MELVILLE, NY -- (Marketwire) -- 10/13/09 -- FONAR Corporation (NASDAQ: FONR) announced today two recent sales of its UPRIGHT® Multi-Position(TM) MRI scanners. Both sales were to private medical practices that choose to remain anonymous for competitive reasons.
Raymond Damadian, president and founder of FONAR said, "We are pleased to have two more medical practices purchase the UPRIGHT® MRI. These practices recognize that there is no other acceptable way to image the spine. It is also encouraging to note that they purchased the UPRIGHT® MRI despite widespread confusion in healthcare reimbursement because the medical practices realize that the best technology enables the best opportunities.
Medical practices that have experience with the FONAR UPRIGHT® MRI are enthusiastic about its unique capabilities. For example, at the recently re-opened East Bay Upright MRI in Hayward, California, Neuroradiologist J. Randy Jinkins, MD, FACR, FEC, said, "The FONAR UPRIGHT® MRI has become the new standard of care because it is the only MRI able to put the patient in the position that generates symptoms. This will allow the referring doctors to be able to make far more comprehensive and accurate evaluations of their patients' conditions."
The two new sales continue the positive trend that FONAR established during the past year, as reported on October 5th when the Company announced its financial results for the fiscal year ending June 30, 2009. Total net income was $1.1 million, as compared to a net loss of $13.5 million the previous year. In addition, this compares to a loss of $25.5 million in fiscal 2007 and a loss of $30.0 million in fiscal 2006. Total revenues increased by 12% to $39.7 million for the fiscal year ended June 30, 2009, as compared to $35.6 million for the previous fiscal year.
Dr. Damadian commented, "Given the increasing awareness of the medical community as to the unique diagnostic advantages of the FONAR UPRIGHT® Multi-Position(TM) MRI, we are very hopeful that the positive trend that FONAR has demonstrated will grow over time."
For investor and other information visit: www.fonar.com.
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning(TM), pMRI(TM), Full Range of Motion(TM), Multi-Position(TM), The Proof is in the Picture(TM), Dynamic(TM), True Flow(TM), Spondylography(TM) Spondylometry(TM) and Upright Radiology(TM) are trademarks of FONAR Corporation.
This release may include forward-looking statements from the company that may or may not materialize. Additional information on factors that could potentially affect the company's financial results may be found in the company's filings with the Securities and Exchange Commission.