MRI vendor Fonar announced an increase in revenue and income for its second quarter and first six months of fiscal 2018 (end-December 31).
The firm saw a 10% increase in total net revenue, reaching $20.2 million, compared with $18.4 million in the same quarter of the prior year. Fonar also had net income of $5.2 million, a 6% increase from $4.9 million in the same quarter a year ago.
For the six months, total net revenue increased 6% to $39.5 million, compared with $37.1 million in the same six months a year ago. Net income increased 4% to $9.8 million, compared with $9.4 million for same period a year ago.
"We are very pleased with the company's second-quarter results. In fact, our income from operations was close to the highest that we have ever achieved," said President and CEO Timothy Damadian in a statement.
