FONAR fiscal 2022 earnings: revenue $97.6M (+9%), net income $17.2M (+26%), EPS $1.75

FONAR CORP

Total revenues net increased 9% to $97.6M; income from operations up 29% to $22.0M; net income up 26% to $17.2M.
Diluted EPS rose 21% to $1.75; cash and equivalents increased 10% to $48.8M; working capital up 15% to $102.1M.
Founder and Chairman Raymond V. Damadian died on August 3, 2022; his son Timothy R. Damadian will become Chairman.
Board adopted a stock repurchase plan up to $9M on September 13, 2022; purchases on open market.
HMCA-managed MRI scan volume totaled 186,448 (+5% YoY); two new scanners added in fiscal 2022, two more planned in fiscal 2023.

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