base of scanners, as scanners sold in previous years become service customers after the warranty period expires.
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Fonar advances revenues in Q2, February 19, 2008
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