Despite a slight dip in revenues in its fiscal second quarter (end-December 31), MRI vendor Fonar posted a 13% increase in net income for the period.
For the quarter, Fonar reported revenues of $17.1 million, down 2.9% from $17.6 million in the same quarter a year ago. The company had net income of $3.5 million, compared with $3 million in the previous year's quarter.
In a statement, President and Chairman Dr. Raymond Damadian noted that the firm is proud of its income growth over the past two years. Since acquiring Health Diagnostics in March 2013, Fonar's net profit has increased from $1.6 million in the quarter ended December 31, 2012, to $3.5 million in the most recent quarter.
