Fonar posts turnaround in FY2009
Fonar has reported a profit of $1.1 million for the 2009 fiscal year ending June 30, a striking improvement over its fiscal 2008 performance in which the company posted a net loss of $13.5 million.
After fighting off acquisitions and threatened NASDAQ delisting in 2008, the company said its total revenues increased by 12 percent to $39.7 million in fiscal 2009, up from $35.6 million reported in fiscal 2008. Operating costs and expenses declined by 23 percent, from $52.5 million in 2008 to $40.4 in 2009.
Raymond Damadian, chairman and president of the Melville, N.Y.-based company, credited the performance of its Upright Multi-Position MRI scanners with helping to bring the company back to profitability. According to the firm, product sales of the scanners increased 48 percent from $11.2 million in fiscal 2008 to $16.6 million in 2009.
After fighting off acquisitions and threatened NASDAQ delisting in 2008, the company said its total revenues increased by 12 percent to $39.7 million in fiscal 2009, up from $35.6 million reported in fiscal 2008. Operating costs and expenses declined by 23 percent, from $52.5 million in 2008 to $40.4 in 2009.
Raymond Damadian, chairman and president of the Melville, N.Y.-based company, credited the performance of its Upright Multi-Position MRI scanners with helping to bring the company back to profitability. According to the firm, product sales of the scanners increased 48 percent from $11.2 million in fiscal 2008 to $16.6 million in 2009.