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Fonar Corporation (FONR+0.28%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $25.0 million from $25.8 million in the same quarter the previous year. The decrease is primarily due to a reduction in patient fee revenue.
Operating income for the quarter was $4.6 million, down from $6.6 million in the previous year. This decline is attributed to increased costs and expenses.
Net income for the quarter was $4.0 million, compared to $5.4 million in the previous year. The decrease in net income is associated with reduced revenues and increased operating expenses.
Cash provided by operating activities was $1.6 million, while cash used in investing and financing activities was $1.8 million and $2.0 million, respectively.
Fonar reported a working capital of $124.7 million as of September 30, 2024. The company continues to focus on improving its operating results and managing challenges posed by regulatory requirements.
The filing also details the company's commitment to capital expenditures, including the installation of a new scanner in New York, estimated to cost $2.0 million.
Fonar's subsidiary, Health Management Corporation of America, experienced a decrease in revenues from diagnostic facilities management, attributed to increased expenses and reduced patient fee revenue at certain sites.
The company highlights its efforts to promote its Upright MRI scanner and improve market recognition amid competitive pressures and economic uncertainties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fonar Corporation quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.