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In a challenging market environment, Fonar Corporation (FONR), a pioneer in MRI technology, has seen its stock price touch a 52-week low, reaching $14.03. According to InvestingPro analysis, the company maintains strong financial health with more cash than debt on its balance sheet, while trading at just 0.53 times book value. This downturn reflects a significant retreat from better-performing times, with the company’s shares experiencing a substantial 1-year change, plummeting by -35.84%. Investors are closely monitoring Fonar’s performance as it navigates through the headwinds that have pressured the healthcare sector, leading to this notable low in its stock price. The market will be watching for Fonar’s strategic moves to recover from this dip and potentially regain its previous momentum. Management has been actively buying back shares, and InvestingPro analysis suggests the stock is currently undervalued, with 6 additional exclusive tips available for subscribers.
In other recent news, Fonar Corporation has announced the appointment of CohnReznick LLP as its new independent auditor for the fiscal year ending June 30, 2025. This decision comes after a competitive selection process that included several accounting firms, with Marcum LLP, the previous auditor, also participating. Marcum had audited Fonar’s financial statements for the fiscal years ending June 30, 2024, and 2023, without any adverse opinions or modifications in terms of audit scope or accounting principles. However, Marcum’s reports noted that the firm was not engaged to audit Fonar’s internal control over financial reporting. There were no disagreements or reportable events between Fonar and Marcum leading up to the change. In compliance with SEC regulations, Marcum agreed with the statements made by Fonar regarding its dismissal. The appointment of CohnReznick is subject to the signing of an engagement letter and completion of standard client acceptance procedures. This change in auditors marks a significant development in Fonar’s financial oversight as the company looks ahead to the new fiscal year.
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