Fonar Q1 profit falls on higher expenses
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Fonar's fiscal Q1 revenue increased by 4% year-over-year, primarily driven by the HMCA segment, which saw a 3% rise in revenue to $23.5 million. However, net income fell by 33% year-over-year due to a 33% increase in selling, general, and administrative expenses, totaling $6.8 million. The company repurchased 283,770 shares for $6.1 million and plans to add new MRI scanners in Nassau County to meet rising demand.
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