FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™,
reported today its financial results for the fiscal 2020 2nd
Quarter and Six Months period ended December 31, 2019. FONAR’s
primary source of income and growth is attributable to its
diagnostic imaging management subsidiary, Health Management Company
of America (HMCA). In 2009, HMCA managed 9 MRI scanners. Currently,
HMCA manages 35 MRI scanners.
Financial Results
Total Revenues-Net for the six months ended
December 31, 2019 increased 3% to $43.2 million as compared to
$41.9 million for the corresponding six months ended December 31,
2018.
Total Revenues-Net for the quarter ended
December 31, 2019 increased 1% to $21.5 million as compared to
$21.2 million for the corresponding quarter ended December 31,
2018.
Income from Operations for the six months ended
December 31, 2019 decreased 9% to $10.5 million as compared to
$11.5 million for the corresponding six months ended December 31,
2018.
Income from Operations for the quarter ended
December 31, 2019 decreased 16% to $5.0 million as compared to $6.0
million for the corresponding quarter ended December 31, 2018.
Net Income for the six months ended December 31,
2019 decreased 7% to $8.7 million as compared to $9.4 million for
the corresponding six months ended December 31, 2018.
Net Income for the quarter ended December 31,
2019 decreased 13% to $4.2 million as compared to $4.9 million for
the corresponding quarter ended December 31, 2018.
Diluted Net Income per Common Share Available to
Common Stockholders, for the six months ended December 31, 2019,
was $0.92 as compared to $0.99 for the corresponding six months
ended December 31, 2018.
Diluted Net Income per Common Share Available to
Common Stockholders, for the quarter ended December 31, 2019, was
$0.44 as compared to $0.51 for the corresponding quarter ended
December 31, 2018.
Selling, general & administrative expenses
for the six months ended December 31, 2019 increased 7% to $8.5
million as compared to $7.9 million for the corresponding six
months ended December 31, 2018.
Selling, general & administrative expenses
for the quarter ended December 31, 2019 increased 15% to $4.2
million as compared to $3.6 million for the corresponding quarter
ended December 31, 2018.
Research and Development (R&D) expenses for
the six months ended December 31, 2019 increased 7% to $1.1 million
as compared to $1.0 million for the corresponding six months ended
December 31, 2018. The reasons for increases in R&D include the
ongoing development of various upgrades for the UPRIGHT®
Multi-Position™ MRI.
Cash and cash equivalents and short term
investments increased 6% to $30.7 at December 31, 2019 as compared
to $29.0 million for the fiscal year ended June 30, 2019.
The Company’s Right-of-use assets – net and
Lease liability were $30.0 million and $31.9 million respectively
as of December 31, 2019. As this accounting pronouncement was
effective for the Company on July 1, 2019, there are no
corresponding amounts recorded during prior periods. Details on the
related accounting pronouncement may be found in the Company’s 10-Q
for the quarter ended December 31, 2019.
Total Current Assets at December 31, 2019 were
$90.0 million, as compared to $85.1 million at June 30, 2019.
Total Current Liabilities at December 31, 2019
were $14.9 million, as compared to $14.1 million at June 30, 2019.
Total Current Liabilities is impacted by the recent accounting
pronouncement, specifically of the Lease liability – current
portion of $3.2 million.
Total Assets at December 31, 2019 were $171.7
million as compared to $133.6 million at June 30, 2019. This
includes the Right-of-use assets – net of $30.0 million included in
fiscal 2020. Right-of-use assets – net were not included in fiscal
2019.
Total Liabilities at December 31, 2019 were
$46.6 million, as compared to $15.4 million at June 30, 2019. This
includes Lease liability – net of current portion at $28.7 million
and Lease liability – current portion at $3.2 million included in
fiscal 2020. Lease liability – net of current portion and Lease
liability – current portion were not included in fiscal 2019.
The Total Assets / Total Liabilities ratio for
the quarter ended December 31, 2019 was 3.7 compared to 8.6 as of
June 30, 2019. This difference is predominantly due to the effect
of the recently adopted accounting pronouncement which required
$30.0 million and $31.9 million of assets and liabilities,
respectively, to be recorded as of December 31, 2019.
Working Capital increased 6% to $75.1 million
for the six months ended December 31, 2019, versus $71.0 million
for the year ended June 30, 2019.
Management Discussion
President and CEO, Timothy R. Damadian, said,
“The MRI scan volume at HMCA-managed sites in the second quarter of
fiscal 2020 was approximately 47,000, which was 6% higher than the
scan volume in the corresponding quarter of fiscal 2019. I am
pleased that the Company continues on its path of steady growth. In
fact, over the past decade, from fiscal 2010 to Fiscal 2019, Total
Revenues – Net has grown from $38.1 million to $87.2 million,
representing an effective growth of 8.6% per year.
“The continuing growth at existing HMCA-managed
centers is primarily attributable to my highly competent management
team and the ever-increasing appeal of the Stand-Up® MRI, also
known as the UPRIGHT ® MRI, among patients and their physicians.
Patients are relieved to find high-quality MRI facilities where
they can that get their MRI exams done without the fear and worry
of being subjected to the claustrophobia-inducing “tunnels” or
“tubes” typical of most other MRI scanners. Additionally, more and
more physicians are seeing how the diagnostic information obtained
from scanning patients, especially patients with back problems, in
weight-bearing positions such as sitting or standing, can lead to
treatment plans that result in better patient outcomes. These are
the key competitive advantages that we continue to enjoy, thanks to
patent-protected FONAR technology.
“In October, 2019, we installed a second MRI
scanner at the HMCA-managed facility in Ormond Beach, Florida.
There was a need to reduce appointment backlogs and also to
increase patient volume by expanding the range of MRI services to
the medical community. Even though the second scanner was not
operational for the entire second quarter of fiscal 2020, the total
scan volume for the quarter was 17% higher than the scan volume in
the first quarter of fiscal 2020. The total scan volume has since
been ramping up rapidly in the third quarter.
“For the same reasons we installed a second
scanner in Ormond Beach, we are currently in the process of adding
second MRI scanners at two existing HMCA-managed facilities in New
York – one in Westchester County, the other in Suffolk County. Site
preparation is well underway at both locations and both scanners
are expected to be operational by the end of June. Company growth
is also achieved via de novo Stand-Up® MRI locations. I am pleased
to report that we are also in the process of installing the first
MRI in what will be a two-MRI facility in Pembroke Pines, Florida.
We expect Pembroke Pines to be operational by the end of June as
well.
Mr. Damadian concluded, “We are investing
between four and six million dollars in these four projects. By the
end of June, we expect to have added four MRI scanners during
fiscal 2020, bringing the total number of MRI scanners under our
management to 38. And of course, we’re always on the lookout for
new locations or acquisitions that would enhance or expand our
existing networks.”
Chairman of the Board, Raymond V. Damadian,
M.D., said, “It’s pleasing to me to see FONAR continue to be
profitable. The Company is maintaining its cash, cash equivalents
and short term investments even while investing in the growth of
the Company. HMCA is managed extremely well, which leads to
consistent profits for the Company and, therefore, its investors. I
am confident that the Company is well-positioned for growth for the
remainder of fiscal 2020.”
Dr. Damadian continued, “Regarding our research
efforts, over the past few years we have been making cines (movies)
of the cerebrospinal fluid (CSF) as it flows up and down the neck
and around the brain. Thanks to the UPRIGHT® MRI’s ability to scan
patients in weight-bearing positions as well as in the recumbent,
non-weight-bearing position, we are finding significant postural
differences in CSF flow. These differences may provide clues which
will enable physicians to find solutions to a variety of unsolved
medical problems and the power to quantify the degree to which the
impaired CSF flow responsible for the patients’ symptoms have been
rectified by the patient’s surgical and non-surgical CCJ
(Cranio-Cervical Junction) treatment. Currently, our research is
focused on quantifying CSF flow and the velocity at which it
navigates through the neck and head. We’ve been able to use this
quantitative CSF data collected from asymptomatic patients to
identify the degree to which CSF flow impairment is responsible for
the patient’s symptoms and the degree to which the patient’s
surgical or non-surgical CCJ treatment has restored the patient’s
critical brain and central nervous symptom’s physiology to
normal.”
Dr. Damadian added, “MRI has brought a new
dimension to MEDICAL TREATMENT, the power to VISUALIZE ANATOMIC
DETAIL in the body's VITAL SOFT TISSUES (brain, heart, kidney,
liver, spleen, lungs, pancreas, intestines) plus MRI's new power to
non-invasively QUANTIFY (e.g. measure T1, T2, diffusion, chemical
spectra) the response of these VITAL TISSUES to treatment.”
Dr. Damadian continued, “In addition, Research
and Development expenses have increased by 7% to $1M for the 6
months ending December 31, 2019 as compared to the same period in
2018, with most of that increase during the current quarter as we
continue our efforts developing various upgrades for the UPRIGHT®
MRI.”
Dr. Damadian concluded, “We are also hopeful
that our research may lead to a new understanding of the role of
CSF on neurologic diseases, such as MS.”
About FONAR
FONAR, the Inventor of MR Scanning™, located in
Melville, NY, was incorporated in 1978 and is the first, oldest and
most experienced MRI company in the industry. FONAR introduced the
world’s first commercial MRI in 1980, and went public in 1981.
FONAR’s signature product is the FONAR UPRIGHT® Multi-Position™ MRI
(also known as the STAND-UP® MRI), the only whole-body MRI that
performs Position™ Imaging (pMRI™) and scans patients in numerous
weight-bearing positions, i.e. standing, sitting, in flexion and
extension, as well as the conventional lie-down position. The FONAR
UPRIGHT® MRI often detects patient problems that other MRI scanners
cannot because they are lie-down and ”weightless-only” scanners.
The patient-friendly UPRIGHT® MRI has a near-zero patient
claustrophobic rejection rate. As a FONAR customer states, “If the
patient is claustrophobic in this scanner, they’ll be
claustrophobic in my parking lot.” Approximately 85% of patients
are scanned sitting while watching TV.
FONAR has new works-in-progress technology for
visualizing and quantifying the cerebral hydraulics of the central
nervous system, the flow of cerebrospinal fluid (CSF). This imaging
and quantifying of the dynamics of this vital life-sustaining
physiology of the body’s neurologic system has been made possible
first by FONAR’s introduction of the MRI and now by this latest
works-in-progress method for quantifying CSF in all the normal
positions of the body, particularly in its upright flow against
gravity. Patients with whiplash or other neck injuries are among
those who may benefit from this new understanding.
FONAR’s substantial list of patents includes
recent patents for its technology enabling full weight-bearing MRI
imaging of all the gravity sensitive regions of the human anatomy,
especially the brain, extremities and spine. It includes its newest
technology for measuring the Upright cerebral hydraulics of the
central nervous system. FONAR’s UPRIGHT® Multi-Position™ MRI is the
only scanner licensed under these patents.
UPRIGHT® and STAND-UP® are registered trademarks
and The Inventor of MR Scanning™, Full Range of Motion™,
Multi-Position™, Upright Radiology™, The Proof is in the Picture™,
True Flow™, pMRI™, Spondylography™, Dynamic™, Spondylometry™, CSP™,
and Landscape™, are trademarks of FONAR Corporation.
This release may include forward-looking
statements from the company that may or may not materialize.
Additional information on factors that could potentially affect the
company's financial results may be found in the company's filings
with the Securities and Exchange Commission.
FONAR CORPORATION AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS(Amounts and shares in thousands, except
per share amounts)(UNAUDITED)
ASSETS
|
|
December 31, 2019 |
|
June 30, 2019 |
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
15,393 |
|
|
$ |
13,882 |
|
Short term investments |
|
|
15,294 |
|
|
|
15,095 |
|
Accounts receivable – net |
|
|
4,128 |
|
|
|
3,737 |
|
Accounts receivable - related party |
|
|
60 |
|
|
|
— |
|
Medical receivable – net |
|
|
16,151 |
|
|
|
15,729 |
|
Management and other fees receivable - net |
|
|
27,282 |
|
|
|
25,709 |
|
Management and other fees receivable – related medical practices –
net |
|
|
7,013 |
|
|
|
6,501 |
|
Inventories |
|
|
1,751 |
|
|
|
1,798 |
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
|
|
153 |
|
|
|
525 |
|
Income tax receivable |
|
|
600 |
|
|
|
600 |
|
Prepaid expenses and other current assets |
|
|
2,176 |
|
|
|
1,513 |
|
Total Current Assets |
|
|
90,001 |
|
|
|
85,089 |
|
|
|
|
|
|
|
|
|
|
Accounts receivable – net |
|
|
2,321 |
|
|
|
— |
|
Income taxes receivable |
|
|
600 |
|
|
|
600 |
|
Deferred income tax asset |
|
|
19,122 |
|
|
|
20,937 |
|
Property and equipment – net |
|
|
20,121 |
|
|
|
16,986 |
|
Right-of-use assets – net |
|
|
29,994 |
|
|
|
— |
|
Goodwill |
|
|
3,985 |
|
|
|
3,985 |
|
Other intangible assets – net |
|
|
4,336 |
|
|
|
4,756 |
|
Other assets |
|
|
1,197 |
|
|
|
1,207 |
|
Total Assets |
|
$ |
171,677 |
|
|
$ |
133,560 |
|
|
|
|
|
|
|
|
|
|
FONAR CORPORATION AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS(Amounts and shares in thousands, except
per share amounts)(UNAUDITED)
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
December 31, |
|
|
June 30, |
|
|
2019 |
|
|
2019 |
Current Liabilities |
|
|
|
|
|
|
|
Current portion of long-term debt and capital leases |
|
$ |
34 |
|
|
$ |
41 |
Accounts payable |
|
|
1,285 |
|
|
|
1,861 |
Other current liabilities |
|
|
5,519 |
|
|
|
7,577 |
Unearned revenue on service contracts |
|
|
4,005 |
|
|
|
3,812 |
Unearned revenue on service contracts - related party |
|
|
55 |
|
|
|
- |
Lease liability – current portion |
|
|
3,185 |
|
|
|
- |
Customer deposits |
|
|
827 |
|
|
|
799 |
Billings in excess of costs and estimated earnings on uncompleted
contracts |
|
|
12 |
|
|
|
- |
Total Current Liabilities |
|
|
14,922 |
|
|
|
14,090 |
|
|
|
|
|
|
|
|
Long-Term Liabilities: |
|
|
|
|
|
|
|
Unearned revenue on service contracts |
|
|
2,241 |
|
|
|
- |
Deferred income tax liability |
|
|
243 |
|
|
|
243 |
Due to related medical practices |
|
|
93 |
|
|
|
93 |
Long-term debt and capital leases, less current portion |
|
|
256 |
|
|
|
273 |
Lease liability - net of current portion |
|
|
28,682 |
|
|
|
- |
Other liabilities |
|
|
157 |
|
|
|
749 |
|
|
|
|
|
|
|
|
Total Long-Term Liabilities |
|
|
31,672 |
|
|
|
1,358 |
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
46,594 |
|
|
|
15,448 |
|
|
|
|
|
|
|
|
FONAR CORPORATION AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS(Amounts and shares in thousands, except
per share amounts)(UNAUDITED) LIABILITIES AND
STOCKHOLDERS’ EQUITY (Continued)
STOCKHOLDERS' EQUITY: |
|
December 31, 2019 |
|
June 30,2019 |
Class A non-voting preferred stock $.0001 par value; 453 shares
authorized at December 31, 2019 and June 30, 2019, 313 issued
and outstanding at December 31, 2019 and June 30, 2019 |
|
$ |
— |
|
|
$ |
— |
|
Preferred stock $.001 par value; 567 shares authorized at December
31, 2019 and June 30, 2019, issued and outstanding – none |
|
|
— |
|
|
|
— |
|
Common Stock $.0001 par value; 8,500 shares authorized at December
31, 2019 and June 30, 2019, 6,459 and 6,369 issued at December 31,
2019 and June 30, 2019, 6,447 and 6,357 outstanding at
December 31, 2019 and June 30, 2019 |
|
|
1 |
|
|
|
1 |
|
Class B Common Stock (10 votes per share) $.0001 par value; 227
shares authorized at December 31, 2019 and June 30, 2019; .146
issued and outstanding at December 31, 2019 and June 30, 2019 |
|
|
— |
|
|
|
— |
|
Class C Common Stock (25 votes per share) $.0001 par value; 567
shares authorized at December 31, 2019 and June 30, 2019, 383
issued and outstanding at December 31, 2019 and June 30, 2019 |
|
|
— |
|
|
|
— |
|
Paid-in capital in excess of par value |
|
|
183,076 |
|
|
|
181,086 |
|
Accumulated deficit |
|
|
(58,053 |
) |
|
|
(64,456 |
) |
Treasury stock, at cost - 12 shares of common stock at December 31,
2019 and June 30, 2019 |
|
|
(675 |
) |
|
|
(675 |
) |
Total Fonar Corporation’s Stockholders’ Equity |
|
|
124,349 |
|
|
|
115,956 |
|
Noncontrolling interests |
|
|
734 |
|
|
|
2,156 |
|
Total Stockholders' Equity |
|
|
125,083 |
|
|
|
118,112 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
171,677 |
|
|
$ |
133,560 |
|
|
|
|
|
|
|
|
|
|
FONAR CORPORATION AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF INCOME(Amounts and shares in thousands,
except per share amounts)(UNAUDITED)
|
FOR THE THREE MONTHS ENDED DECEMBER 31, |
REVENUES |
2019 |
|
2018 |
Patient fee revenue – net of contractual allowances and
discounts |
$ |
5,996 |
|
|
$ |
5,921 |
|
Product sales – net |
|
3 |
|
|
|
395 |
|
Service and repair fees – net |
|
2,038 |
|
|
|
2,021 |
|
Service and repair fees - related parties – net |
|
28 |
|
|
|
28 |
|
Management and other fees – net |
|
10,996 |
|
|
|
10,573 |
|
Management and other fees - related medical practices – net |
|
2,390 |
|
|
|
2,287 |
|
Total Revenues – Net |
|
21,451 |
|
|
|
21,225 |
|
COSTS AND EXPENSES |
|
|
|
|
|
|
|
Costs related to patient fee revenue |
|
2,958 |
|
|
|
2,702 |
|
Costs related to product sales |
|
120 |
|
|
|
317 |
|
Costs related to service and repair fees |
|
772 |
|
|
|
746 |
|
Costs related to service and repair fees - related parties |
|
10 |
|
|
|
11 |
|
Costs related to management and other fees |
|
6,203 |
|
|
|
5,904 |
|
Costs related to management and other fees – related medical
practices |
|
1,621 |
|
|
|
1,405 |
|
Research and development |
|
583 |
|
|
|
550 |
|
Selling, general and administrative |
|
4,163 |
|
|
|
3,610 |
|
Total Costs and Expenses |
|
16,430 |
|
|
|
15,245 |
|
Income From Operations |
|
5,021 |
|
|
|
5,980 |
|
Interest Expense |
|
(19 |
) |
|
|
(25 |
) |
Investment Income |
|
139 |
|
|
|
122 |
|
Income Before Provision for Income Taxes and Noncontrolling
Interests |
|
5,141 |
|
|
|
6,077 |
|
Provision for Income Taxes |
|
(932 |
) |
|
|
(1,213 |
) |
Net Income |
|
4,209 |
|
|
|
4,864 |
|
Net Income - Noncontrolling Interests |
|
(1,105 |
) |
|
|
(1,312 |
) |
Net Income - Controlling Interests |
$ |
3,104 |
|
|
$ |
3,552 |
|
Net Income Available to Common Stockholders |
$ |
2,914 |
|
|
$ |
3,332 |
|
Net Income Available to Class A Non-Voting Preferred
Stockholders |
$ |
142 |
|
|
$ |
164 |
|
Net Income Available to Class C Common Stockholders |
$ |
48 |
|
|
$ |
56 |
|
Basic Net Income Per Common Share Available to Common
Stockholders |
$ |
0.45 |
|
|
$ |
0.52 |
|
Diluted Net Income Per Common Share Available to Common
Stockholders |
$ |
0.44 |
|
|
$ |
0.51 |
|
Basic and Diluted Income Per Share – Class C Common |
$ |
0.13 |
|
|
$ |
0.15 |
|
Weighted Average Basic Shares Outstanding – Common
Stockholders |
|
6,447 |
|
|
|
6,357 |
|
Weighted Average Diluted Shares Outstanding - Common
Stockholders |
|
6,575 |
|
|
|
6,485 |
|
Weighted Average Basic Shares Outstanding – Class C Common |
|
383 |
|
|
|
383 |
|
Weighted Average Diluted Shares Outstanding – Class C Common |
|
383 |
|
|
|
383 |
|
|
|
|
|
|
|
|
|
FONAR CORPORATION AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF INCOME(Amounts and shares in thousands,
except per share amounts)(UNAUDITED)
|
FOR THE SIX MONTHS ENDED DECEMBER 31, |
REVENUES |
2019 |
|
2018 |
Patient fee revenue – net of contractual allowances and
discounts |
$ |
12,041 |
|
|
$ |
11,446 |
|
Product sales – net |
|
195 |
|
|
|
445 |
|
Service and repair fees – net |
|
4,102 |
|
|
|
4,152 |
|
Service and repair fees - related parties – net |
|
55 |
|
|
|
55 |
|
Management and other fees – net |
|
22,024 |
|
|
|
21,257 |
|
Management and other fees - related medical practices – net |
|
4,780 |
|
|
|
4,575 |
|
Total Revenues – Net |
|
43,197 |
|
|
|
41,930 |
|
COSTS AND EXPENSES |
|
|
|
|
|
|
|
Costs related to patient fee revenue |
|
5,820 |
|
|
|
5,276 |
|
Costs related to product sales |
|
450 |
|
|
|
322 |
|
Costs related to service and repair fees |
|
1,522 |
|
|
|
1,491 |
|
Costs related to service and repair fees - related parties |
|
20 |
|
|
|
20 |
|
Costs related to management and other fees |
|
12,208 |
|
|
|
11,660 |
|
Costs related to management and other fees – related medical
practices |
|
3,157 |
|
|
|
2,787 |
|
Research and development |
|
1,055 |
|
|
|
987 |
|
Selling, general and administrative |
|
8,458 |
|
|
|
7,869 |
|
Total Costs and Expenses |
|
32,690 |
|
|
|
30,412 |
|
Income From Operations |
|
10,507 |
|
|
|
11,518 |
|
Interest Expense |
|
(40 |
) |
|
|
(50 |
) |
Investment Income |
|
287 |
|
|
|
230 |
|
Income Before Provision for Income Taxes and Noncontrolling
Interests |
|
10,754 |
|
|
|
11,698 |
|
Provision for Income Taxes |
|
(2,039 |
) |
|
|
(2,341 |
) |
Net Income |
|
8,715 |
|
|
|
9,357 |
|
Net Income - Noncontrolling Interests |
|
(2,313 |
) |
|
|
(2,486 |
) |
Net Income - Controlling Interests |
$ |
6,402 |
|
|
$ |
6,871 |
|
Net Income Available to Common Stockholders |
$ |
6,010 |
|
|
$ |
6,444 |
|
Net Income Available to Class A Non-Voting Preferred
Stockholders |
$ |
292 |
|
|
$ |
318 |
|
Net Income Available to Class C Common Stockholders |
$ |
100 |
|
|
$ |
109 |
|
Basic Net Income Per Common Share Available to Common
Stockholders |
$ |
0.93 |
|
|
$ |
1.01 |
|
Diluted Net Income Per Common Share Available to Common
Stockholders |
$ |
0.92 |
|
|
$ |
0.99 |
|
Basic and Diluted Income Per Share – Class C Common |
$ |
0.26 |
|
|
$ |
0.28 |
|
Weighted Average Basic Shares Outstanding – Common
Stockholders |
|
6,440 |
|
|
|
6,351 |
|
Weighted Average Diluted Shares Outstanding - Common
Stockholders |
|
6,568 |
|
|
|
6,479 |
|
Weighted Average Basic Shares Outstanding – Class C Common |
|
383 |
|
|
|
383 |
|
Weighted Average Diluted Shares Outstanding – Class C Common |
|
383 |
|
|
|
383 |
|
Contact: Daniel CulverDirector of CommunicationsE-mail:
investor@fonar.comwww.fonar.com
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