FONAR Corporation announced its fiscal year 2024 financial results, reporting a 4% increase in total net revenues to $102.9 million compared to $98.6 million in the prior fiscal year. Income from operations grew by 12% to $16.5 million, while net income rose 16% to $14.1 million, resulting in diluted net income per common share of $1.53, also up 16%.
The Health Management Company of America (HMCA) segment, FONAR's primary income source, saw an 11% increase in total MRI scan volume, reaching 209,327 scans for the fiscal year. This growth was supported by the addition of two new HMCA-managed MRI scanners, bringing the total to 42, and the successful implementation of SwiftMR™, an AI product enhancing image quality and reducing exam times.
The company's balance sheet remained strong, with cash and cash equivalents increasing 10% to $56.3 million and working capital growing 11% to $122.5 million. Book value per share reached $24.78. As of June 30, 2024, FONAR had repurchased 259,354 shares for $4.3 million under its $9 million stock repurchase plan.
FONAR's filing status changed to an accelerated filer due to its total net revenues surpassing $100 million, reflecting its growth. Management also highlighted plans for fiscal 2025, including the addition of a high-field MRI at the Naples, Florida site in the first quarter and another in New York later in the year, signaling continued investment in capacity expansion.
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