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FONAR Position Regarding Nobel Prize
MELVILLE, N.Y.--(BUSINESS WIRE)--10/16/2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), issues the following statement regarding the October 6, 2003 announcement of the 2003 Nobel Prize for Physiology or Medicine. This prize was awarded to Paul C. Lauterbur and Peter Mansfield "for their discoveries concerning Magnetic Resonance Imaging" (MRI). The Nobel Assembly excluded Raymond V. Damadian, M.D., president and founder of FONAR, despite his widely acknowledged seminal discovery in 1970 that originated MRI. Dr. Damadian published his 1970 discovery originating MRI in the scientific journal SCIENCE (March 1971).
He discovered the fundamental signal from which all MRI images are made, the dramatic signal differences between cancer and normal tissues and also the dramatic signal differences between the normal tissues themselves. All MRI pictures are constructed from these signals. In the absence of the signal differences he discovered all MRI images would be a blank. The white spots on MRI images signifying cancer would not be there but for his discovery. The exceptional detail on MRI images would not be there but for his discovery of the dramatic signal differences in the normal tissues themselves that supply the contrast in today's images, the critical soft tissue contrast lacking in prior imaging technologies like x-ray. Go to www.FONAR.com for details.
Since its inception in 1978, FONAR has been known for having as its leader the person who provided the vision and ground-breaking discovery necessary for the genesis of MRI. Given the power and the prestige of the Nobel Prize, the Company protests the outrageous exclusion of Dr. Damadian.
As part of a new campaign, 'The Friends of Raymond Damadian Committee' has been formed to pay ALL advertising costs related to the Nobel Prize controversy.
A full-page advertisement was run in the Washington Post on October 9, 2003 and the New York Times and Los Angeles Times on October 10, 2003. The ad was titled "The Shameful Wrong That Must Be Righted" and was directed to the Nobel Committee to correct the error. Readers are asked to write the Nobel Committee and voice their opinion: The Nobel Committee for Physiology or Medicine, Nobel Forum, Box 270 SE-171, Stockholm, Sweden.
The response has been overwhelming by people who recognized Dr. Damadian's position and support him for the Nobel Prize for Physiology or Medicine. The media also responded with dozens of supporting articles in newspapers and positive appearances on CNBC and CNN television news.
Among those who have responded are patent attorneys who say that this decision to ignore Dr. Damadian is an affront to the United States Patent System. This is because the United States Court of Appeals enforced Dr. Damadian's patent, based on his heralded 1970 discovery. This was later affirmed by the highest court in the land, the United States Supreme Court. The Nobel Committee also delivered an affront to our Presidents Ronald Reagan and George H. Bush, both of whom acknowledged Dr. Damadian's contributions to mankind by awarding him the National Medal of Technology and by his induction into the U.S. Patent Office National Inventors Hall of Fame.
The Company believes that this willful attempt to rewrite scientific history by the Nobel Committee should not be allowed to go unchallenged. It is also an affront to the elementary principles of justice which all Americans hold dear. The benefits of this campaign "To Right The Wrong" are designed to reach millions of people and set the record straight, a corrected record which is in FONAR's best interest also. As Edmund Burke once said "Evil triumphs when good and decent people do nothing."
The Company, as always, continues its campaign to promote and install its star product the Stand-Up(TM) MRI and its brilliant newcomer, the FONAR 360(degree)(TM) designed to enable interventional MRI technology on a broad scale.
The Stand-Up(TM) MRI, FONAR's Upright(TM) imaging system, is the world's only whole-body MRI scanner with the ability to perform Position Imaging(TM) (pMRI(TM)), i.e. patients can be scanned standing, sitting or bending in the weight-bearing position, as well as lying down.
Be sure to visit FONAR's Web site for Company product, investor information and more on FONAR's Nobel position: www.FONAR.com
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
CONTACT:
FONAR Corporation Daniel Culver / David Terry, 631-694-2929 http://www.FONAR.com
SOURCE: FONAR Corporation
FONAR's 22nd Stand-Up MRI Installed In Phoenix; Grand Opening Planned For October 22nd
MELVILLE, N.Y.--(BUSINESS WIRE)--10/08/2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), announced today the installation of its 22nd FONAR Stand-Up(TM) MRI scanner at Stand-Up MRI of Arizona. The new facility is located off Hwy. 101 at 8581 West Kelton, Peoria, Arizona, a northwest suburb of Phoenix. This is the first of five centers planned in the Phoenix area. Raymond Damadian, president and founder of FONAR, will be attending the facility's grand opening planned for October 22, 2003.
Martin Porter, business manager of Stand-Up MRI of Arizona, said, "The local physician community is excited that the Father of the MRI scanner will be attending our grand opening. They are aware that in 1970 Dr. Damadian made the seminal discovery that launched the MRI industry, and that he has made many other contributions to the field of MRI over the past 30 years. Dr. Damadian received the National Medal of Technology in 1988 from President Reagan; he was inducted into the Inventors Hall of Fame in 1989; and he is one of some 100 inventors whose picture is in the lobby of the U.S. Patent office in Alexandria, Virginia. Dr. Damadian's first patent, which was based on his 1970 discovery, was affirmed by the U.S. Supreme Court in 1997."
"The local physicians are also excited for another reason," added Mr. Porter. "Stand-Up MRI of Arizona offers Upright(TM), Position(TM) Imaging (pMRI(TM)). It is the only whole-body MRI in the world that can scan patients standing, bending or sitting in the weight-bearing position, or in the conventional lie-down position. It's only fitting that FONAR is also the creator of this revolutionary new scanner."
"We designed our facility," continued Mr. Porter, "so that when patients walk in, they feel like they are entering a living room. It's a warm, comfortable atmosphere that reduces patient anxiety. The reception area is handsomely decorated with ceramic floors and attractive living room furniture, and the scanner room has beautiful wood floors, plants and soft lighting."
"The FONAR Stand-Up(TM) MRI," continued Mr. Porter, "is aesthetically pleasing as well. Its design definitely gives patients a feeling of openness. When they're scanned, they sit and watch a 42" high-definition flat screen TV. They feel like they're sitting in their living rooms. We have already had two extremely claustrophobic patients who have never been able to finish an MRI exam. After experiencing the FONAR Stand-Up(TM) MRI, they both remarked that it was the greatest patient experience that they ever had. They promised to tell their friends."
"In fact," remarked Mr. Porter, "Patient surveys that we have conducted have been unanimously enthusiastic. Referring physicians have also given us high satisfaction ratings. We are off to a good start at Stand-Up MRI of Arizona."
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: www.fonar.com
CONTACT:
FONAR Corporation Daniel Culver / David Terry, 631-694-2929 http://www.fonar.com
SOURCE: FONAR
FONAR Improves Cash Position 16% and Revenues 23% in Fiscal 2003; First Managed Stand-Up MRI Center Nets $1.1 Million in Operating Income
MELVILLE, N.Y.--(BUSINESS WIRE)--Sept. 29, 2003--FONAR Corporation, The MRI Specialist(TM), reported today a net loss of $15.0 million on revenues of $52.9 million for fiscal 2003, as compared to a net loss of $22.9 million on revenues of $43.2 million for fiscal 2002. This represents an increase of 23% in revenues and a decrease in the net loss of 35% from fiscal 2002 to fiscal 2003.
Most significantly, revenues attributable to the Company's medical equipment segment increased by 85% to $30.0 million in fiscal 2003 from $16.2 million in fiscal 2002. Revenues from product sales more than doubled, increasing by 115% from $11.6 million in fiscal 2002 to $24.9 million in fiscal 2003, attributable primarily to the increase in scanner sales revenues for the Company's Stand-Up(TM) MRI from $11.1 million to $24.3 million. In addition, the Company's gross profit on product sales improved significantly from 28% in fiscal 2002 to 35.6% in fiscal 2003. The Company's backlog of unfilled orders at July 1, 2003 was approximately $26.8 million, as compared to $25.5 million at July 1, 2002.
Confirming the Company's expectations of increased demand for its scanners, product sales to unrelated parties more than tripled, increasing by 228% in fiscal 2003 from $5.4 million in fiscal 2002 to $17.7 million in fiscal 2003. Product sales to related parties increased 17.7% in fiscal 2003 from $6.2 million in fiscal 2002 to $7.3 million in fiscal 2003.
Revenues attributable to the Company's physician and diagnostic services management segment, Health Management Corporation of America, ("HMCA"), however, decreased by 15.1% to $22.9 million in fiscal 2003 from $27.0 million in fiscal 2002, reflecting the closing of certain MRI facilities and other facilities and a decline in MRI scan volume at certain MRI facilities prior to the installation of Stand-Up(TM) MRI's. HMCA had an operating loss of $3.8 million for fiscal 2003. However, HMCA now manages three MRI facilities with Stand-Up(TM) MRI scanners, one of which, located in Islandia, New York, produced $1.1 million in operating income for HMCA, for the year ended June 30, 2003. HMCA plans to upgrade additional site locations as well, and has leased premises in Boca Raton, Florida for a Stand-Up(TM) MRI to replace the existing MRI facility in Deerfield Beach, Florida.
The Company's consolidated operating loss increased, however, by 5.3% to $15.1 million for fiscal 2003 as compared to an operating loss of $14.4 million for fiscal 2002. Of the operating loss, however, approximately $800,000 resulted from the writing down of the value (impairment) of the management agreement with an unprofitable physical rehabilitation and therapy facility which HMCA closed in fiscal 2003.
In addition, HMCA discontinued its operation of primary medical care practices in fiscal 2003 when it sold A&A Services, Inc., its subsidiary which managed these practices. As a result of the sale, the Company recognized a net gain from discontinued operations of $194,000 in fiscal 2003, as compared to a net loss from discontinued operations of $5.9 million in fiscal 2002.
The Company's cash, cash equivalents and marketable securities increased by 16% to $15.2 million at June 30, 2003 from $13.1 at June 30, 2002.
Raymond Damadian, president and chairman of FONAR, said, "The Company showed several important developments in Fiscal 2003: Revenues from our Stand-Up(TM) MRI more than doubled and cash increased. We disposed of unprofitable HMCA-managed physician practices, and now have three HMCA-managed Stand-Up(TM) MRI sites in operation, positioning HMCA for a much improved year. Given the marketplace acceptance of the FONAR Stand-Up(TM) MRI, we expect next year to be a very good one."
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Fiscal 2003 Fiscal 2002
----------- ------------
Revenues $52,892,000 $43,161,000
Net Loss From
Continuing Operations (15,201,000) (16,956,000)
Net Gain (Loss) -
Discontinued Operations 195,000 (5,926,000)
---------- ----------
Net Loss $(15,006,000) $(22,882,000)
========== ==========
Basic & Diluted Net Loss/Share
Continuing Operations (0.20) (0.27)
Basic & Diluted Net Loss/Share
Discontinued Operations (0.09)
---------- ----------
Basic & Diluted Net Loss/Share (0.20) (0.36)
========== ==========
CONTACT:
FONAR Corporation
Daniel Culver or David Terry, 631-694-2929
Fax: 631-390-9540
http://www.fonar.com
SOURCE: FONAR Corporation
FONAR CORPORATION
The 'Economist' Celebrates Innovation at the 2nd Annual
Innovation Awards and Summit in San Francisco
Melville, NY - September 23, 2003- Dr. Raymond Damadian,
president and chairman of FONAR Corporation,
(NASDAQ-FONR) is being honored by 'The Economist' at a
summit in San Francisco today, where he will be given
their Innovation Award for the creation of the MRI
industry. Their press release can be found on the FONAR
Web site: www.fonar.com/press_rel.htm
--------------------------------------------------------
MRI Specialist, Stand-Up, Upright, Position Imaging and
pMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product
and investor information:
www.fonar.com
###
International Peer-Review Journal Reviews First Clinical Results From FONAR Stand-Up MRI
MELVILLE, N.Y.--(BUSINESS WIRE)--Sept. 22, 2003--FONAR Corporation (Nasdaq:FONR), The MRI Specialist(TM), reported today that a clinical review of the first observations on the FONAR Stand-Up(TM) MRI was the lead article in the recent Journal of the Hong Kong College of Radiologists, the official peer-reviewed academic journal of the Hong Kong College of Radiologists. The Stand-Up(TM) MRI is an Upright(TM) imaging system by FONAR.
The clinical review article is titled, "Upright, Weight-bearing, Dynamic-kinetic MRI of the Spine -- Review of the First Clinical Results." The lead author is Professor J. Randy Jinkins, M.D., a senior research fellow with FONAR and a Professor of Radiology at Drexel University, Philadelphia, Pennsylvania.
The review article abstract states that the potential relative benefits of upright, weight-bearing, dynamic-kinetic spinal imaging over that of recumbent MRI include the revelation of occult disease dependent on true axial loading. The unmasking of kinetic-dependent disease, and the ability to scan the patient in a clinically relevant position for the signs and symptoms is another key capability. The Stand-Up(TM) MRI demonstrated a low claustrophobic potential and yielded relatively high-resolution images with little motion, magnetic susceptibility, or chemical shift artifacts.
In conclusion, the article stated that the evidence thus far indicates that positional/dynamic-kinetic MRI (p/kMRI) may prove to be efficacious to incorporate as part of the clinical diagnosis-treatment paradigm for patients with spiral radicular and referred pain syndromes originating from spinal pathology. Overall, it was found that recumbent MRI underestimated the maximum degree of degenerative spinal pathology and missed its dynamic nature altogether -- factors that are optimally revealed with p/kMRI.
The Journal of the Hong Kong College of Radiologists, published in Hong Kong, China, is a multidisciplinary journal covering research work pertaining to the science and practice of the component specialities of the College. It aims to contribute to the training and academic development of members and fellows, and to support the education objectives of the College. Papers on radiological protection, quality assurance, audit in radiology, and matters related to radiological education are included.
The peer-reviewed article may be obtained by contacting FONAR or by downloading from the FONAR Web site: http://www.fonar.com/pdf/jhk.pdf
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
MRI Specialist, Stand-Up, Upright, Position Imaging and pMRI are trademarks of FONAR Corporation.
CONTACT:
FONAR Corporation
Daniel Culver or David Terry, 631-694-2929
www.fonar.com
SOURCE: FONAR Corporation
Rheumatology News Features FONAR Stand-Up MRI; ''Scanning Patients Flat on Their Backs Really Isn't Doing the Job''
MELVILLE, N.Y.--(BUSINESS WIRE)--Sept. 10, 2003--FONAR Corporation (Nasdaq:FONR), The MRI Specialist(TM), reported today that the July/August 2003 issue of Rheumatology News featured a news article entitled "Stand-Up MRI Catches Missed Spinal Pathology," referring to the FONAR Stand-Up(TM) MRI, the Company's whole body Upright(TM) imaging system. The article covered a technical paper delivered by J. Randy Jinkins, M.D. at the annual meeting of the American Society for Neuroradiology in Washington, D.C. in May 2003. Dr. Jinkins is a senior research fellow with FONAR and a Professor of Radiology at Drexel University, Philadelphia, Pennsylvania.
The article, written by senior writer Jeff Evans, opens with a direct quote from Dr. Jinkins' presentation: "MRI images taken when a patient is upright can make a world of difference when evaluating a patient's spinal pathology before and after surgery."
According to Dr. Jinkins, "Scanning patients flat on their backs really isn't doing the job." Dr. Jinkins stated that images taken while the patient is lying down can seriously underestimate the degree of degenerative spinal pathology. He further claimed that an MRI performed while the patient is in a standing (or sitting) position, however, can help identify position-related, clinically relevant spinal pathology to ensure that an accurate diagnosis is made.
The Rheumatology News article covered two remarkable patient case studies that compelled Dr. Jinkins to conclude, "Such scenarios suggest that the patient's true diagnosis was missed on standard (lie-down) MRI."
Dr. Jinkins was also quoted as saying, "It has always surprised me that when we speak about failed back surgery, it's always the surgeon that seems to be at fault." Perhaps the real source of failed back surgery is in selecting an insensitive modality for preoperative assessment of the spine, reported Rheumatology News.
Rheumatology News, an independent newspaper located in Rockville, MD, which is published six times a year for rheumatologists and other physicians treating rheumatologic conditions, informs its readers about clinical developments that will impact the care of patients. Early alerts on the latest studies in rheumatoid arthritis, osteoarthritis, and musculoskeletal and immune-mediated disorders are delivered by skilled reporters who attend medical meetings, monitor the deliberations of the Food and Drug Administration advisory committees, and speak with the thought-leaders in patient care. For thousands of specialists, Rheumatology News is a must-read. Their Web site is: http://www2.erheumatologynews.com.
A photocopy of the article is available upon request from FONAR.
MRI Specialist, Stand-Up, Upright, Position Imaging and pMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.FONAR.com
CONTACT:
FONAR Corporation
Daniel Culver / David Terry, 631-694-2929
Fax: 631-390-9540
www.FONAR.com
SOURCE: FONAR Corporation
FONAR Sells 14 Stand-Up MRIs for $19.6 Million Since June 1st; Half of Summer Stand-Up MRI Sales to Surgeons
MELVILLE, N.Y.--(BUSINESS WIRE)--Sept. 4, 2003--FONAR Corporation (NASDAQ:FONR), The MRI Specialist(TM), reported today that during the Summer months of June, July and August, the Company sold 14 FONAR Stand-Up(TM) MRI scanners. Most of the $19.6 million in revenues from these sales is expected to be recognized during the fiscal year ending June 30, 2004. The 14 sales represent a quarter of the 56 Stand-Up(TM) MRI sales to date. The Stand-Up(TM) MRI is an Upright(TM) imaging system by FONAR.
"Seven of the 14 sales were to surgeons," said Dr. Raymond Damadian, president and founder of FONAR. "Surgeons are buying the Stand-Up(TM) MRI because it is an indispensable tool that gives them the complete picture of what they face at surgery and what their surgical procedures must address. Without the Stand-Up(TM) MRI, the surgeon is at a disadvantage. The FONAR Stand-Up(TM) MRI removes the guesswork."
One of the surgeons, Dr. Rahul Nath, M.D., said this about his purchases of the Stand-Up(TM) MRI from FONAR. "My decision to order three Stand-Up(TM) MRIs in less than 60 days is based on the product's enormous potential to dominate the field of MRI. In my opinion, Position(TM) MRI is the future of the industry. The Stand-Up(TM) MRI is revolutionary technology, and I am very excited to be involved with it early on. If anyone is thinking seriously about Position(TM) MRI, now is the best time to get on board."
Another surgeon said, "Often, a patient's symptoms manifest only when the patient is in a particular position or posture. We have selected the Stand-Up(TM) MRI because it is the only scanner that allows us to place the patient in whatever position necessary to reproduce the symptom. Once the patient is in that position, only then can the MRI show us exactly what is causing the problem. Pathology that is undetectable with the patient lying down, but evident when the patient is, say, sitting up, can now be accurately assessed. For example, what a recumbent MRI might see only as a minor bulge, may be an obvious disc protrusion with the patient upright. The Stand-Up(TM) MRI allows physicians to consistently and confidently determine the best treatment plans for all their patients."
The Stand-Up(TM) MRI is the world's only whole-body MRI scanner with the ability to perform Position(TM) Imaging (pMRI(TM)), i.e. patients can be scanned standing, sitting, bending or lying down. With its unique ability to scan patients in weight-bearing postures, the FONAR Stand-Up(TM) MRI has identified pathology that had gone undetected on conventional, lie-down MRI scanners.
Because of its unique geometric design, the FONAR Stand-Up(TM) MRI is remarkably spacious and non-claustrophobic. There is nothing in front of the patients' faces or over their heads to create a "closed-in" feeling. Patients typically sit comfortably watching a 42" TV throughout the scanning procedure.
MRI Specialist, Stand-Up, Upright, Position Imaging and pMRI are trademarks of FONAR Corporation
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation
Daniel Culver / David Terry, 631-694-2929
FONARinvestor@fonar.com
SOURCE: FONAR Corporation
FONAR Sells 56th Stand-Up MRI, 3rd To Micro Surgeon; Customer Sees Enormous Potential of Stand-Up MRI to Dominate the Field of MRI
MELVILLE, N.Y.--(BUSINESS WIRE)--Aug. 19, 2003--FONAR Corporation (Nasdaq:FONR), The MRI Specialist(TM), announced today the sale of its 56th Stand-Up(TM) MRI to Dr. Rahul Nath, M.D., a reconstructive microsurgeon. This is Dr. Nath's third purchase of the FONAR Stand-Up(TM) MRI, FONAR's whole-body Upright(TM) imaging system. The three scanners, all ordered within a 60 day period, will be installed in the same Southwestern city.
Dr. Nath's description of a recent visit he made to FONAR headquarters in Melville, New York helps explain why he is an enthusiastic advocate of the Stand-Up(TM) MRI: "I wanted to be sure that the image quality and diagnostic capabilities of the Stand-Up(TM) MRI meet the highest standards. I invited two highly respected and very demanding physicians to accompany me to FONAR. One is a neurologist who specializes in movement disorders and the other a board-certified neuroradiologist. Both of them were extremely positive about the Stand-Up(TM) MRI. They were particularly pleased with its resolution in brain images and were also very excited about the Stand-Up(TM)'s brain angiograms."
"My decision to order three Stand-Up(TM) MRIs in less than 60 days," continued Dr. Nath, "is based on the product's enormous potential to dominate the field of MRI. In my opinion, Position(TM) MRI is the future of the industry. The Stand-Up(TM) MRI is revolutionary technology, and I am very excited to be involved with it early on. If anyone is thinking seriously about Position(TM) MRI, now is the best time to get on board."
"I have also been most pleased with all aspects of my interaction with FONAR," concluded Dr. Nath. "They have been helpful and more than accommodating in all aspects of the planning and execution of my projects. Dr. Damadian has been honest, open and very involved with us on a personal level. I look forward to many more projects with FONAR."
The Stand-Up(TM) MRI is the world's only whole-body MRI scanner with the ability to perform Position(TM) Imaging (pMRI(TM)), i.e. patients can be scanned standing, sitting, bending or lying down. With its unique ability to scan patients in weight-bearing postures, the FONAR Stand-Up(TM) MRI has identified pathology that had gone undetected on conventional, lie-down MRI scanners.
Because of its unique geometric design, the FONAR Stand-Up(TM) MRI is remarkably spacious and non-claustrophobic. There is nothing in front of the patients' faces or over their heads to create a "closed-in" feeling. Patients typically sit comfortably watching a 42-inch TV throughout the scanning procedure.
MRI Specialist, Stand-Up, Upright, Position and pMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com.
CONTACT:
FONAR Corporation, Melville
Daniel Culver or David Terry, 631-694-2929
Fax: 631-390-9540
E-mail: FONARinvestor@fonar.com
SOURCE: FONAR Corp.
FONAR Sells 55th Stand-Up MRI to Repeat Customer; Sales Increase as Advantages of the Stand-Up MRI are Recognized
MELVILLE, N.Y.--(BUSINESS WIRE)--Aug. 12, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(tm), announced today the sale of its 55th FONAR Stand-Up(tm) MRI scanner, the Company's whole-body Upright(tm) imaging system. It is the third Stand-Up(tm) MRI purchased by an independent physician group located in the Mid-South.
Raymond Damadian, president and founder of FONAR, said, "We, of course, are very pleased with yet another sale. Allow me to comment on what I feel are the primary reasons for the success of the Stand-Up(tm) MRI. First, physicians are beginning to appreciate the fact that the Stand-Up(tm) MRI sees pathology that cannot be seen any other way. The Stand-Up(tm) MRI and its Upright(tm) imaging capability enables physicians to treat their patients more effectively because they can see the COMPLETE PICTURE."
"Second," added Dr. Damadian, "is the Stand-Up(tm) MRI's enormous appeal to patients. Patients look for two things when they are told they need an MRI - an accurate result and a positive experience. The Stand-Up(tm) MRI delivers on both counts better than other scanners. When patients learn that the Stand-Up(tm) MRI allows them to sit and watch TV throughout their scans, as opposed to being confined in a claustrophobic tunnel, they are much more apt to make their preferences known to their attending doctors."
"The interesting thing about the Stand-Up(tm) MRI," continued Dr. Damadian, "is that people from all walks of life recognize its advantages. They grasp how it can be diagnostically superior; they are keenly aware of its benefits over the alternatives; and they are certain that given the choice they would choose the Stand-Up(tm) MRI rather than recumbent imaging because of the medical benefits of Upright(tm) imaging and patient comfort."
The Stand-Up(tm) MRI, FONAR's Upright(tm) imaging system, is the world's only whole-body MRI scanner with the ability to perform Position Imaging (tm) (pMRI(tm)), i.e. patients can be scanned standing, sitting, bending or lying down. With its unique ability to scan patients in weight-bearing postures, the FONAR Stand-Up(tm) MRI has identified pathology that had gone undetected on conventional, lie-down MRI scanners.
Because of its unique geometric design, the FONAR Stand-Up(tm) MRI is remarkably spacious and non-claustrophobic. There is nothing in front of the patients' faces or over their heads to create a "closed-in" feeling. Patients typically sit comfortably watching a 42 inch TV throughout the scanning procedure.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR
Daniel Culver
David Terry
Phone: 631/694-2929
Fax: 631/390-9540
FONARinvestor@fonar.com
SOURCE: FONAR
FONAR Sells 54th Stand-Up MRI To Microsurgeon; Most Recent Multi-Purchase Buyer Praises Scanner's Image Quality
MELVILLE, N.Y., Aug 4, 2003 (BUSINESS WIRE) -- FONAR Corporation (NASDAQ-FONR), The MRI Specialist(tm), announced today the sale of its 54th Stand-Up(tm) MRI to Dr. Rahul Nath, M.D., a reconstructive microsurgeon. This is Dr. Nath's second purchase of the FONAR Stand-Up(tm) MRI. The first order was placed two months ago. Both scanners will be installed in the same Southwestern city. This sale brings the number of multi-purchase Stand-Up(tm) MRI customers to nine (9).
Dr. Nath said, "Overwhelmingly positive responses from local physicians to our first purchase of the FONAR Stand-Up(tm) MRI has led us to make our second. Interestingly, much of the excitement has come from specialists not typically associated with MRI imaging, such as gastroenterologists and otolaryngologists. The positional capabilities of FONAR's Stand-Up(tm) MRI allow evaluation and treatment of gravity-related problems such as gastro-esophageal reflux and sinus infections. Until now, low-resolution plain X-rays have been the only recourse for these and many other position-dependent disorders. The newer indications related to Position Imaging(tm) are going to play an important role in the ideal management of many diseases."
"I have been impressed with the brain and neurovascular imaging capabilities of the FONAR Stand-Up(tm) MRI," added Dr. Nath. "The Stand-Up(tm) MRI has equivalent or better resolution than even standard 1.5 Tesla MRI scanners. The software enhancements for reducing motion artifacts and allowing the visualization of surgical hardware make this a revolutionary product in the management of back, neck and musculoskeletal disorders."
The Stand-Up(tm) MRI, FONAR's Upright(tm) imaging system, is the world's only whole-body MRI scanner with the ability to perform Position Imaging(tm) (pMRI(tm)), i.e. patients can be scanned standing, sitting, bending or lying down. With its unique ability to scan patients in weight-bearing postures, the FONAR Stand-Up(tm) MRI has identified pathologies that had gone undetected on conventional, lie-down MRI scanners.
Because of its unique geometric design, the FONAR Stand-Up(tm) MRI is remarkably spacious and non-claustrophobic. There is nothing in front of the patients' faces or over their heads to create a "closed-in" feeling. Patients typically sit comfortably watching a 42" TV throughout the scanning procedure.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT: FONAR Corporation
Daniel Culver or David Terry, 631-694-2929
Fax: 631-390-9540
E-mail: FONARinvestor@fonar.com
Copyright (C) 2003 Business Wire. All rights reserved.
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FONAR Announces Installation of 21st Stand-Up MRI in Denver
MELVILLE, N.Y., Jul 30, 2003 (BUSINESS WIRE) -- FONAR Corporation (NASDAQ-FONR), The MRI Specialist(tm), announced today that is has completed its 21st installation of the FONAR Stand-Up(tm) MRI scanner, the Company's whole-body Upright(tm) imaging system. The unit was installed at Colorado Stand-Up MRI, Inc., located at 3247 South Lincoln Street in Englewood, Colorado (phone: (303) 789-3000).
Richard Gross, president and clinic director of Colorado Stand-Up MRI, Inc., said: "Colorado Stand-Up MRI is proud to announce the opening of its FONAR Stand-Up(tm) MRI scanning facility. We have been eager to bring the remarkable benefits of the Stand-Up MRI to our local medical community - particularly the Stand-Up(tm) MRI's unique ability to scan a patient upright in weight-bearing postures, as well as in any position in which the patient experiences pain or is otherwise symptomatic. Open since July 10, we have been scanning patients in a variety of positions, producing images that are impossible to obtain with a conventional MRI scanner. The quality of the images is excellent. Our quickly growing referral base is comprised of MD's, osteopaths, and chiropractors. It's exciting to see our local medical community beginning to learn, appreciate and embrace the many diagnostic advantages of the Stand-Up(tm) MRI."
Mr. Gross continued: "We would like to thank Dr. Damadian not only for his outstanding contribution to MRI science and technology, but also for the inspiration he has brought to this project. I would also like to thank the FONAR employees involved with the installation of the Stand-Up(tm) MRI and the training of our staff. All of them performed admirably - beyond the call of duty. This enormously complex project has involved logistical challenges that we would not have been able to meet without FONAR's help."
Raymond Damadian, president and founder of FONAR said: "I especially appreciate Mr. Gross' comments regarding the FONAR installation and training teams. FONAR has reported sales of 53 Stand-Up(tm) MRIs. With 21 announced installations, there remain 32 Stand-Up(tm) MRIs in various phases of planning, production and installation. Our production plan is synchronized with our customers' readiness for delivery. I am pleased to report that the installations of our Stand-Up(tm) MRIs are proceeding according to schedule."
FONAR is enjoying both market acceptance of its Stand-Up(tm) MRI and accelerating sales growth. FONAR sold one (1) Stand-Up(tm) MRI in calendar 2000; nine (9) in 2001; 23 in 2002; and, to date, 20 in 2003.
The Stand-Up(tm) MRI is the only whole-body MRI scanner with the ability to perform Position Imaging(tm) (pMRI(tm)), i.e. patients can be scanned standing, sitting, bending or lying down. With its unique ability to scan patients in weight-bearing postures, the FONAR Stand-Up(tm) MRI has identified pathology that had gone undetected on conventional, lie-down MRI scanners.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT: FONAR Corp.
Daniel Culver or David Terry, 631/694-2929
FONARinvestor@fonar.com
Copyright (C) 2003 Business Wire. All rights reserved.
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FONAR Sells 53rd Stand-Up MRI and First in
New Jersey
MELVILLE, N.Y.--(BUSINESS WIRE)--July 24, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(tm), announced today the sale of its 53rd FONAR Stand-Up(tm) MRI scanner to Tilton Dynamic Imaging in Northfield, New Jersey. It is the Company's first Stand-Up(tm) MRI sale in the state of New Jersey.
Mr. Norman Brettler, M.H.A., administrator for Tilton Dynamic Imaging, explained why Tilton chose the Stand-Up(tm) MRI: "Northfield is a very competitive market for MRI providers, so the task of selecting an MRI had to be done very carefully. Frankly, my first instinct was to go with a large multi-product medical device company. But, in order to be thorough, we felt we should consider FONAR's Stand-Up(tm) MRI that we had heard so much about. We were very impressed with the unique and revolutionary diagnostic capabilities of the Stand-Up(tm) MRI, particularly for orthopedic applications."
Mr. Brettler continued: "I have been involved with busy MRI imaging businesses for many years. The vast majority of all MRI scans are orthopedic related. Because of this, I believe that the weight-bearing capabilities of the FONAR's Position Imaging(tm) (pMRI(tm)) scanner place it in a position to capture a majority of the MRI scan market. Referring physicians will now be able to obtain information that is simply unobtainable from other scanners."
Mr. Brettler explained, "The Stand-Up(tm) MRI allows for the visualization of anatomy under normal weight-bearing positions, and it allows physicians to evaluate patients' problems with the patients in the positions that cause them pain or other symptoms. No other MRI or any other type of diagnostic scanner can do that. The Stand-Up(tm) MRI is also the most patient-friendly MRI in the world. Patients can watch TV while they are being scanned. Considering the demographics of southern New Jersey, the medical needs of the community, the unique diagnostic capabilities of the Stand-Up, and the enormous appeal of a truly Open MRI, the Stand-Up(tm) MRI was clearly the best choice for our practice."
The Stand-Up(tm) MRI will be installed in a 3,000 sq. ft. marble and glass building located at 1226 Tilton Road in Northfield, New Jersey, which is in the greater Atlantic City area.
The Stand-Up(tm) MRI, FONAR's Upright(tm) imaging system, is the world's only whole-body MRI scanner with the ability to perform Position Imaging (tm) (pMRI(tm)), i.e. patients can be scanned standing, sitting, bending or lying down. With its unique ability to scan patients in weight-bearing postures, the FONAR Stand-Up(tm) MRI has identified pathology that had gone undetected on conventional, lie-down MRI scanners.
Because of its unique geometric design, the FONAR Stand-Up(tm) MRI is remarkably spacious and non-claustrophobic. There is nothing in front of the patients' faces or over their heads to create a "closed-in" feeling. Patients typically sit comfortably watching a 42" TV throughout the scanning procedure.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com/
Contact:
FONAR Corporation
Daniel Culver, Director of Communications
David Terry, VP, Secretary
631-694-2929
Fax: 631-390-9540
FONARinvestor@FONAR.com
Source: FONAR Corporation
FONAR Sells 52nd Stand-Up MRI to California Scanning Center
MELVILLE, N.Y.--(BUSINESS WIRE)--July 21, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), announced today the sale of its 52nd Stand-Up(TM) MRI scanner to Full Body Scanning of Orange County, LLC. which is located in the spectacular Irvine Spectrum Center in Irvine, California. The company is planning on purchasing several more Stand-Up(TM) MRIs for its other soon to open locations in California.
Dino Berardino, head of operations and one of the company founders, gave his reason why his group decided to purchase the FONAR Stand-Up(TM) MRI. "We are very much a forward looking company. In fact, our Irvine Center already has a CT scanner. Everyday we are asked the question 'Will I be in a tube?' The overwhelming majority of our patients express, prior to making an appointment, they want no part of being in a tube."
Mr. Berardino continued: "As a cancer survivor with 21 surgeries behind me, I have had my own horrific experience with closed tube MRIs. They are loud, uncomfortable, and can't get the often needed weight-bearing posture needed to identify the problem, even after the patient has clearly pointed out the symptoms. For example, in my own case with an MRI, I was scanned three times before finding the herniated disc at the C5-C6 level, which resulted, incidentally, in my having a fusion with hipbone replacement. When the patient has symptoms only while in a certain posture or position, whether standing, sitting or bending, it makes sense to image that patient's anatomy when in that very position."
Mr. Berardino concluded: "In addition to the diagnostic advantages of the FONAR Stand-Up(TM) MRI, the matter of patient comfort is always of utmost importance to us. With this technology we will be able to address the needs of our claustrophobic patients, freeing them of the anxieties sometimes associated with MRI scanning. Our patients will have nothing over their heads or in front of their faces, except a flat screen television, while the technician performs 'Position Imaging(TM) (pMRI(TM)).' It just doesn't get any better than that. Of course, we couldn't have done this without the help of FONAR's representative and management team. We have and will benefit from FONAR's 25-years of MRI experience."
Full Body Scanning of Orange County is a retail scanning center with state-of-the-art equipment dedicated to the early detection of disease. Their corporate mission is to build a commercially successful company that contributes to humanity by uncovering and stopping disease before patients become symptomatic. Their Web address is: www.fullbodyscanning.com.
Dr. Raymond Damadian, president and founder, of FONAR said: "Full Body Scanning of Orange County is an organization that is already intimately involved in healthcare management. They recognize the ability of the FONAR Stand-Up(TM) MRI to meet the needs of their patients regarding full body scanning. We are delighted to have Full Body Scanning of Orange County as our newest customer and to help them bring the Stand-Up(TM) MRI to southern California.
The Stand-Up(TM) MRI is an Upright(TM) Imaging System by FONAR Corporation. It is the world's only whole-body MRI that performs weight-bearing, Position Imaging(TM) (pMRI(TM)) where the patient lies down, sits or stands upright in a patient-friendly scanner.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.FONAR.com
CONTACT:
FONAR Corporation, Melville
Daniel Culver or David Terry
631-694-2929
Fax: 631-390-9540
FONARinvestor@FONAR.com
SOURCE: FONAR Corporation
FONAR Sells 51st Stand-Up MRI to Illinois Surgeons; Stand-Up MRI Has Special Appeal to South Chicago Orthopedic Surgery Group
MELVILLE, N.Y.--(BUSINESS WIRE)--July 17, 2003--FONAR Corporation (Nasdaq:FONR), The MRI Specialist(TM), announced today the sale of its 51st FONAR Stand-Up(TM) MRI scanner to Keystone Orthopedic Specialists, S.C., in Hazel Crest, Illinois, which is located approximately 30 miles south of Chicago. The group is planning on purchasing several more Stand-Up(TM) MRIs.
Martin Hall, M.D., along with his partners, Dr. Mark Chang, Dr. Dan Weber, Dr. Phil Narcissi, and Dr. Niet Charo are joining forces with area physicians in the fields of neurology, internal medicine, general surgery, gynecology and neurosurgery to bring the unique diagnostic capabilities of the FONAR Stand-Up(TM) MRI to the southern suburbs of Chicago, and northwest Indiana.
Dr. Hall, one of the group's key decision-makers gave the reasons why his group decided to purchase the FONAR Stand-Up(TM) MRI: "Before surgeons go into the operating room, they want as much information about the patient's problem as possible. Generally speaking, the more information about the patient's pathology, the better the surgical result, which is the primary reason we decided to buy the Stand-Up(TM) MRI. It is the only medical diagnostic instrument that can give us a complete understanding of the patient's problem. If a patient has pain or symptoms only when in a certain posture or position, whether it's standing, sitting or bending over, I want to see the patient's anatomy when in that very position. What the MRI can see with the patient in a normal, weight-bearing posture can be dramatically different from what it sees when the patient is lying down. We, as surgeons, need to know that."
Dr. Hall continued, "In fact, we have seen numerous cases where pathology would have gone undetected or would have been mischaracterized on the basis of the results of a lie-down MRI scan, but were readily detectable when the patients were scanned in upright postures in a Stand-Up(TM) MRI. For an orthopedic surgeon, the Stand-Up(TM) MRI is the MRI of choice."
"In addition to the diagnostic advantages of the Stand-Up(TM) MRI," added Dr. Hall, "the matter of patient comfort was also taken into consideration in our decision-making process. When patients come to us with problems, some of them very serious and very painful, we do not want to compound our patients' discomfort by having them scanned in a claustrophobic MRI. We want their MRI experience to be as non-threatening and non-anxiety-producing as possible. The FONAR Stand-Up(TM) MRI is the perfect solution as most patients are scanned comfortably in a seated position watching TV."
Dr. Hall concluded, "The FONAR Stand-Up(TM) MRI is a what Keystone Orthopedic Specialists, S.C. needs to provide our patients with the highest quality of medical care. Its unique ability to provide crucial diagnostic information - information that no other MRI can provide - will allow us to achieve better surgical results. At the same time, our patients can have their MRIs done comfortably and free from the sometimes horrifying experiences typically associated with MRI scanning."
The unique magnet design of the FONAR Stand-Up(TM) MRI makes it the world's only whole-body MRI scanner with the ability to perform Position Imaging(TM) (pMRI(TM)) where patients can be scanned upright in weight-bearing postures, either standing, sitting, bending or lying down as in conventional MRI scanners. The Stand-Up(TM) MRI is an Upright(TM) Imaging System by FONAR Corporation.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com.
CONTACT:
FONAR Corporation, Melville
Daniel Culver or David Terry, 631-694-2929
Fax: 631-390-9540
E-mail: FONARinvestor@fonar.com
SOURCE: FONAR Corp.
FONAR Sells 50th Stand-Up MRI to 8th Repeat Customer; Company Reaches 50-Sale Milestone on its 25-Year Anniversary
MELVILLE, N.Y.--(BUSINESS WIRE)--July 15, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(tm), announced today the sale of its 50th FONAR Stand-Up(tm) MRI scanner to an independent physician group in the Mid-South. This is the group's second Stand-Up(tm) MRI purchase; it purchased its first earlier this year. The landmark sale of 50 Stand-Up(tm) MRIs falls in the Company's 25th year of operation. FONAR has an extraordinary history of MRI innovations. The Company introduced the first commercial MRI, the first Open MRI, the first mobile MRI, and, with the Stand-Up(tm) MRI, the first and only MRI capable of imaging patients in their positions of pain or symptoms, including Upright(tm), weight-bearing imaging. The Stand-Up(tm) MRI is an Upright(tm) Imaging System by FONAR Corporation.
Raymond V. Damadian, M.D., president and founder of FONAR, commented on its most recent sale: "We now have eight multi-purchase Stand-Up(tm) MRI customers. Two-thirds of the fifty (50) Stand-Up(tm) MRI sales have been to repeat customers. In my view, there cannot be a more powerful endorsement of the product."
The MRI industry was born twenty-five years ago, in 1978, when then-tiny FONAR started operations in Plainview, Long Island, New York. It was there that the Company invented, built and shipped, in 1980, the world's first MR scanner, the QED 80, a permanent magnet MR scanner. Two years later, the Company moved its headquarters to nearby Melville, where it has maintained a leadership position in MRI technology ever since.
FONAR's leadership in MRI innovation is marked by industry milestones by FONAR such as the first commercial MRI, the first Open MRI, the first mobile MRI, and, with the Stand-Up(tm) MRI, the first Upright(tm) Imaging System. The Company's "Cancer Detection Patent" and its "Multi-Angle Oblique Imaging Patent" are among the most important of its 83 patents. The Company has, over the years, aggressively and successfully protected its patents and intellectual property. In 1997, the Company formed Health Management Corporation of America (HMCA), a physician and diagnostic services management company, a wholly-owned subsidiary of FONAR. Today FONAR has approximately 500 employees.
Dr. Damadian observed, "FONAR employees, shareholders and customers have a lot to be proud of. We created an industry; we have generated a steady stream of MRI innovations; we have competed with giants of corporate America; we have protected ourselves when need be; and now, with the Stand-Up(tm) MRI, 'the Company that invented the MR scanner just reinvented it.' With 50 sales under our belt, and with sales growing at an ever-increasing pace, the Company is looking forward to an unprecedented period of prosperity."
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation, Melville
Daniel Culver or David Terry, 631/694-2929
Fax: 631/390-9540
E-mail: FONARinvestor@fonar.com
SOURCE: FONAR Corp.
FONAR Sells 49th Stand-Up MRI to Texas Surgeon; New Customer Plans to Purchase Three for Dallas-Fort Worth Area
MELVILLE, N.Y.--(BUSINESS WIRE)--July 7, 2003--FONAR Corporation (Nasdaq:FONR), The MRI Specialist(TM), announced today the sale of its 49th FONAR Stand-Up(TM) MRI scanner to Upright Imaging, L.P., a consortium headed by Richard A. Marks, M.D., an orthopedic surgeon. He intends to install the unit in the north Dallas, Texas area. The Stand-Up(TM) MRI is an Upright(TM) imaging system by FONAR Corporation.
Dr. Marks gave his reasons for purchasing FONAR's Stand-Up(TM) MRI: "Often, a patient's symptoms manifest only when the patient is in a particular position or posture. We have selected the Stand-Up(TM) MRI because it is the only scanner that allows us to place the patient in whatever position necessary to reproduce the symptom. Once the patient is in that position, only then can the MRI show us exactly what is causing the problem. Pathology that is undetectable with the patient lying down, but evident when the patient is, say, sitting up, can now be accurately assessed. For example, what a recumbent MRI might see only as a minor bulge, may be an obvious disc protrusion with the patient upright. The Stand-Up(TM) MRI allows physicians to consistently and confidently determine the best treatment plan for all their patients. Our group expects to buy at least two more Stand-Up(TM) MRIs for placement in south Dallas and Fort Worth, and anticipates the possible need for a second unit in the north Dallas location."
Raymond Damadian, president and founder of FONAR, said, "I am delighted to have Dr. Marks as a customer. We have now sold several FONAR Stand-Up(TM) MRIs to surgeons. It is obvious why they are buying them: only our Stand-Up(TM) MRI can perform Position Imaging(TM) (pMRI(TM)), allowing patients to be scanned in their positions of pain or symptoms. For orthopedic surgeons like Dr. Marks, it is an indispensable tool because it alone gives him the complete picture of what he is facing at surgery and what his surgical procedure must address. Without the Stand-Up(TM) MRI, he is at a disadvantage. The Stand-Up(TM) MRI removes the guesswork."
This sale of a Stand-Up(TM) MRI was in June, 2003, making it the tenth sale of FONAR's 4th fiscal quarter. The FONAR Stand-Up(TM) MRI scans patients in weight-bearing positions and in their positions of pain or symptoms, including standing, sitting, bending and lying down.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com.
CONTACT:
FONAR Corporation, Melville
Daniel Culver or David Terry, 631/694-2929
Fax: 631/390-9540
E-mail: FONARinvestor@fonar.com
SOURCE: FONAR Corp.
NBC NEWS Coverage of The Fonar Stand-up MRI...
http://www.wnbc.com/health/2302994/detail.html
----------------------------------------------
'Standing' MRI May Be Better For Patients, Doctors
Machine Can Help Patient Simulate Position That Gives Most Pain
POSTED: 4:15 p.m. EDT June 30, 2003
UPDATED: 2:16 p.m. EDT July 1, 2003
NEW YORK -- Maybe your back hurts when you're standing or sitting. But when you go to get a magnetic resonance imaging scan, the technicians make you lie down.
However, many patients are frustrated when their scan fails to show the cause of their pain. If you change the patient's position, the image may be significantly different.
"The patient [may be] be lying down and will have a perfectly aligned spine and then, standup and you'll have a subluxation -- and nobody knows it," said Dr. Raymond Damadian, the original MRI inventor.
The new technique is called positional imaging. Patients can bend forward and backward at their waists, so they can simulate the positions that give them the most pain. Some doctors believe the standing MRI detects about 30 percent more problems. One spine surgeon says standing MRI images change what kind of surgery he does on his patients about one-third of the time.
Even the doctor who invented MRI scans is convinced standing MRI will become standard care.
"We're excited about this technology because it's a new dimension in MRI," Damadian said. "We think eventually all MRI machines will have to be like this."
Each standing MRI scanner costs about $1.5 million -- so it will take centers some time to make the switch.
For more information on the Stand-Up MRI see:
http://www.uprightmri.com
http://www.fonar.com
To date, Fonar has sold 48 Stand-Up MRIs and completed 20 installations.
FONAR Sells 48th Stand-Up MRI; Ninth Stand-Up MRI of 4th Fiscal Quarter
MELVILLE, N.Y.--(BUSINESS WIRE)--July 2, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(tm), announced today the sale of its 48th FONAR Stand-Up(tm) MRI scanner to a physician group in metropolitan New York area. It is FONAR's ninth Stand-Up(tm) MRI sale in the Company's 4th fiscal quarter. The sale, which was completed in mid June, is the 11th Stand-Up(tm) MRI sale in the state of New York. The Stand-Up(tm) MRI is the Company's leading Upright(tm) Imaging System.
Raymond Damadian, president and founder of FONAR said: "We are delighted to have another New York physician group purchase one of our Stand-Up(tm) MRIs. The more exposure the medical community and the general public have to this revolutionary product, the more the sales activity we see."
Dr. Damadian continued: "The scanner's unique ability to scan patients in weight-bearing postures and in their positions of pain is steadily gaining acceptance in the medical community. At the same time, patients, particularly those who have had have horrific experiences with closed, tube-shaped MRIs, can't say enough good things about how comfortable they find the FONAR Stand-Up(tm) MRI. With the Stand-Up(tm) MRI, patients typically sit upright comfortably watching a 42" flat screen TV, which is standard equipment. There is simply no MRI experience that can match that of the Stand-Up(tm) MRI."
The Stand-Up(tm) MRI is the world's only whole-body MRI scanner with the ability to perform Position Imaging(tm) (pMRI(tm)), i.e. patients can be scanned standing, sitting, bending or lying down. Because of its unique ability to scan patients in weight-bearing postures, the Stand-Up(tm) MRI identifies pathologies that may go undetected on conventional, lie-down MRI scanners. The Stand-Up(tm) MRI is also extraordinarily patient friendly. With nothing in front of the patients' faces or over their heads, claustrophobic reactions are virtually nonexistent.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation
Daniel Culver or David Terry
631/694-2929
Fax: 631/390-9540
E-Mail: FONARinvestor@fonar.com
SOURCE: FONAR Corporation
FONAR Sells 47th Stand-Up MRI; Third 'MRI of America' Entity Buys First of Five for Arizona
MELVILLE, N.Y.--(BUSINESS WIRE)--July 1, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), announced today the sale of its 47th FONAR Stand-Up(TM) MRI scanner to MRI of America III, LLC, based in Denver, Colorado. This is the third MRI-of-America entity to contract for the purchase of five (5) FONAR Stand-Up(TM) MRIs. MRI of America III, LLC plans to place all five (5) in the metro Phoenix area, the first is to be installed in Phoenix.
Mr. Robert L. Conger, CEO of MRI of America said, "This contract for MRI of America III means our group is right on target with our original plan to purchase 20 FONAR Stand-Up(TM) MRIs. MRI of America, LLC, purchased its first machine in mid-February, and just four months later, on June 23rd, we began scanning in Centennial, Colorado. MRI of America II, LP, purchased its scanner two months later, which is now being installed in Farmers Branch, Texas, just north of downtown Dallas. Now, MRI of America III, LLC, has purchased its first machine, which will be installed in the Phoenix Metroplex. MRI of American IV, LLC, has already been formed and plans to purchase its first of five scanners within four to six weeks for installation in the Salt Lake City and Las Vegas markets. Each of the MRI of America entities has contracted to buy at least five (5) FONAR Stand-Up(TM) MRI Systems for installation across the Southwest within the next 12-18 months."
Mr. Conger continued, "We plan to place all five (5) of the FONAR Stand-Up(TM) MRIs from this contract in the metro Phoenix market within the next year. We are already looking at locations in Chandler, Scottsdale, Mesa and Goodyear, and are also giving strong consideration to Tucson."
"Of course we couldn't have done this without the help of FONAR's management team," added Mr. Conger. "Since FONAR is the first company in the MRI industry, having been in the industry several years longer than any of its competitors, we have greatly benefited from its 25 years of MRI experience and expertise."
Raymond Damadian, president and founder of FONAR responded, "It is a delight to have a customer such as the Conger group that is able to do its part to meet aggressive installation schedules. At the beginning of each project, they make it very clear what they are going to do, and we all agree on a timetable. From then on, they do exactly what they say they are going to do. This kind of working relationship is very significant to FONAR because it allows us to install scanners effectively and efficiently. Good planning is good for the customer and it is good for FONAR."
MRI of America is one of seven multi-unit buyers of the FONAR Stand-Up(TM) MRI. The Stand-Up(TM) MRI is an Upright(TM) Imaging System by FONAR Corporation.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information http://www.fonar.com
CONTACT:
FONAR Corporation, Melville
Daniel Culver/David Terry, 631/694-2929
Fax: 631/390-9540
FONARinvestor@fonar.com
SOURCE: FONAR Corporation
FONAR Sells 46th Stand-Up MRI To Surgeon; Purchased To Improve Surgical Results
MELVILLE, N.Y.--(BUSINESS WIRE)--June 26, 2003--FONAR Corporation (Nasdaq:FONR), The MRI Specialist(TM), announced today the sale of its 46th FONAR Stand-Up(TM) MRI to Dr. Rahul Nath, MD, a microsurgical reconstructive surgeon in the Southwest. The Stand-Up(TM) MRI is an Upright(TM) Imaging System by FONAR Corporation.
Dr. Nath said: "The Stand-Up(TM) MRI has many advantages in planning reconstructive surgeries such as brachial plexus repair, musculoskeletal reconstruction and microvascular reconstructive procedures. Until now, there was no imaging modality capable of imaging anatomy in the upright position, which is physiologic for extremity function and certain blood flow characteristics important to microvascular reconstruction. We see unlimited potential for this technology in improving the results of surgery and patient outcome. I have no doubt that healthcare expenditures will be more efficient as our outcomes improve based on improved surgical planning. Our group is planning to purchase at least 5 to 8 more units for the local area alone."
Raymond V. Damadian, president and founder of FONAR Corporation, said, "We are very pleased that a highly regarded surgeon of Dr. Nath's caliber has purchased a FONAR Stand-Up(TM) MRI. Surgeons in particular are excited about the product because the Stand-Up(TM) MRI is the only MRI, in fact the only diagnostic imaging modality, that can give them a complete understanding of what is causing their patients' problems. In the absence of comprehensive diagnoses, surgeons are, to varying degrees, in the dark, depending on the nature of the patients' problems. The Stand-Up(TM) MRI eliminates the guesswork, enabling them to devise better surgical and treatment plans and, therefore, achieve superior surgical results, which is exactly the reason for this most recent sale."
Dr. Damadian continued, "The advantage of Upright(TM) imaging is the ability to evaluate patients in weight-bearing positions and in their positions of pain, whatever those positions might be. We call it Position Imaging(TM) (pMRI(TM))."
FONAR Corporation is the only manufacturer of an Upright(TM) Imaging System. The FONAR Stand-Up(TM) MRI scans patients standing, sitting, bending, or lying down. Every other kind of MRI in existence today scans patients only lying down. There are more than 6,000 MRI scanners in the United States.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com.
CONTACT:
FONAR Corporation, Melville
Daniel Culver or David Terry, 631/694-2929
Fax: 631/390-9540
E-mail: FONARinvestor@FONAR.com
SOURCE: FONAR Corp.
FONAR Installs 20th Stand-Up MRI
First MRI of America, LLC Stand-Up MRI Center Now Open for Business
MELVILLE, N.Y.--(BUSINESS WIRE)--June 24, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(tm), reported that the first MRI of America, LLC, center opened yesterday. The new Stand-Up(tm) MRI center is located at 6726 South Revere Pkwy., Suite 100, Centennial, Colorado ((303) 649-9195).
Mr. Robert Conger, president and CEO of MRI of America, said, "We are pleased to be the first MRI scanning center in Colorado to offer Position Imaging(tm) (pMRI(tm)). The people of Colorado will now be able to have their MRI scans performed in their positions of symptoms. Until now, patients have had no choice but to have their scans done in a lie-down position. When lying down, however, the symptom can disappear, and, unfortunately, the prospect of detecting the problem can disappear right along with it."
"The FONAR Stand-Up(tm) MRI," continued Mr. Conger, "is very open and comfortable. We are confident that the general public will be very pleased with it. After all, what other MRI allows patients to sit and watch TV throughout their scans?"
When asked what the medical community's response has been to the FONAR Stand-Up(tm) MRI, Mr. Conger answered: "The initial response from referring physicians in the Denver area has been very positive. The doctors here are eager to see what the Stand-Up(tm) MRI will show them about their patients' conditions."
Mr. Conger continued: "I'd like to point out that MRI of America purchased its Stand-Up(tm) MRI just four (4) months ago. The management team of MRI of America has been, from day one, delighted with the speed and professionalism of the installation. The FONAR team worked closely with us, showed us the ropes, and helped make this happen very quickly. All of us are looking forward to working with FONAR for many years to come."
Dr. Raymond Damadian, president and founder of FONAR, said, "The Conger group is a highly-focused, dedicated and adept team. They have been terrific at getting things done on time, which is an enormous help. When FONAR is ready to deliver its equipment on time but the customer is not ready to receive it due to a slip in their schedule, the project can come to a standstill. That has certainly not been the case with the Conger group who was ready for us at every step and so we were able to meet their very aggressive schedule. We are expecting to do the same with each of their installations."
On June 17, 2003, Dr. Damadian attended an open house for the center. At that time he was interviewed by medical reporter Dr. Stephanie Clements of Channel 9 News, KUSA, Denver. The news story ran the same day. A video recording of a segment and a text story of the event can be found on their Web site: www.9News.com.
The FONAR Stand-Up(tm) MRI is the world's first whole-body MRI scanner to allow the patient to be imaged upright as well as in a multitude of other positions, including the usual recumbent position. In 2002, an estimated 10 million recumbent MRI scans were done of the spine. The Stand-Up(tm) MRI is the only MRI that can scan a patient in a weight-bearing position, either standing, sitting or bending. It is considered by many to be the MRI of choice for spinal imaging.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
Contact:
FONAR CORPORATION
Daniel Culver, Director of Communications
David Terry, VP, Secretary
Phone: (631) 694-2929
Fax: (631) 390-9540
E-Mail: FONARinvestor@fonar.com
Source: FONAR CORPORATION
FONAR Sells 45th Stand-Up MRI; Customer's 9th Stand-Up MRI Purchase
MELVILLE, N.Y.--(BUSINESS WIRE)--June 20, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(tm), announced today the sale of its 45th FONAR Stand-Up(tm) MRI scanner. It is the 9th Stand-Up(tm) MRI purchased by a Limited Liability Corporation (L.L.C.) in which Timothy Damadian holds a minority interest. The scanner will be installed in the metropolitan New York area, bringing the total number of Stand-Up(tm) MRIs sold in New York State to ten (10). The Stand-Up(tm) MRI is FONAR's premiere Upright(tm) imaging system.
Raymond V. Damadian, president and founder of FONAR Corporation, said, "We now have seven multi-purchase Stand-Up(tm) MRI customers that account for 30 sales, which is two-thirds of all Stand-Up(tm) MRI sales. In my opinion, this is unequivocal testimony to the success that the FONAR Stand-Up(tm) MRI brings to its owners. It speaks highly of the performance, diagnostic utility and appeal of the product, and it also speaks highly of the Company itself, the employees that make it all happen. It is very gratifying for all of us at FONAR to have labored so hard and for so long to develop a product that is bringing diagnostic imaging to the next level. Now to see it catching on and being so heartily embraced by both the medical community and the general public is very satisfying."
The Stand-Up(tm) MRI is the world's only whole-body MRI with the ability to perform Position Imaging(tm) (pMRI(tm)), i.e. patients can be scanned standing, sitting, bending or lying down. With its unique ability to scan patients in weight-bearing postures, the FONAR Stand-Up(tm) MRI has identified pathologies that had gone undetected on conventional, lie-down, MRI scanners.
Because of its unique top-open and front-open magnet design, the FONAR Stand-Up(tm) MRI is remarkably spacious and non-claustrophobic. There is nothing directly in front of the patients' faces or over their heads to create a "closed-in" feeling. Patients can comfortably sit and watch TV throughout the scanning process.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation
Daniel Culver/David Terry, 631/694-2929
FONARinvestor@fonar.com
SOURCE: FONAR Corporation
FONAR Stand-Up MRI Featured on Denver TV News
MELVILLE, N.Y.--(BUSINESS WIRE)--June 19, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), reported that on June 17, 2003, Raymond Damadian, president and founder of FONAR, attended an open house for a FONAR Stand-Up(TM) MRI at the new scanning center owned by MRI of America in Centennial, Colorado, a suburb of Denver. He was interviewed by medical reporter Dr. Stephanie Clements of Channel 9 News, KUSA, Denver. The news story ran the same day. A video recording of a segment of the event can be found on their Web site: www.9News.com.
The segment titled "Stand-Up MRI Comes to Colorado: Positional Imaging May Find More Answers Than Traditional MRI" was written by medical reporter Dr. Stephanie Clements.
The text on the Web site reads: "It's puzzling for patients; their back hurts when they stand up or sit, but the medical images to try to find the cause of the problem are taken with the patient lying down. Well, that's about to change.
"He (Dr. Damadian) is the distinguished face that many medical students recognize as the inventor of MRI. Dr. Raymond Damadian made a visit to Denver (Centennial, actually) to usher in a new era of medical imaging, the Stand-Up MRI.
"Besides addressing the needs of claustrophobic patients, this open MRI allows the technician to do 'positional imaging,' putting patients in the position or through the range of motion that causes their symptoms. The resulting films can capture as much as 30 percent more pathology than conventional MRI.
"For more information about Stand-Up MRI, contact MBI of America, 6726 S. Revere Parkway, Suite 100, Centennial, Colorado."
Mr. Robert Conger, president of MRI of America, said, "I would like to thank Dr. Damadian for coming to Denver for our open house. This is the first of more than 20 planned Stand-Up(TM) MRI centers. I'd also like to thank Dr. Stephanie Clements for interviewing Dr. Damadian for Channel 9 News."
If you wish to view the video on the 9 News Web site (www.9News.com), click on VIDEO.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: www.FONAR.com
CONTACT:
FONAR Corporation
Daniel Culver/David Terry, 631/694-2929
FONARinvestor@fonar.com
SOURCE: FONAR Corporation
FONAR Sells 44th Stand-Up MRI; First of Five FONAR Stand-Up MRI Purchases Planned For Illinois
MELVILLE, N.Y.--(BUSINESS WIRE)--June 16, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(tm), announced today the sale of the 44th Stand-Up(tm) MRI scanner to Stand-Up MRI of Deerfield, LLC. The scanner will be installed in Deerfield, Illinois, a suburb just north of Chicago. Richard M. Day, the area manager, has joined with Northbrook Institute for Research and Development and 15 investors to bring a total of five (5) FONAR Stand-Up(tm) MRIs to the Chicago area. The Stand-Up(tm) MRI is an Upright(tm) imaging system by FONAR.
Mr. Day said, "The people of metropolitan Chicago deserve the best in MRI technology. The Stand-Up(tm) MRI's capability of scanning a patient in the position of pain will revolutionize the way doctors look at MRI imaging. There are a number of outstanding healthcare professionals enthusiastic about this project including several members of Northbrook Institute."
Dr. Walid Hindo is president of Northbrook Institute for Research and Development in Northbrook, Illinois. He is past Chairman of the Department of Radiology at Finch University of Health Sciences at the Chicago Medical School; a tenured Professor of Radiology and a pioneer in the development and introduction of innovative technology in radiology. In 1983, Dr. Hindo spearheaded the Chicago Medical School's purchase of a FONAR Open MRI scanner; installed in 1984, it was one of the world's first MRI scanners. He said, "The Stand-Up(tm) MRI is the most exciting advancement in the field of MRI to come along in years. I'm anxious to bring this latest and best technology to the people within the Chicago area. I am also delighted to be working with FONAR again."
Dr. Saul Haskell is a past chairman of the Department of Orthopedic Surgery at Michael Reese Hospital in Chicago and a past president of the Illinois State Orthopedic Society. He was recently named as one of the 100 Best Physicians in the Chicago area and is an expert in shoulder and spinal conditions. He is especially excited about the Stand-Up(tm) MRI's ability to image the lumbar spine in supine and erect positions. Dr. Haskell feels that imaging patients in erect positions is the most logical way to determine instabilities of the back and whether abnormalities detected in the MRI image are functionally related to patients' complaints.
Dr. Joel Levin is a fellow of the American College of Physicians and an assistant clinical professor of medicine at Northwestern University Medical School in Chicago. He has over four decades of experience in musculoskeletal disorders and sports injuries. He strongly believes that scanning in the position that causes the pain or evokes functional loss is extremely critical in the diagnosis and treatment of multiple arthritic and soft tissue conditions. Dr. Levin said, "In my opinion, the clinical utility of the FONAR scanner is limited only by the imagination and ingenuity of the treating physician."
Dr. Calvin Flowers is chief of the Section of MRI for the Veterans Health System Hospitals in Chicago. Judging from his vast experience as a consultant to both the medical and industrial communities, he anticipates significantly different MRI interpretations depending upon the position of the patient. Dr. Flowers, who empathizes with patients' fear of conventional MRI machines, said, "The extraordinary openness of the FONAR Stand-Up(tm) MRI allows for much more comfort and much less resistance to specialized testing."
Raymond V. Damadian, M.D., president and founder of FONAR, said, "This is a special sale for the Company. Dr. Hindo and I have been friends since 1983 when he purchased a 0.3 Tesla FONAR BETA(tm) 3000 MRI. Just as he was instrumental to introducing MRI technology to the medical community then, and now that FONAR has reinvented MRI, Dr. Hindo is ready and eager to introduce the FONAR Stand-Up(tm) MRI to the Chicago area. I am looking forward with great enthusiasm to working with him again."
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation
Daniel Culver, Director of Communications
David Terry, VP, Secretary
Phone: (631) 694-2929
Fax: (631) 390-9540
E-Mail: FONARinvestor@fonar.com
SOURCE: FONAR Corporation
FONAR Sells 43rd Stand-Up MRI; First Sale To Neurosurgeons; First Sale from Web Site Visit
MELVILLE, N.Y.--(BUSINESS WIRE)--June 11, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(tm), announced today the sale of its 43rd FONAR Stand-Up(tm) MRI scanner to a multi-specialty neuroscience group in the Mid-South. It is FONAR's first sale of a Stand-Up(tm) MRI to neurosurgeons. The Stand-Up(tm) MRI is an Upright(tm) imaging system by FONAR.
A spokesman for the group explained why they decided to purchase the Stand-Up(tm) MRI: "We are impressed with the advanced technology of the FONAR Stand-Up(tm) MRI. The Stand-Up(tm) MRI is an ideal tool for the spine neurosurgeon. Its ability to view anatomy with patients in weight-bearing positions allows us to detect certain pathologies that could be inaccurately accessed or altogether hidden when patients are lying down. The more accurate and complete the MRI exam, the better the surgical plan and, therefore, the better the surgical result."
Raymond Damadian, president and founder of FONAR, said, "I am pleased to hear these comments from one of our distinguished neurosurgeons. The FONAR Stand-Up(tm) MRI's unique ability to perform Position Imaging(tm) (pMRI(tm)) makes it an indispensable tool for back surgeons. It is the only MRI scanner that allows the surgeon to see the complete picture of what he will face at surgery, which he presently cannot, even at surgery. Without seeing the full extent of the problem, he is at a disadvantage. The Stand-Up(tm) MRI takes away the guesswork. That is what surgeons want."
Dr. Damadian continued. "This sale is a 'first' for FONAR in another way as well. It's the first Stand-Up(tm) MRI sale initiated by a physician visit to our Web site (www.FONAR.com). When it comes to the Stand-Up(tm) MRI, I firmly believe that 'seeing is believing'. When physicians see on the Web site that an MRI can now be done with their patients in weight-bearing postures, either sitting or standing; when they see case studies on the Web site showing pathologies that were detected on the Stand-Up(tm) MRI that went undetected on a recumbent MRI; and when they see on the Web site a patient watching TV while being scanned, they become very interested. The physician's first visit to the FONAR Web site was just a couple of weeks ago. Today he is a customer."
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation
Daniel Culver/David Terry, 631/694-2929
FONARinvestor@fonar.com
SOURCE: FONAR Corporation
FONAR Announces Sale of 41st and 42nd Stand-Up MRI at Annual Shareholder Meeting; First California Customer Buys its 4th and 5th FONAR Stand-Up MRI
NEW CASTLE, Del.--(BUSINESS WIRE)--June 9, 2003--(NASDAQ-FONR), The MRI Specialist(tm), held its annual Stockholders Meeting in New Castle, Delaware today. Raymond V. Damadian, M.D., president and chairman of FONAR, discussed the Company's premiere product, the Stand-Up(tm)MRI, and the future of the company. Included in his presentation was an announcement that Truview Radiology, the first radiology group in the state of California to purchase a Stand-Up(tm)MRI, has purchased its fourth and fifth units, bringing the total number of FONAR Stand-Up(tm)MRIs sold to 42.
Dr. Damadian reported to FONAR shareholders that the Stand-Up(tm)MRI is steadily gaining acceptance in the medical community; that for the general public, it is "love at first sight;" and that there is currently a ground swell of interest among orthopedic and spine surgeons, one of FONAR's targeted markets. At this point on time, the company has sold 42 Stand-Up(tm)MRIs; 19 installed; and the balance in various stages of production and installation.
In regard to the two California sales, Dr. Damadian said, "We are very pleased with Truview Radiology's purchase of two more units. Repeat sales of the Stand-Up(tm)MRI is indisputable evidence of the success that this unique product brings to a practice," said Dr. Damadian. Truview Radiology's first Stand-Up(tm)MRI in Bellflower, California is consistently among the busiest of all the Stand-Up(tm)MRI scanning centers. As planned, the group is creating a network of Upright(tm)MRI scanning facilities in the state of California.
"Success at Stand-Up(tm)MRI centers," continued Dr. Damadian, "is largely a matter of marketing. When the medical community learns that the Stand-Up(tm)MRI, because it is able to scan patients in any position, either standing, sitting or lying down, detects pathology missed on ordinary MRI scanners, they are eager to give it a try. And when the public sees that there is an MRI scanner that allows them to sit and watch a 42" TV monitor throughout their scans, instead of being slid into a noisy, claustrophobic tunnel, they want it and they love it. From there it is a matter of image quality, where the Stand-Up(tm)MRI shines, and, of course, customer service."
All of this year's proposals at the Company's annual meeting were approved by a plurality of non-affiliated stockholders, not including Dr. Damadian's votes.
MRI Specialist, Stand-Up, Upright, Position Imaging and PMRI are trademarks of FONAR Corporation.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation
Daniel Culver
David Terry, 631/694-2929
FONARinvestor@fonar.com
SOURCE: FONAR CORPORATION
19th FONAR Stand-Up MRI Scanner Installed in Miami; 5th in Florida
MELVILLE, N.Y.--(BUSINESS WIRE)--June 2, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(tm), announced today it has installed the 19th FONAR Stand-Up(tm) MRI in an independent imaging center in Miami, making it the fifth Stand-Up(tm) MRI to come on line in the state of Florida.
The new imaging center is located at 1661 S.W. 37th Ave., Suite 100, Miami, Florida (305/461-6005). Mr. Xavier Rodrigo, the site director at the new facility, said, "We were drawn to Miami because it's a highly populated area with a lot of very busy healthcare providers. Because of the FONAR Stand-Up(tm) MRI's unique ability to scan patients in any position, particularly in weight- or load-bearing positions, we can provide the most thorough diagnostic analysis to referring physicians. We find that the physicians in south Florida are very MRI savvy and very demanding. They have a keen eye for good image quality and are pleased to see that the quality of images produced by the Stand-Up(tm) MRI are indeed excellent."
Mr. Rodrigo continued, "When we visit the offices of potential referring physicians for the first time, all we have to do is show them a picture of the scanner and we have their attention. They see for themselves that patients can sit and watch a 42" flat screen TV while being scanned, which is a far cry from what most patients have been enduring for the past twenty years. The FONAR is the only high-field, truly Open MRI in Miami. It's no wonder that the FONAR Stand-Up(tm) MRI centers experience a near-zero rejection rate due to patient claustrophobia."
Raymond Damadian, president and founder of FONAR, said, "We are delighted to see another FONAR Stand-Up(tm) MRI installed. FONAR Stand-Up(tm) MRI owners are universally pleased with the scanner's performance and, as a result of its appeal to patients and physicians, owners typically experience an unusually high rate of growth in scan volume. This is our fifth installation in Florida, a state known for its high standards of healthcare. We expect it will continue to be a very active market for our product."
The FONAR Stand-Up(tm) MRI is the only MRI scanner in the world that performs Position Imaging(tm) (pMRI(tm)) or Upright Imaging(tm). Patients can be scanned in a multitude of positions, including standing, sitting, flexion, extension, rotation, and lateral bending, as well as the usual recumbent positions used in conventional "lie-down" MRI scanning. For the first time, patients can be scanned in weight-bearing positions and in their positions of symptoms or pain."
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com.
CONTACT:
FONAR Corporation
Daniel Culver
David B. Terry
631/694-2929
FONARinvestor@fonar.com
SOURCE: FONAR Corporation
FONAR Corporation President's Message To Stockholders
MELVILLE, N.Y.--(BUSINESS WIRE)--May 19, 2003--FONAR Corporation (NASDAQ:FONR)
From the Desk of Raymond V. Damadian, M.D., President and Chairman
Dear Stockholders:
I am pleased to report to you that the Stand-Up(TM) MRI is proving itself to be all that we hoped it would be, and that I am very optimistic about the future of our Company.
The Stand-Up(TM) MRI - A Remarkable Product
Because of its revolutionary magnet configuration, the Stand-Up(TM) MRI is the only MRI that can perform Position Imaging(TM) (pMRI(TM)), i.e. patients can be scanned sitting, standing, bending, in flexion and extension, or lying down. Its unique ability to scan patients in weight-bearing positions and to scan patients in their positions of pain or symptoms has enabled it to detect pathologies that went undetected on conventional lie-down (recumbent) MRI scanners. The proof is beginning to accumulate, making the Stand-Up(TM) MRI the most exciting and talked-about advancement in the field of MRI. Indeed, the best image is the one that sees the pathology.
Operating on a proven platform of 0.6 Tesla technology, the Stand-Up(TM) MRI makes images of extraordinary quality. A full range of advanced software features and state-of-the-art pulse sequences provides the user with all the tools necessary to achieve remarkable diagnostic precision.
Besides its unique diagnostic advantages and extraordinary image quality, the Stand-Up(TM) MRI is also the most patient-friendly MRI in the industry. Stand-Up(TM) MRI patients typically sit and watch TV throughout their scans. A pleasant experience in a Stand-Up(TM) MRI is a far cry from having to lie down and be pushed into a "tunnel." Very large or anxious patients who had repeatedly failed to tolerate other MRIs, including "open" MRIs, have traveled hundreds of miles, some from Europe to New York, to be scanned in a Stand-Up(TM) MRI. These patients are invariably relieved and extremely grateful to finally have their problems properly addressed and to get on with their treatment plans and their lives.
Early results are confirming our expectation that the Stand-Up(TM) MRI's ability to scan patients in weight-bearing positions, either sitting, standing, or bending would be extremely useful for accurately diagnosing back and neck problems. As you know, back problems are very common. The National Center for Health Statistics reports that "14% of new patient visits to physicians each year are due to low back pain, and almost 13 million physician visits per year are required to care for chronic low back pain." Back pain is second only to the common cold as a cause of lost time from work. So it is no surprise that roughly half of all MRI scans performed today are of the spine.
This is a huge market for the Stand-Up(TM) MRI practitioner, because the Stand-Up(TM) MRI is the only MRI that enables visualization of the spine under weight-bearing conditions. Back pain can be most acute or might only be present when the patient is in an upright, weight-bearing position. Only the Stand-Up(TM) MRI can see the complete picture of what is occurring in the spinal region when the patient is upright.
Should surgery be required, the Stand-Up(TM) MRI provides the surgeon with the most comprehensive evaluation of the patient's spine. Dr. Manuel S. Rose, a board-certified diagnostic radiologist who owns two Stand-Up(TM) MRIs in Florida, says, "If the problem is a herniated disk, it is quite possible that the herniation, when visualized with the patient in a supine position, could appear far less severe that it actually is, or it could disappear altogether. We've seen this happen on several occasions. Through no fault of their own, surgeons are at a serious disadvantage, consequently resulting in failed surgeries. With the Stand-Up(TM) MRI, the surgeon can, for the first time, visualize pathology in both the supine and upright positions, allowing him to accurately evaluate the full extent of the problem."
According to the June 1, 2002 issue of American Family Physician, a peer review journal for family practice physicians, MRI is already "the procedure of choice for diagnostic imaging of neurologic structures related to lower back pain." So when it comes to tools for diagnosing back problems, the Stand-Up(TM) MRI is the preferred of the preferred.
While diagnosing spine and joint problems is at present the most obvious and most common usage of the Stand-Up(TM) MRI, I expect that its ability to see inside the human body with the patient in an upright position will, in the near future, make it a valuable, perhaps indispensable, diagnostic and therapeutic tool in many areas of medicine.
Repeat Sales
Sales and Marketing have become top priorities at FONAR. At this writing, we have sold 38 Stand-Up(TM) MRIs and installed 18. I might add that our manufacturing and installation departments are doing an excellent job in accommodating our customers' installation schedules. Most sales have been to independent, free-standing, diagnostic imaging businesses. Three sales have been to hospitals, including Scotland's prestigious University of Aberdeen.
Six customers have already purchased more than one system; one customer has purchased eight and has six installed. Stand-Up(TM) MRIs in operation. Other multiple-purchase customers are expected. Repeat sales indicate the remarkable appeal of the Stand-Up(TM) MRI to patients and physicians, and they demonstrate the Stand-Up(TM) MRI's ability to create thriving enterprises.
Since the time we first introduced the Stand-Up(TM) MRI, we have never had as many serious sales prospects as we have right now.
Marketing
In the past, our major marketing event has been our exhibition at the annual meetings of the Radiological Society of North America (RSNA) in Chicago. The show typically draws 60,000, making it the largest medical meeting in the world. At the last RSNA show in November/December 2002, FONAR exhibited the Stand-Up(TM) MRI with its beautifully restyled magnet configuration.
The Stand-Up(TM) MRI, because of its unique ability to do weight-bearing and Position Imaging(TM), has special appeal to orthopedic surgeons. In order to reach that very important market for the Stand-Up(TM) MRI, FONAR, for the first time, exhibited at the meeting of the American Academy of Orthopaedic Surgeons (AAOS) in New Orleans in February of this year. The show was attended by approximately 12,000 domestic and international orthopedic surgeons and other healthcare professionals. FONAR's exhibit was one of the largest on the floor. The physicians were extremely receptive and sales leads are being vigorously pursued.
In August 2003, FONAR will be exhibiting for the first time at World Spine II, the 2nd Interdisciplinary Congress on Spine Care. The show, held in Chicago this year, is expected to attract over 1000 physicians from all over the world, most of them orthopedic surgeons (40%) and neurosurgeons (50%).
In October 2003 we will be exhibiting, again for the first time, at the annual meeting of the North American Spine Society (NASS) in San Diego. This meeting will be attended by approximately 2500 physicians, most of them orthopedic surgeons and neurosurgeons from North America. As this will be an outstanding marketing opportunity for the Company, we are planning a high-impact presentation, similar to the highly successful one we made at the AAOS meeting earlier this year.
FONAR has continued its national media blitz that began in early 2002. The blitz, which includes primarily radio, TV and billboard advertising, targets several fronts. We have two goals for each targeted area: to generate sales leads for the Stand-Up(TM) MRI, and to generate business for any Stand-Up(TM) MRI centers in the targeted areas. In steering patients to Stand-Up(TM) MRI centers through advertising, we are demonstrating to potential buyers the enormous appeal that the Stand-Up(TM) MRI has for physicians and the general public alike. I am pleased to report that the response has been very encouraging and that we are achieving our goals.
HMCA
Health Management Corporation of America (HMCA), our wholly-owned physician and diagnostic services management subsidiary, has been undergoing some very positive changes. Several diagnostic imaging centers with old FONAR equipment have either been closed or upgraded with Stand-Up(TM) MRIs. This time last year, HMCA managed only one Stand-Up(TM) MRI facility; now it manages three, with plans to upgrade as many others as it can, as quickly as it can. In addition to upgrading existing MRI centers, HMCA is, as financing becomes available, interested in establishing and managing new Stand-Up(TM) MRI centers in promising regions of the country.
Management fees from Stand-Up(TM) MRI facilities are excellent sources of revenue for the Company. Our first HMCA-managed Stand-Up(TM) MRI facility in Islandia, New York consistently completes over 400 scans a month. As reported previously, in the first six months of fiscal 2003 (July 1, 2002 through December 31, 2002) HMCA enjoyed operating income of $537,000 from its management of the Islandia facility, clearly demonstrating the value to FONAR of selling Stand-Up(TM) MRIs to HMCA-managed facilities. It is our expectation that our newly-upgraded facilities in Bensonhurst, New York and Staten Island, New York, installed in January and April of 2003 respectively, will repeat the success we have enjoyed in Islandia. A fourth Stand-Up(TM) MRI upgrade will soon commence in Florida. At present, HMCA manages 12 diagnostic imaging centers, primarily in New York and Florida.
HMCA closed its only poorly-performing multi-specialty practice late last year, leaving the subsidiary with management revenues from the remaining six, all of them in New York, all of them doing well. In April 2003, HMCA sold for $3.0 million (together with forgiveness of indebtedness of approximately $1.1 million) what had become a poorly-performing group of four primary care offices in Queens, New York. These offices produced losses in fiscal 2002 and in the first six months of fiscal 2003.
While closing down or selling poor performers will result in a loss of management revenues, the savings in expenses (and time) will more than compensate, thereby contributing to the profitability and viability of the company. HMCA is doing exactly what it needs to do - growing with the Stand-Up(TM) MRI and trimming where necessary.
Revenues Growing, Losses Shrinking
I am pleased to report that FONAR revenue, as indicated in the accompanying graph, is continuing its positive trend. In fact, revenues increased 51% during the first six months of fiscal 2003. (FONAR's fiscal 2003 year runs from July 1, 2002 through June 30, 2003). The first six-month revenues were $30.0 million compared to $19.9 million for the corresponding period a year earlier. The net loss over the same period was $5.6 million, a 34% improvement over that of the previous year.
*T Total Revenues Chart for the past 10 quarters
Quarter Revenues
----------------------- ----------- 1st Quarter Fiscal 2001 $9,091,000 2nd Quarter Fiscal 2001 $9,946,000 3rd Quarter Fiscal 2001 $11,978,000 4th Quarter Fiscal 2001 $11,258,000 1st Quarter Fiscal 2002 $10,153,000 2nd Quarter Fiscal 2002 $9,766,000 3rd Quarter Fiscal 2002 $10,953,000 4th Quarter Fiscal 2002 $13,807,000 1st Quarter Fiscal 2003 $13,658,000 2nd Quarter Fiscal 2003 $16,348,000
Shareholder Value
I believe that there are two keys to shareholder value. The first
is to be successful in operating the business. We are doing that. But
the second, which is also important, is to be in close and regular
communication with the financial community. We need to do both. To
that end we will be devising a plan that will take our story to where
it needs to go - to the doorsteps of the financial institutions and
funds.
Thank You
We have a wonderful product, a one of a kind product -- the
Stand-Up(TM) MRI. We are seeing the Stand-Up(TM) MRI do what no
conventional MRI can or ever will be able to do. Physicians are
enthusiastically embracing it for its unique diagnostic advantages,
and patients love it because it has transformed a negative, sometimes
horrifying, scanning experience into a very pleasant one. It is
opening new markets for FONAR and it is growing our subsidiary, HMCA.
Revenues are up, and we are anticipating a record year in sales.
I remain grateful to FONAR employees and stockholders, especially
the ones who have stood by us for so many years. I look forward with
great optimism to a prosperous future for our Company. Thank you for
your support.
Sincerely,
Raymond V. Damadian
President and Chairman
Be sure to visit FONAR's Web site for Company product and investor
information: www.fonar.com
The President's Message to Stockholders is being released at the
same time as the annual report is being sent to shareholders. It has
also been previously filed with the SEC with the Company's proxy
material on April 28th, 2003 and May 14th, 2003.
CONTACT:
FONAR Corporation
Daniel Culver or David B. Terry, 631/694-2929
FONARinvestor@fonar.com
SOURCE: FONAR Corporation
FONAR Reports Third Fiscal Quarter
FONAR Stand-Up MRI Sales Continue Positive Impact On Bottom Line
MELVILLE, N.Y.--(BUSINESS WIRE)--May 15, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), reported today that during the first nine months of fiscal 2003 ending March 31, 2003, revenues climbed to $39.0 million as compared to $29.4 million for the same period one year earlier, a 33 % increase. FONAR recognizes MRI scanner sales revenues on the "percentage of completion" basis, which means the revenues are shown as earned as the scanner is manufactured. The net loss was $12.0 million, or $0.16 basic and diluted net loss per share for the first nine months of fiscal 2003, as compared to a net loss of $13.6 million, or $0.22 basic and diluted net loss per share for the first nine months of fiscal 2002, an approximate 12% narrowing of losses.
During the first nine months of fiscal 2003 the Company received orders for 12 FONAR Stand-Up(TM) MRI scanners, as compared to orders for eight during the same period last year.
Economies of scale continued to be advantageous as the Company recognized $6.3 million in gross profit from MRI product sales for the first nine months of fiscal 2003. The Company improved its gross profit margin on MRI product sales to 35% from 28% for the same period a year earlier.
At March 31, 2003 cash, cash equivalents and marketable securities were $9.8 million. This compares to $10.6 million at December 31, 2002 and $13.1 million at June 30, 2002. A principal use of cash during the nine month period was the repayment of long-term debt and capital lease obligations in the amount of $2.3 million.
MRI equipment sales increased dramatically by 161%, from $6.9 million for the first nine months of fiscal 2002 to $18.0 million for the first nine months of fiscal 2003, reflecting increased sales of the FONAR Stand-Up(TM) MRI. Service and repair revenues increased by 13%, from $1.6 million to $1.8 million for the same periods. Overall revenues recognized by the Company's MRI equipment manufacturing and service business increased by 109% from $10.4 million in the first nine months of fiscal 2002 to $21.7 million in the first nine months of fiscal 2003.
The Company's subsidiary, Health Management Corporation of America (HMCA), which provides physician and diagnostic management services, experienced an operating loss of $2.4 million for the first nine months of fiscal 2003 compared to operating income of $782,000 for the first nine months of fiscal 2002. The decline in HMCA income was principally attributable to the closing of facilities and reduced revenues from two sites while they were in the process of installing FONAR Stand-Up(TM) MRI scanners.
Shortly following the end of the third fiscal quarter of 2003, HMCA sold A&A Services, Inc., a physician practice management company. The Company expects to recognize a gain of approximately $500,000 on the sale in the fourth quarter of fiscal 2003.
Included in HMCA's operating loss for the first nine months of fiscal 2003 is approximately $729,000 in operating income from the management of its first FONAR Stand-Up(TM) MRI scanning center in Islandia, New York. During the third and fourth quarters HMCA completed the installation of two additional FONAR Stand-Up(TM) MRI scanners in Bensonhurst, Brooklyn and Staten Island, New York.
CONDENSED STATEMENT OF OPERATIONS
Three months ended Nine months ended
March 31, March 31,
2002 2001 2002 2001
REVENUES $ 9,775,000 $10,451,000 $ 39,006,000 $ 29,366,000
NET LOSS $(6,326,000) $(5,050,000) $(11,952,000)$(13,607,000)
BASIC AND DILUTED
NET LOSS
PER SHARE $ (0.08) $ (0.08) $(0.16) $(0.22)
Be sure to visit FONAR's website for company product and investor information: http://www.fonar.com
Contact:
FONAR CORPORATION
Daniel Culver, Director of Communications
David Terry, VP, Secretary
Source: FONAR CORPORATION
40th FONAR Stand-up MRI Sold; Diagnostic Imaging Associates Buys First FONAR Stand-up MRI in Delaware
MELVILLE, N.Y.--(BUSINESS WIRE)--May 8, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), announced today the sale of its 40th FONAR Stand-Up(TM) MRI scanner to Diagnostic Imaging Associates (DIA). The scanner will be installed in DIA's new multi-modality radiology center on Rt. 202 in Wilmington, Delaware. The new office, which is expected to open in December, will join DIA's existing network of six (6) multi-modality radiology practices located throughout Delaware. This is FONAR's first sale of a Stand-Up(TM) MRI in Delaware.
In operation for 18 years, DIA has been a highly-respected provider of high-quality, patient-focused, outpatient medical imaging services. Their board-certified radiologists are subspecialists in fields that include neuroradiology, body CT, musculoskeletal radiology, pediatric radiology, nuclear medicine, ultrasonography, and mammography. Their offices are convenient for patients from Maryland, southern New Jersey, and southeastern Pennsylvania as well as Delaware.
Dr. Ka-Khy Tze, Neuroradiologist and Co-Director of DIA, said, "We are very excited about the weight-bearing study capabilities that the FONAR Stand-Up(TM) MRI technology introduces. This is the ONLY truly open MRI. The purchase of the FONAR Stand-Up(TM) MRI fits in well with our desire to take advantage of the latest state-of-the-art technology in providing our patients and referring physicians with the best medical imaging services in Delaware."
Dr. Joseph R. Peacock, Radiologist and Co-Director of DIA, indicated, "In expanding our practice with another office location, we were looking to complement our existing three high-field MRI units with a system that can perform Position Imaging(TM) (pMRI(TM)) and also accommodate claustrophobic patients with an open scanner. The FONAR Stand-Up(TM) MRI's unique front-open design makes it extraordinarily patient-friendly. Patients will be able to sit and watch TV throughout their scans."
Raymond Damadian, president and founder of FONAR, said, "DIA is a very important customer for FONAR. As experienced, successful and reputable radiologists, they are familiar with the full range of diagnostic equipment available today, and are thoroughly acquainted with the advantages and disadvantages of each. The fact that DIA has chosen to add a Stand-Up(TM) MRI to its practices is an important and most welcome endorsement of our product. We are very excited to be working with them."
Be sure to visit FONAR's Web site for Company product and investor information: http://www.FONAR.com
CONTACT:
Fonar Corporation
David B. Terry / Daniel Culver, 631/694-2929
FONARinvestor@fonar.com
SOURCE: Fonar Corporation
FONAR Subsidiary Sells Physician Practice Management Services Organization for $3 Million
MELVILLE, N.Y.--(BUSINESS WIRE)--April 24, 2003--FONAR Corporation (Nasdaq:FONR), The MRI Specialist(TM), announced that on April 8, 2003, its wholly-owned subsidiary, Health Management Corporation of America (HMCA) sold all of the issued and outstanding stock of A&A Services, Inc., (A&A), a physician practice management (PPM) services organization engaged in the business of managing four primary care practices located in Queens, New York. The sale was made to the former owners (Buyers) for a purchase price of $3,000,000, payable as follows: $500,000 at closing, $2,350,000 due 75 days after closing and $150,000 six months following closing. In addition there was a release of indebtedness for approximately $1.1 million.
HMCA took over cash of approximately $20,000 and receivables (net of doubtful accounts) of approximately $280,000 as of the closing and accounts payable of approximately $134,000. Effective March 20, 1998, HMCA had purchased A&A from the Buyers for $10 million payable in a combination of cash, promissory notes and HMCA stock.
There is no family, business or other material relationship between either of the Buyers and any of FONAR, HMCA, or any of their respective affiliates, directors, officers or any associate of any such director or officer.
During the first six months of fiscal 2003, A&A suffered a net loss of $224,703 and an operating loss of $77,978, and for fiscal 2002, suffered a net loss of $5,363,044 and an operating loss of $120,889. For the year ended June 30, 2002, A&A's net loss included a $4.7 million loss in impairment of A&A management contracts with the the A&A managed primary care practices which resulted from declining revenues from those practices. As at April 7, 2003, the net carrying value of A&A's management contracts was approximately $3.3 million.
An HMCA spokesman said, "In reselling A&A to the Buyers, HMCA has sold a nonprofitable business and elected not to be involved in the management of primary care practices, but to focus on the management of physical therapy and rehabilitation facilities and MRI centers."
Be sure to visit FONAR's Web site for Company product and investor information - http://www.fonar.com.
CONTACT:
FONAR Corporation, Melville
Daniel Culver or David Terry, 631/694-2929
Fax: 631/390-9540
E-mail: FONARinvestor@fonar.com
SOURCE: FONAR Corp.
FONAR Completes Installation of Subsidiary's 3rd Stand-Up MRI
MELVILLE, N.Y.--(BUSINESS WIRE)--April 15, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), announced today it has completed its 18th Stand-Up(TM) MRI scanner installation, the third Stand-Up(TM) MRI installation in an HMCA-managed scanning center. HMCA (Health Management Corporation of America) is FONAR's wholly-owned physician and diagnostic services management subsidiary. The new scanner was installed at the Stand-Up MRI of Staten Island, P.C. facility located at 2090 Hylan Blvd. in Staten Island, New York ((718) 351-0616). This latest installation in Staten Island is the 6th Stand-Up(TM) MRI installation in the third fiscal quarter, the 13th in fiscal 2003; the 18th overall.
Raymond Damadian, president and chairman of FONAR Corporation said, "We are delighted to have our 3rd HMCA-managed Stand-Up(TM) MRI on line. Our plan is to complete Stand-Up(TM) MRI upgrades at as many HMCA-managed sites as we can - the sooner the better." The other two HMCA-managed Stand-up MRI facilities, also in the metropolitan New York area, are located in Bensonhurst, Brooklyn and in Islandia, Long Island.
Dr. Damadian continued, "The Stand-Up(TM) MRI is very popular with physicians and patients." In FONAR's February 13, 2003 earnings announcement, the Company stated: "Included in HMCA"s $719,000 operating loss was approximately $537,000 in operating income from the management of its first Stand-Up(TM) MRI scanning center in Islandia, New York in the first six months of fiscal 2003." The Stand-Up(TM) MRIs at the three HMCA-managed centers were purchased, with outside bank financing.
Ms. Gina Superty, the office manager at Stand-Up MRI of Staten Island, said: "As someone who is claustrophobic, I see the Stand-Up(TM) MRI as a tremendous breakthrough. In fact, I think everyone will appreciate the unusual openness and comfort of this scanner. Besides that, the Stand-Up(TM) MRI provides multi-position imaging where patients can be scanned in the positions that cause them problems. It makes possible a much more realistic diagnosis. Now the patient can be scanned upright, standing or sitting. These are the positions of normal everyday living, the positions in which we have most of our problems. Scanning everybody lying down just doesn't make sense. In addition, there are a significant number of patients who can't be scanned at all because they can't be scanned lying down. They can't be scanned lying down because of pain or because of respiratory problems. In FONAR's Stand-Up(TM) MRI the patient can be scanned in any position, whichever is most comfortable for him."
Stand-Up(TM) MRI centers enjoy a high volume of patients, scanning between 15 and 20 patients per day soon after they are open for business. More important, the FONAR Stand-Up(TM) MRI is helping patients in ways that no other diagnostic imaging modality can. Early results have shown that the Stand-Up(TM) MRI detects pathology with the patients in an upright positions that are undetected on conventional recumbent-only scanners.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation
Daniel Culver or David Terry, 631/694-2929
Fax: 631/390-9540
E-mail: FONARinvestor@fonar.com
SOURCE: FONAR Corporation
FONAR Completes Installation of Customer's 4th Stand-Up MRI; Company's 17th Installation
MELVILLE, N.Y.--(BUSINESS WIRE)--April 4, 2003--FONAR Corporation (Nasdaq:FONR), The MRI Specialist(TM), announced today that it has completed the fourth FONAR Stand-Up(TM) MRI installation for Washington Open MRI. This latest installation is in Owings Mills, Maryland, near Baltimore. All four facilities are located in Maryland; the first three are in Greenbelt, Shady Grove and Oxon Hills. The new Owings Mills installation brings the total number of installed Stand-Up(TM) MRIs to seventeen (17).
Raymond Damadian, president and chairman of FONAR Corporation said, "The best evidence of customer satisfaction is repeat customers. When a customer buys a second, third or fourth Stand-Up(TM) MRI, as is the case with Washington Open MRI, it is a great tribute to the men and women at FONAR who developed and manufactured it. The fact that a Stand-Up(TM) MRI customer has purchased and installed four of them within only a few years of the opening of the first, speaks volumes about this extraordinary product. The Stand-Up(TM) MRI is certainly proving itself. It's a remarkable diagnostic tool; it's patient-friendly; and it's reliable. A fourth installation for the same customer also indicates that the Company has proven itself. We've been in this business since 1978. As professionals we understand the importance of providing our customers with the utmost attention and service. Washington Open MRI's commitment to the product and to us is very gratifying."
Approximately 60% of Stand-Up(TM) MRI sales have been to multiple-purchase customers. For earlier model FONAR MRI products, the figure was approximately 6%.
In the MRI industry's first decade, FONAR sold approximately 150 MRI scanners. This included the FONAR QED 80 Alpha, the world's first commercial MRI scanner, and FONAR's BETA Series of MRI scanners. The first QED 80 Alpha was installed in 1980. FONAR's BETA MRI scanner, the world's first "Open" MRI scanner, was installed in 1982.
Dr. Damadian added, "Each new FONAR Stand-Up(TM) MRI installation is another opportunity for many more patients and physicians to learn about and benefit from the revolutionary, first-of-its-kind, Upright MRI(TM) scanner."
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com.
CONTACT:
FONAR Corporation, Melville
Daniel Culver or David Terry, 631/694-2929
Fax: 631/390-9540
E-mail: FONARinvestor@fonar.com
SOURCE: FONAR Corp.
FONAR'S 16th Stand-Up MRI Opens For Business
MELVILLE, N.Y.--(BUSINESS WIRE)--March 24, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), announced today the 16th Stand-Up(TM) MRI scanning center has opened for business in Nassau County on Long Island, New York. The new center, Stand-Up MRI of Carle Place, P.C., is located at 31 Old Country Rd., Carle Place, New York, ((516) 746-2248).
Mr. Richard DeMaio, director of the new facility, said, "The quality of healthcare in Nassau County, which has a population of 1.3 million, is very high. So naturally, they want the benefit of the latest and best medical advancements. We are very pleased to be the first to bring this exciting new technology to their area."
Mr. DeMaio continued, "We opened Stand-Up MRI of Deer Park, P.C. in neighboring Suffolk County late last year. Although the Carle Place and Deer Park centers are surrounded by competitors, Stand-Up MRI of Deer Park has already become successful and there is every indication that the Stand-Up MRI of Carle Place will also be doing a brisk business soon."
Raymond V. Damadian, president and founder of FONAR, had this to say: "There is tremendous interest in the medical community about the FONAR Stand-Up(TM) MRI, for several reasons. First, the quality of its images is extraordinary. Second, the patients are very pleased that their doctors sent them to be scanned in the Stand-Up(TM) MRI: claustrophobic reactions and panic attacks are nearly nonexistent; large patients can be accommodated and fit relatively comfortably; and most patients can sit and watch TV during their scans. And third, for the first time patients can be scanned in their positions of pain. If a patient experiences pain when standing and leaning to the right, then he should be scanned standing and leaning to the right, not lying down, which is the only position other scanners can accommodate."
Dr. Damadian continued, "We at FONAR feel a large sense of pride each time a new Stand-Up(TM) MRI comes on line. We are joined by an ever-growing number of medical professionals who believe that the Stand-Up(TM) MRI is the next major step in imaging the human body. It's safer because there are no harmful X-rays, it's comfortable and non-claustrophobic, and it detects pathologies that no other MRI nor any other type of diagnostic imaging device can detect."
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation
Daniel Culver / David Terry
631/694-2929
SOURCE: FONAR Corporation
FONAR Installs 15th Stand-Up MRI; Second By Rose Radiology Centers
MELVILLE, N.Y.--(BUSINESS WIRE)--March 18, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), announced today that it has completed the 15th installation of its revolutionary Stand-Up(TM) MRI. The scanner was installed in Rose Radiology's diagnostic imaging center in Brandon, Florida.
This is the second Stand-Up(TM) MRI installation for Rose Radiology Centers, Inc. The first unit is in operation in nearby Palm Harbor, Florida. Manuel S. Rose, M.D., a highly regarded, board-certified diagnostic radiologist in the Tampa area is the owner of Rose Radiology Centers. Raymond Damadian, president and founder of FONAR said, "We are delighted that another of our Stand-Up(TM) MRIs is installed, especially one in the caring and able hands of Dr. Rose."
"I am very pleased to provide the Hillsborough County community with access to this unique technology. We continue to have had some very significant diagnostic results using the Stand-Up(TM) MRI," said Dr. Rose. "For example, we recently saw a patient who had previously been scanned in the recumbent position in a newly installed 1.5 Tesla MRI. The images indicated a mild-to-moderate disc bulge in the lumbar region. But the patient's complaints suggested something more serious."
"The referring physician requested a scan of the patient, in the seated position, on FONAR's Stand-Up(TM) MRI," continued Dr. Rose. "What looked like a mild-to-moderate disc bulge with the patient lying down was clearly a significant disc herniation with the patient in an upright position. By providing an additional view of the patient with the lumbar spine extended (back arched), the herniation was found to be even more severe."
Dr. Rose concluded, "This is another example of how powerful the Stand-Up(TM) MRI is in making the most complete and accurate diagnosis of pathology of the spine."
A FONAR spokesman stated that approximately half of all MRI scans performed in the United States are of the spine. Therefore, of the approximately 20 million MRI scans performed in the year 2002, about 10 million were of the spine.
FONAR's best selling scanner, the Stand-Up(TM) MRI is a whole body scanner, i.e. it scans all regions of the body the brain, knees, shoulder, hips, neck, spine, etc. The Stand-Up(TM) MRI is, however, the only MRI scanner in the world that performs Position Imaging(TM) (pMRI(TM)) or Upright Imaging(TM). Patients can be scanned in a multitude of positions, including standing, sitting, flexion, extension, rotation, and lateral bending, as well as the usual recumbent positions used in conventional "lie-down" MRI scanning. For the first time, patients can be scanned in weight-bearing positions and in their positions of symptoms or pain.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation, Melville
Daniel Culver or David Terry, 631/694-2929
Fax: 631/390-9540
www.fonar.com
FONARinvestor@fonar.com
SOURCE: FONAR Corporation
FONAR Sells 38th Stand-Up MRI; Fourth Stand-Up MRI Sale in February; Customer Planning on Installing Three Scanners in Phoenix
MELVILLE, N.Y.--(BUSINESS WIRE)--March 6, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), announced today the sale its 38th Stand-Up(TM) MRI scanner to Stand-Up MRI of Arizona. The customer is planning to purchase and install three Stand-Up(TM) MRIs in Phoenix, Arizona. This purchase, the first of the three, represents FONAR's fourth sale for the month of February.
"We are very excited about this amazing new technology," said Mr. Martin Porter, business manager of Stand-Up MRI of Arizona. "The Stand-Up(TM) MRI is the only MRI that can scan patients in upright, weight-bearing positions and in their positions of pain or symptoms. We've seen case after case where the Stand-Up(TM) MRI has detected pathology that was missed on an ordinary lie-down MRI scanner."
"In addition to its diagnostic superiority," continued Mr. Porter, "the Stand-Up(TM) MRI features an unusually comfortable patient environment. While many patients scanned on other MRI scanners consider themselves fortunate to have tolerated their MRI scans, many of these same patients when scanned in the Stand-Up(TM) MRI describe the experience as pleasant. There's no discomfort, claustrophobia, or anxiety. They typically sit and watch TV throughout their scans."
Raymond Damadian, president and chairman of FONAR said, "Although we've sold hundreds of MRI scanners all over the world, this is our first sale in Arizona. We are delighted to be working with Stand-Up MRI of Arizona and look forward to a long-term relationship."
Porter concluded, "The Stand-Up(TM) MRI is single-handedly ushering in a new era of diagnostic imaging and patient comfort, and it's our privilege and pleasure to be introducing it to the Phoenix area."
The unique magnet design of the Stand-Up(TM) MRI makes it the world's only whole-body MRI scanner with the ability to perform Position Imaging(TM) (pMRI(TM)). Patients can be scanned standing, sitting, bending or lying down. The top- and front-open design of the magnet, leaving nothing in front of their faces or overhead, makes the scanner extraordinarily patient friendly.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation
Daniel Culver, Director of Communications
David Terry, VP, Secretary
631/694-2929
SOURCE: FONAR Corporation
FONAR Sells 37th Stand-Up MRI; Customer Views Stand-Up MRI as the 'Future of MRI'
MELVILLE, N.Y.--(BUSINESS WIRE)--March 3, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), announced today that it sold a Stand-Up(TM) MRI to McAllen MRI, LLC, in McAllen, Texas. The scanner, which will replace an existing competitor's unit, is the third Stand-Up(TM) MRI sold in Texas, the company's 37th overall.
Mr. Shawn DeLaGarza, CEO of McAllen MRI, LLC, gave his reasons for choosing the FONAR Stand-Up(TM) MRI: "It's my opinion that the Stand-Up(TM) MRI is the future of MRI. From the patient's perspective, it's certainly the most patient friendly. Most patients can sit for their scans and watch a big-screen TV. From the physician's perspective, there's no doubt that the Stand-Up(TM) MRI provides crucial diagnostic information that is just not obtainable from any other MRI scanner. This is because of the Stand-Up(TM) MRI's ability to scan patients in their positions of pain and in weight-bearing postures."
"Approximately half of our scans are of the spine, a quarter of the brain, and a quarter of the extremities. Obviously then, the weight-bearing and positional capabilities of the Stand-Up(TM) MRI make it ideal for our clientele," continued Mr. DeLaGarza. "But whatever the region of interest or the most useful orientation of the patient, the Stand-Up(TM) MRI can do it. It's very versatile." McAllen MRI primarily serves the state's southern tip. In close proximity to the border, 20% of its business comes from patients travelling from Mexico.
The Stand-Up(TM) MRI is the world's only whole-body MRI scanner with the ability to perform Position Imaging(TM) (pMRI(TM)), i.e. patients can be scanned standing, sitting, bending or lying down. Because of its unique ability to scan patients in weight-bearing postures, the Stand-Up(TM) MRI identifies pathologies that may go undetected on conventional, lie-down MRI scanners.
The Stand-Up(TM) MRI is also extraordinarily patient friendly. With nothing in front of the patients' faces or over their heads, claustrophobic reactions are virtually nonexistent. Patients typically sit comfortably and watch a big-screen television throughout their scans.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.FONAR.com
CONTACT:
FONAR CORPORATION
Daniel Culver, Director of Communications
David Terry, VP, Secretary
631/694-2929
FAX: 631/390-9540
FONARinvestor@FONAR.com
SOURCE: FONAR Corporation
FONAR Sells 36th Stand-Up MRI; Customer Planning to Buy Five Units
MELVILLE, N.Y.--(BUSINESS WIRE)--Feb. 28, 2003--FONAR Corporation (NASDAQ:FONR), The MRI Specialist(TM), announced today a prominent radiology group that currently owns and operates several diagnostic imaging centers on the West Coast has purchased its first Stand-Up(TM) MRI. The group is proceeding with plans to site and install four more. This sale marks the sixth Stand-Up(TM) MRI sold on the West Coast, the Company's 36th in total.
"We regard this sale as special," said Raymond Damadian, president and chairman of FONAR, "because the key decision-maker is an old friend who has a long-standing relationship with FONAR, has been a pioneer in MRI using FONAR scanners, and is very highly regarded in the field of MRI. Since his group, in addition to running imaging centers, is involved in providing services or entering into partnerships with other radiologists, this relationship has the potential to generate substantial West Coast business for FONAR."
The Stand-Up(TM) MRI is the world's only whole-body MRI scanner with the ability to perform Position Imaging(TM) (pMRI(TM)), i.e. patients can be scanned standing, sitting, bending or lying down. Because of its unique ability to scan patients in weight-bearing postures, the Stand-Up(TM) MRI identifies pathologies that may go undetected on conventional, lie-down MRI scanners.
The Stand-Up(TM) MRI is also extraordinarily patient friendly. With nothing in front of the patients' faces or over their heads, claustrophobic reactions are virtually nonexistent. Patients typically sit comfortably and watch a big-screen television throughout their scans.
Be sure to visit FONAR's Web site for Company product and investor information: http://www.FONAR.com
CONTACT:
FONAR Corporation, Melville
Daniel Culver or David Terry
631/694-2929
FONARinvestor@FONAR.com
SOURCE: FONAR Corporation
FONAR Sells 35th Stand-Up MRI; MRI Of America, LLC Buys First of Multiple Stand-Up MRI Systems; Plans A Total of Twenty Stand-Up MRI Purchases
Feb. 20, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), announced today the sale of its 35th Stand-Up(TM) MRI scanner to MRI of America, LLC based in Denver, Colorado. MRI of America, LLC has contracted to purchase a total of five Stand-Up(TM) MRIs before July 1, 2004 in order to achieve the maximum discounts under FONAR's volume purchase schedule. MRI of America (II), L.P. has already been organized. MRI of America (III), LLC and MRI of America (IV), LLC are in formation. Each entity plans to buy 5 scanners.
This is FONAR's second sale in Colorado. This Stand-Up(TM) MRI will open for business in Colorado's newest city - Centennial, Colorado: a new city, a new business, a new technology and a new corporate friend for FONAR.
Mr. Robert Conger, manager of MRI of America, said, "Our organization is very excited about this new technology and its ability to bring 'upright scanning' to the public together with its potential benefits to diagnose many different types of medical conditions that may be altered by position and therefore go undetected in lie-down scanners. Altogether we plan on installing twenty FONAR Stand-Up(TM) MRI scanners in several states over the next few years. FONAR Corporation and its management and support teams have made our first purchase, a very smooth one. They are a very professional and experienced company."
Raymond Damadian, president and founder of FONAR said, "Working with Mr. Conger has been very exciting for FONAR. Bob's vision and business plan are very well thought out. His company will be joining our ever expanding group of multiple Stand-Up(TM) MRI customers. This is very rewarding for FONAR."
Dr. Damadian continued, "As we sell more and more Stand-Up(TM) MRIs in more and more locations, we start to think about how many winners are involved in just one sale. The city that receives this technology - wins. The people hired to work there - win. The people that are scanned - win. The doctors that refer their patients - win. The new owners of the machine - win. FONAR wins and FONAR's stockholders - win."
Be sure to visit FONAR's Web site for Company product and investor information: http://www.fonar.com
CONTACT:
FONAR Corporation, Melville
Daniel Culver
Director of Communications
or
David Terry
VP, Secretary
PHONE: 631/694-2929
FAX: 631/390-9540
E-MAIL: FONARinvestor@fonar.com
SOURCE: FONAR Corporation
Revenues Rise 51% as FONAR Reports Second Fiscal Quarter; First HMCA-Managed Stand-Up MRI Is Positive Impact To Bottom Line
MELVILLE, N.Y.--(BUSINESS WIRE)--Feb. 13, 2003--FONAR Corporation (NASDAQ-FONR), The MRI Specialist(TM), reported today that revenues increased 51% during the first six months of fiscal 2003 ending December 31, 2002, as compared to the same period one year earlier. Six month revenues were $30.0 million for the first six months of fiscal 2003 as compared to $19.9 million for the first six months of fiscal 2002. The net loss was $5.6 million, or $0.08 basic and diluted net loss per share for the first six months of fiscal 2003, a 34% improvement over the same period in the previous fiscal year, which showed a net loss of $8.6 million, or $0.14 basic and diluted net loss per share.
During the first six months of fiscal 2003, the Company improved its gross profit margin on product sales (cost of goods sold/gross profit) to 35% from 24% for the same period a year earlier. The Company's gross profit margin on product sales increased as a result of greater efficiencies realized as a result of increased sales volume and production levels.
Cash, cash equivalents and marketable securities were $10.6 million as of December 31, 2002 as compared to $13.1 million at June 30, 2002.
Dr. Damadian, president and chairman of FONAR, said, "We are very pleased with the 51% overall increase in revenues for FONAR which is due to a large increase of Stand-Up(TM) MRI installations. Given the market acceptance of this new FONAR product, we believe that revenues will continue this pace of growth."
Total Revenues Chart for the past 10 quarters
Quarter Revenues
-------- -----------
Q1 F2001 $9,091,000
Q2 F2001 $9,946,000
Q3 F2001 $11,978,000
Q4 F2001 $11,258,000
Q1 F2002 $10,153,000
Q2 F2002 $9,766,000
Q3 F2002 $10,953,000
Q4 F2002 $13,807,000
Q1 F2003 $13,658,000
Q2 F2003 $16,348,000
the closure of centers no longer profitable because of the age of their scanners. The Company plans to upgrade HMCA operations with new Stand-Up(TM) MRI scanners at the remaining sites and at new sites. Included in HMCA's $719,000 operating loss is approximately $537,000 in operating income from the management of its first Stand-Up(TM) MRI scanning center in Islandia, New York in the first six months of fiscal 2003; a second HMCA Stand-Up(TM) MRI began scanning 4 weeks ago; a third is installed and expected to commence operations within a few weeks and a lease for the property for a fourth HMCA Stand-Up(TM) MRI has been signed."
HMCA currently manages 12 MRI centers and 10 physician practices. The HMCA managed-center in Islandia has a Stand-Up(TM) MRI purchased by Dr. Damadian using outside bank financing. It became operational in January 2002. It is FONAR's and HMCA's plan to replace old MRI equipment with new Stand-Up(TM) MRIs in many cases.
CONDENSED STATEMENT OF OPERATIONS
Three months ended
December 31,
2002 2001
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REVENUES $16,348,000 $ 9,766,000
NET LOSS $(2,921,000) $(4,710,000)
BASIC AND DILUTED
NET LOSS PER SHARE $(0.04) $(0.08)
Six months ended
December 31,
2002 2001
----------- -----------
REVENUES $30,006,000 $19,920,000
NET LOSS $(5,627,000) $(8,557,000)
BASIC AND DILUTED
NET LOSS PER SHARE $(0.08) $(0.14)
information: http://www.fonar.com
CONTACT:
FONAR Corporation
Daniel Culver, Director of Communications
David Terry, VP, Secretary
631/694-2929
Fax: 631/390-9540
FONARinvestor@fonar.com
SOURCE: FONAR Corporation