Fonar Announces Six Month and 2nd Quarter Financial Results for Fiscal 2025

Core Viewpoint - FONAR Corporation reported a decline in financial performance for the second quarter and six-month period of fiscal 2025, with decreases in total revenues, income from operations, and net income compared to the same periods in the previous year [2][3][4][6]. Financial Results - Total Revenues-Net for the quarter ended December 31, 2024, decreased 2% to $25.0 million from$25.4 million for the same quarter in 2023 [3]. - Total Revenues-Net for the six-month period ended December 31, 2024, decreased 3% to $49.9 million from$51.2 million for the same period in 2023 [3]. - Income from Operations for the quarter ended December 31, 2024, decreased 48% to $2.6 million compared to$4.9 million for the same quarter in 2023 [4]. - Income from Operations for the six-month period ended December 31, 2024, decreased 38% to $7.2 million from$11.5 million for the same period in 2023 [4]. - Net Income for the quarter ended December 31, 2024, decreased 48% to $2.4 million compared to$4.6 million for the same quarter in 2023 [6]. - Net Income for the six-month period ended December 31, 2024, decreased 36% to $6.4 million from$10.0 million for the same period in 2023 [6]. Operational Metrics - MRI scan volume at HMCA managed sites increased 7% to 79,207 scans during the six-month period ended December 31, 2024, compared to 73,776 scans for the same period in 2023 [5]. - MRI scan volume at HMCA owned sites decreased 4% to 26,961 scans during the six-month period ended December 31, 2024, compared to 28,214 scans for the same period in 2023 [5]. Cash Flow and Balance Sheet - Cash and Cash Equivalents and Short-term Investments decreased 5% to $53.7 million at December 31, 2024, compared to$56.5 million at June 30, 2024 [5][10]. - Operating Cash Flow for the six-month period ended December 31, 2024, decreased 42% to $3.9 million compared to$6.7 million for the same period in 2023 [9]. - Total Current Assets at December 31, 2024, were $137.7 million compared to$140.3 million at June 30, 2024 [10]. - Total Liabilities at December 31, 2024, were $50.0 million compared to$57.5 million at June 30, 2024 [11]. Management Insights - The president and CEO of FONAR indicated that the scan volume for the second quarter of fiscal 2025 was slightly higher than the previous quarter and the same quarter last year, suggesting a positive trend in operational performance [13]. - The company anticipates promising scan volume for the remainder of fiscal 2025 due to the addition of high-field MRIs at existing scanning centers [14]. - FONAR has repurchased 343,485 shares at a cost of approximately $5.6 million as part of its stock repurchase plan [14].