Rising sales temper higher Fonar loss in 2002

MRI developer Fonar reported a net loss of $22.9 million in fiscal 2002 (end-June 30), compared with a net loss of $15.2 million the year before. Revenues were higher, however, with 2002 revenues coming in at $44.7 million, up 6% over $42.3 million in sales in 2001, Fonar said.

The net loss would have exceeded last year's by only $3 million, had it not been for a $4.7 million write-down in 2002 relating to an impairment of management agreements acquired by Fonar subsidiary HCMA, the firm's physician and diagnostic services entity.

At the same time, 2002 scanner sales increased by 91% compared with fiscal 2001, from $6.1 million in 2001 to $11.6 million in 2002, according to the Melville, NY, firm. To date, 21 Stand-up MRI scanners have been sold in calendar 2002 compared to 9 in calendar 2001, according to Fonar president Raymond Damadian.

By AuntMinnie.com staff writers
October 7, 2002

Related Reading

Fonar gets CE Mark for 360, July 19, 2002

Fonar gets CE Mark for Stand-Up MRI, June 10, 2002

Fonar ships first international Stand-Up MRI unit, May 20, 2002

Fonar loss widens in Q3, May 17, 2002

Fonar loss grows on slight revenue increase, February 18, 2002

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