FONAR Announces 1st Quarter Financial Results For Fiscal 2017
(firmenpresse) - MELVILLE, NY -- (Marketwired) -- 11/09/16 -- FONAR Corporation (NASDAQ: FONR)
Diluted Net Income per Common Share Available to Common Stockholders increased 26% to $0.54 per share for 1st Quarter Fiscal 2017 from $0.43 during the same quarter one year earlier.
Net Income Available to Common Stockholders increased 25% to $3.3 million for 1st Quarter Fiscal 2017 versus the same quarter one year earlier.
Net Income increased 30% to $4.5 million for 1st Quarter Fiscal 2017 versus the same quarter one year earlier.
Income from Operations for 1st Quarter Fiscal 2017 increased 31% to $4.8 million versus the same quarter one year earlier.
Total Revenues - Net for 1st Quarter Fiscal 2017 increased 6% to $18.7 million versus the same quarter one year earlier.
FONAR Corporation (NASDAQ: FONR), The ™, reported today its first quarter fiscal 2017 results for the quarter ended September 30, 2016. The Company introduced the world''s first commercial MRI scanner in 1980, and is known the world over for its advancements in MRI technology. FONAR''s primary source of income is derived from the management of 25 MRI centers that feature the FONAR . 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, 2016 increased 6% to $18.7 million as compared to $17.6 million for the corresponding quarter ended September 30, 2015.
Net Income for the quarter ended September 30, 2016 increased 30% to $4.5 million as compared to $3.5 million for the corresponding quarter ended September 30, 2015.
Income from Operations for the quarter ended September 30, 2016 increased 31% to $4.8 million as compared to $3.6 million for the corresponding quarter ended September 30, 2015.
Basic Net Income per Common Share Available to Common Shareholders for the quarter ended September 30, 2016 increased 25% to $0.55 as compared to $0.44 for the corresponding quarter ended September 30, 2015.
Diluted Net Income per Common Share Available to Common Shareholders for the quarter ended September 30, 2016 increased 26% to $0.54 as compared to $0.43 for the corresponding quarter ended September 30, 2015.
Total Assets at September 30, 2016 were $86.1 million, as compared to $84.9 million at June 30, 2016.
Total Current Assets at September 30, 2016 were $47.0 million, as compared to $45.6 million at June 30, 2016.
Total Cash and Cash Equivalents at September 30, 2016 was $8.0 million, as compared to $8.5 million at June 30, 2016.
Total Liabilities at September 30, 2016 were $20.5 million, as compared to $24.1 million at June 30, 2016.
Total Current Liabilities at September 30, 2016 were $18.3 million, as compared to $20.6 million at June 30, 2016.
Management Discussion
President and CEO Timothy R. Damadian said, "I am delighted with our Diluted Net Income Per Common Share Available to Common Stockholders of $0.54, a 26% year-over-year increase. Further, Net Income Available to the Common Stockholder advanced to $3.3 million, a 25% increase, and Income from Operations grew to $4.8 million, a 31% increase.
"Despite the uncertainties and challenges in today''s healthcare arena, we are proud to have achieved a 6% growth rate in Net Revenue and a 31% increase in Income from Operations in the first quarter as compared to the first quarter of fiscal 2016. Much of our success is attributable to key acquisitions, and so we will continue to seek additional opportunities consistent with our growth strategy."
Raymond V. Damadian, M.D. Chairman of the Board of FONAR Corporation, said, "Another important reason for our success is the tremendous appeal the UPRIGHT® Multi-Position™ MRI has among patients. Most patients are scanned in the seated position watching TV, and for patients who are claustrophobic, it''s a godsend. In fact, it''s very common for patients to ask their physicians if they can have their MRI scans completed on the UPRIGHT® MRI, as opposed to a ''tube'' or ''tunnel'' MRI. Furthermore, among the growing number of physicians who recognize the diagnostic value of scanning patients in weight-bearing positions, particularly patients who need MRIs of the spine, the UPRIGHT® is the only choice.
"I am personally grateful," continued Dr. Damadian, "that after many years of struggle, FONAR has become a very successful Company. Thanks to the medical benefits of FONAR''s unique and patented technology, together with our management team''s adherence to a business plan designed to cope with a very uncertain and challenging healthcare environment, we have now achieved 26 consecutive quarters (6 1/2 years) of profitability. And that''s something to be proud of."
About FONAR
FONAR, The ™, is located in Melville, NY, 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 signature product is the FONAR UPRIGHT® Multi-Position™ 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 detects patient problems that other MRI scanners cannot because they are lie-down and "weightless" only scanners. The patient-friendly UPRIGHT® MRI has a near-zero patient claustrophobic rejection rate. 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 watching TV.
FONAR has new works-in-progress , which circulates throughout the brain and vertebral column at the rate of 32 quarts per day. This imaging and quantifying of the dynamics of this vital life-sustaining physiology of the body''s neurologic system has been made possible first by FONAR''s introduction of the MRI and now by this latest works-in-progress method for quantifying CSF in all the normal positions of the body, particularly in its upright flow against gravity. Patients with whiplash or other neck injuries are among those who will benefit from this new understanding.
FONAR''s substantial list of patents includes recent patents for its technology enabling full weight-bearing MRI imaging of all the gravity sensitive regions of the human anatomy, especially the brain, extremities and spine. It includes its newest technology for measuring the Upright cerebral hydraulics of the central nervous system. FONAR''s UPRIGHT® Multi-Position™ MRI is the only scanner licensed under these patents.
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) 390-1772
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Datum: 09.11.2016 - 16:00 Uhr
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