Posted on 23/05/06
Fonar's MRI results are pointing to a spell in over-the-counter hell for stock
It's been a long time since we have suffered a certified blowout, but Fonar Corp. (FONR-Nasdaq) is putting our streak of fortune in severe jeopardy. The stock of our MRI maker was hammered last week to 26 cents (U.S.), as third-quarter revenue imploded to a paltry $7.1-million, compared with $25.3-million in 2005. After a nominal profit last year, losses have been mounting at a harrowing pace, now standing at $21-million over nine months.
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