Core Insights - FONAR Corporation's stock has seen a slight increase of 0.2% following its earnings report for the quarter ended September 30, 2025, while the S&P 500 Index rose by 1.9% during the same period [1] - The company reported a 4.3% increase in total revenues to $26 million, driven by growth in its Health Management Company of America (HMCA) subsidiary, but profitability weakened with a 30.7% decline in income from operations [2][3] Revenue and Profitability - Total revenues increased from $24.9 million to $26 million, primarily due to the expansion of HMCA [2] - Income from operations decreased by 30.7% to $3.2 million, and consolidated net income fell by 33.3% to $2.7 million [2] - Diluted net income per share dropped by 26.1% to $0.34 from $0.46 [2] Segment Performance - The FONAR equipment and service division saw a revenue increase of 17.9% to $2.5 million, while HMCA revenues rose by 3.1% to $23.5 million [3] - Despite revenue growth, rising selling, general and administrative (SG&A) costs increased by 32.8% to $6.8 million, impacting overall profitability [3][9] Operational Metrics - Scan volume reached 55,106, a 3.9% increase compared to the same quarter of the previous fiscal year, marking the second-highest quarterly scan volume in HMCA's history [4] - Total costs and expenses rose by 12.3% to $22.8 million, reflecting inflationary pressures and increased operational activity [5][9] Cash Position and Liquidity - Cash and cash equivalents decreased from $56.3 million to $54.3 million, but the company maintains a strong liquidity position with a current ratio of 8.6 [6] Management Insights - Management highlighted the growth of the HMCA network, which now operates 44 MRI scanners, with plans for further expansions to alleviate patient backlogs [7][8] - A second MRI is expected to be added at a Nassau County center in the fiscal second quarter, with additional centers planned [8] Future Outlook - While no formal financial guidance was provided for the remainder of fiscal 2026, management anticipates continued growth in scan volume and the HMCA network [11] - The company is evaluating a non-binding proposal to take FONAR private, with a special committee reviewing the proposal [12] Stock Repurchase Program - As of September 30, 2025, FONAR had repurchased over 283,770 shares at a total cost of $6.1 million, although share repurchases are currently suspended pending discussions on the potential going-private transaction [13]

Financial Performance - For the three-month period ended September 30, 2025, the company reported net income of $2.7 million on revenues of $26.0 million, compared to net income of $4.0 million on revenues of $25.0 million for the same period in 2024, indicating a revenue increase of 4.0%[110] - Operating income decreased from $4.6 million for the three months ended September 30, 2024, to $3.2 million for the same period in 2025, reflecting a decline of 30.4%[115] - HMCA revenues increased by 0.3% to $23.5 million in the first three months of fiscal 2026, while operating income decreased from $5.6 million to $4.4 million[118][119] - Cash provided by operating activities for the first three months of fiscal 2026 was $1.7 million, primarily from net income of $2.7 million[136] Revenue and Expenses - Revenues from management and other fees increased by $612,000, from $15.3 million in fiscal 2025 to $16.0 million in fiscal 2026, while product sales and service fees rose from $2.2 million to $2.5 million[111] - Total costs and expenses increased by 12.2% to $22.8 million for the first three months of fiscal 2026, compared to $20.4 million for the same period in fiscal 2025[130] - Selling, general and administrative expenses increased to $6.8 million in the first three months of fiscal 2026 from $5.1 million in the same period of fiscal 2025, driven by various factors including legal and advisory fees related to a proposed transaction[131] - Research and development expenses rose by 4.3% to $440,000 for the first three months of fiscal 2026, compared to $307,000 for the same period in fiscal 2025[132] Operational Metrics - The total number of scans performed increased to 55,106 in the first quarter of fiscal 2026, up from 53,054 in the first quarter of fiscal 2025, attributed to improved operational capacity[114] - MRI product sales revenues increased to $316,000 in the first three months of fiscal 2026 from $120,000 in the same period of fiscal 2025[124] Cash and Liabilities - Cash and cash equivalents, and short-term investments decreased from $56.3 million at June 30, 2025 to $54.3 million at September 30, 2025[135] - Total liabilities increased by 0.3% to $57.0 million at September 30, 2025 from $56.8 million at June 30, 2025[140] - "Other" current liabilities decreased by 27.1% to $5.1 million at September 30, 2025 from $7.0 million at June 30, 2025[140] - Working capital decreased to $127.1 million at September 30, 2025 from $127.5 million at June 30, 2025[142] Future Plans and Strategies - The company plans to complete the installation of an additional high field scanner in Lynbrook, New York, with capital expenditures approximating $1.5 million[147] - The company intends to open an additional location on Long Island, New York, with expected costs of approximately $400,000 for a new scanner and $500,000 in related buildout costs[147] - Management is seeking to promote wider market recognition of FONAR's scanner products amid liquidity and credit constraints in the markets[148] - The company believes its existing cash balances and internal cash generating capabilities are sufficient to finance capital expenditures and operating activities for at least the next twelve months[149] - The company maintains its funds in liquid accounts, with all revenue, expense, and capital purchasing activities transacted in United States dollars[150] Corporate Actions - The company is currently negotiating a proposal to go private, which would result in its common stock being delisted from NASDAQ, with no definitive agreements yet executed[108]

Core Viewpoint - FONAR Corporation reported its financial results for the first quarter of fiscal 2026, showing a mixed performance with revenue growth but significant declines in income metrics [2][5][8]. Financial Performance - Revenues from the FONAR segment increased by 14% to $2.5 million for the quarter ended September 30, 2025, compared to $2.2 million for the same quarter in 2024 [3]. - Revenues from the Health Management Corporation of America (HMCA) segment rose by 3% to $23.5 million for the quarter ended September 30, 2025, compared to $22.8 million in the same quarter of 2024 [4]. - Total net revenues increased by 4% to $26.0 million for the first fiscal quarter ended September 30, 2025, compared to $25.0 million for the same quarter in 2024 [5][8]. - Selling, general and administrative (S, G & A) expenses surged by 33% to $6.8 million for the quarter ended September 30, 2025, compared to $5.1 million for the same quarter in 2024 [5]. - Total costs and expenses increased by 12% to $22.8 million for the quarter ended September 30, 2025, compared to $20.4 million for the same quarter in 2024 [6]. Income Metrics - Income from operations decreased by 30% to $3.2 million for the quarter ended September 30, 2025, compared to $4.6 million for the same quarter in 2024 [9]. - Consolidated net income fell by 33% to $2.7 million for the quarter ended September 30, 2025, compared to $4.0 million for the same quarter in 2024 [9]. - Diluted net income per common share decreased by 26% to $0.34 for the quarter ended September 30, 2025, compared to $0.46 for the same quarter in 2024 [10]. Cash and Balance Sheet - Cash and cash equivalents decreased by 4% to $54.3 million at September 30, 2025, compared to $56.3 million at June 30, 2025 [8][11]. - Total assets increased to $218.4 million at September 30, 2025, compared to $216.9 million at June 30, 2025 [11]. - Total liabilities were $57.0 million at September 30, 2025, compared to $56.8 million at June 30, 2025 [11][12]. - Total equity increased to $161.4 million at September 30, 2025, compared to $160.1 million at June 30, 2025 [12]. Operational Insights - The HMCA segment managed 44 MRI scanners, with a scan volume of 55,106 in the first quarter of fiscal 2026, which is 3.9% higher than the corresponding quarter of fiscal 2025 [14]. - The company plans to add a second MRI at one of its Stand-Up MRI centers and manage a new MRI center later in the fiscal year [14]. - The company is engaged in negotiations for a potential going private transaction, with a special committee established to consider the proposal [15].

Core Insights - Two healthcare diagnostics stocks are experiencing significant increases in their Benzinga Edge Rankings Growth scores, indicating renewed strength in their performance over the past week [1][2]. Group 1: Growth Scores Overview - The Growth score in Benzinga's Edge Rankings is determined by the rate at which a company increases its revenue and earnings, balancing long-term trends with recent performance [2]. - A notable spike in growth scores typically signifies a strong quarterly performance, enhancing the company's compounded annual growth rate and improving its ranking among peers [3]. Group 2: Company-Specific Insights - **Fonar Inc.**: The New York-based company, which designs and manufactures MRI scanners, saw its Growth score rise from 34.49 to 92.42 within a week. This increase occurred despite modest top-line growth in 2025 and a lack of major news catalysts, attributed instead to a growing network and record scan volumes recently [4][5]. - **Sonic Healthcare Ltd.**: This Australia-headquartered firm, providing laboratory and primary care services, experienced a jump in its Growth score from 28.09 to 73.21 over the past week. This surge is driven by accelerating earnings and expansion into multiple markets, with analysts noting the expected earnings accretion from recent acquisitions through fiscal 2027 [6].

PART I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) FONAR operates in medical equipment and physician management services, known for pioneering 'open' MRI, with a privatization offer [General](index=4&type=section&id=GENERAL) FONAR Corporation, incorporated in 1978, operates in medical equipment and physician management segments - FONAR Corporation, incorporated July 17, 1978, is based in Melville, New York[14](index=14&type=chunk) - The company conducts business in two segments: medical equipment (FONAR) and physician management and diagnostic services (HMCA)[15](index=15&type=chunk) [Cautionary Note Regarding Forward Looking Statements](index=5&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD%20LOOKING%20STATEMENTS) Forward-looking statements are subject to risks and uncertainties, with no public update commitment - The report contains forward-looking statements subject to risks and uncertainties that may cause actual results to differ materially from expectations[20](index=20&type=chunk)[21](index=21&type=chunk) - The company does not undertake to publicly update or revise any forward-looking statement unless required by law[23](index=23&type=chunk) [Physician and Diagnostic Services Management Segment](index=5&type=section&id=PHYSICIAN%20AND%20DIAGNOSTIC%20SERVICES%20MANAGEMENT%20SEGMENT) HMCA provides non-medical management services to diagnostic imaging facilities, with **$95.4 million** revenue in fiscal 2025 - HMCA provides comprehensive non-medical management services to diagnostic imaging facilities, including administrative, billing, IT, personnel, and marketing services[26](index=26&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - As of June 30, 2025, HMCA managed **44 MRI scanners** (26 in NY, 18 in FL), with revenues increasing to **$95.4 million** in fiscal 2025 from **$94.6 million** in fiscal 2024[29](index=29&type=chunk) - HMCA's growth strategy focuses on upgrading and expanding existing facilities and increasing the number of owned or managed facilities, including adding high field MRI scanners, extremity scanners, and x-ray machines[32](index=32&type=chunk) - Aggregate active management fees increased from **$4,960,733 per month** in fiscal 2024 to **$5,160,735 per month** in fiscal 2025[43](index=43&type=chunk) - Patient fees net of contractual allowances and discounts for HMCA-owned Florida facilities decreased from **$33,815,796** in fiscal 2024 to **$33,179,446** in fiscal 2025[45](index=45&type=chunk) - HMCA's clients receive reimbursements from various sources, including Medicare (**2.6% of revenues** in FY25, down from 2.7% in FY24) and Medicaid (**0.05%** in FY25, down from 0.06% in FY24)[51](index=51&type=chunk)[55](index=55&type=chunk)[58](index=58&type=chunk) - The healthcare industry is highly regulated by federal laws (False Claims Act, Stark Law, Anti-Kickback, HIPAA) and state laws, which can significantly impact permissible activities and reimbursement[62](index=62&type=chunk)[63](index=63&type=chunk)[67](index=67&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - Approximately **58.0%** of client receipts in fiscal 2025 and 2024 were from no-fault insurance, and **9.1%** (FY25) and **8.8%** (FY24) from workers' compensation programs[82](index=82&type=chunk) [Medical Equipment Segment](index=13&type=section&id=MEDICAL%20EQUIPMENT%20SEGMENT) FONAR's Upright® MRI scanner offers unique weight-bearing imaging, with **$8.4 million** service revenue in fiscal 2025 - The Upright® MRI scanner is FONAR's primary product, offering whole-body scanning in various postures (sitting, standing, bending, lying down) and a non-claustrophobic experience[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - The Upright® MRI operates at a mid-field strength of **0.6 T**, providing diagnostically versatile images and unique advantages for conditions like spondylolisthesis, scoliosis, and Chiari malformation by imaging in weight-bearing positions[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[100](index=100&type=chunk) - Service and maintenance revenues from the external installed base increased to **$8.4 million** in fiscal 2025 from **$7.6 million** in fiscal 2024[105](index=105&type=chunk) - FONAR distributes AIRS Medical USA, Inc.'s SwiftMR product to improve image quality and efficiency and formed Opus Diagnostic Management, LLC in 2024 to service MRI scanners from other manufacturers[109](index=109&type=chunk)[110](index=110&type=chunk) - Research and development expenditures decreased by **9.2%** from **$1,735,949** in fiscal 2024 to **$1,576,086** in fiscal 2025, focusing on software improvements and new clinical protocols for the Upright® MRI[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[222](index=222&type=chunk) - FONAR holds **245 patents** as of June 30, 2025, including new patents for a next-generation patient positioning system and methods for monitoring treatment effectiveness and assessing cerebral palsy risk[119](index=119&type=chunk) - FONAR competes with major MRI manufacturers (Siemens, GE, Philips) primarily in the high-field market, but believes its Upright® MRI offers a competitive advantage due to higher field strength, larger dimensions, and diverse patient positioning[120](index=120&type=chunk)[121](index=121&type=chunk) - The FDA regulates FONAR's MRI scanners as Class II medical devices, requiring compliance with pre-market (510(k) clearance, labeling) and post-market (Quality Systems Regulation, Medical Device Reporting) requirements[129](index=129&type=chunk)[130](index=130&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) - FONAR has initiated six voluntary recalls between 1987 and 2016 (five Class II, one Class III) involving minor product corrections[148](index=148&type=chunk) - The company complies with foreign regulatory requirements for export sales, including the EU's new medical device regulation (EU 2017/745)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) [Employees](index=22&type=section&id=EMPLOYEES) FONAR and HMCA employed approximately **535 individuals** across various functions as of August 7, 2025 - FONAR and HMCA had approximately **535 employees** as of August 7, 2025, across various functions including production, customer support, R&D, IT, marketing, sales, billing, and administrative roles[161](index=161&type=chunk) - FONAR operates in two segments: medical equipment (MRI scanners) and physician management/diagnostic services (HMCA)[15](index=15&type=chunk) - FONAR pioneered the first MRI scanner (1977), first commercial MRI (1980), and first 'open' MRI (1980), focusing on the Upright® Multi-Position™ MRI[16](index=16&type=chunk)[17](index=17&type=chunk) - A non-binding proposal was received on July 7, 2025, from a group led by the CEO and COO to acquire all outstanding common stock and other securities not currently owned by the group, aiming to de-list the company from NASDAQ[19](index=19&type=chunk) [Item 1A. Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from reduced reimbursement, inflation, cybersecurity, and intense competition - Reduced reimbursement rates from Medicare, other government programs, and private insurance companies negatively impact scanning center revenues and profitability[162](index=162&type=chunk) - Inflation has drastically increased costs for materials and labor, making organic growth more difficult and extending the time for new centers to achieve profitability[164](index=164&type=chunk) - Cybersecurity threats, including breaches and ransomware, pose a material risk to operations, data integrity, and could result in significant response costs and regulatory investigations[165](index=165&type=chunk) - The company is highly dependent on patient referrals from unaffiliated physicians and third parties; a reduction in referrals would decrease net revenue and operating margins[166](index=166&type=chunk) - Recent changes to Florida insurance law (House Bill 837, Tort Reform Act) negatively impact Florida diagnostic imaging facilities through more unpaid bills, higher administrative costs, and lower reimbursement rates[167](index=167&type=chunk) - The diagnostic imaging industry is highly competitive, with hospitals and independent imaging centers as principal competitors, particularly intense in the Florida market[168](index=168&type=

Core Viewpoint - FONAR Corporation's fiscal 2025 results showed mixed performance with modest revenue growth but significant pressure on profitability, leading to declines in net income and earnings per share [2][8]. Financial Performance - Net revenues increased by 1.4% to $104.4 million from $102.9 million, primarily driven by diagnostic imaging management services and product-related fees [2][3]. - Total costs and expenses rose by 7.4% to $92.8 million from $86.3 million, resulting in compressed margins [2]. - Income from operations decreased by 29.9% to $11.6 million from $16.5 million year-over-year [2]. - Net income fell by 24.3% to $10.7 million from $14.1 million, and diluted earnings per share declined by 19.6% to $1.23 from $1.53 [2]. Segment Performance - Revenues from the management of diagnostic imaging centers increased by 1% to $95.4 million in fiscal 2025 from $94.6 million in fiscal 2024 [3]. - Product sales and service/repair fees rose to $9 million in fiscal 2025 from $8.3 million in fiscal 2024 [3]. Key Business Metrics - Cash and cash equivalents remained stable at $56.3 million at the end of fiscal 2025 [4]. - Working capital increased to $127.5 million as of June 30, 2025, compared to $122.5 million a year earlier [4]. - Stockholders' equity rose to $160.1 million as of June 30, 2025, from $156.8 million a year ago [4]. - Operating cash flow decreased to $11.3 million in fiscal 2025 from $14.1 million in the prior year [4]. Operational Highlights - FONAR's subsidiary, Health Management Company of America (HMCA), was the primary income driver, with scan volume reaching a record 216,317, a 3.3% increase from the previous year [5]. - New York operations saw a 4.4% growth in scans, while Florida experienced muted growth of 1.6% due to regulatory changes affecting MRI demand [5][8]. Management Insights - CEO Timothy Damadian emphasized the expansion of HMCA's MRI operations, including the addition of high-field MRIs and plans for a new center in Nassau County [6]. - Management acknowledged margin pressures due to increased reserves and rising administrative expenses [7]. Future Outlook - FONAR did not provide formal financial guidance for fiscal 2026 but indicated plans for strategic network growth, including the installation of another high-field MRI and the opening of an additional HMCA-managed center [10]. - The company has an active stock repurchase plan, with $6.1 million spent on repurchasing shares, although repurchases have been suspended due to a potential "take private" transaction [11].

Core Insights - FONAR Corporation reported a 1% increase in total net revenues to $104.4 million for the fiscal year ended June 30, 2025, compared to $102.9 million for the previous fiscal year [3][7] - The company experienced a 30% decrease in income from operations, falling to $11.6 million, and a 24% decrease in net income to $10.7 million for the same period [9][12] - The diagnostic imaging management subsidiary, Health Management Company of America (HMCA), continues to grow, managing 44 MRI scanners and achieving a record scan volume of 216,317 in Fiscal 2025, a 3.3% increase from the previous year [13][14] Financial Performance - Total revenues increased by 1% to $104.4 million for the fiscal year ended June 30, 2025, compared to $102.9 million for the fiscal year ended June 30, 2024 [3][7] - Total costs and expenses rose by 7% to $92.8 million, up from $86.3 million in the previous fiscal year [3] - Income from operations decreased by 30% to $11.6 million, down from $16.5 million in the previous fiscal year [9] - Net income decreased by 24% to $10.7 million, compared to $14.1 million in the previous fiscal year [9][12] - Diluted net income per common share fell by 20% to $1.23 from $1.53 in the previous fiscal year [9] Revenue Breakdown - Revenues from the management of the diagnostic imaging center segment increased by 1% to $95.4 million for the fiscal year ended June 30, 2025, compared to $94.6 million for the previous fiscal year [4] - Revenues from product sales and upgrades, as well as service and repair fees, totaled $9.0 million, an increase from $8.3 million in the previous fiscal year [5] Cash and Assets - Cash and cash equivalents remained stable at $56.3 million as of June 30, 2025, compared to the previous fiscal year [7][10] - Total assets increased to $216.9 million from $214.2 million in the previous fiscal year [10] - Total stockholders' equity rose to $160.1 million from $156.8 million in the previous fiscal year [12] Operational Highlights - The company added two MRI scanners in Fiscal 2025, bringing the total to 44, with locations in New York and Florida [7][14] - Scan volume in New York increased by 4.4%, while Florida saw a modest increase of 1.6%, impacted by tort reform affecting MRI providers [13] - Research and development expenses decreased by 9% to $1.6 million, while selling, general, and administrative expenses increased by 11% to $29.7 million [8] Stock Repurchase and Future Plans - The stock repurchase plan initiated in September 2022 has repurchased 373,942 shares at a cost of approximately $6.07 million [15] - The company has temporarily suspended share repurchases due to a potential "Take Private" transaction announced in July 2025 [15]

Core Insights - FONAR Corporation's stock has gained 5% over the past three months, outperforming the industry average of 2.5% and the sector's 0.6% gain, but underperforming the S&P 500's 8.6% increase [1][2][8] Recent Developments - FONAR received a proposal from a group led by Timothy Damadian to take the company private by purchasing all outstanding shares [2] - The company announced strong third-quarter fiscal 2025 results, showing significant improvements in revenue and earnings, although product sales experienced a decline [2] Business Model and Technology - FONAR combines high-field MRIs with Stand-Up MRIs, which helps attract a wider physician referral base and reduces patient backlogs [3] - The company's signature product, the Upright MRI, allows whole-body imaging in various positions, providing a competitive edge in the MRI market [9][13] Financial Strengths - FONAR's diagnostic imaging management business, Health Management Company of America (HMCA), has expanded its MRI center network, providing a reliable source of recurring revenue [11] - The company maintains a conservative financial structure with minimal debt and ample liquidity, allowing it to navigate fluctuations in operating costs [12] Market Position and Valuation - FONAR's trailing 12-month EV/Sales ratio is 0.4X, significantly lower than the industry average of 6.4X, indicating potential for growth [15][17] - The company's differentiated technology and strong fundamentals position it favorably for future growth opportunities [18][19] Challenges - FONAR faces challenges such as reliance on no-fault and personal injury claims, which can lead to cash flow pressures and regulatory risks [14] - Rising operating expenses have eroded margins, making it difficult for the company to convert scan volume growth into sustained profitability [14]

Core Viewpoint - FONAR Corporation has received a supplemental proposal from a Proposed Acquisition Group led by Timothy Damadian, aiming to acquire all outstanding shares not currently owned by them at a price of $17.25 per share, representing a 27% premium over the average closing price for the 90 trading days ending June 30, 2025 [1]. Group 1: Acquisition Proposal - The Special Committee of FONAR's Board of Directors was formed to review the acquisition interest expressed by the Proposed Acquisition Group [2]. - The proposed acquisition price of $17.25 per share indicates a significant premium, suggesting the group is serious about pursuing the transaction [1]. - The Special Committee will consult with independent financial and legal advisors to determine the best course of action for FONAR and its shareholders [2]. Group 2: Company Background - FONAR, established in 1978, is recognized as the inventor of MR Scanning and is the oldest MRI company in the industry [5]. - The company is known for its FONAR UPRIGHT® Multi-Position™ MRI, which allows for imaging in various weight-bearing positions, providing advantages over traditional lie-down MRI scanners [7]. - FONAR's primary source of income is its subsidiary, Health Management Company of America (HMCA) [9]. Group 3: Technological Innovations - FONAR is developing new technology to visualize and quantify cerebrospinal fluid (CSF) dynamics, which could benefit patients with neck injuries [8]. - The company holds numerous patents related to its MRI technology, including those for full weight-bearing imaging [10].

Core Viewpoint - FONAR Corporation's Board of Directors has received a non-binding proposal from a Proposed Acquisition Group led by Timothy Damadian to acquire all outstanding shares of FONAR not currently owned by the group, with an anticipated premium of at least 10% over the average closing market price for the 90 trading days prior to July 1, 2025 [1][2]. Group 1: Proposal Details - The Proposed Acquisition Group currently owns approximately 5.01% of FONAR's outstanding stock [1]. - A special committee of independent directors has been established to review the proposal and determine the best course of action for the company and its shareholders [2]. Group 2: Company Background - FONAR, incorporated in 1978 and went public in 1981, is recognized as the inventor of MR Scanning and has a long history in the MRI industry [5]. - The company's flagship product is the FONAR UPRIGHT® Multi-Position™ MRI, which allows for imaging in various weight-bearing positions, providing advantages over traditional lie-down MRI scanners [6][8]. Group 3: Technological Innovations - FONAR is developing new technology to visualize and quantify cerebrospinal fluid dynamics, which could benefit patients with neck injuries [9]. - The company holds numerous patents related to its MRI technology, including those for full weight-bearing imaging [11].