FONAR endures net loss for Q3

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FONAR, developer of the Upright Multi-Position MRI, has reported financial results for the third fiscal quarter of 2008, which ended March 31.

Total revenues for the third quarter, decreased 8.1 percent to $8.1 million as compared to $8.8 million for the same period last year, the Melville, N.Y.-based company said.

During the third fiscal 2008 quarter, FONAR said its product sales decreased 27.1 percent to $2.3 million from $3.2 million for the same period last year. 

The company said there was a 50.1 percent decrease in the net loss to $2.7 million as compared to a net loss of $5.4 million during the same period last year, during the third fiscal 2008 quarter.