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GE payment lifts Fonar results
Fonar's ship finally came in this month when the Melville, NY, company released fourth-quarter and year-end financial results that show the impact of the firm's victory over GE Medical Systems in MRI patent litigation. Fonar reported net income of $56.1
Fonar's ship finally came in this month when the Melville, NY, company released fourth-quarter and year-end financial results that show the impact of the firm's victory over GE Medical Systems in MRI patent litigation. Fonar reported net income of $56.1 million for the year, and the formerly cash-strapped company now has a working capital surplus of $62.7 million.
GE paid Fonar $128.7 million in July for the judgment, of which Fonar kept $77.2 million. The rest of the money went for lawyer's fees and related expenses. The U.S. Supreme Court declined to hear GE's appeal of the case earlier this month (SCAN 10/15/97).
The $56.1 million net income figure compares with a net loss of $11.4 million for fiscal 1996. Fonar posted 1997 revenues of $17.6 million, up 27% compared with sales of $13.9 million the year before. The company's backlog as of Sept. 1 was $6.4 million, compared with $6.8 million at the same time in 1996.
Fonar said it will use its new-found cash to pursue new MRI applications, such as MR-guided surgery and MR mammography. In addition, Fonar has expanded into the physician practice management business through its U.S. Health Management subsidiary. Some of the cash will also be spent on a stock repurchasing effort that Fonar began this month.
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