FONAR fiscal 2023 revenue up 1% to $98.6M but net income down 30% to $12.1M; EPS $1.32

FONAR CORP

Revenue $98.6M (+1% YoY); costs and expenses surged 11% to $83.9M, crushing operating income down 33% to $14.8M.
Net income $12.1M (-30%); diluted EPS $1.32 (-25%) vs $1.75 prior year.
MRI scan volume at HMCA sites up 1% to 188,348; two new scanners added in Florida, total managed 41.
Company adopted $9M stock repurchase plan in Sep 2022; 103,148 shares bought for $1.76M as of Jun 30 2023.
Founder Raymond Damadian died Aug 2022; son Timothy Damadian elected Chairman; COVID-related technologist shortage impacted early year.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

FONAR CORP reported the fiscal year ended June 30, 2023 results: revenue $98.6 million, net income $12.1 million, EPS $1.32.

Period: the fiscal year ended June 30, 2023
Revenue: $98.6 million
Net income: $12.1 million
EPS: $1.32
Result: reported results

Exact text from the filing

Total Revenues-Net increased by 1% to $98.6 million for the fiscal year ended June 30, 2023 versus the previous fiscal year.

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FONAR CORP filing history →

Source: SEC EDGAR

accession 0000355019-23-000048

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