FONR Stock: Insider Activity, Filings & Research

FONAR Corporation (FONR) — Drillr’s hub for FONR insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, FONR insiders filed 4 open-market buys and 0 sales (SEC Form 4).

Sentiment

100/100

Buys (3m)

Sells (3m)

Net (3m)

$6.4M

Insiders buying

Insider trades by month Buys Sells

Jun

Feb

Jun

Sep

Oct

May

Context3-month price +3.2%Institutions mixed (13F)

Date	Insider	Type	Shares	Price
May 29, 2026	shane hilary10 percent owner	Buy	155	$19.05
May 29, 2026	shane hilary10 percent owner	Buy	41,758	$19.05
May 29, 2026	shane hilary10 percent owner	Buy	225,426	$19.05
May 27, 2026	shane hilary10 percent owner	Buy	71,414	$18.99
Oct 3, 2022	Bonanni Luciano Bofficer: Exec VP, COO & PFO	Buy	3,400	$14.16
Oct 3, 2022	Bonanni Luciano Bofficer: Exec VP, COO & PFO	Buy	1,300	$13.82
Oct 3, 2022	Damadian Timothy Raymondofficer: CEO, President & Treasurer	Buy	2,200	$14.15
Oct 3, 2022	Damadian Timothy Raymondofficer: CEO, President & Treasurer	Buy	2,500	$13.63
Sep 27, 2018	Damadian Raymond Vdirector, 10 percent owner, officer: Treasurer	Sell	450	$24.70
Sep 25, 2018	Damadian Raymond Vdirector, 10 percent owner, officer: Treasurer	Sell	300	$24.45
Sep 25, 2018	Damadian Raymond Vdirector, 10 percent owner, officer: Treasurer	Sell	1,500	$24.40
Jun 29, 2018	Damadian Raymond Vdirector, 10 percent owner, officer: Treasurer	Sell	633	$26.58
Jun 29, 2018	Damadian Raymond Vdirector, 10 percent owner, officer: Treasurer	Sell	607	$26.46
Jun 27, 2018	Damadian Raymond Vdirector, 10 percent owner, officer: Treasurer	Sell	620	$27.58
Jun 25, 2018	Damadian Raymond Vdirector, 10 percent owner, officer: Treasurer	Sell	700	$27.60

Source: FONR SEC Form 4 filings, latest May 29, 2026. For informational purposes only — not investment advice.

Overview

FONAR Corporation (NASDAQ:FONR) is a pioneering medical device company founded in 1978 and incorporated in New York. The company was established as one of the early innovators in magnetic resonance imaging (MRI) technology and went public in 1981. FONAR operates as both a manufacturer of specialized MRI equipment and a provider of diagnostic imaging services, with a unique focus on upright MRI scanning technology that allows patients to be imaged in natural weight-bearing positions.

Business

FONAR Corporation operates in the medical imaging industry, specifically focusing on magnetic resonance imaging (MRI) technology. MRI is a non-invasive medical imaging technique that uses powerful magnetic fields and radio waves to create detailed images of organs, tissues, and bones inside the human body, helping physicians diagnose various medical conditions without the need for ionizing radiation. The company's flagship product is the Upright MRI scanner, a revolutionary imaging system that differentiates FONAR from traditional MRI manufacturers. Unlike conventional MRI machines that require patients to lie down in a narrow, enclosed tube, FONAR's Upright MRI allows patients to be scanned while standing, sitting, bending, or lying down in various positions. This capability is particularly valuable for diagnosing conditions that may only be apparent when the body is in weight-bearing positions, such as spinal problems, joint issues, and certain musculoskeletal disorders. FONAR operates through two distinct business segments: 1. Medical Equipment Segment: This division focuses on the research, development, production, and marketing of MRI scanners. The company primarily targets private diagnostic imaging centers and hospitals as customers for its specialized equipment. 2. Physician Management and Diagnostic Services Segment: This segment provides comprehensive non-medical management services to healthcare facilities, including administrative services, billing and collection, credentialing, contract negotiations, compliance consulting, IT services, personnel management, medical records storage, equipment maintenance, accounting, and practice growth strategies. FONAR owns and operates 5 diagnostic imaging facilities in Florida and manages 39 MRI scanning facilities across New York (25 facilities) and Florida (14 facilities).

Revenue model

FONAR generates revenue through two primary business models. The Medical Equipment segment earns money through direct sales of MRI scanners to hospitals and private diagnostic imaging centers. These are typically high-value capital equipment purchases that generate substantial one-time revenue per unit sold. The Physician Management and Diagnostic Services segment operates on a service-based revenue model, earning income through management fees, diagnostic imaging services performed at company-owned facilities, and revenue-sharing arrangements with the 39 facilities it manages. This segment provides recurring revenue streams through ongoing management contracts and per-scan fees from diagnostic services. Based on recent financial data, the company generates approximately $100 million in annual revenue, with the services segment appearing to contribute the majority of revenues given the substantial recurring nature of managing 44 total facilities (5 owned, 39 managed). Several factors can impact FONAR's margins and profitability. Positive factors include the growing demand for advanced diagnostic imaging as healthcare systems emphasize early disease detection, the aging population requiring more medical imaging services, and the unique positioning of upright MRI technology which faces limited direct competition. The company's dual revenue model also provides some stability through recurring service revenues. Negative factors include intense competition from major medical device manufacturers like GE Healthcare, Siemens, and Philips in the broader MRI market, high capital requirements for equipment development and manufacturing, regulatory compliance costs in the heavily regulated medical device industry, and potential reimbursement pressures from insurance providers. Additionally, the specialized nature of upright MRI technology may limit the total addressable market compared to conventional MRI systems.

Competitive moat

FONAR's competitive moat is moderately strong but narrow, primarily built around its specialized upright MRI technology. The company holds patents and has developed proprietary expertise in weight-bearing MRI imaging, which represents a unique clinical capability that conventional MRI systems cannot replicate. This technological differentiation allows FONAR to serve specific diagnostic needs that are difficult for competitors to address, particularly in spinal and musculoskeletal imaging where weight-bearing positions can reveal pathologies not visible in traditional supine imaging. However, the moat has several limitations. The overall MRI market is dominated by much larger, well-resourced competitors like GE Healthcare, Siemens Healthineers, and Philips, who possess vastly superior R&D budgets, manufacturing scale, and global distribution networks. While these giants have not prioritized upright MRI technology, they could potentially develop competing solutions if the market opportunity becomes sufficiently attractive. The company's service-based business segment provides some additional defensive characteristics through long-term management contracts and established relationships with imaging facilities, but this represents a more commoditized business model with lower barriers to entry. FONAR's small size and limited resources also constrain its ability to invest heavily in next-generation imaging technologies or expand internationally, potentially making it vulnerable to technological disruption or market share erosion over time. The company's moat is best characterized as a niche technology advantage that provides some protection but lacks the scale and resources to defend against determined competition from industry leaders.

Risks & safety

FONAR demonstrates a strong margin of safety from a financial stability perspective, though valuation metrics present a mixed picture. • Liquidity and Solvency: The company maintains excellent financial health with $54.3 million in cash and short-term investments against minimal debt. Current ratio of 11.2x indicates very strong short-term liquidity, while debt-to-equity ratio of only 0.23 shows conservative capital structure with low financial risk. • Cash Generation: Positive operating cash flow of $3.1 million in recent quarter and $14.1 million annually demonstrates consistent cash generation capability. Free cash flow of $13.3 million annually provides substantial financial flexibility. • Valuation Metrics: Current P/E ratio of 4.2x appears extremely attractive, suggesting potential undervaluation. EV/EBITDA of 8.6x is reasonable for a profitable small-cap company. Price-to-book ratio of 0.56x indicates trading below book value. • Other Considerations: Strong balance sheet with $160.3 million in shareholders' equity provides substantial downside protection. However, small market cap of ~$90 million creates liquidity risks and volatility. Revenue concentration in specialized niche market poses some business risk.

Recent development

Based on the available financial data spanning 2022-2025, FONAR has demonstrated consistent operational performance with some notable trends. The company has maintained relatively stable annual revenues in the $97-103 million range, indicating a mature but steady business model. The most significant development has been the company's strong profitability improvement, with net income growing from $17.2 million in 2022 to $10.6 million in 2024, though this represents some volatility year-over-year. The recent quarterly results show continued profitability with net income of $3.1 million in Q3 2025. FONAR has strengthened its balance sheet position significantly, with cash and short-term investments growing from $48.7 million in 2022 to $54.3 million by Q3 2025, while maintaining minimal debt levels. This cash accumulation suggests strong free cash flow generation and conservative financial management. The company's dual-segment strategy continues to provide stability, with the diagnostic services segment likely contributing the majority of revenues through its network of 44 imaging facilities. The equipment manufacturing segment appears to provide more volatile but potentially higher-margin revenue streams. Without access to recent earnings call transcripts, specific strategic initiatives or new product developments are not available, but the financial performance suggests FONAR is maintaining its market position in the specialized upright MRI niche while generating consistent cash flows from its service operations.

FONR company profile · for informational purposes only — not investment advice.

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