FONAR appoints Robert Carrino as new independent director

MELVILLE, New York - FONAR Corporation (NASDAQ:FONR), a medical imaging company with strong financial fundamentals and a market capitalization of $96.6 million, announced Wednesday the appointment of Robert M. Carrino as an independent director to its board, filling a vacancy left by the recently retired Claudette J.V. Chan. According to InvestingPro data, the company maintains robust liquidity with a current ratio of 10.05, indicating strong financial stability.

Carrino, a partner at CFGI, LLC in New York City where he leads the firm’s SPAC practice, brings extensive public accounting experience to the medical imaging company. A Certified Public Accountant, Carrino previously served as an audit manager at KPMG, LLP’s Metro New York Long Island Office and earned a Bachelor of Science in Business Administration with a concentration in accounting from Western New England University. His appointment comes as FONAR shows strong financial performance, with InvestingPro analysis indicating the stock is currently trading below its Fair Value, presenting a potential opportunity for investors.

Timothy Damadian, chairman and CEO of FONAR, highlighted Carrino’s accounting expertise as particularly valuable as the company transitions into accelerated filer status.

"Mr. Carrino’s extensive public accounting experience will be a tremendous asset to our organization," Damadian said in the press release.

FONAR, which bills itself as "The Inventor of MR Scanning," was incorporated in 1978 and went public in 1981. The company’s diagnostic imaging management subsidiary, Health Management Company of America (HMCA), currently manages 44 MRI scanners in New York and Florida that perform over 200,000 MRI scans annually, according to the company. This operational efficiency has translated into solid financial performance, with the company generating $103 million in revenue over the last twelve months and maintaining a healthy gross profit margin of 41.2%. InvestingPro subscribers can access additional insights, including 8 more ProTips about FONAR’s financial health and market position.

The company’s signature product is the FONAR UPRIGHT Multi-Position MRI, which allows scanning patients in various positions including standing and sitting, as well as the conventional lying position.

In other recent news, Fonar Corporation has disclosed the outcomes of its Annual Meeting of Stockholders, as reported in a recent SEC filing. The meeting took place at the Hilton Long Island Huntington Hotel in Melville, New York, where stockholders re-elected the existing board of directors, including Timothy R. Damadian, M.D., Claudette J.V. Chan, Ronald G. Lehman, Richard E. Turk, and Jessica Maher. The shareholders also gave advisory approval to the compensation for the company’s named executive officers. Additionally, CohnReznick LLP was ratified as the auditors for the fiscal year ending June 30, 2025. These decisions were confirmed through the proper channels, as required by the Securities and Exchange Act of 1934. The filing, signed by President and CEO Timothy R. Damadian, ensures compliance with regulatory requirements and demonstrates Fonar Corporation’s commitment to maintaining corporate governance standards. This information has been made available to provide transparency to investors and the public.

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