FONAR Announces Fiscal 2016 1st Quarter Financial Results
(firmenpresse) - MELVILLE, NY -- (Marketwired) -- 11/09/15 -- FONAR Corporation (NASDAQ: FONR)
Diluted Net Income per Common Shares Available to Common Stockholders increased 13% to $0.43 per share for 1st Quarter Fiscal 2016 versus same quarter one year earlier.
Net Income Available to Common Stockholders increased 13% to $2.7 million for 1st Quarter Fiscal 2016 versus same quarter one year earlier.
Net Income increased 6% to $3.5 million for 1st Quarter Fiscal 2016 versus same quarter one year earlier.
Income from Operations for 1st Quarter Fiscal 2016 increased 5% to $3.6 million versus same quarter one year earlier.
Total Revenues for 1st Quarter Fiscal 2016 decreased 2% to $17.6 million versus the same quarter one year earlier.
FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported its first quarter fiscal 2016 results for the quarter ended September 30, 2015. FONAR is the first Company in the MRI industry to manufacture an MRI (Magnetic Resonance Imaging) scanner. The Company''s two industry segments are: development, manufacturing and servicing of the UPRIGHT® Multi-Position™ MRI, and management of Stand-Up® MRI (UPRIGHT® MRI) centers. FONAR''s substantial list of patents include recent patents for its technology enabling full weight-bearing MRI imaging on all the gravity sensitive regions of the human anatomy, especially the brain, extremities and spine.
These include FONAR''s newest works-in-progress technology for visualizing and quantifying the flow of cerebrospinal fluid (CSF) which circulates throughout the brain and vertebral column at the rate of 32 quarts per day. Imaging and quantifying the dynamics of this vital life-sustaining physiology of the body''s neurologic system has been made possible by FONAR''s introduction of the MRI and its latest works-in-progress for quantifying CSF in all the normal positions of the body, particularly in its upright flow against gravity.
The FONAR UPRIGHT® Multi-Position™ MRI scanner is the world''s only MRI scanner licensed under FONAR''s multiple UPRIGHT® MRI patents to scan all the patient''s body parts in their normal full weight-bearing UPRIGHT® position.
Financial Highlights
Total Revenues - Net for the quarter ended September 30, 2015 were $17.6 million as compared to $18.0 million for the corresponding quarter ended September 30, 2014.
Net Income for the quarter ended September 30, 2015 increased 6% to $3.5 million as compared to $3.3 million for the corresponding quarter ended September 30, 2014.
Income from Operations for the quarter ended September 30, 2015 increased 5% to $3.6 million as compared to $3.4 million for the corresponding quarter ended September 30, 2014.
Basic Net Income per Common Share Available to Common Shareholders for the quarter ended September 30, 2015 increased 13% to $0.44 as compared to $0.39 for the corresponding quarter ended September 30, 2014.
Diluted Net Income per Common Share Available to Common Shareholders for the quarter ended September 30, 2015 increased 13% to $0.43 as compared to $0.38 for the corresponding quarter ended September 30, 2014.
Total Assets at September 30, 2015 were $79.0 million, as compared to $76.5 million at June 30, 2015.
Total Current Assets at September 30, 2015 were $46.9 million, as compared to $43.6 million at June 30, 2015.
Total Cash and Cash Equivalents at September 30, 2015 increased 16% to $11.0 million, as compared to $9.4 million at June 30, 2015.
Total Liabilities at September 30, 2015 were $26.0 million, as compared to $25.7 million at June 30, 2015.
Total Current Liabilities at September 30, 2015 were $19.7 million, as compared to $18.8 million at June 30, 2015.
Significant Events
Earlier this year, a medical monograph was published by S. Karger, AG based in Basel, Switzerland (see ). It is titled "The Craniocervical Syndrome and MRI," and highlights the FONAR UPRIGHT® Multi-Position MRI. It also highlights the recently discovered syndrome that shows how neck injury can interfere with cerebrospinal fluid (CSF) flow in the brain, causing a variety of brain diseases. For more details and a press release visit
Management Discussion
Raymond V. Damadian, president and chairman of FONAR Corporation said, "The Company continues to focus on ways to increase revenue and net income. We are still concerned about potential cuts in MRI reimbursement rates, however we will continue to explore all opportunities to expand our capacity. Various new applications of FONAR''s UPRIGHT® MRI technology can deliver additional positive results to patients, referring doctors and our shareholders."
"In any case," said Dr. Damadian, "the success for our managed Stand-Up MRI centers is because physicians have come to understand that they will obtain ''BETTER PATIENT OUTCOMES'' from the treatment of patients if they obtain their images, (particularly the spine) with their patients in their usual upright fully weight-loaded symptom generating positions. They understand that they run the risk of failure to visualize structural abnormalities in the spines of their patients that could result in poor outcomes from their treatment. Obtaining their patients'' images in the fully weight-loaded multiple positions provided by FONAR''s UPRIGHT® Multi-Position™ MRI can significantly reduce the prospect of poor outcomes."
About FONAR
FONAR (NASDAQ: FONR), Melville, NY, The ™, was incorporated in 1978, and is the first, oldest and most experienced MRI company in the industry. FONAR introduced the world''s first commercial MRI in 1980, and went public in 1981. FONAR''s stellar product is the FONAR UPRIGHT® MRI (also known as the Stand-Up® MRI), the only whole-body MRI that performs Position™ imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. The FONAR often sees the patient''s problem that other scanners cannot because they are lie-down and "weightless" only scanners. The patient-friendly UPRIGHT® MRI has a near-zero claustrophobic rejection rate by patients. As a FONAR customer states, "If the patient is claustrophobic in this scanner, they''ll be claustrophobic in my parking lot." Approximately 85% of patients are scanned sitting while they watch a 42" flat screen TV. FONAR is headquartered on Long Island, New York.
and are registered trademarks and , Full Range of Motion™, , Upright Radiology™, , True Flow™, , Spondylography™, , Spondylometry™, , and Landscape™, are trademarks of FONAR Corporation.
This release may include forward-looking statements from the company that may or may not materialize. Additional information on factors that could potentially affect the company''s financial results may be found in the company''s filings with the Securities and Exchange Commission.
*Condensed from audited financial statements.
*Condensed from audited financial statements.
*Condensed from audited financial statements.
Contact:
Daniel Culver
Director of Communications
E-mail:
The Inventor of MR Scanning™
An ISO 9001 Company
Melville, New York 11747
Phone: (631) 694-2929
Fax: (631) 390-1709
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Datum: 09.11.2015 - 05:00 Uhr
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