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Healthcare Company News 
FONAR Corporation FONAR fiscal Q108 results: net loss decreases 97 per cent to $209,000
FONAR Corporation FONAR fiscal Q108 results: net loss decreases 97 per cent to $209,000
FONAR fiscal Q108 results: net loss decreases 97 per cent to $209,000
Monday, 29 November 1999 19:00 | 
| Company News - FONAR Corporation |
FONAR, the inventor of MR scanning, announced its financial results for the first quarter of fiscal 2008. The net loss for the period was $209,000 as compared to $6.1m for the same period one year earlier.
For the first three months of fiscal 2008 the loss per common share (basic and diluted) was $0.04, as compared to $1.29 loss per common share (basic and diluted), for the same period of fiscal 2007.
Also, during the first fiscal quarter of 2008, the loss from operations dropped to $4.1m from $6.1m one year earlier, a decrease of 33 per cent.
Total revenues for the three months ended September 30, 2007 were $8.7m. This compares to $7.8m for the same period one year earlier, an increase of 11 per cent. Service and repair revenues increased, by 8 per cent, from $2.5m in the fiscal first quarter of 2007 to $2.7m in the fiscal first quarter of 2008. The continued rise in service and repair revenues is due to the result of warranty expirations among the installed base after the first year. As of September 30, 2007, there were 121 FONAR UPRIGHT Multi-Position MRI units installed worldwide. In addition, during the first quarter of fiscal 2008, total product sales increased to $2.6m from $2.5m one year earlier for an increase of four per cent.
At the end of the first fiscal quarter of fiscal 2008, total current assets were $24.4m, total assets were $42.2m, total current liabilities were $32.1m and total long-term liabilities were $1.1m. Total cash and cash equivalents, and marketable securities increased 21 per cent from $3.4m on June 30, 2007 to $4.2m as of September 30, 2007.
The company sold its 50 per cent interest in a consolidated subsidiary and its 20 per cent equity interest in a non-consolidated entity on July 31, 2007. This significant one-time event, within the reporting period, resulted in a gain of approximately $4.0m. The two entities manage outpatient MRI centers using the UPRIGHT Multi-Position MRI scanner.
Raymond Damadian, M.D., president and chairman of FONAR said, "Currently there is increasing recognition by the medical community of the importance of Dynamic MRI scanning as compared to the static MRI scans of recumbent-only conventional MRI scanners. Dynamic MRI, unlike static MRI, enables multi-position assessment and characterization of spine pathology in the flexion, extension, lateral bending and rotation positions. The diagnostic information gained by these dynamic scans is key to the understanding of the cause of a patient's back pain."
"Additionally," continued Dr. Damadian, "the FONAR UPRIGHT Multi-Position MRI addresses medical needs that the recumbent-only scanner cannot. Scoliosis, for example, can now be evaluated by radiation-free imaging in the FONAR Dynamic UPRIGHT MRI scanner overcoming the 70 per cent higher risk of breast cancers reported by the National Cancer Institute in 2000 in a study of 5,466 women with scoliosis patients monitored by chest X-ray. Also, patients with Chiari syndrome, wherein the cerebellar tonsils of the brain become entrapped in the foramen magnum at the base of the skull, can now have their pathology fully visualized for the first time. Moreover, elderly patients who cannot lie flat can now be scanned, the need for anesthesia in children needing MRI can be minimized, and claustrophobic patients are successfully scanned.
Also, during the first fiscal quarter of 2008, the loss from operations dropped to $4.1m from $6.1m one year earlier, a decrease of 33 per cent.
Total revenues for the three months ended September 30, 2007 were $8.7m. This compares to $7.8m for the same period one year earlier, an increase of 11 per cent. Service and repair revenues increased, by 8 per cent, from $2.5m in the fiscal first quarter of 2007 to $2.7m in the fiscal first quarter of 2008. The continued rise in service and repair revenues is due to the result of warranty expirations among the installed base after the first year. As of September 30, 2007, there were 121 FONAR UPRIGHT Multi-Position MRI units installed worldwide. In addition, during the first quarter of fiscal 2008, total product sales increased to $2.6m from $2.5m one year earlier for an increase of four per cent.
At the end of the first fiscal quarter of fiscal 2008, total current assets were $24.4m, total assets were $42.2m, total current liabilities were $32.1m and total long-term liabilities were $1.1m. Total cash and cash equivalents, and marketable securities increased 21 per cent from $3.4m on June 30, 2007 to $4.2m as of September 30, 2007.
The company sold its 50 per cent interest in a consolidated subsidiary and its 20 per cent equity interest in a non-consolidated entity on July 31, 2007. This significant one-time event, within the reporting period, resulted in a gain of approximately $4.0m. The two entities manage outpatient MRI centers using the UPRIGHT Multi-Position MRI scanner.
Raymond Damadian, M.D., president and chairman of FONAR said, "Currently there is increasing recognition by the medical community of the importance of Dynamic MRI scanning as compared to the static MRI scans of recumbent-only conventional MRI scanners. Dynamic MRI, unlike static MRI, enables multi-position assessment and characterization of spine pathology in the flexion, extension, lateral bending and rotation positions. The diagnostic information gained by these dynamic scans is key to the understanding of the cause of a patient's back pain."
"Additionally," continued Dr. Damadian, "the FONAR UPRIGHT Multi-Position MRI addresses medical needs that the recumbent-only scanner cannot. Scoliosis, for example, can now be evaluated by radiation-free imaging in the FONAR Dynamic UPRIGHT MRI scanner overcoming the 70 per cent higher risk of breast cancers reported by the National Cancer Institute in 2000 in a study of 5,466 women with scoliosis patients monitored by chest X-ray. Also, patients with Chiari syndrome, wherein the cerebellar tonsils of the brain become entrapped in the foramen magnum at the base of the skull, can now have their pathology fully visualized for the first time. Moreover, elderly patients who cannot lie flat can now be scanned, the need for anesthesia in children needing MRI can be minimized, and claustrophobic patients are successfully scanned.
