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[QUOTE]Originally posted by raybond: [QB] larsstorkehave • 1 hour 7 minutes ago Flag 0 users liked this posts users disliked this posts 0 Reply Q1 Earnings report compared to my estimate . My estimate on Fonar's Q1 earning report published Sep 28/Oct 1 was (actual - my estimate): Revenue $7.6M - $7.4M. Product sales $0.0M - 0.4M. Patient revenue net $4.6M - 4.0M. Gross margins: Total revenue 47.4% - 45.5%, Patient revenue 51.8% - 48.4%. Management and other fees (related medical practies included) 39.3% - 37.5%. Gross profit $8.244M - $7.790M. SG&A $3.8M - $3.0M (I cut my estimate on SG&A from $3.6M to $3.0M as Q4 was released in Sep.) Net income $3.5M - $3.6M EPS common shareholders $0.44 - $0.46. Even if Gross profit in Q1 was record high $8.244M EPS were $0.02 lower than my estimate. I expected the cost cuts in Q4 to continue in Q1. The "merger" of Fonar's 2 subsidiaries July 1 had an impact on SG&A in Q1. Fonars revenue is always almost flat, but the increase year on year in Patient revenue of $1.0M or 27% is remarkable, because Gross margin patient revenue also increased yoy to 51.8% from 47.8%. The product sales of $0.0M isn't an issue. I consider the improved Gross margins and Gross profit and even the increased SG&A in Q1 support my estimate on fiscal 2016 EPS of $2.3. I can't find any weakness in the earning report. My target on Fonar continues to be $26. Less [/QB][/QUOTE]
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