Fonar Announces Six Month and 2nd Quarter Financial Results for Fiscal 2025
FONAR (NASDAQ: FONR) reported financial results for Q2 fiscal 2025. MRI scan volume at HMCA managed sites increased 7% to 79,207 scans, while owned sites decreased 4% to 26,961 scans during the six-month period ended December 31, 2024.
Key financial metrics showed overall decline: Total revenues decreased 3% to $49.9M for the six-month period, Income from Operations fell 38% to $7.2M, and Net Income decreased 36% to $6.4M. Diluted EPS dropped 33% to $0.75. Cash and equivalents decreased 5% to $53.7M.
The company continues its stock repurchase plan announced September 2022, having repurchased 343,485 shares at $5.6M cost. HMCA currently manages 43 MRI scanners across New York (25) and Florida (18), with plans to add high-field MRIs at two existing centers in Nassau County, NY.
FONAR (NASDAQ: FONR) ha riportato i risultati finanziari per il secondo trimestre dell'anno fiscale 2025. Il volume degli esami MRI nei siti gestiti da HMCA è aumentato del 7% raggiungendo 79.207 esami, mentre nei siti di proprietà è diminuito del 4% a 26.961 esami durante il periodo di sei mesi conclusosi il 31 dicembre 2024.
I principali indicatori finanziari hanno mostrato un calo complessivo: i ricavi totali sono diminuiti del 3% a $49,9 milioni per il periodo di sei mesi, l'utile operativo è sceso del 38% a $7,2 milioni e l'utile netto è diminuito del 36% a $6,4 milioni. L'EPS diluito è sceso del 33% a $0,75. La liquidità e i mezzi equivalenti sono diminuiti del 5% a $53,7 milioni.
L'azienda continua il suo piano di riacquisto di azioni annunciato a settembre 2022, avendo riacquistato 343.485 azioni per un costo di $5,6 milioni. HMCA gestisce attualmente 43 scanner MRI tra New York (25) e Florida (18), con piani per aggiungere MRI ad alta campo in due centri esistenti nella contea di Nassau, NY.
FONAR (NASDAQ: FONR) reportó resultados financieros para el segundo trimestre del año fiscal 2025. El volumen de escaneos de MRI en los sitios gestionados por HMCA aumentó un 7% alcanzando 79,207 escaneos, mientras que en los sitios de propiedad disminuyó un 4% a 26,961 escaneos durante el período de seis meses que finalizó el 31 de diciembre de 2024.
Los principales indicadores financieros mostraron una disminución general: los ingresos totales disminuyeron un 3% a $49.9 millones para el período de seis meses, el ingreso de operaciones cayó un 38% a $7.2 millones, y el ingreso neto disminuyó un 36% a $6.4 millones. El EPS diluido cayó un 33% a $0.75. El efectivo y equivalentes disminuyeron un 5% a $53.7 millones.
La empresa continúa su plan de recompra de acciones anunciado en septiembre de 2022, habiendo recomprado 343,485 acciones a un costo de $5.6 millones. HMCA actualmente gestiona 43 escáneres de MRI en Nueva York (25) y Florida (18), con planes de agregar MRI de alto campo en dos centros existentes en el condado de Nassau, NY.
FONAR (NASDAQ: FONR)는 2025 회계연도 2분기 재무 결과를 발표했습니다. HMCA가 관리하는 사이트의 MRI 스캔 볼륨은 7% 증가하여 79,207 스캔에 도달했으며, 소유 사이트는 4% 감소하여 26,961 스캔에 이르렀습니다. 이 기간은 2024년 12월 31일로 종료된 6개월 기간입니다.
주요 재무 지표들은 전반적인 감소를 보여주었습니다: 총 수익은 6개월 동안 3% 감소하여 4,990만 달러에 이르렀고, 운영 수익은 38% 감소하여 720만 달러로 떨어졌으며, 순이익은 36% 감소하여 640만 달러를 기록했습니다. 희석 주당순이익(EPS)은 33% 감소하여 0.75달러에 달했습니다. 현금 및 현금성 자산은 5% 감소하여 5,370만 달러로 줄어들었습니다.
회사는 2022년 9월에 발표한 자사주 매입 계획을 계속 진행하고 있으며, 343,485주를 560만 달러의 비용으로 재매입했습니다. HMCA는 현재 뉴욕(25대)과 플로리다(18대)에서 43개의 MRI 스캐너를 관리하고 있으며, 뉴욕 나소 카운티에 있는 두 개의 기존 센터에 고자기장 MRI를 추가할 계획입니다.
FONAR (NASDAQ: FONR) a annoncé ses résultats financiers pour le deuxième trimestre de l'exercice fiscal 2025. Le volume des examens IRM sur les sites gérés par HMCA a augmenté de 7 % pour atteindre 79 207 examens, tandis que les sites détenus ont diminué de 4 % pour atteindre 26 961 examens pendant la période de six mois se terminant le 31 décembre 2024.
Les principaux indicateurs financiers ont montré un déclin général : les revenus totaux ont diminué de 3 % pour atteindre 49,9 millions de dollars pour la période de six mois, le revenu d'exploitation a chuté de 38 % à 7,2 millions de dollars et le bénéfice net a diminué de 36 % à 6,4 millions de dollars. Le BPA dilué a chuté de 33 % à 0,75 $. La trésorerie et les équivalents ont diminué de 5 % pour atteindre 53,7 millions de dollars.
L'entreprise continue son plan de rachat d'actions annoncé en septembre 2022, ayant racheté 343 485 actions pour un coût de 5,6 millions de dollars. HMCA gère actuellement 43 scanners IRM à New York (25) et en Floride (18), avec des projets d'ajout d'IRM à haut champ dans deux centres existants dans le comté de Nassau, NY.
FONAR (NASDAQ: FONR) hat die Finanzzahlen für das zweite Quartal des Geschäftsjahres 2025 veröffentlicht. Das Volumen der MRT-Untersuchungen an von HMCA verwalteten Standorten ist um 7% auf 79.207 Untersuchungen gestiegen, während die eigenen Standorte um 4% auf 26.961 Untersuchungen gesunken sind im Zeitraum von sechs Monaten bis zum 31. Dezember 2024.
Die wichtigsten finanziellen Kennzahlen zeigten einen allgemeinen Rückgang: Die Gesamterlöse sanken um 3% auf 49,9 Millionen USD für den Zeitraum von sechs Monaten, das Betriebsergebnis fiel um 38% auf 7,2 Millionen USD und der Nettogewinn verringerte sich um 36% auf 6,4 Millionen USD. Der verwässerte Gewinn pro Aktie (EPS) fiel um 33% auf 0,75 USD. Bargeld und Zahlungsmitteläquivalente sanken um 5% auf 53,7 Millionen USD.
Das Unternehmen setzt seinen im September 2022 angekündigten Aktienrückkaufplan fort und hat 343.485 Aktien zu einem Preis von 5,6 Millionen USD zurückgekauft. HMCA verwaltet derzeit 43 MRT-Geräte in New York (25) und Florida (18) und plant, in zwei bestehenden Zentren im Nassau County, NY, hochfeld MRTs hinzuzufügen.
- MRI scan volume at HMCA managed sites increased 7% to 79,207
- Working Capital increased 2% to $125.4M
- Net Book Value Per Common Share increased 4% to $25.66
- Total second-quarter scan volume up 3.65% year-over-year
- Strong balance sheet with $53.7M in cash and cash equivalents
- Total Revenue decreased 3% to $49.9M for six-month period
- Income from Operations fell 38% to $7.2M
- Net Income decreased 36% to $6.4M
- Diluted EPS dropped 33% to $0.75
- SG&A expenses increased 24% to $6.9M in Q2
- Operating Cash Flow decreased 42% to $3.9M
- MRI scan volume at HMCA owned sites decreased 4%
Insights
The Q2 FY2025 results reveal a complex financial picture for FONAR, with notable pressure on profitability despite some operational bright spots. The
The financial metrics show concerning trends: operating income dropped
However, FONAR maintains strong fundamentals with
The planned expansion in Nassau County, New York, offering dual MRI capabilities (STAND-UP® and high-field) at existing centers, represents a strategic move to capture more market share and reduce appointment backlogs. This differentiated offering, combined with the company's strong market presence (43 managed MRI scanners across New York and Florida), provides a solid foundation for future growth despite current earnings pressure.
- MRI scan volume at HMCA managed sites increased
7% to 79,207 scans during the six-month period ended December 31, 2024, versus 73,776 scans for the six-month period ended December 31, 2023. MRI scan volume at HMCA owned sites decreased4% to 26,961 scans during the six-month period ended December 31, 2024, versus 28,214 scans for the six-month period ended December 31, 2023.
- Cash and Cash Equivalents and Short-term Iinvestments decreased
5% to$53.7 million at December 31, 2024, versus the fiscal year ended June 30, 2024.
- Total Revenues-Net for the six-month period ended December 31, 2024, decreased by
3% to$49.9 million , and for the quarter ended December 31, 2024, decreased by2% to$25.0 million , versus the corresponding periods one year earlier.
- Income from Operations for the six-month period ended December 31, 2024, decreased
38% to$7.2 million , and for the quarter ended December 31, 2024, decreased48% to$2.6 million , versus the corresponding periods one year earlier.
- Net Income for the six-month period ended December 31, 2024, decreased
36% to$6.4 million , and for the quarter ended December 31, 2024, decreased48% to$2.4 million , versus the corresponding period one year earlier.
- Diluted Net Income per Common Share for the six-month period ended December 31, 2024, decreased
33% to$0.75 and for the quarter ended December 31, 2024, decreased44% to$0.30 , versus the corresponding periods one year earlier.
- Net Book Value Per Common Share increased to
$25.66 per share at December 31, 2024.
Melville, New York--(Newsfile Corp. - February 18, 2025) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported today its financial results for the six-month period and 2nd quarter of fiscal 2025 which ended December 31, 2024. FONAR's primary source of income is attributable to its wholly-owned diagnostic imaging management subsidiary, Health Management Company of America (HMCA). In 2009, HMCA managed 9 MRI scanners. Currently, HMCA manages 43 MRI scanners in New York (25) and in Florida (18).
Financial Results
Income Statement Items
Total Revenues-Net for the quarter ended December 31, 2024, decreased
Income from Operations for the quarter ended December 31, 2024, decreased
Net Income for the quarter ended December 31, 2024, decreased
Diluted Net Income per Common Share Available to Common Stockholders for the quarter ended December 31, 2024, decreased
Diluted Net Income per Common Share Available to Common Stockholders for the six-month period ended December 31, 2024, decreased
Selling, general & administrative expenses (SG&A) for the quarter ended December 31, 2024, increased
Cash Flow Statement Item
Operating Cash Flow for the six-month period ended December 31, 2024, decreased
Balance Sheet Items
Cash and cash equivalents and short-term investments were
Total Current Assets at December 31, 2024, were
Total Assets were
Total Current Liabilities were
Total Liabilities at December 31, 2024, were
Total Stockholders' Equity at December 31, 2024, was
Financial Ratios
The ratio of Total Assets / Total Liabilities at December 31, 2024, was 4.2 as compared to 3.7 at June 30, 2024.
Working Capital increased
Net Book Value Per Common Share increased
Management Discussion
Timothy Damadian, president and CEO of FONAR, said, "The total second-quarter scan volume in Fiscal 2025 at HMCA-managed MRI centers was 53,114, slightly more (
"Scan volume for the balance of Fiscal 2025 looks promising. A major reason is the highly anticipated addition of high-field MRIs at two existing HMCA-managed scanning centers in Nassau County, New York. Once installed, these facilities will be offering physicians and patients both a STAND-UP® MRI and a high-field MRI. These scanners complement one another perfectly and, between the two of them, will readily accommodate an exceptionally broad range of MRI needs and eliminate excessive appointment backlogs."
"The STAND-UP® MRI, in addition to being the most "Non-Claustrophobic MRI," offers unique diagnostic advances. It's the only MRI that can scan patients in weight-bearing positions, including sitting and standing. It's also the only MRI that can scan the cervical and lumbar spines in flexion and extension. These unique features can reveal pathology that would be underestimated or missed entirely on any other type of MRI scanner. In addition, the high-field MRIs provide high-resolution imaging, speed, and advanced diagnostic protocols. HMCA currently manages ten facilities that have both the STAND-UP® MRI and a high-field MRI, providing patients and physicians with the best of MRI worlds."
"As always, we continue to seek to establish new locations or to acquire centers that will enhance our existing networks and increase their profitability. Currently, we manage 43 MRI scanners, 25 in New York and 18 in Florida."
"I would also like to report that pursuant to our September 13, 2022 announcement of a FONAR stock repurchase plan of up to
Mr. Damadian concluded, "I remain grateful for our management team and all the FONAR and HMCA employees whose hard work and commitment continue to make the Company successful."
Fonar Legacy
On April 25, 2001, Raymond V. Damadian, M.D., was awarded one of America's highest honors - the Lemelson-MIT Lifetime Achievement Award - for his important contributions to the field of magnetic resonance imaging for medical diagnostics.
The Lemelson-MIT Lifetime Achievement Award is conferred annually by the Lemelson-MIT Program. Dr. Damadian was formally presented with a trophy for the Lemelson-MIT Lifetime Achievement Award on Wednesday, April 25, 2001, at a special ceremony at the Smithsonian Institute, Washington, D.C. The award is currently on display at the Raymond V. Damadian Museum, at FONAR Headquarters, Melville, NY. Visitors are welcome to visit the museum at FONAR headquarters by appointment.
In acknowledging his myriad of achievements, the event's program stated, "Through his tenacity and willingness to defy conventional thought, Raymond Damadian changed the face of diagnostic medicine through his revolutionary application of nuclear magnetic resonance. This independent inventor designed and built the first full-body human magnetic resonance scanner, which he would later name 'Indomitable' in tribute to the seven arduous years in which he and his assistants toiled to invent the device."
It went on to say, "Dr. Damadian's original patent, granted in 1974, which led to the creation of 'Indomitable' and, later, all commercial MRI scanners, was given "pioneer patent" status. This status is given only to groundbreaking innovations that are separately recognized by U.S. courts because they set the foundation for new industries to occur."
The text from the original press release issued by MIT may be found at www.fonar.com/awards.html.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7879/241217_9d1ef271f4cc8b2d_001full.jpg
About the Lemelson-MIT Lifetime Achievement Award
The Lifetime Achievement Award is a prestigious recognition given to individuals who have made significant contributions to the field of invention and innovation throughout their careers. It is considered to be one of the top accolades for lifetime achievements in invention. The award is through a joint initiative between the Lemelson Foundation and the Massachusetts Institute of Technology (MIT). The Lemelson Foundation was founded by Jerome and Dorothy Lemelson in 1992.
About FONAR
FONAR, The Inventor of MR Scanning™, located in Melville, NY, was incorporated in 1978, and is the first, oldest and most experienced MRI Company in the industry. FONAR went public in 1981 (Nasdaq:FONR). FONAR sold the world's first commercial MRI to Ronald J. Ross, MD, Cleveland, Ohio. It was installed in 1980. Dr. Ross and his team began the world's first clinical MRI trials in January 1981. The results were reported in the June 1981 edition of Radiology/Nuclear Medicine Magazine. The technique used for obtaining T1 and T2 values was the FONAR technique (Field fOcused Nuclear mAgnetic Resonance), not the back projection technique. www.fonar.com/innovations-timeline.html.
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 UPRIGHT® MRI often detects patient problems that other MRI scanners cannot because they are lie-down, "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
FONAR has new works-in-progress technology for visualizing and quantifying the cerebral hydraulics of the central nervous system, the flow of cerebrospinal fluid (CSF), 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 primary source of income and growth is attributable to its wholly owned diagnostic imaging management subsidiary, Health Management Company of America (HMCA) www.hmca.com.
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 CSF in the central nervous system. FONAR's UPRIGHT® Multi-Position™ MRI is the only scanner licensed under these patents.
UPRIGHT®, and STAND-UP® are registered trademarks. The Inventor of MR Scanning™, CSP™, MultiPosition™, UPRIGHT RADIOLOGY™, pMRI™, CFS Videography™, Dynamic™ and The Proof is in the Picture™, 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.
Fonar Corporation
The Inventor of MR Scanning™
An ISO 9001 Company
Melville, New York 11747
Phone: (631) 694-2929
Fax: (631) 390-1772
NEWS
Contact: Daniel Culver
Director of Communications
E-mail: investor@fonar.com
www.fonar.com
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts and shares in thousands, except per share amounts)
(UNAUDITED)
ASSETS
| December 31, 2024 | June 30, 2024 | |||||
| Current Assets: | ||||||
| Cash and cash equivalents | $ | 53,583 | $ | 56,341 | ||
| Short-term investments | 121 | 136 | ||||
| Accounts receivable - net | 3,390 | 4,035 | ||||
| Accounts receivable - related party | 60 | - | ||||
| Medical receivable - net | 23,496 | 23,992 | ||||
| Management and other fees receivable - net | 42,485 | 41,954 | ||||
| Management and other fees receivable - related medical practices - net | 9,677 | 9,865 | ||||
| Inventories | 2,858 | 2,715 | ||||
| Prepaid expenses and other current assets | 1,962 | 1,286 | ||||
| Total Current Assets | 137,632 | 140,324 | ||||
| Accounts receivable - long term | 724 | 830 | ||||
| Deferred income tax asset | 6,113 | 7,223 | ||||
| Property and equipment - net | 19,270 | 18,709 | ||||
| Note receivable - related party | 607 | 581 | ||||
| Right-of-use-asset - operating leases | 34,946 | 38,428 | ||||
| Right-of-use-asset - financing lease | 496 | 531 | ||||
| Goodwill | 4,269 | 4,269 | ||||
| Other intangible assets - net | 3,407 | 2,870 | ||||
| Other assets | 493 | 481 | ||||
| Total Assets | $ | 207,957 | $ | 214,246 |
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts and shares in thousands, except per share amounts)
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
| December 31, 2024 | June 30, 2024 | |||||
| Current Liabilities: | ||||||
| Current portion of long-term debt | $ | 49 | $ | 47 | ||
| Accounts payable | 953 | 1,856 | ||||
| Other current liabilities | 3,912 | 7,941 | ||||
| Unearned revenue on service contracts | 3,413 | 3,870 | ||||
| Unearned revenue on service contracts - related party | 55 | - | ||||
| Operating lease liabilities - current portion | 3,259 | 3,474 | ||||
| Financing lease liability - current portion | 244 | 226 | ||||
| Customer deposits | 357 | 443 | ||||
| Total Current Liabilities | 12,242 | 17,857 | ||||
| Long-Term Liabilities: | ||||||
| Unearned revenue on service contracts | 1,050 | 1,175 | ||||
| Deferred income tax liability | 371 | 371 | ||||
| Due to related party medical practices | 93 | 93 | ||||
| Operating lease liabilities - net of current portion | 34,927 | 37,468 | ||||
| Financing lease liability - net of current portion | 290 | 395 | ||||
| Long-term debt, less current portion | 7 | 67 | ||||
| Other liabilities | 26 | 32 | ||||
| Total Long-Term Liabilities | 36,764 | 39,601 | ||||
| Total Liabilities | 49,006 | 57,458 |
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts and shares in thousands, except per share amounts)
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY (Continued)
| STOCKHOLDERS' EQUITY: | December 31, 2024 | June 30, 2024 | ||||
| Class A non-voting preferred stock $.0001 par value; 453 shares authorized at December 31, 2024 and June 30, 2024, 313 issued and outstanding at December 31, 2024 and June 30, 2024 | $ | - | $ | - | ||
| Preferred stock $.001 par value; 567 shares authorized at December 31, 2024 and June 30, 2024, issued and outstanding - none | - | - | ||||
| Common Stock $.0001 par value; 8,500 shares authorized at December 31, 2024 and June 30, 2024, 6,207 and 6,373 issued at December 31, 2024 and June 30, 2024, respectively, 6,203 and 6,328 outstanding at December 31, 2024 and June 30, 2024 respectively | 1 | 1 | ||||
| Class B Common Stock (10 votes per share) $.0001 par value; 227 shares authorized at December 31, 2024 and June 30, 2024; .146 issued and outstanding at December 31, 2024 and June 30, 2024 | - | - | ||||
| Class C Common Stock (25 votes per share) $.0001 par value; 567 shares authorized at December 31, 2024 and June 30, 2024, 383 issued and outstanding at December 31, 2024 and June 30, 2024 | - | - | ||||
| Paid-in capital in excess of par value | 178,758 | 180,608 | ||||
| Accumulated deficit | (8,525 | ) | (13,624 | ) | ||
| Treasury stock, at cost - 4 shares of common stock at December 31, 2024 and 45 shares of common stock at June 30, 2024 | (395 | ) | (1,017 | ) | ||
| Total Fonar Corporation's Stockholders' Equity | 169,839 | 165,968 | ||||
| Noncontrolling interests | (10,888 | ) | (9,180 | ) | ||
| Total Stockholders' Equity | 158,951 | | 156,788 | |||
| Total Liabilities and Stockholders' Equity | $ | 207,957 | $ | 214,246 |
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts and shares in thousands, except per share amounts)
(UNAUDITED)
| FOR THE THREE MONTHS ENDED DECEMBER 31, | ||||||
| REVENUES | 2024 | 2023 | ||||
| Patient fee revenue - net of contractual allowances and discounts | $ | 7,944 | $ | 8,221 | ||
| Product sales | 25 | 55 | ||||
| Service and repair fees | 1,759 | 1,778 | ||||
| Service and repair fees - related parties | 45 | 28 | ||||
| Management and other fees | 12,189 | 12,316 | ||||
| Management and other fees - related medical practices | 2,988 | 2,988 | ||||
| Total Revenues - Net | 24,950 | 25,386 | ||||
| COSTS AND EXPENSES | ||||||
| Costs related to patient fee revenue | 4,623 | 4,602 | ||||
| Costs related to product sales | 221 | 302 | ||||
| Costs related to service and repair fees | 938 | 784 | ||||
| Costs related to service and repair fees - related parties | 28 | 12 | ||||
| Costs related to management and other fees | 7,801 | 7,208 | ||||
| Costs related to management and other fees - related medical practices | 1,601 | 1,590 | ||||
| Research and development | 376 | 416 | ||||
| Selling, general and administrative expenses | 6,927 | 5,587 | ||||
| Total Costs and Expenses | 22,515 | 20,501 | ||||
| INCOME FROM OPERATIONS | 2,435 | 4,885 | ||||
| Other Income and (Expenses) | ||||||
| Interest Expense | (6 | ) | (10 | ) | ||
| Investment income - related party | 13 | - | ||||
| Investment Income | 524 | 534 | ||||
| Other income - Related party | - | 577 | ||||
| Other income | 1 | - | ||||
| Income Before Provision for Income Taxes and Noncontrolling Interests | 2,967 | 5,986 | ||||
| Provision for Income Taxes | (762 | ) | (1,366 | ) | ||
| Net Income | 2,205 | 4,620 | ||||
| Net Income - Noncontrolling Interests | (241 | ) | (861 | ) | ||
| Net Income - Attributable to FONAR | $ | 1,964 | $ | 3,759 | ||
| Net Income Available to Common Stockholders | $ | 1,840 | $ | 3,525 | ||
| Net Income Available to Class A Non-Voting Preferred Stockholders | $ | 93 | $ | 175 | ||
| Net Income Available to Class C Common Stockholders | $ | 31 | $ | 59 | ||
| Basic Net Income Per Common Share Available to Common Stockholders | $ | 0.29 | $ | 0.55 | ||
| Diluted Net Income Per Common Share Available to Common Stockholders | $ | 0.29 | $ | 0.54 | ||
| Basic and Diluted Income Per Share - Class C Common | $ | 0.08 | $ | 0.16 | ||
| Weighted Average Basic Shares Outstanding - Common Stockholders | 6,303 | 6,437 | ||||
| Weighted Average Diluted Shares Outstanding - Common Stockholders | 6,431 | 6,565 | ||||
| Weighted Average Basic and Diluted Shares Outstanding - Class C Common | 383 | 383 | ||||
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts and shares in thousands, except per share amounts)
(UNAUDITED)
| FOR THE SIX MONTHS ENDED DECEMBER 31, | |||||||
| REVENUES | 2024 | 2023 | |||||
| Patient fee revenue - net of contractual allowances and discounts | $ | 15,431 | $ | 16,896 | |||
| Product sales | 145 | 219 | |||||
| Service and repair fees | 3,751 | 3,643 | |||||
| Service and repair fees - related parties | 90 | 55 | |||||
| Management and other fees | 24,518 | 24,436 | |||||
| Management and other fees - related medical practices | 5,975 | 5,975 | |||||
| Total Revenues - Net | 49,910 | 51,224 | |||||
| COSTS AND EXPENSES | |||||||
| Costs related to patient fee revenue | 9,269 | 9,029 | |||||
| Costs related to product sales | 442 | 405 | |||||
| Costs related to service and repair fees | 2,029 | 1,633 | |||||
| Costs related to service and repair fees - related parties | 96 | 25 | |||||
| Costs related to management and other fees | 15,111 | 14,231 | |||||
| Costs related to management and other fees - related medical practices | 3,174 | 3,109 | |||||
| Research and development | 683 | 883 | |||||
| Selling, general and administrative expenses | 12,065 | 10,453 | |||||
| Total Costs and Expenses | 42,869 | 39,768 | |||||
| INCOME FROM OPERATIONS | 7,041 | 11,456 | |||||
| Other Income and (Expenses) | |||||||
| Interest Expense | (14 | ) | (58 | ) | |||
| Investment income - related party | 26 | - | |||||
| Investment Income | 1,163 | 1,040 | |||||
| Other income - Related party | - | 577 | |||||
| Other income | - | 1 | |||||
| Income Before Provision for Income Taxes and Noncontrolling Interests | 8,216 | 13,016 | |||||
| Provision for Income Taxes | (2,011 | ) | (3,036 | ) | |||
| Net Income | 6,205 | 9,980 | |||||
| Net Income - Noncontrolling Interests | (1,106 | ) | (2,115 | ) | |||
| Net Income - Attributable to FONAR | $ | 5,099 | $ | 7,865 | |||
| Net Income Available to Common Stockholders | $ | 4,775 | 47,375 | ||||
| Net Income Available to Class A Non-Voting Preferred Stockholders | $ | 241 | $ | 365 | |||
| Net Income Available to Class C Common Stockholders | $ | 83 | $ | 125 | |||
| Basic Net Income Per Common Share Available to Common Stockholders | $ | 0.76 | $ | 1.14 | |||
| Diluted Net Income Per Common Share Available to Common Stockholders | $ | 0.74 | $ | 1.12 | |||
| Basic and Diluted Income Per Share - Class C Common | $ | 0.22 | $ | 0.33 | |||
| Weighted Average Basic Shares Outstanding - Common Stockholders | 6,313 | 6, 448 | |||||
| Weighted Average Diluted Shares Outstanding - Common Stockholders | 6,441 | 6,576 | |||||
| Weighted Average Basic and Diluted Shares Outstanding - Class C Common | 383 | 383 | |||||
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts and shares in thousands, except per share amounts)
(UNAUDITED)
| FOR THE SIX MONTHS ENDED DECEMBER 31, | ||||||
| 2024 | 2023 | |||||
| Cash Flows from Operating Activities: | ||||||
| Consolidated Net income | $ | 6,205 | $ | 9,980 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 2,298 | 2,415 | ||||
| Net Change in operating right of use assets and lease liabilities | (63 | ) | 119 | |||
| Provision for credit losses | 1,279 | 355 | ||||
| Deferred tax expense | 1,111 | 2,284 | ||||
| Gain on sale of equipment - related party | - | (577 | ) | |||
| Changes in operating assets and liabilities, net: | ||||||
| Accounts, medical and management fee receivable(s) | (435 | ) | (4,958 | ) | ||
| Notes receivable | - | 50 | ||||
| Notes receivable - related party | (26 | ) | - | |||
| Inventories | (143 | ) | (265 | ) | ||
| Prepaid expenses and other current assets | (677 | ) | 217 | |||
| Other assets | (11 | ) | 22 | |||
| Accounts payable | (903 | ) | (244 | ) | ||
| Other current liabilities | (4,556 | ) | (2,341 | ) | ||
| Financing lease liabilities | (86 | ) | (108 | ) | ||
| Customer deposits | (87 | ) | (3 | ) | ||
| Other liabilities | (7 | ) | (19 | ) | ||
| Net cash provided by operating activities | 3,899 | 6,689 | ||||
| Cash Flows from Investing Activities: | ||||||
| Purchases of property and equipment | (2,552 | ) | (192 | ) | ||
| Proceeds from short term investments | 15 | - | ||||
| Cost of patents | (20 | ) | (20 | ) | ||
| Net cash used in investing activities | (2,557 | ) | (212 | ) | ||
| Cash Flows from Financing Activities: | ||||||
| Repayment of borrowings and capital lease obligations | (58 | ) | (21 | ) | ||
| Sale of noncontrolling interest | 132 | - | ||||
| Purchase of treasury stock | (1,341 | ) | (1,885 | ) | ||
| Distributions to noncontrolling interests | (2,833 | ) | (2,626 | ) | ||
| Net cash used in financing activities | (4,100 | ) | (4,532 | ) | ||
| Net (Decrease) Increase in Cash and Cash Equivalents | (2,758 | ) | 1,945 | |||
| Cash and Cash Equivalents - Beginning of Period | 56,341 | 51,280 | ||||
| Cash and Cash Equivalents - End of Period | $ | 53,583 | $ | 53,225 | ||
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241217
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