Increased revenues from its center management business helped MRI vendor Fonar to its second straight quarter of profitability.
For its fiscal third quarter (end-March 31), the vendor had revenues of $8.7 million, up 16% compared with the $7.5 million reported in the third quarter last year. Revenues from its center management segment climbed 46% to reach $4 million.
Fonar had net income of $1.2 million, compared with a net loss of $8,000 a year ago. During the quarter, Fonar installed its 150th Upright Multi-Position MRI scanner.
In other Fonar news, the company raised $6 million in a private equity placement earlier this month. The amount was more than sufficient to achieve the Nasdaq Marketplace Listing Rule for a minimum of $2.5 million in stockholders' equity, according to Fonar.
In March, Fonar had received an extension until May 11 from the Nasdaq Hearings Panel to regain compliance with the equity requirement.
