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Daily Chart Analysis - Good Day to Take Profits (in my opinion). After a nice long run up, the market is now extremely Overbought and showing signs that a significant price correction is due. The Fibonacci scale on the chart (below) shows that a normal correction back to the $3.75 to $4.25 price range is very likely now. That is certainly a profit worth capturing! Will the price continue on to $20/share? Maybe? Maybe not! We won't see evidence of that until after this much needed price correction unfolds, the market become again Oversold and subsequent support is seen within the Fibonacci range.
FONR - Daily Candlesticks
Its about time FONR showes its true colors
have u heard any news i keep avg up i smell a takeover coming hopefully at $20.thats a good number! good luck this is all in my opinion
$20 sounds about right. That is going to make both of us very happy traders. GLTY, AFXM
does anybody know why or what is happening with fonr is she going to $20.been holding for years and have been avg. up along the way. any response would help gll
~ Tuesday! $FONR ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $FONR ~ Earnings expected on Tuesday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=FONR&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=FONR&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=FONR
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=FONR#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=FONR+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=FONR
Finviz: http://finviz.com/quote.ashx?t=FONR
~ BusyStock: http://busystock.com/i.php?s=FONR&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=FONR >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
Some potential reasons are listed in this post:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=68979921
Fonar's technical equipment is a big ticket item. And what happenned in the past seems to be that with the Middle East wars we've had the US Government has had no money for the many purchases the were once wanting to make.
Great News from today's PR. Marked the board. GLTA!
In a newly published paper, medical researchers at FONAR Corporation (NASDAQ-FONR) report a diagnostic breakthrough in multiple sclerosis (MS), based on observations made possible by the company's unique FONAR UPRIGHT® Multi-Position™ MRI. The findings reveal that the cause of multiple sclerosis may be biomechanical and related to earlier trauma to the neck, which can result in obstruction of the flow of cerebrospinal fluid (CSF), which is produced and stored in the central anatomic structures of the brain known as the ventricles. Since the ventricles produce a large volume of CSF each day (500 cc), the obstruction can result in a build up of pressure within the ventricles, resulting in leakage of the CSF into the surrounding brain tissue. This leakage could be responsible for generating the brain lesions of multiple sclerosis.
I haven't found exact numbers but I think this represents sales of $1-$1.5M.
FONAR Announces UPRIGHT MRI Sale to Central California Medical Practice Dedicated to Being a Center of Excellence for the Spine
August 31, 2011 11:04 ET
MELVILLE, NY--(Marketwire - Aug 31, 2011) - FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, announced it has sold an UPRIGHT® Multi-Position™ MRI to Bakersfield UPRIGHT MRI Center, Bakersfield, CA.
Hoorman M. Melamed, MD, FAOOS, a board certified orthopaedic spine surgeon and a principal at the Bakersfield UPRIGHT MRI Center, said, "Selection of the FONAR UPRIGHT® Multi-Position™ MRI for our group was a very careful and deliberate decision. We recognize that the UPRIGHT® MRI offers capabilities beyond that of a recumbent-only MRI. The UPRIGHT® MRI allows for scanning patients weight-bearing and the dynamic positions of flexion and extension. This allows us to see and evaluate the spine under load of a patient's pathology thus enabling us to avoid under estimating a patient's pathology and therefore obtaining a better diagnosis."
Another principal of Bakersfield UPRIGHT MRI Center, Afaq Kazi, MD, Board Certified Physical Medicine and Rehabilitation, said, "My personal philosophy is that to alleviate a patient's pain, you need to find the source of that pain. Too often my patients say that their back pain occurs when they are in the weight-bearing position. Therefore it is no surprise that often the recumbent-only MRIs MISS the problem. The FONAR UPRIGHT® Multi-Position™ MRI is the answer for these patients."
Dr. Kazi continued, "The FONAR UPRIGHT® Multi-Position™ MRI provides Correlated Slice Profile (CSP™) Imaging. CSP not only shows the recumbent images but shows the dynamic views of Upright Neutral, Upright Flexion, and Upright Extension. CSP shows me how a recumbent-only view will miss the full extent of a patient's problems and this could potentially lead to an inferior treatment plan for that patient."
"The diagnostic advantages of the FONAR UPRIGHT® Multi-Position™ MRI are outstanding," said Dr. Melamed. "However, there are other advantages as well. Many patients are unable to lie down on a flat surface, so a recumbent-only MRI is out of the question for those patients. These are patients that have spinal deformities, vertigo or COPD. In addition, having spoken to the many patients who have experienced the scan, it is the most comfortable MRI in the industry. With more than 1 out of 5 patients having some degree of claustrophobia, the UPRIGHT® MRI has virtually no rejection from patients with claustrophobia. Considering the powerful image quality that the scanner has, this is indeed a remarkable scanner."
Both doctors agreed that for their group to meet its goals and become a state-of-the-art center of spine excellence, the purchase of the world's only dynamic, UPRIGHT® Multi-Position™ MRI was essential.
About FONAR
FONAR (NASDAQ: FONR) was incorporated in 1978, making it the first, oldest and most experienced MRI company in the industry. FONAR introduced the world's first commercial MRI in 1980, and went public in 1981. Since its inception, nearly 300 recumbent-OPEN MRIs and 150 UPRIGHT® Multi-Position™ MRI scanners worldwide have been installed. FONAR's stellar product line includes the Upright™ MRI (also known as the Stand-Up™ MRI), the only whole-body MRI that performs Position™ imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. The FONAR UPRIGHT® MRI often sees the patient's problem that other scanners cannot because they are lie-down only. The patient-friendly UPRIGHT® MRI has a near zero claustrophobic rejection rate by patients. As a FONAR customer states, "If the patient is claustrophobic in this scanner, they'll be claustrophobic in my parking lot." Approximately 85% of patients are scanned sitting while they watch a 42" flat screen TV. FONAR is headquartered on Long Island, New York.
For investor and other information visit: www.fonar.com.
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™, Multi-Position™, pMRI™, Dynamic™, Full Range of Motion™, True Flow™, The Proof is in the Picture™, Spondylography™, Spondylometry™ Landscape™, CSP™ 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.
Almost 1M shares have traded so far today! That is huge as there are only 5.6M shares.
FONR is up $0.35 to $2.38 in pre-market! The pre-market high is $2.49.
FONAR Announces UPRIGHT MRI Sale to Neuroscience Spine Institute in Northeast U.S. -- Only MRI That Features Correlated Slice Profile (CSP) Imaging
On Wednesday July 27, 2011, 7:00 am EDT
MELVILLE, NY--(Marketwire -07/27/11)- FONAR Corporation (NASDAQ: FONR - News), The Inventor of MR Scanning™, announced it has sold an UPRIGHT® Multi-Position™ MRI to a physician practice of radiologists and neurosurgeons. The UPRIGHT® MRI will be placed in a newly-constructed 50,000 sq. ft. building, increasing the practice to 75,000 sq. ft. for the new state-of-the-art neuroscience spine institute.
The group, who purchased the FONAR UPRIGHT® Multi-Position™ MRI, said they wanted the best diagnostic device available to allow them to be a "Center of Excellence" for spine care. Accordingly, they considered other state-of-the-art MRI scanners including those with field strengths at 3.0 and 1.5 Tesla, but those systems are single-position only and non-weight bearing. They therefore concluded that to be a "Center of Excellence for the Spine," it was crucial to have an MRI that could evaluate the spine in its full range of dynamic weight-bearing positions. A group representative said that essential in selecting the FONAR UPRIGHT® MRI was the unique, dynamic capabilities of UPRIGHT® MRI scanning vs. recumbent MRI scanning. He remarked, "The UPRIGHT® MRI's ability to provide CSP™, or Correlated Slice Profile Imaging, shows how four images of the spine in all of its weight-bearing positions (flexion, extension, neutral sitting) and in the recumbent position significantly communicates the value of dynamic imaging."
Raymond Damadian, M.D., president and founder of FONAR said, "Correlated Slice Profile (CSP)™ Imaging can be done for most spine patients. The patient having the spine scan is scanned in the four positions of Upright®-neutral, Upright®-flexion, Upright®-extension, and traditional recumbent. At the conclusion of the scan, the MRI technologist selects a center-slice saggital view from each of the four positions. The four image positions are then displayed side by side. In this way, one can quickly comprehend how a patient's pathology changes from position to position within the same anatomic slice. This multi-position weight-bearing imaging of the spine enables the patient's physician to see ALL of the patient's symptom-generating pathology so they can be CORRECTLY addressed therapeutically or surgically (if necessary)."
An example follows: To see the example, please visit: http://www.fonar.com/news/072711.htm
As one begins to visualize the patient's pathology, and moves from left to right, they will note the following:
Conventional Recumbent Position -- minimal disc pathology, patent ventral spinal canal UPRIGHT® Sitting Neutral Position -- anterior shift of spinal cord
UPRIGHT® Sitting Flexion Position -- more marked anterior shift of spinal cord with interruption of CSF flow in the ventral spinal canal
UPRIGHT® Sitting Extension Position -- disc herniations (C6/7 and C5/6) obstructing the ventral spinal canal and interrupting ventral canal CSF flow
Dr. Damadian continued, "Back Pain is a huge problem for Americans. Our normal vertical posture places undue strain on the 24 vertebra, 31 pairs of nerves, and 40 muscles of the spine."
'In 2005 Americans spent $85.9 billion looking for relief from back and neck pain through surgery, doctor's visits, X-rays, MRI scans and medications, up from $52.1 billion in 1997, according to a study in the Feb. 13, (2005) issue of the Journal of the American Medical Association (JAMA). That money hasn't helped reduce the number of sufferers; in 2005, 15 percent of U.S. adults reported back problems -- up from 12 percent in 1997.' (http://www.newsweek.com/2008/02/11/the-price-of-pain.html).
"A great problem in medicine is that of the failed back surgery syndrome (FBSS)," said Dr. Damadian. "The old diagnostic method of recumbent-only MRI is simply inadequate for correctly diagnosing problems of the spine. This group of spine professionals who just purchased the FONAR UPRIGHT® Multi-Position™ MRI recognizes that the spine is a long, fully integrated, physiologic organ where imbalances at one end can have pronounced consequences at the other end. Accordingly, only a fully dynamic image of the spine in its full range of weight-bearing positions can assess the patient's symptom-generating spine pathology COMPLETELY. It is the only way an accurate diagnosis of the source of the patient's spine symptoms can be achieved and a successful treatment accomplished. We are delighted with our new method of Correlated Slice Profile Imaging (CSP) and suggest that it will change the practice of medicine."
About FONAR
FONAR was incorporated in 1978, making it the first, oldest and most experienced MRI company in the industry. FONAR introduced the world's first commercial MRI in 1980, and went public in 1981. Since its inception, nearly 300 recumbent-OPEN MRIs and 150 UPRIGHT® Multi-Position™ MRI scanners have been installed worldwide. FONAR's stellar product line includes the UPRIGHT® MRI (also known as the STAND-UP® MRI), the only whole-body MRI that performs Position™ imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. The FONAR UPRIGHT® MRI often sees the patient's problem that other scanners cannot because they are lie-down only. The patient-friendly UPRIGHT® MRI has a near zero claustrophobic rejection rate by patients. As a FONAR customer states, "If the patient is claustrophobic in this scanner, they'll be claustrophobic in my parking lot." Approximately 85% of patients are scanned sitting while they watch a 42" flat screen TV. FONAR is headquartered on Long Island, New York.
For investor and other information visit: www.fonar.com.
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™, Multi-Position™, pMRI™, Dynamic™, Full Range of Motion™, True Flow™, The Proof is in the Picture™, Spondylography™, Spondylometry™ Landscape™, CSP™ 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.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1684156
Contact:
Contact:
Nice movement in the stock today! I don't see any news. I don't have a huge position still trying to fully digest their share structure and past financing deal.
FONR is one of my favorites that I think could be a double or triple over the next year. FONR is the manufacturer of upright MRI scanners and also manages MRI offices. Here is why I like them:
1. They have turned around earnings and now have had 4 sequential profitable quarters. The turn around is due to both cost cutting and an increased focus in the management of MRI offices.
2. Earnings the past two quarters were $0.20/share and $0.24/share. I expect earnings going forward to be in the ballpark of $0.12/share/quarter. The drop is due to a financing that they just completed. Their forward PE based upon my estimates is in the ballpark of only 4!
3. My earnings estimate above could turn out to be quite low if they have a large number of MRI sales in a given quarter. Earnings at the $0.12/share level assume only moderate sales of MRI equipment.
4. Their balance sheet has been rapidly improving as they continue to report positive earnings and due to their recent financing. If it improves much more they might be able to replace their recent financing at a lower interest rate which would greatly increase earnings.
The FONR board is locate here:
http://investorshub.advfn.com/boards/board.aspx?board_id=689
FONR is one of my favorite picks. I'll post more DD later.
FONAR Notified by NASDAQ It Regained Compliance With All NASDAQ Capital Market Listing Standards
On Tuesday May 17, 2011, 8:00 am EDT
MELVILLE, NY--(Marketwire - 05/17/11) - FONAR Corporation (NASDAQ:FONR - News), The Inventor of MR Scanning™, announced it has been notified by the NASDAQ Listing Panel that "the Company has met the requirements of the Panel's decision dated March 17, 2011 and the applicable requirements for listing on The NASDAQ Stock Market." Furthermore the notification indicated it was closing the matter.
As previously announced, on October 14, 2010, the Company received notice from the NASDAQ Listing Qualifications Staff that based upon the Company's non-compliance with the minimum $2.5 million stockholders' equity requirement as set forth in NASDAQ Listing Rule 5550(b)(1), the Company's securities were subject to delisting from The NASDAQ Capital Market.
At a hearing on February 24, 2011, the Company requested the continued listing of its securities on The NASDAQ Capital Market pursuant to an extension within which to regain compliance with the applicable minimum $2.5 million stockholders equity. The request was accepted by NASDAQ in a decision dated March 17, 2011.
On May 10, 2011, the Company filed its 10-Q for the quarter ended March 31, 2011, and issued a press release stating that it had succeeded in raising $6 million by May 2, 2011, which amount was more than sufficient to eliminate the stockholders' deficiency of $781,000 as of March 31, 2011 and achieve compliance with the stockholders' equity requirement of $2.5 million.
About FONAR
FONAR was incorporated in 1978, making it the first, oldest and most experienced MRI company in the industry. FONAR introduced the world's first commercial MRI in 1980, and went public in 1981. Since its inception, nearly 300 recumbent-OPEN MRIs and 150 UPRIGHT® Multi-Position™ MRI scanners worldwide have been installed. FONAR's stellar product line includes the Upright™ MRI (also known as the Stand-Up™ MRI), the only whole-body MRI that performs Position™ imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. The FONAR UPRIGHT® MRI often sees the patient's problem that other scanners cannot because they are lie-down only. The patient-friendly UPRIGHT® MRI has a near zero claustrophobic rejection rate by patients. As a FONAR customer states, "If the patient is claustrophobic in this scanner, they'll be claustrophobic in my parking lot." Approximately 85% of patients are scanned sitting while they watch a 42" flat screen TV. FONAR is headquartered on Long Island, New York.
For investor and other information visit: www.fonar.com.
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™, Multi-Position™, pMRI™, Dynamic™, Full Range of Motion™, True Flow™, The Proof is in the Picture™, Spondylography™, Spondylometry™ Landscape™, CSP™ 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.
Contact:
Contact:
Daniel Culver
FONAR Corporation
Tel: 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
Email Contact
FONAR Announces 3rd Quarter Fiscal 2011 Financial Results
Net Income Surpasses $1 Million for 2nd Straight Quarter
On Tuesday May 10, 2011, 7:30 am EDT
MELVILLE, NY--(Marketwire - 05/10/11) - FONAR Corporation (NASDAQ:FONR - News), today announced its earnings for the third quarter of fiscal 2011, ended March 31, 2011. The Company has net income for the past four quarters and net income from operations for the past five quarters.
Statement of Operations Items
For the quarter ended March 31, 2011, net income was $1.2 million and income from operations was $1.4 million. This is compared to the same period ended March 31, 2010, when the net loss was $8,000 and income from operations was $25,000. (For a Chart visit: www.fonar.com/news/051011.htm).
For the nine months ended March 31, 2011, net income was $2.9 million as compared to a loss of $3.0 million for the nine-month period ended March 31, 2010.
Total revenues increased 15% to $8.7 million for the three-month period ended March 31, 2011, from $7.5 million for the corresponding quarter which ended one year earlier on March 31, 2010. Total revenues for the nine months ended March 31, 2011 were $25.4 million, as compared to the nine months ended December 31, 2010, one year earlier, when net revenues were $23.2 million.
Total operating costs and expenses decreased 3% from $7.5 million for the quarter ended March 31, 2010 to $7.3 million for the quarter ended March 31, 2011.
Revenues from product sales were $1.9 million for the fiscal quarter ended March 31, 2011 as compared to $2.0 million for the corresponding quarter ended March 31, 2010. Revenues from service and repair fees were $2.8 million for the fiscal quarter ended March 31, 2011 and the fiscal quarter ended March 31, 2010. FONAR's principal product is the UPRIGHT® Multi-Position™ MRI.
Significantly, revenues from the management and other fees segment (management of the ten FONAR UPRIGHT® Multi-Position™ MRI diagnostic imaging centers segment) increased 46% from $2.7 million for the three months ended March 31, 2010, to $4.0 million for the three-month period ended March 31, 2011.
Balance Sheet Items
As of March 31, 2011 total current assets were $17.0 million, total assets were $26.4 million, total current liabilities were $24.3 million, and total long-term liabilities were $2.8 million.
As of March 31, 2011, total cash and cash equivalents and marketable securities were $2.4 million as compared to $1.3 million as of June 30, 2010.
As of March 31, 2011, the total stockholder's deficiency was $781,000 as compared to a total stockholder's deficiency of $5.8 million as of June 30, 2010, an improvement of $5.0 million.
NASDAQ Continued Listing
On October 14, 2010, the Company received a notice of non-compliance from The NASDAQ Stock Market, LLC, based upon NASDAQ Marketplace Listing Rule 5550(b)(1) which requires a minimum stockholders' equity requirement of $2.5 million for continued listing on The NASDAQ Capital Market. A hearing was held on March 17, 2011, and subsequently the NASDAQ Hearings Panel granted the Company an extension until May 11, 2011 to complete a newly proposed financing and regain compliance with the stockholders' equity requirement of $2.5 million.
The Company commenced a private placement of equity and succeeded in raising $6 million by May 2, 2011, which amount was more than sufficient to eliminate the stockholders' deficiency of $781,000 as of March 31, 2011 and achieve compliance with the stockholders' equity requirement of $2.5 million.
Significant Highlight
As of March 31, 2011, FONAR has now installed 150 FONAR UPRIGHT® Multi-Position™ MRIs. The 150th was installed in Hamburg, Germany during the recent quarter. It is the fourth UPRIGHT® MRI installed in Germany by Medserena, AG. At the time of the sale, Matthias Schulz, CEO of Medserena, said, "The first three UPRIGHT® Multi-Position™ MRI centers have had great success. With physicians all over Germany asking about this technology, it has become imperative for us to expand and install a fourth FONAR UPRIGHT® MRI scanner. This is in spite of an intensely active MRI market in Germany, where there are already many conventional lie-down MRIs installed.
"The large number of requests coming from our physicians in Germany," said Mr. Schulz, "are arising because of the special medical need for FONAR's unique technology. "The German people tend to recognize the potential of any new technology quickly. We have been very successful in Germany with the FONAR UPRIGHT® MRI and its power for scanning patients in multiple UPRIGHT® and recumbent positions because our physicians have quickly appreciated the benefits of this new technology and want their patients to have access to those benefits as soon as possible.
"With 50% of MRIs being of the spine, it is self-evident that to make a satisfactory imaging diagnosis of the spine, the spine needs to be supporting its normal weight load which the conventional lie-down MRI does not permit. We firmly believe that the FONAR UPRIGHT® Multi-Position™ MRI will become a standard for MRI diagnostics in Europe, especially in evaluating the spine."
Management Commentary
"We are proud that we have now accomplished one year of solid profitability," said Raymond Damadian, M.D., president and chairman of FONAR Corporation. "Our total net income for these last four quarters was approximately $3 million and is among the most profitable one year periods in the Company's history."
"At this time, all of the segments of our business are strong. Significantly, the management of the ten UPRIGHT® Multi-Position™ MRI centers has given us steady profitability that we can rely on regardless of the state of our economy. A major reason for our profitability has been the cost-control measures that we have taken and which continue to yield results. We are pleased with our accomplishments and plan to continue capitalizing on building a strong business and increasing shareholder value," said Dr. Damadian.
About FONAR
FONAR was incorporated in 1978, making it the first, oldest and most experienced MRI company in the industry. FONAR introduced the world's first commercial MRI in 1980, and went public in 1981. Since its inception, nearly 300 recumbent-OPEN MRIs and 150 UPRIGHT® Multi-Position™ MRI scanners worldwide have been installed. FONAR's stellar product line includes the Upright™ MRI (also known as the Stand-Up™ MRI), the only whole-body MRI that performs Position™ imaging (pMRI™) and scans patients in numerous weight-bearing positions, i.e. standing, sitting, in flexion and extension, as well as the conventional lie-down position. The FONAR UPRIGHT® MRI often sees the patient's problem that other scanners cannot because they are lie-down only. The patient-friendly UPRIGHT® MRI has a near zero claustrophobic rejection rate by patients. As a FONAR customer states, "If the patient is claustrophobic in this scanner, they'll be claustrophobic in my parking lot." Approximately 85% of patients are scanned sitting while they watch a 42" flat screen TV. FONAR is headquartered on Long Island, New York.
For investor and other information visit: www.fonar.com
UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™, Multi-Position™, pMRI™, Dynamic™, Full Range of Motion™, True Flow™, The Proof is in the Picture™, Spondylography™, Spondylometry™ Landscape™, CSP™ 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.
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(000's OMITTED)
ASSETS March 31, June 30,
2011 2010
(UNAUDITED)
Current Assets: --------- ---------
Cash and cash equivalents $ 2,354 $ 1,299
Marketable securities 33 28
Accounts receivable - net 6,577 4,821
Accounts receivable - related parties - net 30 -
Medical receivables - net 2 25
Management fee receivable - net 3,033 2,569
Management fee receivable - related medical
practices - net 1,755 1,922
Costs and estimated earnings in excess of
billings on uncompleted contracts 601 277
Inventories 2,192 2,826
Advances and notes to related medical
practices - net - 83
Current portion of notes receivable 190 272
Prepaid expenses and other current assets 246 553
--------- ---------
Total Current Assets 17,013 14,675
--------- ---------
Property and equipment - net 4,034 2,109
Notes receivable - net 229 -
Management agreement - net 504 -
Other intangible assets - net 4,009 4,291
Other assets 565 554
--------- ---------
Total Assets $ 26,354 $ 21,629
========= =========
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(000's OMITTED)
LIABILITIES AND STOCKHOLDERS' DEFICIENCY March 31, June 30,
2011 2010
(UNAUDITED)
Current Liabilities: --------- ---------
Current portion of long-term debt and capital
leases $ 2,148 $ 579
Current portion of long-term debt-related party - 88
Accounts payable 2,356 3,192
Other current liabilities 8,151 8,065
Unearned revenue on service contracts 6,748 5,220
Unearned revenue on service contracts -
related parties 27 -
Customer advances 4,693 4,813
Billings in excess of costs and estimated
earnings on uncompleted contracts 188 2,743
--------- ---------
Total Current Liabilities 24,311 24,700
Long-Term Liabilities:
Accounts payable 115 63
Due to related medical practices 230 528
Long-term debt and capital leases, less current
portion 1,982 1,567
Long-term debt less current portion-related party - 72
Other liabilities 497 475
--------- ---------
Total Long-Term Liabilities 2,824 2,705
--------- ---------
Total Liabilities 27,135 27,405
--------- ---------
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(000's OMITTED, except share data)
March 31, June 30,
LIABILITIES AND STOCKHOLDERS' DEFICIENCY 2011 2010
(continued) (UNAUDITED)
--------- ---------
STOCKHOLDERS' DEFICIENCY:
Class A non-voting preferred stock $.0001 par value;
453,000 and 1,600,000 shares authorized at
March 31, 2011 and June 30, 2010, respectively;
313,451 issued and outstanding at March 31, 2011
and June 30, 2010 - -
Preferred stock $.001 par value; 567,000 and
2,000,000 shares authorized at March 31, 2011
and June 30, 2010, respectively;
issued and outstanding - none - -
Common Stock $.0001 par value; 8,500,000 and
30,000,000 shares authorized at March 31, 2011
and June 30, 2010, respectively; 5,480,958 and
4,985,850 issued at March 31, 2011 and
June 30, 2010, respectively; 5,469,315 and
4,974,207 outstanding at March 31, 2011
and June 30, 2010, respectively 1 1
Class B Common Stock $.0001 par value; 227,000 and
800,000 shares authorized at March 31, 2011 and
June 30, 2010, respectively; (10 votes per share),
158 issued and outstanding at March 31, 2011 and
June 30, 2010 - -
Class C Common Stock $.0001 par value; 567,000 and
2,000,000 shares authorized at March 31, 2011 and
June 30, 2010, respectively; (25 votes per share),
382,513 issued and outstanding at March 31, 2011
and June 30, 2010 - -
Paid-in capital in excess of par value 173,122 172,379
Accumulated other comprehensive loss (15) (19)
Accumulated deficit (174,339) (177,271)
Notes receivable from employee stockholders (117) (191)
Treasury stock, at cost - 11,643 shares of common
stock at March 31, 2011 and June 30, 2010 (675) (675)
Non controlling interests 1,242 -
--------- ---------
Total Stockholders' Deficiency (781) (5,776)
--------- ---------
Total Liabilities and Stockholders' Deficiency $ 26,354 $ 21,629
========= =========
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(000's OMITTED, except per share data)
FOR THE THREE MONTHS ENDED
MARCH 31,
---------------------
2011 2010
REVENUES --------- ---------
Product sales - net $ 1,855 $ 1,955
Service and repair fees - net 2,769 2,778
Service and repair fees - related parties - net 55 55
Management and other fees - net 2,726 1,738
Management and other fees - related medical
practices - net 1,249 988
--------- ---------
Total Revenues - Net 8,654 7,514
--------- ---------
COSTS AND EXPENSES
Costs related to product sales 1,392 1,353
Costs related to service and repair fees 792 566
Costs related to service and repair
fees - related parties 16 11
Costs related to management and other fees 1,768 1,338
Costs related to management and other
fees - related medical practices 616 703
Research and development 453 528
Selling, general and administrative 2,064 2,708
Provision for bad debts 175 282
--------- ---------
Total Costs and Expenses 7,276 7,489
--------- ---------
Income From Operations 1,378 25
Interest Expense (128) (66)
Interest Expense - Related Party - (21)
Investment Income 64 51
Interest Income - Related Party - 2
Other (Expense) Income (61) 1
--------- ---------
Income (Loss) Before Non Controlling Interests 1,253 (8)
Net Income - Non Controlling Interests (69) -
--------- ---------
NET INCOME (LOSS) - Controlling Interests $ 1,184 $ (8)
========= =========
Net Income (Loss) Available to Common Stockholders $ 1,099 $ (8)
========= =========
Net Income Available to Class C Common Stockholders $ 21 $ N/A
========= =========
Basic Net Income (Loss) Per Common Share $ 0.21 $ (0.00)
========= =========
Diluted Net Income (Loss) Per Common Share $ 0.20 $ (0.00)
========= =========
Basic and Diluted Income Per Share-Common C $ 0.05 N/A
========= =========
Weighted Average Basic Shares Outstanding 5,345,349 4,929,752
========= =========
Weighted Average Diluted Shares Outstanding 5,472,853 4,929,752
========= =========
FONAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(000's OMITTED, except per share data)
FOR THE NINE MONTHS ENDED
MARCH 31,
---------------------
2011 2010
REVENUES --------- ---------
Product sales - net $ 6,303 $ 6,479
Service and repair fees - net 8,111 8,163
Service and repair fees - related parties - net 165 165
Management and other fees - net 7,195 5,212
Management and other fees - related medical
practices - net 3,584 2,613
License fees and royalties - 585
--------- ---------
Total Revenues - Net 25,358 23,217
--------- ---------
COSTS AND EXPENSES
Costs related to product sales 5,265 5,289
Costs related to service and repair fees 2,158 2,485
Costs related to service and repair
fees - related parties 44 50
Costs related to management and other fees 4,789 3,989
Costs related to management and other
fees - related medical practices 1,988 2,208
Research and development 1,060 2,159
Selling, general and administrative 6,192 9,042
Provision for bad debts 606 659
--------- ---------
Total Costs and Expenses 22,102 25,881
--------- ---------
Income (Loss) From Operations 3,256 (2,664)
Interest Expense (359) (235)
Interest Expense - Related Party (4) (40)
Investment Income 160 203
Interest Income - Related Party 1 9
Other (Expense) Income (53) 35
Loss on Note Receivable - (350)
--------- ---------
Net Income (Loss) Before Non Controlling Interests 3,001 (3,042)
--------- ---------
Net Income - Non Controlling Interests (69) -
NET INCOME (LOSS) - Controlling Interests $ 2,932 $ (3,042)
========= =========
Net Income (Loss) Available to Common Stockholders $ 2,720 $ (3,042)
========= =========
Net Income Available to Class C Common Stockholders $ 53 $ N/A
========= =========
Basic Net Income (Loss) Per Common Share $ 0.53 $ (0.62)
========= =========
Diluted Net Income (Loss) Per Common Share $ 0.51 $ (0.62)
========= =========
Basic and Diluted Income Per Share-Common C $ 0.14 N/A
========= =========
Weighted Average Basic Shares Outstanding 5,169,253 4,917,990
========= =========
Weighted Average Diluted Shares Outstanding 5,296,757 4,917,990
========= =========
Red Oak Partners reported an 8.0% stake in FONR!
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7975596-1273-21426&type=sect&TabIndex=2&companyid=1187&ppu=%252fdefault.aspx%253fcik%253d355019
FONAR UPRIGHT MRI Customer Wins Jury Decision in Federal Court for Antitrust Lawsuit Versus CareCore National
Monday , December 13, 2010 07:30ET
MELVILLE, NY -- (Marketwire) -- 12/13/10 -- FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, announced today that a provider of outpatient diagnostic services (a FONAR customer) and several Stand-Up MRI diagnostic imaging professional corporations (PCs) received a jury verdict in their favor in an anti-trust lawsuit against CareCore National, LLC, a radiology benefits management (RBM) company (www.carecorenational.com).
This antitrust lawsuit involved CareCore National's exclusion of the plaintiffs, all of them providers of MRI services using Stand-Up MRI scanners (FONAR UPRIGHT® Multi-Position™ MRIs), from utilization by its member subscribers. CareCore Radiology, a division of CareCore National, covers more than 30 million member subscribers in all 50 states. The diagnostic service provider and the PCs were represented by Constantine Cannon LLP, New York, NY, (www.constantinecannon.com).
After more than a two-week trial, the verdict was reached November 30, 2010 in the U.S. District Court for the Eastern District of New York. The case is Stand-Up MRI v. CareCore National, E.D.N.Y. Case No: 08 Civ. 2954 (LDW) (ETB). The eight members of the jury were unanimous in their decision and awarded over $11 million in damages to the diagnostic service provider and the PCs in the case, which are to be trebled by law. The total judgment with costs and attorney fees is expected to be close to $40 million.
In a press release, (http://www.prnewswire.com/news-releases/constantine-cannon-attorneys-win-important-healthcare-antitrust-jury-trial-against-carecore-national-llc-111128319.html) lead Constantine Cannon trial attorney Matthew Cantor said: "This verdict is not just important for my clients, but for patients everywhere. The evidence in this case showed that even CareCore considered the Upright MRI to be medically necessary and that, nonetheless, CareCore and its owners denied patients the ability to benefit from these important diagnostic procedures. The actions of benefits managers (RBMs) that are owned and controlled by physicians, like CareCore, must be scrutinized to ensure that patient welfare is not compromised. Constantine Cannon expects that the defendants will attempt to overturn the jury award either in post-trial motion practice or on appeal. If that occurs, Constantine Cannon will vigorously defend the decision of the jury."
"The jury found that CareCore, in league with New York-area radiologists and radiology practices that owned and/or governed CareCore, conspired to unreasonably restrain trade in the market for commercially-insured outpatient radiology procedures. The jury also found that these restraints harmed the plaintiffs -- several New York radiology practices and their medical management company -- that offer unique and medically necessary Upright MRI services. The Upright MRI is the only MRI that can scan patients in the weight-bearing positions that patients actually feel their pain. By doing so, Upright MRIs diagnose patient ailments, including those related to the spine, that no other MRI can," said Cantor.
Raymond Damadian, president and founder of FONAR said, "We are pleased that the Federal Court and Jury understands the medical necessity of the FONAR UPRIGHT® Multi-Position™ MRI aka STAND-UP® MRI. This is important for FONAR, its customers, future customers and particularly the patients who need the UPRIGHT® MRI so they can be correctly diagnosed and not be given the wrong treatment which often involves surgery. We expect this to help those patients across our nation who have been previously denied these critical examinations by the RBMs."
"FONAR's UPRIGHT® MR technology is vital to patient needs nationwide," said Dr. Damadian. "Back pain is the second most common reason for visiting the doctor's office after the common cold. Close to one million spine surgeries are performed each year, but the outcomes are not good with a failure rate that varies from 10% to 40% depending on the reported study (1). Alf Nachemson, MD refers to the saddest group of these patients, those who have undergone 4, 5, or 6 spine surgeries as "multiply operated surgical cripples" (2). The surgical failure is commonly the result of operating on the wrong spinal segment (i.e. not the one responsible for the patient's pain). This occurs because the origin of the pain is often attributed to the wrong degenerative change in the spine when the patient is imaged on a recumbent-only MRI. Degenerative changes in the adult spine are frequently multiple in number. The suspected pain generating anatomy is conventionally identified from recumbent (conventional) MRI images while the patient's pain often occurs only when the patient is upright and when the pathology generating it is visible only when the patient is upright and fully weight-loaded."
Dr. Damadian continued, "The FONAR UPRIGHT® Multi-Position™ MRI enables the patient to place himself in the position that generates his pain so that an MRI picture can be taken in the same position that generated the patient's pain. Correctly identifying the pain generating pathology markedly improves patient surgical outcomes. In addition, it enables the surgeon to see ALL the pathology he has to address, not just the single position non-weight-bearing image provided by the conventional MRI. This enables the surgeon to see the full extent to which the disk herniation of his patient increases when he/she flexes or extends, or the extent to which the patient's vertebra is sliding back and forth with body position and generating pain. Approximately 1 million spine surgeries are performed in the U.S. each year and technology to improve the surgical outcomes for these patients is a serious need."
"In addition, there are a wide range of other needs that patients have for FONAR's UPRIGHT® Multi-Position™ MR imaging technology," said Dr. Damadian. "Patients who have been hospitalized, for example, with congestive heart failure, cannot lie down. In the absence of UPRIGHT ® MRI these patients are unable to receive MRI examinations when they are needed."
"Patients with scoliosis, which most commonly arises for the first time in young adolescent girls, have been reported by the National Cancer Institute (3) to experience a 70% higher incidence of breast cancer as adults than the non-scoliotic population. The increased incidence is attributed to the multiple annual chest x-rays (2-3 times per year) needed to monitor the child's scoliosis until adulthood in order to assure satisfactory treatment." Dr. Damadian added, "the FONAR UPRIGHT® MRI provides the same necessary vertebral angle ("Cobb angle") measurements as the x-ray (plus the needed measurements of vertebra rotation not supplied by x-ray), thereby avoiding the annual radiations of the x-ray procedure and eliminating the danger of subsequent adult breast cancer."
"Women patients, for example, as a result of the inherent trauma of childbirth to their pelvic floor anatomy, will commonly suffer the consequences of PFD (pelvic floor dystrophy) later in life. The symptoms of PFD are cystic prolapse ("falling urinary bladder") and its chronic cystitis symptoms of urinary frequency, burning on urination, fever, and if unaddressed, chronic kidney inflammation (pyclonephritis). The patient must be upright to see it. It commonly returns to its normal position when the patient is recumbent and therefore is not diagnosed by the patient's physician who examines her in the recumbent position. It affects 10 million women. The UPRIGHT® MRI readily visualizes the fallen bladder when these patients are upright, so that the surgeon has full image visualization of the anatomy that has to be repaired.
"Another serious present need for the FONAR UPRIGHT® Multi-Position™ MRI is the rising body of patients who are sustaining dislocations of the cervical spine from automobile collision whiplash injuries of the head and neck. The UPRIGHT® MRI is needed to assess the extent to which the brain has been dislocated [descent of the tonsils of the cerebellum] into the opening in the bottom of the skull (foramen magnum). This critical assessment of the extent of brain herniation into the opening at the base of the skull (cerebellar tonsil ectopia, or CTE) can only be determined with the patient in the upright position so that the surgical repair of this herniation and the patient's "drop attacks" can be eliminated. (4)"
(1) The Failed Spine, M. Szpalski and R. Gunzburg, eds., Lippincott Williams & Wilkins, 2005, p. 123.
(2) Alf L. Nachemson, MD, "The Lumbar Spine An Orthopaedic Challenge", Spine, Vol. 1, Number 1, March 1976, p. 65.
(3) National Cancer Institute, "Scientists Find Link Between Pre-1970's Diagnostic X-rays for Scoliosis and Breast Cancer Mortality," www.cancer.gov, 8/15/2000. "Breast Cancer Mortality After Diagnostic Radiography: Findings from the U.S. Scoliosis Cohort Study", Michele Morin Doody, et al., Spine, Aug. 15, 2000, Vol. 25, No. 16.
(4) Michael D. Freeman, et al., Brain Injury, July 2010:24(7-8):988-994.
About Constantine Cannon LLP
Constantine Cannon LLP represented the plaintiffs in the case. They have deep expertise in practice areas that include antitrust and complex commercial litigation, government relations, employment matters, securities and e-discovery. With offices in New York, NY and Washington, DC, the firm's antitrust practice is among the largest in the nation, with more than 30 attorneys representing both plaintiffs and defendants in complex antitrust litigation.
For investor and other information visit: www.fonar.com.
I have information that FONR has been increasing it's sale force in the past quarter, after having cut their sales force in 2009.
Expecting improved sales figures as 2010 progresses.
As a point of information, I have taken over as the moderator on this board, and if there are any suggestions, please let me know!
I have made a few changes on the iBox to make it more up to date, more useful, and a bit more factual.
That's a start!
:)
This board is dead but the stock is alive.
im glad to see they are still chugging along.. good luck.
FONAR Granted Continued Listing by NASDAQ Panel
MELVILLE, NY, Dec 01, 2008 (MARKET WIRE via COMTEX) -- FONAR Corporation (NASDAQ: FONR), the Inventor of MR Scanning(TM), today announced that The NASDAQ Listing Qualifications Panel ("NASDAQ Panel") has granted the Company's request for continued listing on The NASDAQ Capital Market, subject to the condition that, on or before January 15, 2009, the Company file a Current Report on Form 8-K with the Securities and Exchange Commission, evidencing the Company's compliance with the NASDAQ shareholders' equity requirement of $2.5 million, or demonstrating its compliance with one of the alternative listing criteria. While the Company is taking steps to comply with the terms of the NASDAQ Panel decision, there can be no assurance that the Company will be able to do so.
In its decision, the NASDAQ Panel also determined that the Company had regained compliance with NASDAQ's proxy solicitation and annual meeting requirements, as set forth in Marketplace Rules 4350(g) and 4350(e), respectively. The Company solicited proxies and subsequently held a combined annual meeting for the current and prior fiscal years on November 17, 2008. Notwithstanding, the NASDAQ Panel issued a reprimand to the Company for failure to timely solicit proxies and to hold the annual meeting for the prior fiscal year.
UPRIGHT(R) and STAND-UP(R) are registered trademarks and The Inventor of MR Scanning(TM), Multi-Position(TM), The Proof is in the Picture(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), True Flow(TM), Spondylography(TM) and Spondylometry(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.
Contact:
Daniel Culver
FONAR Corporation
Tel: 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
SOURCE: FONAR Corporation
CONTACT: http://www.fonar.com
http://www2.marketwire.com/mw/emailprcntct?id=F8444EDE3A47F593
Copyright 2008 Market Wire, All rights reserved.
FONAR Responds to Diversified Lending Group
MELVILLE, NY, Nov 18, 2008 (MARKET WIRE via COMTEX) -- FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning, announced today that it is not interested in entering into a merger or other agreement with Diversified Lending Group, Inc. whereby Diversified would acquire all of the stock of FONAR Corporation.
Visit http://www.fonar.com for investor, product and other information.
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.
Contact:
Daniel Culver
FONAR Corporation
Tel: 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
Email Contact
SOURCE: FONAR Corporation
CONTACT: http://www.fonar.com
http://www2.marketwire.com/mw/emailprcntct?id=CBEB698D647D32E7
Copyright 2008 Market Wire, All rights reserved.
-0-
SUBJECT CODE: Medical and Healthcare:Medical Devices
Largest Orthopaedic Practice in Central North Carolina Purchases FONAR UPRIGHT(R) Multi-Position(TM) MRI
DURHAM, NC, Nov 18, 2008 (MARKET WIRE via COMTEX) -- FONAR Corporation (NASDAQ: FONR), the Inventor of MR Scanning, announced the sale of its UPRIGHT(R) Multi-Position(TM) MRI to Triangle Orthopaedic Associates, P.A. (TOA), headquartered in Durham, North Carolina.
TOA, the largest orthopaedic practice in central North Carolina, strives to provide cutting-edge care in a convenient, patient-centered environment. In its commitment to a regional orthopaedic Center of Excellence, TOA has built a skilled team of physicians on the forefront of their specialty, an integrated network of 13 clinics and therapy centers, a uniquely specialized surgical hospital and an active clinical research program. Continually updating and advancing services and technologies for better patient care is critical to the success of this vision.
Writing to the North Carolina Department of Health and Human Services Certificate of Need Section, TOA's president, Thomas A. Dimmig, M.D., stated, "The most recent and exciting development is the unique UPRIGHT(R) MRI scanner. UPRIGHT(R) MRI technology enables physicians to image patients in various weight-bearing positions in order to view tissue and analyze the spine, joints, or bones under the strain of normal use. This exclusive technology is not available on conventional MRI scanners. As a physician, I have a long-term vision of an orthopaedic center of excellence that will allow our patients the convenience of receiving all of their care at one location in a seamless patient-oriented environment. To achieve this goal, Triangle Orthopaedic Associates desires to have a fixed multi-position MRI scanner located in our Spine Center in Durham."
The new FONAR UPRIGHT(R) Multi-Position(TM) MRI is intended for use in all patients requiring imaging of any musculoskeletal condition, from shoulder to hip, hand to foot or neck to back. Its ability to image patients in a standing or sitting position is unique in that it offers a weight-bearing, true-to-life view of the body, that is also frequently more comfortable for the patient. Furthermore, the FONAR MRI is an "open" design, making it possible to image patients who are obese or claustrophobic.
TOA is an active clinical research center with 15 ongoing FDA trials, 10 involving new technologies for relieving back and neck pain and preserving spinal function. Of particular interest to the spine surgeons at TOA is the potential for the UPRIGHT(R) Multi-Position(TM) MRI to detect spinal abnormalities that are not visible on conventional recumbent-only MRI scanners. In this way, the FONAR MRI may play an important role in the clinical research arena. Additionally, following implantation of MRI compatible orthopaedic devices, the field strength of the FONAR UPRIGHT(R) MRI may allow better visualization of the surrounding anatomy than many current MRI scanners, which is of particular importance to spine surgeons.
About Triangle Orthopaedic Associates
Triangle Orthopaedic Associates, P.A. is the Triangle's largest physician-directed orthopaedic medical practice, caring for patients with musculoskeletal and pain problems through state-of-the-art medical treatment, surgery, physical medicine & rehabilitation, physical therapy, occupational (hand) therapy, a chronic pain program, and other medical and diagnostic services responsive to the needs of patients living within the counties they serve. Their staff of 25 physicians is located at 13 offices. There are approximately 200,000 office visits each year. The FONAR UPRIGHT(R) Multi-Position(TM) MRI will be placed in the South Durham Office. Their Web site is www.triangleortho.com.
Please visit www.fonar.com for investor, product and other information.
The Inventor of MR Scanning(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), Multi-Position(TM), True Flow(TM), The Proof is in the Picture(TM), Spondylography(TM) and Spondylometry(TM) are trademarks and UPRIGHT(R) and STAND-UP(R) are registered 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.
Contact:
Daniel Culver
FONAR Corporation
Tel: 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
Email Contact
SOURCE: FONAR Corporation
CONTACT: http://www.fonar.com
http://www2.marketwire.com/mw/emailprcntct?id=5048D287D4855540
Copyright 2008 Market Wire, All rights reserved.
So who are these guys and why are they interested in buying FONR?
http://www.diversifiedlendinggroup.net/
good news, thanks
now, one observation, if i may...
today's 136% jump attracted zero interest on this board, therefore i reckon that most players evacuated a while ago thus not participating in buying opp. during the last month...
since shareholders like us gather here to talk, give opinions, ask questions and get excited about latest news and none is doing it cept poor old me, i feel like i have no company, there are no mo individual shareholders who once were with us...
if true, then who is the quiet fellow that accumulated for the past 6 weeks, beside my modest purchases?
my guess is diversified lending group, friends and families...
Diversified Lending Group, Inc. Issues Letter to the Board of Directors of FONAR Corporation
Friday November 14, 2:25 pm ET
SHERMAN OAKS, Calif.--(BUSINESS WIRE)--Diversified Lending Group, Inc. has issued the following letter to the Board of Directors of FONAR Corporation (NASDAQ:FONR - News):
VIA FEDERAL EXPRESS AND FAX
The Board of Directors of FONAR Corporation
110 Marcus Drive
Melville, New York 11747
Ladies and Gentlemen:
We believe that we are the largest shareholder of FONAR. By letter dated October 3, 2008, I submitted a proposal to acquire all of FONAR's capital stock at a significant premium of $5.00 per share and requested the courtesy of a response by October 10. To date, no response has been received. This is inexcusable. Indeed, the premium offered for the Company -- in cash and without any financing or diligence contingency -- is even more generous now based on the Company's closing stock price of $0.67 per share at the November l3 close.
This offer was made to build on Dr. Damadian's genius in the scientific field. Indeed, once we own all of FONAR's capital stock, we intend on infusing the Company with sufficient capital to move forward with developing its innovative MRI technology so it can be made available nationwide and, soon, worldwide.
It concerns me greatly that FONAR would simply ignore, without any inquiry or investigation, our significant offer. I am also deeply troubled by what I have been hearing and learning regarding the Board's lack of attention to the Company's welfare, its domination and control by one member, Dr. Damadian, and its willingness to tolerate not only waste and mismanagement but a series of related-party transactions that benefit insiders at the direct expense of shareholders. In fact, it seems that although Dr. Damadian is a scientific genius, he lacks any semblance of commercial acumen or principle.
I am now reiterating our offer to purchase all of FONAR's currently-existing capital stock at the cash price of $5.00 per share. This proposal would be effected through a reverse subsidiary merger, which our advisors can negotiate. If another structure is preferable to FONAR, please let me know.
We would be happy to work with the existing management team and to take Dr. Damadian's scientific guidance. To the extent that existing management is not interested in working with us after the transaction closes, we have an experienced management team that could operate the company going forward. Given the Company's silence to date and the upcoming shareholder meeting, we are now making this offer public so that the Company's shareholders are aware of it. This offer will remain open until the close of business on November 24,2008. If we do not have an acceptable response from FONAR by such time, we will consider all appropriate alternatives and I reserve all rights.
Sincerely,
Bruce Friedman
President
Diversified Lending Group, Inc.
15260 Ventura Boulevard, Suite 1240
Sherman Oaks, California 91403
Toll Free: 800.914.4441
Tel: 818.905.3337
Fax: 818.905.3390
www.dlglending.com
Contact:
Diversified Lending Group, Inc.
Bruce Friedman, 818-905-3337
President
--------------------------------------------------------------------------------
Source: Diversified Lending Group, Inc.
FONAR Announces Financial Results for First Quarter of Fiscal 2009
MELVILLE, NY, Nov 14, 2008 (MARKET WIRE via COMTEX) -- FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning(TM), today announced its financial results for the first quarter of fiscal 2009, which ended September 30, 2008. The net loss for the first quarter of fiscal 2009 was $450,000 as compared to a net loss for the same period one year earlier of $209,000. For the first three months of fiscal 2009 the loss per common share (basic and diluted) was $0.09, as compared to $0.04 loss per common share (basic and diluted) for the same period of fiscal 2008.
During the first fiscal quarter of 2009, the loss from operations dropped to $1.8 million from $4.1 million one year earlier, a decrease of 55%.
Total revenues for the three months ended September 30, 2008 were $6.8 million as compared to $8.7 million for the same period one year earlier. Service and repair revenues were $2.6 million in the first fiscal quarter of 2009 as compared to $2.7 million in the first fiscal quarter of 2008. The decline in revenues is attributable to the current financial crisis which significantly impedes the ability of a prospective customer to secure the financing needed to place an order.
As of September 30, 2008, there were 130 FONAR UPRIGHT(R) Multi-Position(TM) MRI units installed worldwide. During the first quarter of fiscal 2009, total product sales were at $1.4 million.
At the end of the first fiscal quarter of fiscal 2009, total current assets were $20.6 million, total assets were $33.4 million, total current liabilities were $36.6 million and total long-term liabilities were $1.4 million. Total cash and cash equivalents, and marketable securities increased 84% from $2.4 million on June 30, 2008 to $4.4 million on September 30, 2008.
The Company sold its 92.3% interest in a consolidated entity in September 2008. This significant one-time event, within the reporting period, resulted in a gain of approximately $1.4 million. The consolidated entity managed an outpatient MRI center using the UPRIGHT(R) Multi-Position(TM) MRI scanner.
As previously announced, on July 8, 2008, the Company received a notice of non-compliance from The NASDAQ Stock Market LLC due to the Company's failure to satisfy NASDAQ's proxy solicitation and annual meeting requirements. In response to the first notice of non-compliance, the Company requested and subsequently attended a hearing before a NASDAQ Listing Qualifications Panel (the "Panel"), at which the Company presented its plan to regain compliance with those requirements. Pursuant to the plan presented to the Panel on October 8, 2008, the Company filed a definitive proxy statement for the annual shareholders meeting, which is scheduled to be held on November 17, 2008. The Panel has not yet rendered a determination as a result of the hearing.
On October 9, 2008, the Company received an additional notice of non-compliance from The NASDAQ based upon the Company's non-compliance with the minimum stockholders' equity requirement of $2.5 million for continued listing on The NASDAQ Capital Market, as set forth in NASDAQ Marketplace Rule 4310(c)(3) (the "Stockholders' Equity Requirement"), at June 30, 2008, which could serve as an additional basis for delisting of the Company's securities from The NASDAQ Capital Market. The Company has made a written submission to the Panel presenting its plan to regain compliance with the Stockholders' Equity Requirement. While the Company is hopeful that the Panel will grant its request for continued listing on NASDAQ, there can be no assurance that the Panel will do so.
Raymond Damadian, M.D., president and chairman of FONAR said, "The medical device industry has not been exempt from the current financial crisis that has affected all segments of the American economy. Consequently, we have been exercising careful control of R&D and selling, general and administrative costs which have decreased 35% from $6.5 million to $1.4 million. As a result, our loss from operations has fallen to its lowest level since fiscal 2005 when FONAR reported an operating profit of $1.7 million. Notwithstanding the present nationwide financial pressures, FONAR looks forward only with optimism and enthusiasm as FONAR's patented UPRIGHT(R) weight-bearing MRI technology ultimately becomes a mandatory new standard of care in spine medicine, particularly for those facing surgery and as new applications of UPRIGHT(R) MRI, such as radiation-free monitoring of scoliosis patients and the non-invasive diagnosis of pelvic floor dysfunction (PFD) and urinary incontinence that affects 10 million women, continue to emerge with regularity."
Condensed Consolidated Statements of Operations
(Unaudited)
(000's omitted)
For the Three Months Ended September 30,
2008 2007
------- -------
Revenues $ 6,784 $ 8,669
Net Loss $ (450) $ (209)
Basic & Diluted
Loss Per Common Share $ (0.09) $ (0.04)
The Inventor of MR Scanning(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), Multi-Position(TM), True Flow(TM), The Proof is in the Picture(TM), Spondylography(TM) and Spondylometry(TM) are trademarks and UPRIGHT(R) and STAND-UP(R) are registered 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.
Contact:
Daniel Culver
FONAR Corporation
Tel: 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
Email Contact
SOURCE: FONAR Corporation
CONTACT: http://www.fonar.com
http://www2.marketwire.com/mw/emailprcntct?id=0EFAE764516104DA
Copyright 2008 Market Wire, All rights reserved.
FONAR Receives NASDAQ Notice
MELVILLE, NY, Oct 15, 2008 (MARKET WIRE via COMTEX) -- FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning(TM), today announced that on October 9, 2008, the Company received an additional notice of non-compliance from The NASDAQ Stock Market LLC based upon the Company's non-compliance with the minimum stockholders' equity requirement of $2.5 million for continued listing on The NASDAQ Capital Market, as set forth in NASDAQ Marketplace Rule 4310(c)(3) (the "Stockholders' Equity Requirement"), at June 30, 2008, which could serve as an additional basis for delisting of the Company's securities from The NASDAQ Capital Market.
As previously announced, on July 8, 2008, the Company received a notice of non-compliance from NASDAQ due to the Company's failure to satisfy NASDAQ's proxy solicitation and annual meeting requirements. In response to the first notice of non-compliance, the Company requested and subsequently attended a hearing before a NASDAQ Listing Qualifications Panel (the "Panel"), at which the Company presented its plan to regain compliance with those requirements. Pursuant to the plan presented to the Panel, on October 8, 2008, the Company filed a definitive proxy statement for the annual shareholders meeting, which is scheduled to be held on November 17, 2008. The Panel has not yet rendered a determination as a result of the hearing.
As provided by NASDAQ's most recent notice, the Company plans to make a written submission to the Panel presenting its plan to regain compliance with the Stockholders' Equity Requirement. While the Company is hopeful that the Panel will grant its request for continued listing on NASDAQ, there can be no assurance that the Panel will do so.
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.
Contact:
Daniel Culver
FONAR Corporation
Tel: 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
Email Contact
SOURCE: FONAR Corporation
CONTACT: http://www.fonar.com
http://www2.marketwire.com/mw/emailprcntct?id=03EB5BD1F026AFA5
Copyright 2008 Market Wire, All rights reserved.
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FONAR Reports Fiscal 2008 Year-End Financial Results
MELVILLE, NY, Oct 06, 2008 (MARKET WIRE via COMTEX) -- FONAR Corporation (NASDAQ: FONR), the Inventor of MR Scanning(TM), today announced its financial results for the fourth quarter and full year of fiscal 2008 which ended June 30, 2008.
The fiscal 2008 net loss decreased 47.1% to $13.5 million as compared to a net loss for fiscal 2007 of $25.5 million. The net loss per share (basic and diluted) for fiscal 2008 was ($2.76), as compared to a net loss per share (basic and diluted) of ($5.29) for fiscal 2007.
Revenues increased by 7.1% to $35.6 million for fiscal 2008 as compared to $33.2 million for fiscal 2007. Service and repair fees revenue showed the largest change with an improvement of 10.2% in fiscal 2008 to $11.0 million from $10.0 million in fiscal 2007. The increase was due to the initiation of service contract agreements from recent installations of FONAR UPRIGHT(R) Multi-Position(TM) MRI units.
In fiscal 2008 the Company reduced Research and Development (R&D) and Selling, General and Administrative expenses (SG&A) by an overall 15.4%. R&D decreased 12.0% from $5.7 million in fiscal 2007 to $5.0 million in fiscal 2008, while SG&A declined 16.1% from $24.3 million in fiscal 2007 to $20.4 million in fiscal 2008.
Total costs related to revenues also decreased by 6.6% from $26.7 million in fiscal 2007 to $24.8 million in fiscal 2008.
At June 30, 2008, total assets were $35.2 million, total current assets were $22.0 million, total cash and marketable securities were $2.4 million, total current liabilities were $38.0 million, and total long-term liabilities were $1.4 million.
FONAR has scheduled an annual meeting on November 17, 2008 for the current and previous year. On July 8, 2008, the Company received a letter from The NASDAQ Stock Market, LLC, indicating it was not in compliance with Marketplace Rules 4350(e) and 4350(g) due to the fact that it had not solicited proxies and held its annual meeting required to be held during the fiscal year ended June 30, 2008. As a result, the notice indicated that the Company's securities would be subject to delisting from The NASDAQ Stock Market unless the Company requested a hearing before a NASDAQ Listing Qualifications Panel. On July 15, 2008, the Company requested a hearing with the NASDAQ Listing Qualifications Panel, which was subsequently held on August 28, 2008 with no decision rendered. In the interim, the Company continues to trade on The NASDAQ Stock Market.
Since the introduction of the FONAR UPRIGHT(R) Multi-Position(TM) MRI in 2001 and as of June 30, 2008, the Company had sold 162 UPRIGHT(R) Multi-Position(TM) MRIs and installed 128. As of June 30, 2008, the backlog is at $36.5 million.
During fiscal 2008, FONAR opened up two new international markets with its first sales of the FONAR UPRIGHT(R) Multi-Position(TM) MRI to the nations of Canada and Australia.
A landmark independent study by the UCLA School of Medicine was reported during the past year. In the Proceedings of the 22nd Annual Meeting of the North American Spine Society (NASS) [The Spine Journal 7 (2007) 1S-163S, October 23-27, 2007, Austin, Texas], the University of California, Los Angeles (UCLA) School of Medicine presented four scientific papers comparing the visualization of spine pathology by Dynamic(TM) MRI to images obtained by Static MRI. Studies were performed utilizing the FONAR UPRIGHT(R) Multi-Position(TM) MRI scanner in conjunction with the image analysis software developed by True MRI for the FONAR UPRIGHT(R) MRI. The software provides comprehensive "quantitative measurements" of spinal structures in both the Dynamic(TM) and static positions.
The key findings of the UCLA study were: The "Miss Rate" of spinal dislocations (spondylolistheses) by static only MRI without flexion and extension imaging at the critical L4-5 segment was 35.1%; The "Miss Rate" by static only MRI at the L3-4 segment was even higher at 38.7%; The overall static MRI "Miss Rate" in the absence of flexion and extension was 18.1%.
In May 2008, at the Annual Meeting of the American College of Spine Surgeons (ACSS) held in California, attendees heard Jeffrey Wang, M.D., chief, orthopaedic spine service, UCLA Comprehensive Spine Center, the lead researcher from the UCLA School of Medicine studies, speak about the research.
In the Journal of Neurosurgery: Spine, December 2007, Volume 7 a peer-reviewed paper was published that demonstrated the value of UPRIGHT(R) imaging in evaluating the extent of brain hypermobility in Chiari malformation patients. The study was performed by physicians from The Chiari Institute, North Shore-Long Island Jewish Health Systems.
Commenting on the 2008 fiscal year results, Raymond Damadian, president and chairman of FONAR said, "During the first six months of fiscal 2008 we had an ample amount of sales activity for our FONAR UPRIGHT(R) Multi-Position(TM) MRI. However, except for international activity, it diminished somewhat during the second half of the fiscal year. It appears that this was the case throughout the MRI industry in the United States in general and appeared to be the consequence of the shortage of available credit from the current nationwide credit insufficiency. We believe this will result in a pent-up demand for the FONAR UPRIGHT(R) Multi-Position(TM) MRI."
Dr. Damadian continued, "In recent months we have stepped up a program to cut costs and expect this to have its impact felt during the first fiscal quarter of 2009. Most importantly, besides marketing UPRIGHT(R) Multi-Position(TM) MRI scanners to system purchasers, we have enhanced our marketing activities to consumers burdened by back pain, informing them of the importance of obtaining UPRIGHT(R) Multi-Position(TM) MRI analysis of their backs before any surgical intervention is contemplated."
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
For the Years ended
-------------------------------------
June 30, 2008 June 30, 2007
------------- -------------
Revenues $ 35,568,833 $ 33,211,932
Net Income (Loss) $ (13,508,367) $ (25,538,867)
Basic & Diluted Earnings
(Loss) per Share $ (2.76) $ (5.29)
The Inventor of MR Scanning(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), Multi-Position(TM), True Flow(TM), The Proof is in the Picture(TM), Spondylography(TM) and Spondylometry(TM) are trademarks and UPRIGHT(R) and STAND-UP(R) are registered 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.
Contact:
Daniel Culver
FONAR Corporation
Tel: 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
SOURCE: FONAR Corporation
CONTACT: http://www.fonar.com
http://www2.marketwire.com/mw/emailprcntct?id=D425DD3A3EA22421
Copyright 2008 Market Wire, All rights reserved.
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SUBJECT CODE: Medical and Healthcare:Medical Devices
FONAR Request for NASDAQ Hearing Granted
MELVILLE, N.Y., Jul 22, 2008 (BUSINESS WIRE) -- FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning(TM) announced today that on July 15, 2008, it filed a request for a hearing with the NASDAQ Listing Qualifications Panel. The request has been granted. FONAR will request the continued listing of its securities based on FONAR 's plan to solicit proxies and hold the annual meeting. NASDAQ has scheduled the hearing for late August. FONAR originally planned to hold its annual meeting in June. It is anticipated that the panel will render a decision within approximately 30 days after the hearing.
Be sure to visit FONAR's Website for product and investor information: http://www.fonar.com
The Inventor of MR Scanning(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), Multi-Position(TM), True Flow(TM) and The Proof is in the Picture(TM) are trademarks and UPRIGHT(R) and STAND-UP(R) are registered 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 filings with the Securities and Exchange Commission.
SOURCE: FONAR Corporation
CONTACT: FONAR Corporation
Daniel Culver, 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
invest2008@fonar.com
Copyright Business Wire 2008
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FONAR Receives NASDAQ Notice of Non-Compliance
MELVILLE, N.Y., Jul 11, 2008 (BUSINESS WIRE) -- FONAR Corporation (NASDAQ:FONR), the Inventor of MRI Scanning(TM), announced today that on July 8, 2008, FONAR (the "Company") received a letter from The NASDAQ Stock Market LLC indicating that the Company is not in compliance with Marketplace Rules 4350(e) and 4350(g) due to the fact that it has not yet solicited proxies and held its annual meeting for the fiscal year ended June 30, 2007. As a result, the notice indicated that the Company's securities would be subject to delisting from The NASDAQ Capital Market unless the Company requested a hearing before a NASDAQ Listing Qualifications Panel. The Company intends to request a hearing at which it will request continued listing based upon its plan to solicit proxies and hold the annual meeting. However, there can be no assurance the Panel will grant the Company's request for continued listing.
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.
SOURCE: FONAR Corporation
CONTACT: FONAR Corporation
Daniel Culver, 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
invest2008@fonar.com
Copyright Business Wire 2008
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FONAR UPRIGHT Multi-Position MRI Deemed Essential by Advanced Imaging Concepts of Florida for Providing a Full-Service Radiologic Diagnoses for Their Patients
MELVILLE, N.Y., Jul 01, 2008 (BUSINESS WIRE) -- FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning(TM) announced it has sold an UPRIGHT(R) Multi-Position(TM) MRI to Advanced Imaging Concepts of Brooksville, Florida. The co-owners are Dr. Aruna Medara, M.D. and Dr. Naveen Bikkasani, M.D. Both are board-certified and fellowship-trained radiologists. Dr. Bikkasani is also a board-certified interventional radiologist.
Dr. Bikkasani said, "When we became aware of the benefits of the FONAR UPRIGHT(R) Multi-Position(TM) MRI, we realized that it was necessary to obtain this cutting-edge equipment to maintain our position as the most advanced practice in the area. An organizational tenet of Advanced Imaging Concepts has been to be a full-service radiology practice with the most advanced medical equipment and the most highly trained radiologists. This strategic design enables us to provide the best possible patient care."
Advanced Imaging Concepts currently offers 1.5 Tesla MRI, CT, PET, Ultrasound, DEXA bone density evaluation, Mammography, PICC Lines, Fetal photos, Nuclear Medicine, Digital Fluoroscopy, X-Ray, and Interventional Radiology. For a complete list of the services offered at Advanced Imaging Concepts, visit: www.advancedimagingconcepts.com/services.html
Dr. Medara said, "The UPRIGHT(R) Multi-Position(TM) MRI from FONAR has several advantages that our current, brand new, high-field MRI does not have. The image quality from the UPRIGHT(R) MRI is as extraordinary as our high-field MRI. According to the abundant literature that I have reviewed, the advantage of being able to scan the patient in the position of his or her symptomatology can often be the difference between an accurate and inaccurate diagnosis."
Dr. Medara continued, "We see many patients with chronic back pain where current medical testing is often inconclusive. So with the UPRIGHT(R) Multi-Position(TM) MRI, and its ability to image the patient in the weight-bearing posture, we are adding significantly to our reputation of offering the most advanced imaging equipment available to both our patients and their physicians."
Dr. Bikkasani added, "The FONAR UPRIGHT(R) Multi-Position(TM) MRI is also the first medical device that will be able to scan and monitor children for scoliosis without repeated exposure to X-rays, which as reported by the National Cancer Institute increases the risk of developing breast cancer by 70% (www.cancer.gov/newscenter/scoliosis2000), at about the same cost as an X-Ray exam. This is a major breakthrough for the scoliosis community. According to the National Scoliosis Foundation (www.scoliosis.org), scoliosis affects 2-3% of the population, or an estimated 6 million people in the United States. We are looking forwards to servicing the needs of Hernando County with the UPRIGHT(R) Multi-Position(TM) MRI from FONAR."
Advanced Imaging Concepts is certified by the American College of Radiology (ACR) in all imaging modalities. They are located at 13063 Cortez Blvd., Brooksville, Florida, in Hernando County. Their telephone number is (352) 597-0016. Their Web address is: http://ww.advancedimagingconcepts.com
The Inventor of MR Scanning(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), Multi-Position(TM), True Flow(TM), The Proof is in the Picture(TM), Spondylography(TM) and Spondylometry(TM) are trademarks and UPRIGHT(R) and STAND-UP(R) are registered 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.
SOURCE: FONAR Corporation
CONTACT: FONAR Corporation
Daniel Culver, 631-694-2929
Fax: 631-390-1709
invest2008@fonar.com
Copyright Business Wire 2008
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FONAR Reports Fiscal 2008 Third Quarter and Nine Months Financial Statement
MELVILLE, N.Y., May 20, 2008 (BUSINESS WIRE) -- FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning(TM) today announced its financial results for the third quarter of fiscal 2008, which ended March 31, 2008. FONAR is the developer of the UPRIGHT(R) Multi-Position(TM) MRI.
Total revenues for the nine months ended March 31, 2008 rose 13.1% to $27.4 million as compared to $24.2 million for the same period last year. Total revenues for the third quarter of fiscal 2008 ended March 31, 2008 decreased 8.1% to $8.1 million as compared to $8.8 million for the same period last year.
Product sales for the nine month period ended March 31, 2008 increased 15.2% to $8.9 million from $7.8 million for the same period last year. During the third fiscal 2008 quarter, product sales decreased 27.1% to $2.3 million from $3.2 million for the same period last year.
Service and repair revenues for the nine month period ended March 31, 2008 increased 9.3% to $8.2 million from $7.5 million during the same period last year. In addition, service and repair revenues for the third fiscal 2008 quarter increased 8.9% to $2.8 million from $2.6 million for the same period last year. Service and repair revenues continue to increase because of the steady increase in the installed base of the FONAR UPRIGHT(R) Multi-Position(TM) MRI and the accompanying service contract agreements. As of March 31, 2008 there were 127 FONAR UPRIGHT(R) Multi-Position(TM) MRI units installed worldwide.
The net loss for the nine month period ended March 31, 2008 decreased 60.3% to $6.7 million as compared to a net loss of $17.0 million during the same period last year. During the third fiscal 2008 quarter ended March 31, 2008 there was a 50.1% decrease in the net loss to $2.7 million as compared to a net loss of $5.4 million during the same period last year. The loss per common share (basic and diluted) for the nine month period ended March 31, 2008 was $1.38 as compared to a loss of $3.52 during the same period last year. The loss per common share (basic and diluted) for the third fiscal quarter of 2008 was $0.55 as compared to a loss of $1.11 during the same period last year.
As of March 31, 2008, total cash, cash equivalents and marketable securities were approximately $3.2 million as compared to $3.4 million as of June 30, 2007. Also, as of March 31, 2008, total assets were $41.0 million, total current assets were $24.2 million, total current liabilities were $37.1 million, and total long-term liabilities were $1.2 million.
Commenting on the financial and operating results for the third quarter of fiscal 2008, Raymond Damadian, M.D., president and chairman of FONAR, said, "Our belief is that every major medical institution needs our technology. Once they understand this, then they will buy. The February 13, 2008 edition of the Journal of the American Medical Association (JAMA) reported that in 2005 the U.S. spent $86 billion on spine care and treatments, a 65% increase since 1997. This is nearly as much as is spent on cancer care. The JAMA article indicates disappointment with the success of medicine to help patients with back pain, and I can understand this sentiment."
Dr. Damadian said, "Subsequently, spine surgeons today are continually looking for ways to improve their profession. Various companies have developed different hardware to be used in the repair of the spine. But given the obvious concern that if you can't see it, you can't fix it, more and more surgeons are coming to appreciate and rely on the FONAR UPRIGHT(R) Multi-Position(TM) MRI. This new MRI scanner, created by FONAR, permits a physician to visualize aspects of spine pathology for the first time that they have long wanted to see but couldn't."
"Specifically, in evaluating a patient's spine problem," said Dr. Damadian, "it is important to be able to visualize the patient's spine pathology in the full range of positions his spine is likely to occupy, so that one can assess the full extent of a patient's problem and determine the full range of what has to be repaired to overcome his back pain. Equally important is to see it "all". For example, if the surgeon can't see the pathology causing the patient's problem because the imaging modality itself can't see it, then the surgeon can't repair it."
Dr. Damadian continued, "we now know from UCLA's comprehensive study of 1,302 back patients using the FONAR UPRIGHT(R) Multi-Position(TM) MRI just reported at the NASS 2007 annual meeting, that static-only MRI can "miss" as many as 35% of the spondylolistheses that exist at L4-5. L4-5 is the lumbar segment most frequently involved in causing back pain. Accordingly, if a surgeon cannot repair 35% of the spondylolistheses at L4-5 because the conventional recumbent MRI cannot visualize them, 3 out of 10 patients with L4-5 vertebral instability will have an unsatisfactory surgical result that could have been vastly better if the patient had been imaged on the FONAR UPRIGHT(R) scanner."
"Additionally, it is self-evident that conventional MRI images the spine only in the recumbent position when it is not subject to the gravitational compressive forces that normally act on the upright spine. This, therefore, provides an unrealistic picture of what the patient's spine is actually undergoing in its normal daily activity. It therefore, is very likely to not visualize the pathology causing the patient's pain or to underestimate the full extent of the pathology that has to be surgically addressed. Once again, failing to achieve an accurate visualization of a patient's spine pathology, because of the limitations of conventional recumbent-only MRI technology, can mean a less than adequate surgical outcome for patients which the FONAR UPRIGHT(R) Multi-Position(TM) MRI is now in a position to rectify," concluded Dr. Damadian.
"If you can't see the patient's problem because the diagnostic imaging tools for doing so are insufficient, you can't fix it," said Dr. Damadian. "The FONAR UPRIGHT(R) Multi-Position(TM) MRI and its power to provide UPRIGHT(R) Multi-Position(TM) Spondylography(TM) and Spondylometry(TM) are designed to achieve the enhanced diagnostic accuracy needed for improved treatment outcomes."
Condensed Consolidated Statements of Operations
(Unaudited)
(000's omitted)
For the Three Months For the Nine Months
Ended March 31 Ended March 31,
2008 2007 2008 2007
----------- ---------- --------- -----------
Revenues $ 8,071 $ 8,782 $ 27,421 $ 24,237
Net Loss $ (2,695) $ (5,401) $(6,742) $(16,976)
Basic & Diluted
Loss Per Common
Share $ (0.55) $ (1.11) $ (1.38) $ (3.52)
The Inventor of MR Scanning(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), Multi-Position(TM), True Flow(TM), The Proof is in the Picture(TM), Spondylography(TM) and Spondylometry(TM) are trademarks and UPRIGHT(R) and STAND-UP(R) are registered 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.
SOURCE: FONAR Corporation
CONTACT: FONAR Corporation
Daniel Culver, 631-694-2929,
Fax: 631-390-1709
http://www.fonar.com
invest2008@fonar.com
Copyright Business Wire 2008
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FONAR Expands International Reach with Sale of UPRIGHT(R) MRI in Australia.
MELVILLE, N.Y., Apr 30, 2008 (BUSINESS WIRE) -- FONAR Corporation (NASDAQ:FONR), The Inventor of MR Scanning(TM), announced today expansion of its international reach with a sale of its unique UPRIGHT(R) Multi-Position(TM) MRI to a group medical practice in Australia.
Australia represents a large new market. Today, approximately 100 MRI scanners serve the 20 million people in The Commonwealth of Australia.
Raymond Damadian, president and founder of FONAR said, "We believe the sale in Australia is just one more indication of the enormous future of FONAR's UPRIGHT(R) patented technology. Many patients have come to the United States from Australia just to be scanned on the UPRIGHT(R) MRI. Physicians and patients realize that they need the unique advantages of this advanced weight-bearing multi-position technology. A scan performed while the patient is lying down simply doesn't allow physicians to see the patient's spine and other extremities in the positions the patient experiences pain.
"For instance, if a person's neck hurts only when he or she flexes," continued Dr. Damadian, "the problem cannot be properly diagnosed with an MRI when the patient is lying down and symptoms are absent. Indeed, a static, recumbent non-weight-bearing scan may not visualize any pathology at all. If the recumbent scan shows something, the physician still must know the full extent of the pathology when the patient flexes and extends his/her neck. This relative blindness of the surgeon's ability to visualize the complete dynamic behavior of the patient's problem in its full range-of-motion can lead to less than optimal surgical results. The FONAR UPRIGHT(R) Multi-Position(TM) MRI enables surgeons to achieve optimal surgical outcomes."
"The FONAR UPRIGHT(R) MRI also enables the ideal patient experience," Dr. Damadian concluded. "The patient walks into the MRI, sits down and watches a 42" flat screen TV as the scan is being performed."
FONAR expects to install the newly sold MRI during the current calendar year.
Be sure to visit FONAR's Website for product and investor information: http://www.fonar.com
The Inventor of MR Scanning(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), Multi-Position(TM), True Flow(TM) and The Proof is in the Picture(TM) are trademarks and UPRIGHT(R) and STAND-UP(R) are registered 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 filings with the Securities and Exchange Commission.
SOURCE: FONAR Corporation
CONTACT: FONAR Corporation
Daniel Culver, 631-694-2929
Fax: 631-390-1709
invest2008@fonar.com
http://www.fonar.com
Copyright Business Wire 2008
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price at 11.7 cents presplit...
FONR looked upon as an abomination...
market cap rotting at $ 15 MIL
are fears of future insolvency that high?
these levels are very, very interesting...
good luck to players
blagoslov
anyone has insight why the volume did not change after my purchases (both AON) of 1500 and 1000 shares went through on ameritrade an hour ago? It stayed at 5605
Studies Using the FONAR UPRIGHT(R) Multi-Position(TM) MRI Published in The Journal of Neurology As Beneficial in Evaluating the Dynamic Aspects of Chiari Malformation
MELVILLE, N.Y., Mar 13, 2008 (BUSINESS WIRE) -- FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning(TM) announced that the value of the FONAR UPRIGHT(R) Multi-Position(TM) MRI in the diagnosis and evaluation of Chiari malformation patients has just been published by The Chiari Institute, North Shore-Long Island Jewish Health Systems, in the Journal of Neurosurgery: Spine, December 2007, Volume 7 http://thejns.org/doi/abs/10.3171/SPI-07/12/601 and www.northshorelij.com/workfiles/chiari/ J%20Neurosurg%20Spine%20article%20Dec%2007.pdf*
The authors were Thomas H. Milhorat, M.D., Paolo A. Bolognese, M.D., Misao Nishikawa, M.D., of the Department of Neurosurgery, The Chiari Institute, North Shore-Long Island Jewish Health Systems; Nazli B. McDonnell, M.D., PhD., of the NIH National Institute on Aging; and Clair A. Francomano, M.D. of the Greater Baltimore Medical Center. The article, titled, "Syndrome of occipitoatlantoaxial hypermobility, cranial settling, and Chiari malformation Type I in patients with hereditary disorders of connective tissue," examined patients with CT as well as the FONAR UPRIGHT(R) MRI.
The conclusion of the study was to report a previously unrecognized association between Chiari Malformation Type I (CM-I) and Hereditary Disorders of Connective Tissue (HDCT). The study occurred between January 2002 and April 2007 and involved 2,813 patients, of which 45% were referred for evaluation after failed Chiari Malformation surgery.
The primary diagnostic tools utilized in the study were 2D reconstructed CT and upright X-ray radiography. The final stage of the study included examinations of patients in the FONAR UPRIGHT(R) MRI for comparison.
The authors described, for the first time, the phenomenon of "cranial settling," occurring in patients with both Chiari Malformation 1 (CM-I) and Hereditary Disorders of Connective Tissue (HDCT).
They reported, "Recent experience with vertical MR imaging has proved helpful in understanding the dynamic features of occipitoatlantoaxial hypermobility. As shown in Fig. 6, functional cranial settling was associated with notable displacements that included reduction of the basion-dens interval, posterior gliding of the occipital condyles, anterior flexion of the occipitoatlantal joint, increased basilar impression, and cerebellar ptosis with downward displacement of the cerebellar tonsils. These displacements are consistent with the often-pronounced symptoms and signs of lower brainstem dysfunction experienced by patients with cranial settling on assumption of the upright position."
Concluding this peer-reviewed paper, the acknowledgment by Dr. Milhorat, et al. kindly reported, "We thank Dr. Raymond V. Damadian (Fonar Corporation) for providing technical assistance and supervision of patients undergoing vertical MR imaging."
Dr. Damadian, president and chairman of FONAR said, "We are appreciative of Dr. Milhorat and his team for recognizing the FONAR UPRIGHT(R) MRI's power to visualize the full cranial settling, cerebellar ptosis, cerebellar tonsil descent and foramen magnum impaction that occurs in the Chiari Malformation-I/HDCT patients so they can be optimally addressed surgically."
About The Chiari Institute
The Chiari Institute is the world's first comprehensive, multi-disciplinary center for the management of patients suffering from Chiari Malformation (CM), a rare structural condition that affects the cerebellum; syringomyelia, a chronic disease of the spinal cord; and related disorders.
The Chiari Institute was founded in 2001 by Dr. Thomas H. Milhorat, chairman of the departments of neurosurgery at North Shore University Hospital in Manhasset, N.Y., and Long Island Jewish Medical Center in New Hyde Park, N.Y., and represents the fruition of his decade-long effort to establish an institution dedicated to the treatment of these often misdiagnosed conditions.
While at the State University of New York Health Science Center in Brooklyn, Dr. Milhorat, et al. published a landmark study in the journal Neurosurgery, 1999 May;44(5):1005-17. The article is titled "Chiari I Malformation redefined: clinical and radiographic findings for 364 symptomatic patients". What Dr. Milhorat and his team discovered, using MRI, was that cerebral spinal fluid (CSF) flow was restricted or blocked around the cerebellar tonsils for patients with Chiari Malformation. They also found that Chiari is a condition where the crowding is due to a small posterior fossa region, rather than a large brain. For a reference visit: www.conquerchiari.org/subs%20only/Volume%202/Issue%202(11)/ Milhorat%202(11).asp*
* (Due to their length, these URLs may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
For more information on The Chiari Institute visit: www.northshorelij.com/body.cfm?ID=6407
Be sure to visit FONAR's Website for product and investor information: www.fonar.com
The Inventor of MR Scanning(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), Multi-Position(TM), True Flow(TM), Spondylography(TM), Spondylometry(TM) and The Proof is in the Picture(TM) are trademarks and UPRIGHT(R) and STAND-UP(R) are registered 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 filings with the Securities and Exchange Commission.
SOURCE: FONAR Corporation
CONTACT: FONAR Corporation
Daniel Culver, 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
invest2008@fonar.com
Copyright Business Wire 2008
FONAR Sells Second FONAR UPRIGHT(R) Multi-Position(TM) MRI to Center for Diagnostic Imaging (CDI)
MELVILLE, N.Y., Jan 15, 2008 (BUSINESS WIRE) -- FONAR Corporation (NASDAQ:FONR), The Inventor of MR Scanning(TM), announced today that Center for Diagnostic Imaging (CDI) of Minneapolis, Minnesota, has purchased a second FONAR UPRIGHT(R) Multi-Position(TM) MRI just six months after installing its first.
The sale was placed jointly with General Electric Healthcare (GEHC), a manufacturer's representative of FONAR (visit: www.gehealthcare.com/usen/mr/fonar_standing_ovation/index.html). CDI was one of the first outpatient imaging providers in the United States. Founded by Spine Radiologist Kenneth B. Heithoff, M.D., the company currently owns and operates 42 diagnostic imaging centers in eight states, including Minnesota, Wisconsin, Illinois, Indiana, Kansas, Missouri, Washington, and Florida.
CDI's second FONAR UPRIGHT(R) Multi-Position(TM) MRI was again purchased in partnership with the Northwestern College of Chiropractic (Northwest Health Science University) (NWHSU). The first UPRIGHT(R) MRI scanner was installed at a CDI Minneapolis outpatient center in the west metro suburb, St. Louis Park, in June 2007.
"We've purchased a second FONAR UPRIGHT(R) Multi-Position(TM) MRI to go into one of our Woodbury outpatient centers in the east metro area," said Robert Baumgartner, CEO of CDI. "Our ongoing collaboration with NWHSU follows our commitment to provide access to the most comprehensive imaging services for clinicians and patients to meet their unique imaging needs."
"At CDI, we're committed to providing patients the right exam at the right time with accurate results. The FONAR Open UPRIGHT(R) MRI scanner provides certain patients - claustrophobic patients, larger patients or those in need of a Positional MRI - access to the imaging exam needed to accurately diagnose a suspected condition and to guide their care," said William Mullin, M.D., a spine radiologist at CDI.
FONAR states that the ability of its new MRI technology to fully visualize all body parts, and particularly the spine, in fully weight-loaded Full Range of Motion(TM) positions, is a key new capability it brings to MRI. The positioning capability of the FONAR scanner permits the MRI operator, with the patient's cooperation, to position the patient in the actual position that engenders his/her symptoms, so that a picture can be taken of the patient's body part in the exact position that generates his/her symptoms.
Raymond V. Damadian, president and founder of FONAR said, "That a leading imaging company like CDI--one highly committed to quality diagnostic exams and patient care - would order a first FONAR UPRIGHT(R) MRI says a lot. Since the company ordered a second machine in such a short time span, it's even more indicative of how valuable they consider this technology. CDI has joined the ranks of multiple-unit purchasers of the UPRIGHT(R) MRI scanner, which is currently about one in three customers. This fact, too, says much about the way FONAR's customers think about us."
About CDI
Headquartered in Minneapolis, Center for Diagnostic Imaging (CDI) has been a leader in high-quality, cost-effective, outpatient radiology imaging services since 1981, and currently owns and operates 42 diagnostic imaging centers in eight states. CDI partners with hospitals and health systems by offering physician-led, outpatient radiology services, and the expertise of subspecialized radiologists who are focused on neurological, spine, musculoskeletal, body, and cardiovascular imaging. In addition, they perform advanced diagnostic injections and pain management procedures. For more information about CDI, visit: www.CDIradiology.com.
FONAR 2007 Highlights
2007 was a notable year. On June 11, The Intellectual Property Owners Education Foundation (IPOEF) celebrated FONAR president and founder Professor Raymond V. Damadian, M.D., as the 34th winner of the 'National Inventor of the Year Award' for the invention of the FONAR UPRIGHT(R) Multi-Position(TM) MRI. It was presented by The Honorable Congressman Howard L. Berman (D-Calif.), Chairman of the House Judiciary Subcommittee on Intellectual Property at the Caucus Room, Cannon House Office Building, Washington, D.C. Visit: http://www.fonar.com/news/061907.htm
On September 24, 2007, The Wall Street Journal announced in their print edition that FONAR has been named one of two runners-up for The Wall Street Journal Technology Innovation Award for 2007 for the FONAR UPRIGHT(R) Multi-Position(TM) MRI. Visit: http://www.fonar.com/news/092607.htm
On November 26, 2007, FONAR announced it had invented a radiation-free method to diagnose and monitor scoliosis treatment. The National Cancer Institute reported a study in 2000 of 5,466 women that demonstrated that women with scoliosis experienced a 70% greater risk of developing breast cancer that resulted from their protracted exposure to diagnostic X-rays. A radiation-free technology that can monitor the treatment success of childhood scoliosis without radiation is a much needed advance in diagnostic radiology. The patent-pending breakthrough utilizes new software and a new receiver coil developed for the unique FONAR UPRIGHT(R) Multi-Position(TM) MRI, which produces rapid pictures of the upright spine at costs for the patient comparable to X-ray. Visit: http://biz.yahoo.com/bw/071126/20071126005345.html?.v=1
Be sure to visit FONAR's Website for product and investor information: www.fonar.com
The Inventor of MR Scanning(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), Multi-Position(TM), True Flow(TM) and The Proof is in the Picture(TM) are trademarks and UPRIGHT(R) and STAND-UP(R) are registered 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 filings with the Securities and Exchange Commission.
SOURCE: FONAR Corporation
CONTACT: FONAR Corporation
Daniel Culver, 631-694-2929
Fax: 631-390-1709
www.fonar.com
invest2008@fonar.com
Copyright Business Wire 2008
Canadian Back Pain Clinic Purchases FONAR UPRIGHT(R) MRI and is the First to Bring the Benefits of UPRIGHT(R) Imaging Technology to the Canadian People
MELVILLE, N.Y., Dec 20, 2007 (BUSINESS WIRE) -- FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning announced today the sale of its first UPRIGHT(R) Multi-Position(TM) MRI in Canada. The Welcome Back Clinic plans to install the FONAR UPRIGHT(R) Multi-Position(TM) MRI in the province of British Columbia, Canada, in 2008.
The Welcome Back Clinic will provide expedited and comprehensive assessment of patients suffering from spine pain. Successful treatment of back pain depends on an accurate diagnosis. The FONAR UPRIGHT(R) Multi-Position(TM) MRI will allow patients to be imaged in the position in which they have pain. A comprehensive study of 1,302 back pain patients, conducted at UCLA and reported at the NASS 2007 annual meeting, reported that static-only MRI can "miss" a spondylolisthesis at L4-5 in 35 % of cases which were identified with the FONAR UPRIGHT(R) Multi-Position(TM) MRI. Having the correct diagnosis prior to surgery will lead to better outcomes and fewer failed back surgeries.
We at the Welcome Back Clinic believe that the FONAR Multi-Position(TM) MRI will provide superior diagnostic assessment of patients suffering from back or neck pain than is currently available because of the limitations of conventional recumbent-only MRI technology. Imaging patients in a weight-bearing upright position will demonstrate instability that would not be visible or would be underestimated in a conventional MRI. Having the proper diagnosis will improve surgical planning and lead to better surgical success and patient satisfaction.
FONAR's award winning technology (Frost & Sullivan's North American Medical Imaging Industry Innovation & Advancement of the Year Award) provided by the FONAR UPRIGHT(R) Multi-Position(TM) MRI offers the opportunity to expand our understanding of the causes of back pain and other pathologic conditions. Physicians and surgeons who treat patients with disabling back pain will have a new tool that should improve their understanding of spine biomechanics and conditions that lead to pain and disability. This will be an invaluable research tool that will lead to new and improved surgical procedures aimed at alleviating pain and improving function in patients suffering from back pain. Bringing the FONAR UPRIGHT(R) MRI to Canada will be a significant benefit to the people of Canada who have not had the opportunity to benefit from this new and exciting technology. The Welcome Back Clinic will be the first medical clinic in Canada to benefit from the diagnostic advantages offered by dynamic multi-position imaging.
Be sure to visit FONAR's Website for product and investor information: http://www.fonar.com
The Inventor of MR Scanning(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), Multi-Position(TM), True Flow(TM) and The Proof is in the Picture(TM) are trademarks and UPRIGHT(R) and STAND-UP(R) are registered 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 filings with the Securities and Exchange Commission.
SOURCE: FONAR Corporation
CONTACT: FONAR Corporation
Daniel Culver, 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
invest2007@fonar.com
Copyright Business Wire 2007
FONAR Invents Radiation-Free Method to Diagnose and Monitor Scoliosis
Breakthrough Can End Later-Life Breast Cancer Induced by Overexposure To Spine X-Rays
MELVILLE, N.Y., Nov 26, 2007 (BUSINESS WIRE) -- FONAR Corporation (NASDAQ:FONR), The Inventor of MR Scanning(TM), announced today at the 93rd meeting of the Radiological Society of North America (RSNA) in Chicago a groundbreaking invention in the diagnosis and monitoring of scoliosis. The patent-pending breakthrough utilizes new software and a new receiver coil developed for the unique FONAR UPRIGHT(R) Multi-Position(TM) MRI. The dramatic result is a single picture of the entire spine in the upright position (SEE PHOTO).
A National Cancer Institute (NCI) Report shows a 70% higher risk of breast cancer for women with scoliosis (www.cancer.gov/newscenter/scoliosis2000). The NCI report says, "Researchers have found that women with scoliosis, or abnormal curvature of the spine, who were exposed to multiple diagnostic X-rays during childhood and adolescence may be at increased risk of dying of breast cancer.... The 5,466 women in the study, who received an average of 24.7 X-rays, were found to have a 70% higher risk of breast cancer than women in the general population." The report goes on to say that "although radiation exposures to breast tissue are much lower today than during the time period covered by this study, they are not insignificant."
Current medical practice consists of ordering baseline X-rays for suspicious physical findings in children. (http://jaapa.com/issues/j20030901/articles/scoliosis.html). With X-ray, a scoliosis patient has a PA (posterior-anterior) and lateral radiograph two or three times a year. To reduce exposure to radiation, the patient is usually scanned with her back to the source of the X-ray.
Scoliosis affects 2-3% of the population or an estimated 6 million people in the United States, according to the National Scoliosis Foundation (www.scoliosis.org).
Raymond Damadian, M.D., president and founder of FONAR, said, "I'm delighted to announce our invention for the radiation-free evaluation of scoliosis with the FONAR Dynamic(TM) UPRIGHT(R) MRI. An accurate evaluation of scoliosis requires the patient to be upright. A conventional recumbent-only static MRI cannot meet this need. Of critical importance, our radiation-free application can be performed in the same amount of time and at the same cost as diagnosis and monitoring by X-ray. I believe it's imperative that every hospital and practice performing scoliosis examinations consider providing their patients with the radiation-free choice that is finally available because of the unique benefits of the FONAR Dynamic(TM) UPRIGHT(R) MRI."
The FONAR images provide coronal, sagittal and axial views of the entire spine - with no radiation. The 3-plane visualizations are achieved by 3-D acquisition with curved multi-planar reconstruction. Both the Cobb angles and the angular rotation of the vertebrae are measured. The FONAR UPRIGHT(R) MRI has another important advantage over X-ray. It sees, not only the curvature of the vertebrae, but the soft tissue, including the spinal cord, intervertebral discs, nerve roots and spinal ligaments.
"This application to scoliosis is just the latest of many unique advantages found only on the FONAR UPRIGHT(R) MRI," continued Dr. Damadian. "Last week we reported on the landmark independent study by the UCLA School of Medicine, which reported the comparison of Dynamic(TM) UPRIGHT(R) MRI with static Upright MRI in more than 1,000 patients (1,301). A significant overall 'miss rate' of 18.1% by static MRI was cited. This large study proves the diagnostic advantages of FONAR UPRIGHT(R) Multi-Position(TM) weight-bearing MR imaging."
FONAR plans to advertise its groundbreaking radiation-free scoliosis application in major medical magazines. To see the advertisement visit: http://www.fonar.com/news/pdf/scoliosis_ad.pdf.
As many as 60,000 people attend the Annual Meeting of The Radiological Society of North America. FONAR can be visited at booth 7753 in the South Hall at McCormick Place, Chicago, Illinois. Be sure to visit FONAR's Website for product and investor information: www.fonar.com
The Inventor of MR Scanning(TM), Full Range of Motion(TM), pMRI(TM), Dynamic(TM), Multi-Position(TM), True Flow(TM) and The Proof is in the Picture(TM) are trademarks and UPRIGHT(R) and STAND-UP(R) are registered 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 filings with the Securities and Exchange Commission.
SOURCE: FONAR Corporation
CONTACT: FONAR Corporation
Daniel Culver, 631-694-2929
Fax: 631-390-1709
http://www.fonar.com
invest2007@fonar.com
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http://www.fonar.com/index.htm
FEATURED PRODUCT: THE UPRIGHT MULTI-POSITION MRI
CONTACT ADDRESS:
FONAR CORPORATION
110 Marcus Drive
Melville, NY 11747
Phone: 1-631-694-2929, FAX: 1-631-753-5150
FONAR CORPORATION | phone: 1-631-694-2929 fax: 1-631-753-5150 | info@fonar.com |
SALES (U.S.) | phone: 1-631-694-2929 fax: 1-631-390-7766 | sales@fonar.com |
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CUSTOMER SERVICE | phone: 1-631-420-4000 fax: 1-631-694-2449 | |
INVESTOR RELATIONS | phone: 1-631-694-2929 fax: 1-631-390-1709 | Email Investor Relations |
HUMAN RESOURCES | phone: 1-631-694-2929 |
FONAR owns the patent on the only UPRIGHT MRI unit available in the world. The President of the company, RAYMOND V. DAMADIAN, owns the original patent on the MRI that is used for medical purposes today, and he received a medal, awarded by President George H. W. Bush for his invention which has revolutionized medicine.
Now, Dr. Damadian has reinvented his MRI with the invention of the UPRIGHT MRI, the only true "OPEN MRI" on the market. Other OPEN MRIs are really closed MRIs with a larger "hole" for the patient. However, the UPRIGHT MRI is completely open, and patients have nothing in front of them during their MRI examination. This is extremely beneficial to claustrophobic and larger patients, who cannot have standard (or even OPEN) MRI examinations.
What is ALSO of benefit is that the UPRIGHT MRI demonstrates more pathology than other MRIs in the field of evaluation spinal disc disease. Since many patients only have pain when they are in the UPRIGHT POSITION, this new MRI unit allows patients to be evaluated in ANY position - including the position where patients feel their pain the most. It doesn't make sense to evaluate the patient in the lying down position if that is the only position where they don't feel pain.
It has been proven that imaging patients in the UPRIGHT POSITION (also known as the "weight bearing position") demonstrates more pathology when it comes to the evaluation of the spine. Also, the multiple positions allow you to evaluate the spine when the patient is bending forward and backwards (known as FLEXION and EXTENSION) to determine if there is even MORE disc disease that has been missed.
Pictures of a 28- year old hockey player who experienced sudden quadraparesis ( = weakness in all 4 limbs). The initial MRI dmonstrates mild disease - but using flexion and extension imaging, it is seen that their is a herniated disc at C3-C4 which increases in size in extension. This is called FLUCTUATING DISC DISEASE AND FLUCTUATING SPINAL STENOSIS WHICH WORSENS IN THE EXTENDED POSITION. It is not possible to find this diagnosis on standard MRI!
Standard Supine UPRIGHT MRI
MRI
Here is a patient who has a herniated disc at L5-S1. It was totally missed on a standard MRI, which is done with the patient laying down (SUPINE). This second image demonstrates the obvious disc herniation - but it ONLY HERNIATIONS when the patient is upright! Without an upright MRI, this diagnosis will be missed.
RAYMOND DAMADIAN RECEIVED THE "INVENTOR OF THE YEAR AWARD FOR 2007" for his invention of the UPRIGHT MRI by the Intellectual Property Owners Assoc.
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