Medical Devices - Diagnostic Imaging (MRI Equipment Manufacturing and Healthcare Services)
Strategic Profile
Fonar is deeply rooted in MRI technology development and has been instrumental in establishing the industry through historical breakthroughs. The company holds a portfolio of 209 patents related to its MRI technology, including its unique upright MRI scanning technology, with cross-licensing agreements on some patents but no licensing of its upright MRI technology, further strengthening competitive advantage.
Cyborg Score Rationale
With TTM revenue of $24.95M, net income of $2.21M, and net profit margin of 8.84%, Fonar demonstrates modest profitability. However, equipment sales have declined significantly from over $9M in 2010 to $0.6M in 2018, with the management and services business compensating for this decline.
Top Insights
Sticky recurring revenue from patient fees, management, and maintenance services through subsidiary Health Management Corporation of America, as clients are reluctant to switch providers due to high associated costs
Strong current ratio of 11.24, indicating robust ability to pay short-term obligations
Direct competition with heavy hitters like GE, Siemens, and Toshiba who possess greater resources for R&D and marketing, creating risk for this small-cap company
Healthcare legislation impacts reimbursement rates to MRI centers, with ongoing regulatory pressures affecting fee structures
Named Competitors
MRI Systems — Global medical imaging and diagnostics leader
MRI Scanners — Major multinational medical technology manufacturer
MRI Equipment — Japanese medical imaging equipment provider
Recent Developments
(December 2025) Stock price at $18.60 with market cap approximately $92.3M
(May 2026) Next earnings date scheduled for May 15, 2026
(Ongoing) Investigation alerts from law firms regarding proposed stockholder buyout
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