Fonar Corp. of Melville, a maker of magnetic imaging machines that allow patients to sit upright instead of lying down in a tunnel, had a breakthrough on earnings Tuesday that sent its stock price up 30 percent in the first hour of trading.
Fonar shares rose to $2.53, up 59 cents, with 2.1 million shares changing hands in the first hour of trading Tuesday. The stock's 3-month average daily trading volume is 40,000 shares.
The company reports, in a Tuesday filing with the Securities and Exchange Commission, that it had net income of $1.8 million on net revenue of $9.3 million for the quarter ending Dec. 31, up from net income of $1.3 million on revenue of $8 million for the same quarter the previous year.
It's the company's second consecutive quarter of profitability.