MRI vendor Fonar of Melville, NY, reported a drop in revenues and a net loss for the company's 2010 fiscal year (end-June 30).
For the year, Fonar posted revenues of $31.8 million, down 20% compared to $39.7 million for fiscal 2009. The company posted a net loss for the fiscal year of $3 million, compared with net income of $1.1 million in fiscal 2009.
The company said that revenues from product sales of its Upright Multi-Position MRI scanner were $9.1 million in the fiscal year, compared with sales of $17.2 million in fiscal 2009. The company's MRI service and repair business contributed $11.1 million in revenues in fiscal 2009, compared with $10.5 million the year before, while Fonar's MRI center business produced $11.1 million in sales, compared with $10.3 million the previous year.
Fonar said that the recession, uncertainty about healthcare reform, and the difficulty that its customers have experienced in getting credit for capital equipment purchases have affected the company. The firm said that it has cut costs in response and its prospects are beginning to improve.
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