Fonar slips into the black for FY10
Fonar has reported dropping into net losses in its financial results for the 2010 fiscal year, which ended June 30.
The total revenues were $31.8 million for fiscal 2010, as compared to $39.7 million for fiscal 2009. The net loss for the fiscal year was $3 million, compared with a net income of $1.1 million for fiscal 2009, said the company.
The Melville, N.Y.-based Fonar said its revenues from product sales of its Upright Multi-Position MRI scanners were $9.1 million in fiscal 2010, compared with $17.2 million in the fiscal year, which ended June 30, 2009. However, revenues from the management of the Upright Multi-Position MRI Centers saw a slight increase of $11.1 million for fiscal 2010 versus $10.3 million one year earlier. Revenues from Upright MRI service and repair fees also increased to $11.1 million for the fiscal year of 2010, compared with $10.5 million one year earlier.
"Total costs and expenses related to operations decreased 15 percent, from $40.4 million in the fiscal year ended June 30, 2009, to $34.4 million in the fiscal year ended June 30, 2010," said Raymond Damadian, MD, chairman and president of Fonar. "The company has taken strenuous steps to controlling costs while continuing to run its business."
The total revenues were $31.8 million for fiscal 2010, as compared to $39.7 million for fiscal 2009. The net loss for the fiscal year was $3 million, compared with a net income of $1.1 million for fiscal 2009, said the company.
The Melville, N.Y.-based Fonar said its revenues from product sales of its Upright Multi-Position MRI scanners were $9.1 million in fiscal 2010, compared with $17.2 million in the fiscal year, which ended June 30, 2009. However, revenues from the management of the Upright Multi-Position MRI Centers saw a slight increase of $11.1 million for fiscal 2010 versus $10.3 million one year earlier. Revenues from Upright MRI service and repair fees also increased to $11.1 million for the fiscal year of 2010, compared with $10.5 million one year earlier.
"Total costs and expenses related to operations decreased 15 percent, from $40.4 million in the fiscal year ended June 30, 2009, to $34.4 million in the fiscal year ended June 30, 2010," said Raymond Damadian, MD, chairman and president of Fonar. "The company has taken strenuous steps to controlling costs while continuing to run its business."