Sales of its upright Stand-Up MRI system helped Fonar Corp. offset lower revenues in other business segments in the company first fiscal quarter of FY04, ending Sept. 30.
Revenues held steady at $13.3 million, the same total as the first quarter of FY03. Revenues from the MRI equipment sales rose to $7.3 million, up 3 percent from $7.1 million in the same quarter of FY03. The company also posted a net loss of $3.8 million, compared with a net loss of $2.7 million in the year-ago quarter.
Fonar blamed increased expenses from efforts to improve equipment sales volume, coupled with decreased revenues from product sales to related parties as the primary reasons for its first-quarter net loss.