FONAR Corp. engages in the design, manufacture, sale, and servicing of magnetic resonance imaging scanners. It operates through the Manufacturing and Servicing of Medical Equipment; and Management of Diagnostic Imaging Center segments. The Manufacturing and Servicing of Medical Equipment segment promotes its product, Fonar Upright MRI. The Management of Diagnostic Imaging Center segment offers management, administrative, billing and collection services, office space, equipment, repair, maintenance service and clerical, and non-medical personnel to medical providers through its subsidiary, Health Management Corp. of America. The company was founded by Raymond V. Damadian on July 17, 1978 and is headquartered in Melville, NY.
Revenues attributable to our medical equipment segment increased by 1.8% to $10.0 million in fiscal 2019 from $9.8 million in fiscal 2018, with product sales revenues increasing by 190.6% from $603,000 in fiscal 2018 to $1.8 million in fiscal 2019. Service revenue decreased from $9.2 million in fiscal 2018 to $8.3 million in fiscal 2019.