FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™,
reported today its financial results for the 2nd Quarter of Fiscal
2019 and the six month period ended December 31, 2018. The
Company’s two industry segments are: development, manufacturing and
servicing of the FONAR UPRIGHT® Multi-Position™ MRI, aka Stand-Up®
MRI, and management of 26 MRI centers through its subsidiary,
Health Management Company of America (HMCA).
The Company’s popular UPRIGHT® Multi-Position™
MRI scanner is the world’s only MRI scanner licensed under FONAR’s
multiple UPRIGHT® MRI patents to scan all the patient’s body parts
in their normal full weight-bearing UPRIGHT® position. FONAR has a
substantial list of patents for the many features of the UPRIGHT®
MRI which is unique for its ability to image the gravity sensitive
regions of the human anatomy, especially the brain, extremities,
spine and cerebrospinal fluid (CSF) flow.
Financial Highlights
Income from Operations, for the six month period
ended December 31, 2018, increased 9% to $11.5 million as compared
to the six month period ended December 31, 2017, of $10.6
million.
Income from Operations, for the quarter ended
December 31, 2018, increased 3% to $6.0 million, as compared to the
quarter ended December 31, 2017, of $5.8 million.
Total Revenues – Net, for the six month period
ended December 31, 2018, increased 6% to $41.9 million as compared
to the six month period ended December 31, 2017, of $39.5
million.
Total Revenues – Net, for the quarter ended
December 31, 2018 increased 5% to $21.2 million as compared to the
quarter ended December 31, 2017, of $20.2 million.
Provision for Income Taxes for the six month
period ended December 31, 2018, increased 208% to $2.3 million as
compared to the six month period ended December 31, 2017, of $0.8
million, resulting from the re-evaluation of the need for a
deferred tax valuation allowance and requirement to record a full
tax provision for the six months December 31, 2018 in the amount of
$2.3 Million.
Provision for Income Taxes for the quarter ended
December 31, 2018, increased 111% to $1.2 million as compared to
the quarter ended December 31, 2017, of $0.6 million. Due to a
re-evaluation of the need for a deferred tax valuation allowance,
the Company was required to record a full tax provision for the
quarter ending December 31, 2018 in the amount of $1.2 million.
Net Income, for the six month period ended
December 31, 2018, decreased 5% to $9.4 million, as compared to the
six month period ended December 31, 2017, of $9.8 million. The
decrease is due to a re-evaluation of the need for a deferred tax
valuation allowance and requirement to record a full tax provision
for the six months December 31, 2018 in the amount of $2.3 million,
a 208% increase as compared to a tax provision of only $0.8 million
for the six months ended December 31, 2017.
Net Income, for the quarter ended December 31,
2018, decreased 7% to $4.9 million, as compared to the quarter
ended December 31, 2017, of $5.2 million. This decrease is also due
to a re-evaluation of the need for a deferred tax valuation
allowance and requirement to record a full tax provision.
Net Income Available to Common Stockholders, for
the six month period ended December 31, 2018, decreased 13% to $6.4
million, as compared to the six month period ended December 31,
2017, of $7.4 million. The decrease is due to a re-evaluation
of the need for a deferred tax valuation allowance and requirement
to record a full tax provision for the six months December 31, 2018
in the amount of $2.3 Million, a 208% increase as compared to a tax
provision of only $0.8 million for the six months ended December
31, 2017.
Net Income Available to Common Stockholders, for
the quarter ended December 31, 2018, decreased 15% to $3.3 million
as compared to the quarter ended December 31, 2017, of $3.9
million. This decrease is also due to a re-evaluation of the need
for a deferred tax valuation allowance and requirement to record a
full tax provision.
Diluted Net Income per Common Share Available to
Common Stockholders, for the six month period ended December 31,
2018, decreased 15% to $0.99 per share, as compared to the six
month period ended December 31, 2017, of $1.16 per share. The
decrease is due to a re-evaluation of the need for a deferred tax
valuation allowance and requirement to record a full tax provision
for the six months ended December 31, 2018 in the
amount of $2.3 million, a 208% increase as compared to a tax
provision of only $0.8 million for the six months ended December
31, 2017.
Diluted Net Income per Common Share Available to
Common Stockholders, for the quarter ended December 31, 2018,
decreased 16% to $0.51 per share, as compared to the quarter ended
December 31, 2017, of $0.61 per share. This decrease is also due to
a re-evaluation of the need for a deferred tax valuation allowance
and requirement to record a full tax provision.
Total Assets, at December 31, 2018, increased 4%
to $122.9 million, as compared to $118.3 million at June 30,
2018.
Total Current Assets, at December 31, 2018,
increased 10% to $73.6 million, as compared to $67.1 million at
June 30, 2018.
Total Cash and Cash Equivalents, at December 31,
2018, increased 19% to $23.3 million, as compared to $19.6 million
at June 30, 2018.
Total Liabilities, at December 31, 2018, were
$13.0 million, as compared to $16.1 million at June 30, 2018.
Total Current Liabilities, at December 31, 2018,
were $11.6 million, as compared to $14.6 million at June 30,
2018.
The Total Assets / Total Liabilities ratio
increased 28% to 9.4 for the six month period ended December 31,
2018 as compared to 7.4 at June 30, 2018.
Significant Event
On November 10, 2018, FONAR Founder Raymond
Vahan Damadian, M.D., received ‘The Excellence in Medicine Medal of
Honor’ from the Chiari & Syringomyelia Foundation at Brooks’s
in London, England.
Fraser Henderson, M.D., a neurosurgeon and a
member of the steering committee for the Chiari & Syringomyelia
Foundation said: “Raymond Damadian revolutionized medicine with the
discovery and development of MRI.”
Professor Donlin Long, M.D., former Chairman of
Neurosurgery at Johns Hopkins University called it: “the single
most important diagnostic discovery in the history of all of
medicine.”
The award citation included: In 1970, Raymond
Damadian made the discovery that is the basis for MR scanning -
that there is a marked difference in relaxation times between
normal and abnormal tissues of the same type, as well as between
different types of normal tissues. This seminal discovery, which
remains the basis for the making of every MRI image ever produced,
is the foundation of the MRI industry.
Management Discussion
President and CEO, Timothy R. Damadian said, “We
are very pleased with the results, in particular the 9% increase in
Income from Operations for the 6-month period ending on December
31, 2018.
“It’s important to point out that our net income
is being affected by the Company’s requirement to record a full
Provision for Income Taxes. Fortunately, there are ample tax loss
carry-forwards for the company to utilize. Changes in the tax law
have benefited the Company by lowering its tax rate, further
extending the benefit by reducing future cash outlays, once net
operating losses are fully utilized.
“HMCA’s continuing success is fundamentally
attributable to the ever-expanding appeal of FONAR MRI technology
among patients and physicians. Patients strongly prefer the
UPRIGHT® MRI, also known as the Stand-Up® MRI, for its openness,
unlike the more conventional ‘tunnel MRIs.’
“Physicians are drawn to the UPRIGHT® MRI as
well, for two reasons: They can accommodate their patients’
preferences without compromising on diagnostic image quality, and
for the many instances where the anatomy of interest needs to be
viewed in any of its normal weight-bearing positions, such as the
lower back with the patient standing or sitting, the UPRIGHT® is
the only MRI that can do it.
“It’s great technology, but it has to be
properly marketed, and the patients and their physicians have to be
pleased with the service provided at all 26 HMCA-managed
facilities. Our highly experienced, skilled and dedicated
management team has successfully achieved that objective year in
and year out.
“Looking ahead, we continue to evaluate
potential acquisitions, but, as always, we will not take
unnecessary risks for short term gains. Apart from acquisitions, we
continue to increase patient volume at our existing centers and, at
the same time, search for areas whose demographics satisfy our
criteria for new locations.”
Raymond V. Damadian, M.D., Chairman of the Board
of Directors of FONAR Corporation, said: “I am pleased to report
that a peer-reviewed, research chapter, found on-line at
IntechOpen.com, gives credit to the FONAR UPRIGHT® MRI. It says:
‘The FONAR upright weight bearing MRI has been shown to be most
sensitive in detecting cerebellar tonsillar ectopia since the
weight-bearing posture presents the cerebellar tonsils further
distended into the foramen magnum.’ Later in the chapter, it also
says, 'Upright Cine MRI of the cranio-cervical junction
demonstrates CSF flow dynamics.' These give significant credit to
the FONAR UPRIGHT® Multi-Position™ MRI.”
Dr. Damadian continued: “Essentially, this
chapter reports the latest FONAR UPRIGHT® (fully weight-loaded)
evidence regarding the craniocervical junction syndrome. My own
research, using the FONAR UPRIGHT® Multi-Position™ MRI, indicates
that the craniocervical junction syndrome is a major cause of many
neuro-degenerate diseases. I am delighted to see that other
researchers are finding such significant value while using our
scanner.”
About FONAR
FONAR, The Inventor of MR Scanning™, is 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), which
circulates throughout the brain and vertebral column at the rate of
32 quarts per day. 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 will
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 31,2018 |
|
|
June
30,2018 |
Cash and cash
equivalents |
$ |
23,287 |
|
$ |
19,634 |
|
|
|
|
|
|
Accounts receivable –
net |
|
3,806 |
|
|
3,814 |
|
|
|
|
|
|
Accounts receivable -
related party |
|
60 |
|
|
- |
|
|
|
|
|
|
Medical receivable –
net |
|
14,154 |
|
|
13,351 |
|
|
|
|
|
|
Management and other
fees receivable – net |
|
23,478 |
|
|
21,863 |
|
|
|
|
|
|
Management and other
fees receivable – related medical practices – net |
|
5,966 |
|
|
5,535 |
|
|
|
|
|
|
Inventories |
|
1,657 |
|
|
1,431 |
|
|
|
|
Costs and estimated
earnings in excess of billings on uncompleted contracts |
|
87 |
|
|
87 |
|
|
|
|
|
|
Prepaid expenses and
other current assets |
|
1,129 |
|
|
1,350 |
|
|
|
|
|
|
Total Current
Assets |
|
73,624 |
|
|
67,065 |
|
|
|
|
|
|
Income taxes
receivable |
|
1,200 |
|
|
1,200 |
|
|
|
|
|
|
Deferred income tax
asset |
|
20,348 |
|
|
22,689 |
|
|
|
|
|
|
Property and equipment
- net |
|
17,344 |
|
|
16,492 |
|
|
|
|
|
|
Goodwill |
|
3,985 |
|
|
3,985 |
|
|
|
|
|
|
Other intangible assets
- net |
|
5,160 |
|
|
5,602 |
|
|
|
|
|
|
Other Assets |
|
1,205 |
|
|
1,278 |
|
|
|
|
|
|
Total Assets |
$ |
122,866 |
|
$ |
118,311 |
|
|
|
|
|
|
FONAR CORPORATION AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS(Amounts and shares in thousands, except
per share amounts) (UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
|
December 31, 2018 |
|
June 30, 2018 |
Current
Liabilities: |
|
|
|
Current portion of
long-term debt and capital leases |
$ |
39 |
|
$ |
39 |
Accounts
payable |
|
1,294 |
|
|
1,300 |
Other
current liabilities |
|
5,285 |
|
|
8,178 |
Unearned
revenue on service contracts |
|
4,027 |
|
|
4,192 |
Unearned
revenue on service contracts - related party |
|
55 |
|
|
- |
Customer
advances |
|
930 |
|
|
858 |
|
|
|
|
|
|
Total
Current Liabilities |
|
11,630 |
|
|
14,567 |
|
|
|
|
Long-Term
Liabilities: |
|
|
|
Deferred
income tax liability |
|
239 |
|
|
239 |
Due to
related medical practices |
|
93 |
|
|
227 |
Long-term
debt and capital leases, less current portion |
|
290 |
|
|
306 |
Other
liabilities |
|
758 |
|
|
737 |
|
|
|
|
|
|
Total
Long-Term Liabilities |
|
1,380 |
|
|
1,509 |
|
|
|
|
|
|
Total
Liabilities |
|
13,010 |
|
|
16,076 |
|
|
|
|
|
|
FONAR CORPORATION AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS(Amounts and shares in thousands, except
per share amounts) (UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY (Continued)
|
December 31, 2018 |
|
June 30, 2018 |
STOCKHOLDERS'
EQUITY: |
|
|
|
Class A non-voting
preferred stock $.0001 par value; 453 shares authorized at December
31, 2018 and June 30, 2018, 313 issued and outstanding at December
31, 2018 and June 30, 2018 |
$ |
- |
|
|
$ |
- |
|
Preferred stock $.001
par value; 567 shares authorized at December 31, 2018 and June 30,
2018, issued and outstanding – none |
|
- |
|
|
|
- |
|
Common Stock $.0001 par
value; 8,500 shares authorized at December 31, 2018 and June 30,
2018, 6,369 and 6,299 issued at December 31, 2018 and June 30,
2018; 6,357 and 6,288 outstanding at December 31, 2018 and June 30,
2018 |
|
1 |
|
|
|
1 |
|
Class B Common Stock
(10 votes per share) $ .0001 par value; 227 shares authorized at
December 31, 2018 and June 30, 2018, .146 issued and outstanding at
December 31, 2018 and June 30, 2018 |
|
- |
|
|
|
- |
|
Class C Common Stock
(25 votes per share) $.0001 par value; 567 shares authorized at
December 31, 2018 and June 30, 2018, 383 issued and outstanding at
December 31, 2018 and June 30, 2018 |
|
- |
|
|
|
- |
|
Paid-in capital in
excess of par value |
|
181,131 |
|
|
|
179,132 |
|
Accumulated
deficit |
|
(72,902 |
) |
|
|
(79,773 |
) |
Notes receivable from
employee stockholders |
|
(9 |
) |
|
|
(9 |
) |
Treasury stock, at cost
- 12 shares of common stock at December 31, 2018 and June 30,
2018 |
|
(675 |
) |
|
|
(675 |
) |
Total Fonar Corporation
Stockholder Equity |
|
107,501 |
|
|
|
98,676 |
|
Non controlling
interests |
|
2,355 |
|
|
|
3,559 |
|
Total Stockholders'
Equity |
|
109,856 |
|
|
|
102,235 |
|
Total Liabilities and
Stockholders' Equity |
$ |
122,866 |
|
|
$ |
118,311 |
|
|
|
|
|
|
|
|
|
FONAR CORPORATION AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF INCOME(Amounts and shares in thousands,
except per share amounts)(UNAUDITED)
|
For the Three Months |
REVENUES |
Ended December 31, |
|
|
2018 |
|
|
|
2017 |
|
Patient
fee revenue, net of contractual allowances and discounts |
$ |
5,921 |
|
|
$ |
9,537 |
|
Provision
for bad debts for patient fee |
|
- |
|
|
|
(4,571 |
) |
Patient
fee revenue – net |
|
5,921 |
|
|
|
4,966 |
|
Product
sales – net |
|
395 |
|
|
|
276 |
|
Service
and repair fees – net |
|
2,021 |
|
|
|
2,352 |
|
Service
and repair fees – related parties - net |
|
28 |
|
|
|
28 |
|
Management and other fees – net |
|
10,573 |
|
|
|
10,340 |
|
Management and other fees – related medical practices – net |
|
2,287 |
|
|
|
2,206 |
|
Total
Revenues – Net |
|
21,225 |
|
|
|
20,168 |
|
COSTS AND EXPENSES |
|
|
|
Costs
related to patient fee revenue |
|
2,702 |
|
|
|
2,570 |
|
Costs
related to product sales |
|
317 |
|
|
|
246 |
|
Costs
related to service and repair fees |
|
746 |
|
|
|
753 |
|
Costs
related to service and repair fees – related parties |
|
11 |
|
|
|
9 |
|
Costs
related to management and other fees |
|
5,904 |
|
|
|
5,826 |
|
Costs
related to management and other fees – related medical
practices |
|
1,405 |
|
|
|
1,261 |
|
Research
and development |
|
550 |
|
|
|
407 |
|
Selling,
general and administrative |
|
3,610 |
|
|
|
3,286 |
|
Total
Costs and Expenses |
|
15,245 |
|
|
|
14,358 |
|
Income From
Operations |
|
5,980 |
|
|
|
5,810 |
|
Interest Expense |
|
(25 |
) |
|
|
(48 |
) |
Investment Income |
|
122 |
|
|
|
58 |
|
Other Expense |
|
- |
|
|
|
(5 |
) |
Income Before Provision
for Income Taxes and Non Controlling Interests |
|
6,077 |
|
|
|
5,815 |
|
Provision for Income
Taxes |
|
(1,213 |
) |
|
|
(575 |
) |
Net Income |
|
4,864 |
|
|
|
5,240 |
|
Net Income - Non
Controlling Interests |
|
(1,312 |
) |
|
|
(1,051 |
) |
Net Income -
Controlling Interests |
$ |
3,552 |
|
|
$ |
4,189 |
|
Net Income Available to
Common Stockholders |
$ |
3,332 |
|
|
$ |
3,926 |
|
Net Income Available to
Class A Non-Voting Preferred Stockholders |
$ |
164 |
|
|
$ |
196 |
|
Net Income Available to
Class C Common Stockholders |
$ |
56 |
|
|
$ |
67 |
|
Basic Net Income Per
Common Share Available to Common Stockholders |
$ |
0.52 |
|
|
$ |
0.62 |
|
Diluted Net Income Per
Common Share Available to Common Stockholders |
$ |
0.51 |
|
|
$ |
0.61 |
|
Basic and Diluted
Income Per Share-Class C Common |
$ |
0.15 |
|
|
$ |
0.17 |
|
Weighted Average Basis
Shares Outstanding-Common Stockholders |
|
6,357 |
|
|
|
6,287 |
|
Weighted Average
Diluted Shares Outstanding-Common Stockholders |
|
6,485 |
|
|
|
6,415 |
|
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, |
|
2018 |
|
2017 |
REVENUES |
|
|
|
Patient fee revenue, net
of contractual allowances and discounts |
$ |
11,446 |
|
|
$ |
18,190 |
|
Provision
for bad debts for patient fee |
|
- |
|
|
|
(8,321 |
) |
Patient
fee revenue – net |
|
11,446 |
|
|
|
9,869 |
|
Product
sales – net |
|
445 |
|
|
|
439 |
|
Service
and repair fees – net |
|
4,152 |
|
|
|
4,616 |
|
Service
and repair fees – related parties - net |
|
55 |
|
|
|
55 |
|
Management and other fees – net |
|
21,257 |
|
|
|
20,111 |
|
Management and other fees – related medical practices – net |
|
4,575 |
|
|
|
4,412 |
|
Total
Revenues – Net |
|
41,930 |
|
|
|
39,502 |
|
COSTS AND EXPENSES |
|
|
|
Costs
related to patient fee revenue |
|
5,276 |
|
|
|
5,049 |
|
Costs
related to product sales |
|
322 |
|
|
|
389 |
|
Costs
related to service and repair fees |
|
1,491 |
|
|
|
1,533 |
|
Costs
related to service and repair fees – related parties |
|
20 |
|
|
|
18 |
|
Costs
related to management and other fees |
|
11,660 |
|
|
|
11,384 |
|
Costs
related to management and other fees – related medical
practices |
|
2,787 |
|
|
|
2,411 |
|
Research
and development |
|
987 |
|
|
|
755 |
|
Selling,
general and administrative |
|
7,869 |
|
|
|
7,367 |
|
Total
Costs and Expenses |
|
30,412 |
|
|
|
28,906 |
|
Income From
Operations |
|
11,518 |
|
|
|
10,596 |
|
Interest Expense |
|
(50 |
) |
|
|
(92 |
) |
Investment Income |
|
230 |
|
|
|
104 |
|
Other (Expense)
Income |
|
- |
|
|
|
(7 |
) |
Income Before Provision
for Income Taxes and Non Controlling Interests |
|
11,698 |
|
|
|
10,601 |
|
Provision for Income
Taxes |
|
(2,341 |
) |
|
|
(760 |
) |
Net Income |
|
9,357 |
|
|
|
9,841 |
|
Net Income - Non
Controlling Interests |
|
(2,486 |
) |
|
|
(1,933 |
) |
Net Income -
Controlling Interests |
$ |
6,871 |
|
|
$ |
7,908 |
|
Net Income Available to
Common Stockholders |
$ |
6,444 |
|
|
$ |
7,413 |
|
Net Income Available to
Class A Non-Voting Preferred Stockholders |
$ |
318 |
|
|
$ |
369 |
|
Net Income Available to
Class C Common Stockholders |
$ |
109 |
|
|
$ |
126 |
|
Basic Net Income Per
Common Share Available to Common Stockholders |
$ |
1.01 |
|
|
$ |
1.18 |
|
Diluted Net Income Per
Common Share Available to Common Stockholders |
$ |
0.99 |
|
|
$ |
1.16 |
|
Basic and Diluted
Income Per Share-Class C Common |
$ |
0.28 |
|
|
$ |
0.33 |
|
Weighted Average Basic
Shares Outstanding-Common Stockholders |
|
6,351 |
|
|
|
6,287 |
|
Weighted Average
Diluted Shares Outstanding-Common Stockholders |
|
6,479 |
|
|
|
6,415 |
|
Weighted Average Basic
Shares Outstanding – Class C Common |
|
383 |
|
|
|
383 |
|
Weighted Average
Diluted Shares Outstanding – Class C Common |
|
383 |
|
|
|
383 |
|
|
|
|
|
|
|
|
|
Contact: Daniel Culver
Director of Communications
E-mail: investor@fonar.com
www.fonar.com
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