Fonar posted profits of $3.6 million, or 37¢ per share, on sales of $16.8 million for the 3 months ended Sept. 30. That’s a profit gain of 103.6% on sales growth of 77% compared with the same period last year.
Adjusted to exclude 1-time items, per-share earnings were 38¢. The news sent FONR shares up 59% to $17 apiece by the end of the day Friday.
“By combining the resources of HMCA and HDM, we will enjoy the benefits of economies of scale, shared administrative and technical expertise and capabilities, and joint marketing strategies," president Dr. Raymond Damadian said in prepared remarks. "HMCA’s 11 stand-up MRIs together with HDM’s 12 form a network of 23 Fonar weight-bearing MRI scanners, the largest in the world as compared to the conventional essentially weightless MRI. Of course, we’re not finished growing. We will continue to pursue additional management contracts, primarily in New York and Florida."
This year company has made a number of acquisitions, including HDM, a liability company with 12 stand-up MRI centers.