MRI vendor Fonar posted a 6% increase in revenues in its 2017 first quarter.
For the period (end-September 30), Fonar had $18.7 million in revenues, up from $17.6 million in the fiscal first quarter of 2016. Net income rose 30% to $4.5 million for the most recent period, compared with $3.5 million in the same quarter a year ago.
President and CEO Timothy Damadian said that much of the firm's success is attributable to key acquisitions, and that it would continue to seek additional opportunities consistent with its growth strategy. In 2016, Fonar's Health Management Company of America MRI management subsidiary acquired three firms in New York and Florida.
Damadian's father, Fonar founder and now chairman Dr. Raymond Damadian, said the growing appeal of the company's Upright multiposition MRI scanner is another important reason for Fonar's strong financial footing after many years of struggle.
