Fonar Corp.

What Fonar Corp. does

FONAR Corporation, founded in 1978 by MRI inventor Raymond V. Damadian, designs, manufactures, and services the UPRIGHT Multi-Position MRI (Stand-Up MRI) scanner — the only whole-body MRI capable of scanning patients in weight-bearing positions (standing, sitting, flexion, extension) as well as recumbent. The system uses a 0.6 Tesla iron-frame electromagnet with horizontal-transaxial magnetic field orientation and an 18-inch pole-to-pole gap that accommodates a motorized patient bed. The product line also includes FONAR 360 / OPEN-SKY MRI variants, the SwiftMR image-processing module, and CSF Videography/Videographics for quantifying cerebrospinal fluid flow dynamics in neurological conditions such as multiple sclerosis and craniocervical syndrome.

FONAR generates revenue from three streams: (1) one-time hardware sales of UPRIGHT MRI scanners sold directly to hospitals, imaging centers, and specialty clinics, supplemented by international channel partners such as Medserena in Germany; (2) recurring service and repair contracts on the installed base of 157+ UPRIGHT and approximately 300 recumbent-OPEN scanners worldwide; and (3) managed-service revenue from its wholly-owned Health Management Company of America (HMCA) subsidiary, which manages 45 MRI scanners across 25-26 diagnostic imaging centers in New York and Florida, generating both patient-fee revenue from MRI scan procedures and management fees. Equipment pricing is negotiated enterprise-by-enterprise and not publicly disclosed.

FONAR went public on NASDAQ in 1981 under ticker FONR and is dual-led by founder-Chairman Raymond Damadian and his son, President and CEO Timothy Damadian. In December 2025 the company announced a management-led take-private transaction at $19.00 per Class B share (a 31.5% premium), financed by $45M in equity and $45M in debt from OceanFirst Bank, with closing subject to stockholder approval expected in Q3 fiscal 2026.

Name

Fonar Corp.

Legal name

Fonar Corporation

Website

https://fonar.com

Company type

Public

Founded year

1978

Operating status

Operating

Headcount range

501–1,000 employees

Short description

FONAR Corporation manufactures the UPRIGHT Multi-Position MRI scanner — the only whole-body MRI capable of weight-bearing positional imaging — and through its HMCA subsidiary manages 25-26 diagnostic imaging centers in New York and Florida. Founded by MRI inventor Raymond Damadian in 1978, the company sells scanners globally and operates as a public company pending a December 2025 take-private transaction.

Ownership category

akta.pro rank

Product category

Medical Imaging Equipment

NAICS

Electromedical and Electrotherapeutic Apparatus Manufacturing (334510), Diagnostic Imaging Centers (621512)

SIC

Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

Magnetic Resonance Imaging (MRI) Systems (HLAHABAC)

akta.pro secondary industry

Radiology Imaging Centers (X-ray/CT/MRI/Ultrasound) (HLAFAKAA)

Keywords

• MRI equipment manufacturing
• Diagnostic imaging systems
• Magnetic resonance imaging
• Upright MRI scanners
• Medical imaging hardware

Headquarters

HQ city

Melville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. MRI Equipment Sales: Sale of UPRIGHT MRI scanners and related equipment to healthcare facilities globally
2. Service and Repair Fees: Ongoing service, maintenance, and repair contracts for installed MRI equipment
3. HMCA Diagnostic Imaging Management: FONAR's wholly-owned subsidiary Health Management Company of America manages MRI scanning centers, generating revenue from scan procedures and management fees; HMCA manages 45 MRI scanners across New York and Florida
4. Patient Fee Revenue: Direct revenue from MRI scan procedures performed at HMCA-managed facilities

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

FONAR designs, manufactures, and sells the UPRIGHT® Multi-Position™ MRI scanner — the only whole-body MRI that can scan patients in weight-bearing positions — along with the FONAR 360 and OPEN-SKY MRI product lines. Through its wholly-owned HMCA subsidiary, the company also manages diagnostic imaging centers in New York and Florida that perform MRI scans and earn patient fee revenue.

Product overview

FONAR Corporation offers a portfolio of MRI medical imaging products anchored by its flagship UPRIGHT® Multi-Position™ MRI scanner—the world's only whole-body MRI capable of weight-bearing positional imaging. The product line includes the FONAR 360 and OPEN-SKY MRI systems, the SwiftMR image processing module, and the CSF VIDEOGRAPHICS/CSF VIDEOGRAPHY research technology for cerebrospinal fluid flow quantification. The company also operates through its Health Management Company of America (HMCA) subsidiary, which manages diagnostic imaging centers equipped with FONAR's MRI technology. Nearly 300 recumbent-OPEN MRIs and 157 UPRIGHT® Multi-Position™ MRI scanners have been installed worldwide since the company's founding in 1978.

Differentiator

Problem solved

Functional benefit

Brands

• UPRIGHT MRI: The FONAR UPRIGHT Multi-Position MRI scanner, also known as Stand-Up MRI, is the only whole-body MRI that performs Position imaging and scans patients in weight-bearing positions.
• Stand-Up MRI
• FONAR 360
• OPEN-SKY MRI
• SwiftMR
• pMRI (Position MRI)

Products and services

• UPRIGHT Multi-Position MRI (Stand-Up MRI) The world's only whole-body MRI scanner that performs Position imaging (pMRI), capable of scanning patients in numerous weight-bearing positions as well as conventional recumbent. Features 0.6 Tesla field strength with horizontal-transaxial magnetic field orientation, an iron-frame electromagnet with 18-inch pole-to-pole horizontal gap, and an open-front patient-friendly design. Sold to hospitals, imaging centers, and specialty clinics globally.
• FONAR 360 and OPEN-SKY MRI Additional MRI product line complementing the UPRIGHT MRI series, featuring open-configuration design for enhanced patient access and comfort. Sold to healthcare facilities globally.
• HMCA Diagnostic Imaging Management Services Health Management Company of America (HMCA), FONAR's wholly-owned subsidiary, manages diagnostic imaging centers equipped with UPRIGHT MRI scanners. HMCA manages 45 MRI scanners across 25-26 diagnostic imaging centers in New York and Florida, performing MRI scans and earning patient fee revenue and management fees.
• MRI Equipment Service and Maintenance Contracts Recurring service, maintenance, and repair contracts for FONAR MRI scanners installed at customer sites globally, providing ongoing technical support, parts, and field service for the installed base of UPRIGHT and recumbent-OPEN MRI systems.

Quantifiable outcome

• UCLA study of 1,302 patients found 18.1% overall miss rate for spondylolisthesis when using static MRI vs dynamic UPRIGHT MRI
• +2 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Medserena (Germany)coreChannel Partner/ Reseller/ Distributor · 28 October 2014Long-time FONAR customer operating 5 UPRIGHT MRI locations in Germany; represents FONAR products in German market
• Dr. John McCormick (Alaska)minorChannel Partner/ Reseller/ Distributor · 22 October 2014Harvard-trained radiologist operating first UPRIGHT MRI in Alaska; serves patients requiring weight-bearing imaging
• Dr. Graham - Medical Diagnostic Upright MRI (UAE)minorChannel Partner/ Reseller/ Distributor · 7 October 2014First UPRIGHT MRI sale in UAE; operates Medical Diagnostic Upright MRI clinic in Dubai
• HMCA (Health Management Company of America)coreOthersFONAR's diagnostic imaging management subsidiary managing MRI scanning centers across New York and Florida
• Dr. Scott Rosa / Trauma Imaging FoundationminorStrategic or Co-development PartnerNeurosurgeon who developed IGAT treatment method using FONAR UPRIGHT MRI imaging to diagnose and treat cranio-cervical syndrome; collaborated on research publications
• NYU Grossman School of MedicineminorStrategic or Co-development PartnerCollaborated on research publications including CSF flow studies published in Fluids and Barriers of the CNS (2021)

Scale indicators9 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• Siemens Healthineers: One of the top three MRI OEMs globally with MAGNETOM systems at 1.5T, 3T, and 7T. Broad incumbent in medical imaging; competes with FONAR for hospital/imaging center MRI capital purchases but lacks a positional imaging solution.
• RadNet: Largest US outpatient imaging center operator with 350+ centers. Comparable to FONAR's HMCA subsidiary in operating diagnostic imaging facilities, though RadNet uses predominantly conventional MRI and multi-modality imaging.
• GE HealthCare: Global MRI market leader offering 1.5T and 3T systems across the full radiology portfolio. Competes with FONAR in MRI equipment sales but does not offer a weight-bearing/positional MRI equivalent to the UPRIGHT system.
• Philips Healthcare: Major MRI manufacturer with Ingenia and Ambition product lines. Competes for general MRI equipment sales; does not compete in weight-bearing/positional MRI niche where FONAR operates.
• Canon Medical Systems: MRI OEM with Vantage Galan 1.5T/3T systems, competing broadly for hospital and imaging center sales. Does not offer an upright/positional MRI equivalent to FONAR's UPRIGHT system.
• Fujifilm Healthcare (formerly Hitachi Medical): Acquired Hitachi Medical's MRI business; offers 1.5T OASIS open MRI system that partially overlaps with FONAR's open MRI line. Broad incumbent competing in general diagnostic imaging.

Direct peers

• Esaote: Italian MRI manufacturer specializing in open and dedicated MRI systems for musculoskeletal and extremities imaging. Closest direct competitor to FONAR in the niche open/positional MRI segment.

Emerging players

• Hyperfine: Maker of Swoop, a portable point-of-care 0.064T MRI system. Targets adjacent use cases (ICU, bedside imaging) rather than competing with FONAR's diagnostic imaging centers, but represents an emerging alternative modality approach.

Regional players

• Akumin: Outpatient diagnostic imaging center operator with fixed-site MRI services across multiple US states. Comparable business model to FONAR's HMCA subsidiary in the imaging center operations layer.

Others

• Shimadzu Medical Systems: Medical imaging OEM with MRI and other modalities serving select international markets. Adjacent competitor in the broader MRI manufacturing landscape but does not directly contest FONAR's UPRIGHT niche.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/fonarmri
• LinkedInlinkedin.com/company/fonar-corporation

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fonar Corp.