Contact Information: Contact: Daniel Culver FONAR Corporation 631-694-2929
FONAR Continues Growth With Two New Sales of Its UPRIGHT Multi-Position MRI to U.S. Medical Practices
| Source: FONAR Corporation
MELVILLE, NY--(Marketwire - October 13, 2009) - FONAR Corporation (NASDAQ : FONR ) announced
today two recent sales of its UPRIGHT® Multi-Position™ 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™ 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™, pMRI™, Full Range of Motion™, Multi-Position™, The
Proof is in the Picture™, Dynamic™, True Flow™, Spondylography™
Spondylometry™ and Upright Radiology™ 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.