MRI firm Fonar's financial results were flat in the first quarter of 2013 compared to the same quarter last year, but the firm maintained its recent profitability streak.
Scanner sales dropped during the latest quarter, but strong revenues from its imaging services arm made the period (end-September 30) the company's fifth consecutive quarter in which profits exceeded $1.5 million, Fonar said.
Total revenues were $9.5 million for the first quarter, down 1% from the same quarter a year ago. However, the drop was offset by a reduction in total costs related to revenues, which fell 7% to $4.9 million for the first quarter, compared with $5.3 million for the previous corresponding quarter.
Net income for the quarter was $1.8 million, about equal to net income in the same quarter a year ago, the company said.
Revenues from Fonar Upright MRI scanners dropped 20% to $3.8 million compared to the same quarter the previous year, but management fees from the company's Health Management Corporation of America (HCMA) business rose 17% to $5.7 million, Fonar said.
