FONAR Corporation reported a 3% decrease in total net revenues to $25.0 million for the first quarter of fiscal 2025, compared to $25.8 million in the prior year's quarter. Income from operations declined significantly by 30% to $4.6 million, and net income fell 25% to $4.0 million, resulting in diluted net income per common share decreasing 22% to $0.46.
The decline in revenues was primarily attributed to a 14% decrease in patient fee revenue within the HMCA segment, despite a 5% increase in total MRI scan volume at HMCA-managed sites to 53,054 scans. Scan volume was negatively impacted by business interruptions at several Florida facilities due to Hurricane Helene at the end of September.
As of September 30, 2024, cash and cash equivalents decreased 4% to $54.3 million from June 30, 2024, while working capital increased 2% to $124.7 million. The company continued its stock repurchase program, having spent $4,680,889 to repurchase 283,770 shares. A high-field MRI was added to the Naples, Florida facility at the end of September, bringing the total managed scanners to 43.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.