MRI vendor Fonar had revenue and income increases of more than a third for its 2014 fiscal year (end-June 30), compared with 2013 results.
The company's revenue increased 39% to $68.5 million, compared with $49.1 million a year ago. Net income increased 31% to $13.4 million for the fiscal year, compared with $10.3 million in fiscal 2013.
Revenue from the management of the diagnostic imaging center segment, consisting of patient and management fee revenue, increased 65% to $56.4 million for the year, Fonar said. Last year's value was $34.3 million.
Looking ahead, the company expects more new contracts and increasing scan volume at existing locations, said Dr. Raymond Damadian, president and chairman of Fonar.
