The inventor of MR scanning, FONAR Corporation, announces significant growth in revenue and income, along with a 11% increase in MRI scan volume.
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| FONAR Corporation reports strong financial results for fiscal 2024, driven by increased scan volume, expanded network, and AI technology. Image Credit: Fonar Corporation |
Melville, New York, USA - October 1, 2024:
FONAR Corporation (NASDAQ: FONR) announced its fiscal 2024 financial results, highlighting significant growth in revenue, income, and scan volume. The company's primary source of income is its wholly-owned subsidiary, Health Management Company of America (HMCA), which manages MRI scanners across New York and Florida.
The addition of two new HMCA-managed MRI scanners in fiscal 2024 brought the total number to 42, enhancing the company's capacity and reach.
The implementation of SwiftM, an AI-powered software, improved image quality and reduced exam times, leading to increased patient volume and satisfaction.
FONAR continues to seek opportunities to establish new locations or acquire existing centers to expand its network and profitability.
FONAR remains optimistic about its future prospects, citing ongoing expansion plans, technological advancements, and the increasing demand for MRI services. The company is focused on leveraging its expertise and innovative solutions to maintain its position as a leader in the medical imaging industry.
It's worth noting that FONAR has a rich history, being the inventor of MR scanning. The company's founder, Dr. Raymond Damadian, was awarded the National Medal of Technology in 1988 for his groundbreaking contributions to the field.
In conclusion, FONAR Corporation's fiscal 2024 results demonstrate its ability to deliver consistent growth and profitability. The company's strategic focus on expanding its network, leveraging technology, and capitalizing on market trends positions it well for continued success in the future.