NEW YORK, January 6, 2016 - FONAR Corporation (NASDAQ-FONR), The Inventor of MR Scanning™, reported today that its subsidiary Health Management Company of America, LLC (HMCA) is now managing Stand-Up MRI of Great Neck, located at 600 Northern Blvd., Great Neck, New York, bringing the total number of HMCA-managed centers to 25: 18 in New York and 7 in Florida. Twenty four (24) of the centers are equipped with the
FONAR UPRIGHT® Multi-Position™ MRI.
Stand-Up MRI of Great Neck is situated on the upscale north shore of Long Island in a heavily-served medical region that includes several hospitals. This latest addition to HMCA’s network of UPRIGHT® MRIs is expected to increase FONAR’s revenues. Last year, the 24 HMCA-managed sites provided $57.6 million (84%) of FONAR’s $69.1 million in revenue.
Vince Orrico, Regional Sales Manager, said, “We’ve been active in Nassau County for years. Expanding into Great Neck, the heart of Long Island’s Gold Coast, perfectly complements our existing network.”
Raymond Damadian, M.D., president of FONAR said, “As the world’s first MRI Company, we began on Long Island in 1978. Long Island has always been good for us, providing us with an educated and talented workforce, as well as a fine place to live. We now manage 8 Stand-Up MRI centers in the two counties that make up Long Island, allowing us to serve the area which has so benefited us.”
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 stellar product is the FONAR UPRIGHT® 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
often sees the patient’s problem that other scanners cannot because they are lie-down and ”weightless” only scanners. The patient-friendly UPRIGHT® MRI has a near-zero claustrophobic rejection rate by patients. 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 they watch a 42” flat screen TV.
FONAR has new works-in-progress technology for visualizing and quantifying 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 due to this latest works-in-progress for quantifying CSF in all the normal positions of the body, particularly in its upright flow against gravity. The type of patient
that will benefit from this technology include those with various type of dementia such as former NFL quarterback Jim McMahon.
FONAR’s substantial list of patents include recent patents for its technology enabling full weight-bearing MRI imaging on all the gravity sensitive regions of the human anatomy, especially the brain, extremities and spine. 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.