Fonar posts strong Q1 2014 results

MRI vendor Fonar reported solid financial results for the first fiscal quarter of 2014 (end-September 30).

For the quarter, net revenue grew 77% over the first quarter of 2013 to $16.8 million. Meanwhile, net income increased 104% over the first quarter of 2013 to $3.6 million, Fonar said.

The company's diagnostic imaging center segment, consisting of patient and management fee revenues, was particularly strong, Fonar said. Revenue increased 149% to $14.3 million, compared with the same quarter a year ago.