Fonar Q1 EPS $0.29 vs $0.55 YoY; revenue down 2%; scan volume falls 8.3%

FONAR CORP

2023-Q1 EPS reported $0.29 revenue$23,191,000

Diluted EPS $0.29 vs $0.55; net income $2.7M vs $5.2M, down 48%.
Total revenues $23.2M (-2% YoY); income from operations $3.9M vs $5.7M.
HMCA-managed MRI scans fell 8.3% to 44,471; SG&A up 24% to $6.3M on reserves.
Net cash from operations up 117% to $2.7M; book value per share $22.05 (+5%).
CEO cites technologist shortage and Hurricane Ian; plans new centers in Bronx and Florida.

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