MRI vendor Fonar has reported double-digit growth in the company's third fiscal quarter (end-March 31).
Revenue increased 21% to $11.6 million, compared with $9.5 million in the third quarter of fiscal 2012. Net income remained steady at $1.6 million.
For the nine-month period, total revenue rose 8% to $30.8 million, compared with $28.5 million in the same period of fiscal 2012. Net income for the nine-month period was $5 million, compared with $5.1 million in the same period of the last fiscal year.
In quarterly highlights, Fonar reported that its HMCA imaging services subsidiary acquired a 50.5% controlling interest in a newly formed limited liability company, Health Diagnostics Management (HDM). In March 2013, HDM acquired from Health Diagnostics 12 Stand-Up MRI centers and two other imaging centers located in the states of New York and Florida.
