Fonar Q1 profit falls on higher expenses
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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Overview
- Fonar fiscal Q1 rev grows 4% yr/yr, driven by HMCA segment
- Net income for fiscal Q1 decreases 33% yr/yr
- Company repurchased 283,770 shares, costing $6.1 mln
Outlook
- Company plans to add new MRI scanners in Nassau County to meet growing demand
Result Drivers
- HMCA SEGMENT - Revenue from HMCA segment increased by 3% to $23.5 mln, contributing to overall revenue growth
- EXPENSES INCREASE - Selling, general and administrative expenses rose 33% to $6.8 mln, impacting profitability
Key Details
Metric Beat/Mis Actual Consensu
s s
Estimate
Q1 $26 mln
Revenue
Q1 EPS $0.34
Q1 Net $2.70
Income mln
Q1 $3.20
Operatin mln
g Income
Press Release: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
