Pandemic continues to hurt Fonar's revenues

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MRI vendor Fonar continues to be negatively impacted by COVID-19, although scan volumes increased compared with the prior quarter.

For the first quarter of fiscal 2021 (end-September 30), Fonar posted revenue of $21 million, down 4% compared with revenue of $21.7 million the fiscal quarter one year prior. The company's net income for the most recent period decreased to $3.3 million, compared with income of $4.5 million in the first quarter of fiscal 2020.

However, MRI scan volume increased by 50% to 41,566 scans for the three-month period compared with 27,757 scans for the previous period ended June 30. To date, the most severe effects of the pandemic on MRI scan volume occurred during the three-month period that ended June 30, Fonar said.

Even still, the amount is 13% less than scan volume generated in the first quarter of fiscal 2020: 41,566 compared with 47,027.

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