MRI vendor Fonar posted a 9% increase in revenue and boosted profits by more than half in its 2016 fiscal third quarter.
For the period (end-March 31), Fonar had $18.6 million in revenues, up from $17.1 million in the fiscal third quarter of 2015. The company had third-quarter net income of $3.9 million, compared with $2.5 million in the same period a year ago.
President and CEO Timothy Damadian said in a statement that revenues and net income from Fonar's HMCA MRI management subsidiary showed "consistent, gradual growth." Damadian took over as Fonar's president and CEO in February, replacing his father and Fonar founder Dr. Raymond Damadian.
The elder Damadian, now chairman of Fonar, said he is currently focusing his efforts on research into neck injury and its effect on brain health. The company has developed new technology for viewing cerebral spinal fluid as it circulates in and around the brain.
