FONAR Corporation reported a 6% increase in total net revenues to $27.2 million for the third quarter of fiscal 2025, compared to $25.7 million in the prior year's quarter. Net income for the quarter rose 24% to $3.1 million, resulting in diluted net income per common share increasing 37% to $0.37. However, income from operations for the quarter slightly decreased by 2% to $3.66 million.
For the nine-month period ended March 31, 2025, total net revenues saw a modest 0.2% increase to $77.1 million. Despite this, income from operations for the nine months decreased significantly by 30% to $10.7 million, and net income fell 25% to $9.3 million. Diluted net income per common share for the nine-month period decreased 20% to $1.12.
The HMCA segment achieved a new company record with 54,612 MRI scans in the third quarter, a 2.8% increase from the previous quarter and 3.4% higher than the corresponding quarter of fiscal 2024. The first nine-month period also set a record with 160,780 MRI scans, up 3.9% from the prior year. HMCA now manages 44 MRI scanners, with a high-field MRI added to the Melville, Long Island facility at the end of March.
As of March 31, 2025, cash and cash equivalents were $54.4 million, and working capital increased 4% to $127.1 million. Net book value per common share increased 5% to $25.98. The company continued its stock repurchase plan, having spent $6,071,935 to repurchase 373,942 shares.
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