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Here are 1-2 brief analogies for Fonar (FONR):

• Like Intuitive Surgical (makers of da Vinci surgical robots), but focused on specialized diagnostic imaging with unique Upright MRI technology.
• The GE Healthcare or Siemens Healthineers of specialized Upright MRI scanning.

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• Upright® Multi-Position™ MRI: This innovative magnetic resonance imaging scanner allows patients to be scanned in various weight-bearing, multi-position configurations, including standing, sitting, or bending, to visualize conditions not apparent in traditional lie-down MRIs.

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Fonar Corporation (NASDAQ: FONR) primarily sells its medical equipment, specifically its Upright® Multi-Position™ MRI scanners, to other companies and institutions.

While Fonar's business model involves selling to other companies, the company does not publicly disclose the specific names of its individual major customers (such as specific hospitals, imaging centers, or physician groups) in its SEC filings or press releases. This is a common practice for manufacturers of high-value capital medical equipment, often due to confidentiality agreements and competitive considerations.

However, Fonar's public disclosures, including its 10-K filings, describe the categories of its B2B customers for the Medical Equipment segment. These categories include:

• Private diagnostic imaging centers
• Hospitals
• Private physician practices
• Government facilities (both domestic and international)

Additionally, Fonar operates a Diagnostic Imaging Management segment through its subsidiary, Health Management Corporation of America (HMCA), which manages diagnostic imaging centers. While these managed centers provide services directly to individual patients, Fonar's customers in its Medical Equipment segment are the entities that purchase its MRI machines.

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Timothy R. Damadian

Chief Executive Officer and President

Timothy R. Damadian has served as Chief Executive Officer and President of FONAR Corporation since February 11, 2016. He began his career at FONAR in 1985, installing magnets, shielded rooms, and electronics, eventually becoming Vice President of Operations. In 1997, Mr. Damadian formed Health Management Corporation of America (HMCA), a wholly-owned subsidiary of FONAR, where he served as President and managed numerous medical and diagnostic imaging offices. He left FONAR in 2001 to establish Integrity Healthcare Management, Inc., a diagnostic imaging management company that managed 11 MRI scanning centers in New York and Florida. Integrity Healthcare Management, Inc. was successfully sold to Health Diagnostics in 2007. Mr. Damadian returned to FONAR as a consultant in 2010.

Raymond V. Damadian, M.D.

Chairman of the Board, Principal Financial Officer & Treasurer

Dr. Raymond V. Damadian is the founder of FONAR Corporation, incorporated in 1978. He is recognized as the inventor of the MRI scanner and performed the first full-body human scan in 1977. Dr. Damadian served as President of Fonar Corp. since its inception and as Chief Executive Officer until February 11, 2016. He has also served as the company's Principal Financial Officer and Treasurer since February 2001. In addition to his roles at FONAR, he serves as President and Treasurer of Health Management Corporation of America (HMCA), a FONAR subsidiary. Dr. Damadian holds a B.S. in Mathematics from the University of Wisconsin (1956) and an M.D. from Albert Einstein College of Medicine (1960), and conducted post-graduate work in physics, mathematics, and electronics at Harvard University. His pioneering work earned him the National Medal of Technology in 1988 and induction into the National Inventors Hall of Fame in 1989.

Luciano B. Bonanni

Chief Operating Officer & Executive Vice President

Luciano B. Bonanni has served as Chief Operating Officer and Executive Vice President of Fonar Corp. since June 27, 2016. Prior to this, Mr. Bonanni served as Vice President of Fonar Corp. since 1989. In his tenure as Vice President, he was responsible for overseeing a wide range of operations, including general operations, research and development, manufacturing, service, sales, finance, accounting, and regulatory compliance.

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1. Declining equipment business and intense competition from larger players pose a significant threat to Fonar's long-term growth and market position. The company's machine sales have substantially decreased over the years, and it faces competition from larger firms with greater resources for research, development, and marketing, such as GE, Siemens, and Toshiba.
2. Fonar has experienced profit deterioration due to rising operational costs and increased insurance carrier risk. Despite modest revenue growth, the company's operating income and net income have seen significant declines, primarily attributed to increased selling, general, and administrative (SG&A) expenses and the need for additional reserves against accounts receivable.
3. Changes in the healthcare market and declining reimbursement rates present an ongoing risk. The implementation of healthcare policies has led to a reduction in reimbursement rates for MRI centers, which directly impacts the fees received by Fonar. Increased competition within the healthcare sector further influences scan volumes, affecting the company's revenue streams.

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The addressable markets for Fonar's main products and services are primarily within the Magnetic Resonance Imaging (MRI) sector, specifically focusing on their unique Upright® MRI / Stand-Up™ MRI systems and related services.

MRI Scanners (specifically Open and Upright MRI Systems)

Fonar is known for designing, manufacturing, selling, and servicing MRI scanners, particularly their UPRIGHT® MRI, also known as the Stand-Up™ MRI, which allows patients to be scanned in weight-bearing positions. This technology is a type of open MRI.

• Global MRI Market: The global magnetic resonance imaging market size was valued at approximately USD 7.1 billion in 2024 and is projected to reach USD 10.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030. Another estimate places the global MRI market at USD 7.55 billion in 2025, with an anticipated growth to USD 13.32 billion by 2034, exhibiting a CAGR of 6.52%. The global MRI systems market is also predicted to reach US$ 10 billion by 2032, with a CAGR of 5.8% during the forecast period.
• U.S. MRI Market: The U.S. magnetic resonance imaging market size was valued at USD 1.70 billion in 2023 and is anticipated to exceed USD 3.15 billion by 2033, growing at a CAGR of 6.36% from 2023 to 2033. Another report indicates the U.S. market size was USD 2.22 billion in 2024 and is predicted to be worth around USD 3.33 billion by 2034, rising at a CAGR of 4.10% from 2024 to 2034. The U.S. MRI market was valued at USD 1.396 billion in 2025 and is projected to grow at a CAGR of 4.32% through 2030, reaching US$1.846 billion.
• Open MRI Systems Segment: While specific market sizes for "Upright MRI" are not separately quantified, they fall under the "Open MRI systems" category. The open MRI system segment is estimated to grow at a CAGR of 7.72% globally during the predicted period. In the U.S. market, open MRI systems are showing a high growth rate of 7.6% CAGR.

Physician Management and Diagnostic Services

Fonar, through its subsidiary Health Management Company of America (HMCA), provides non-medical management services to diagnostic imaging facilities and also owns and operates diagnostic imaging facilities. A specific addressable market size for "Physician Management and Diagnostic Services" directly tied to MRI facilities for a company like Fonar is not readily available in the provided search results.

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Here are 3-5 expected drivers of future revenue growth for Fonar (FONR) over the next 2-3 years:

1. Growth in MRI Scan Volumes and Diagnostic Services: Fonar's Health Management Company of America (HMCA) subsidiary, which manages diagnostic imaging centers, is a significant revenue contributor. Chairman and CEO Timothy Damadian highlighted record-setting scan volumes as a key driver of revenue growth, with increases observed both sequentially and year-over-year. This indicates a growing demand for imaging services through their managed network.
2. Expansion of MRI Scanner Network: The company's growth strategy includes establishing new locations and deploying additional MRI scanners at existing facilities to meet increasing demand. Specific plans include enhancing current facilities in Florida and New York by integrating high-field MRIs, aiming to attract more patient referrals and alleviate appointment backlogs.
3. Adoption of SwiftMR Technology: The continued adoption of SwiftMR by radiologists and physicians is expected to enhance Fonar's economies of scale. By facilitating faster capital turnover, SwiftMR can improve operational efficiency, potentially leading to increased scan capacity and, consequently, higher revenue.
4. Leveraging Unique UPRIGHT® Multi-Position™ MRI Capabilities: Fonar's UPRIGHT® Multi-Position™ MRI is unique in its ability to image patients in weight-bearing positions, providing diagnostic information that traditional lie-down scanners cannot. This distinct capability serves as a strong competitive advantage, driving demand and referrals for its specialized imaging services.

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Share Repurchases

• Fonar adopted a stock repurchase plan of up to $9 million on September 13, 2022.
• As of September 30, 2024, the company had repurchased 283,770 shares at a cost of $4,680,889 under this plan.
• By the fiscal year ended June 30, 2025, Fonar had repurchased 373,942 shares for $6.1 million under the repurchase plan.

Capital Expenditures

• Capital expenditures were approximately $3.79 million in fiscal year 2025, $0.79 million in fiscal year 2024, and $4.22 million in fiscal year 2023.
• Cash used in investing activities amounted to $1.8 million for the quarter ended September 30, 2024.
• Planned capital expenditures include approximately $2.0 million for the purchase and installation of a new scanner and associated buildout costs in New York. A significant investment was also made in developing the capacity to service third-party MRI equipment through the Opus Diagnostic Services, LLC subsidiary.