secwatch.observer — SEC 8-K summary
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Issuer:     FONAR CORP (FONR)
CIK:        0000355019
Form:       8-K
Filed at:   2023-09-29T23:59:59+00:00
Accession:  0000355019-23-000048
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/355019/000035501923000048/0000355019-23-000048-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/355019/000035501923000048/fonar_8-k.htm
  HTML page:      https://secwatch.observer/filing/0000355019-23-000048

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