Electromedical & Electrotherapeutic ApparatusIFRS · EUR

Fonar Corp

FONAR Corp designs, manufactures, sells, and services MRI scanners, with a distinctive focus on its Upright® MRI system that can image patients in weight-bearing positions. Through its HMCA subsidiary, the company also manages and operates diagnostic imaging centers, mainly in Florida, creating a combined equipment-and-services model around MRI utilization.

Kysy yhtiöstä
Liikevaihto104milj. EUR
+1,4 %v/v
Nettotulos8,3milj. EUR
−21,1 %v/v
Vapaa kassavirta7,5milj. EUR
−43,8 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−250255075100125milj. EUR2020: 86 milj. EUR20202021: 90 milj. EUR2021: EBIT −7,1 milj. EUR20212022: 98 milj. EUR2022: EBIT 5,3 milj. EUR20222023: 99 milj. EUR2023: EBIT 11 milj. EUR20232024: 103 milj. EUR2024: EBIT 4,5 milj. EUR20242025: 104 milj. EUR2025104
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Fonar Corp

Liiketoiminta

Osuus liikevaihdosta
MRI equipment15 %

Design, manufacture, and sale of Upright® and other MRI scanners.

Service and maintenance8 %

Repair, maintenance, and remote monitoring for installed MRI systems.

Upgrades and software enhancements2 %

Hardware and software upgrades that extend scanner capability and life.

Physician management and diagnostic services75 %

Management, billing, and operating services for imaging centers under HMCA.

Tuotteet

Raportoitu · osuus liikevaihdosta
91,4%8,6%FY2025100 %
  • Managementof Diagnostic Imaging Centers91,4 %
  • Manufacturingand Servicingof Medical Equipment8,6 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

FONAR sells MRI equipment primarily to private diagnostic imaging centers and hospital outpatient imaging facilities. Its service and upgrade revenue comes from the installed scanner base, while HMCA’s management business serves imaging centers and related professional corporations that need outsourced operations, billing, and administrative support. The company also targets physicians who influence scanner purchasing decisions, especially neurosurgeons, orthopedic surgeons, radiologists, and general physicians.

Private diagnostic imaging centers

Buy Upright® MRI scanners and service contracts to differentiate imaging offerings and attract referrals.

Hospital outpatient imaging facilities

Purchase MRI equipment for outpatient diagnostic capacity and clinical workflow.

Managed imaging centers and professional corporations

Use HMCA for management, billing, collections, staffing, and office support.

Installed-base scanner owners

Buy maintenance, repairs, and upgrades to keep scanners operational and competitive.

Physician referral influencers

Neurosurgeons, orthopedists, radiologists, and general physicians influence adoption of Upright® MRI.

Strategia

FONAR’s strategy is to expand MRI utilization by improving and adding managed imaging facilities, increasing scan volume, and supporting the installed base with service and upgrades. It also seeks to widen recognition of the Upright® MRI through physician-focused marketing and product enhancements such as SwiftMR™, while maintaining a differentiated niche against larger scanner manufacturers.

Expand HMCA imaging capacity and scan volumeLyhyt aikaväli

Higher utilization drives recurring diagnostic-services revenue and improves fixed-cost absorption.

Grow installed-base service revenueKeskipitkä aikaväli

Service and maintenance provide recurring income and deepen customer retention.

Differentiate Upright® MRI in niche clinical use casesKeskipitkä aikaväli

Unique weight-bearing imaging supports a premium positioning versus standard MRI systems.

Maantiede

FONAR is headquartered in Melville, New York and operates primarily in the United States. Its HMCA subsidiary owns and manages six diagnostic imaging facilities in Florida, while the company also reports modest foreign revenue. Geography matters because the business is tied to U.S. reimbursement, FDA regulation, and local imaging-center economics, with Florida and New York being operationally important.

Riskit

FONAR faces demand pressure from reimbursement cuts, intense competition from larger MRI manufacturers, and dependence on utilization at its managed imaging centers. The company also disclosed cybersecurity threats and a material weakness in IT controls, which could disrupt operations or increase remediation costs. Because a large share of revenue is tied to U.S. healthcare economics and third-party payer collections, changes in reimbursement, credit conditions, or payer mix can quickly affect margins and cash flow.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Cybersecurity and IT control weakness1Third-party payer collection risk4MRI reimbursement pressure2Competition from larger MRI manufacturers3
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Cybersecurity and IT control weaknessVaikutus: KriittinenTodennäköisyys: Kohtalainen

    Breaches or ransomware could disrupt operations, billing, and compliance; management disclosed a material weakness.

    KohdistuuImaging centersBilling systemsInternal controls
  2. MRI reimbursement pressureVaikutus: KorkeaTodennäköisyys: Korkea

    Lower reimbursement can reduce customer willingness to buy scanners and pressure pricing.

    Kohdistuu: Medical equipment sales and service base growth

  3. Competition from larger MRI manufacturersVaikutus: KorkeaTodennäköisyys: Korkea

    GE, Siemens, Hitachi, and Philips have greater resources and scale.

    Kohdistuu: Scanner sales and market share

  4. Third-party payer collection riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    HMCA and related PCs depend on collections from insurers, government programs, and patients.

    Kohdistuu: Receivables and cash conversion

Kysy Clarifolta: Fonar Corp

Kirjanpito

Harkinnanvaraiset erät
Percentage-of-completion revenue recognition

Scanner and major-upgrade revenue is recognized as sub-assemblies are completed, affecting quarterly timing.

Vaikutus: Can shift revenue and margin recognition between periods

Receivable allowances and CECL

Management fee receivables and medical receivables depend on payer collections and estimated credit losses.

Vaikutus: Affects reported revenue realizability and bad-debt expense

Contractual allowances and discounts

Medical receivables are reduced for payer-specific allowances based on historical experience.

Vaikutus: Impacts net revenue and balance-sheet receivables

Deferred tax asset valuation allowance

Realization depends on future taxable income and tax planning strategies.

Vaikutus: Can materially affect tax expense and net income

Non-controlling interests in HMCA/HDM

Ownership structure affects consolidation and attribution of earnings.

Vaikutus: Changes net income attributable to FONAR shareholders

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Päivitetty: 24.9.2026