Dramatic increases in studies performed in its MRI services business helped propel Fonar back to profitability in its 2011 fiscal year.
For the year (end-June 30), Fonar had total revenues of $33.1 million, up 4% from $31.8 million reported in fiscal 2010. The company had net income of $3.2 million, compared with a net loss of $3 million the previous year.
Fonar's scanning center management business, now known as HMCA-Imperial, experienced a 14% increase in the average number of scans per month at each of its 10 centers, climbing from 266 the previous fiscal year to 302. This helped HMCA-Imperial to grow revenue from $11.1 million in the previous fiscal year to $15.3 million, according to Dr. Raymond Damadian, president and chairman.
Damadian noted that this trend is continuing, as scans in July and August have averaged 350 per month. The company believes an increase in scan volume will also result in an increase in scanner sales, he said.
As of June 30, Fonar had installed 151 of its Upright Multi-Position MRI scanners.
