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raybond
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VERY IMPORTANT NEWS
.

Fonar 10-Q report released February 9 2015 page 20: "On January 8, 2015, the Company purchased 20% of the Class A members ownership interest in Health Diagnostic Management LLC for a cost of $4,971,000. After this transaction, the Company has a 60.4% ownership interest."

100% Class A members ownership has a total market value of $24,855,000 if 20% has a value of $4,971,000. According to the annual report 10-K page 63 the net income in fiscal 2014 to Class A members in HDM LLC was $2,266,473. Fonar has January 8 2015 paid Fonar paid at a P/E of 11. If HDM LLC with the 14 scanning centers has a P/E of 11. Fonar's management must believe Fonar's other 12 centers has a similar P/E value.
In fiscal 2014 Fonar's total net income was $13.4M. Minority interests was $3.0M. Net income to common shareholders was $10.4M.
In fiscal 2015 first 6 month Fonar's net income was $6.7M. Minority interests was $1.5M. Net income to common shareholders was $5.2M. Fonar's revenue isn't dependent of sesaon. We could expect another net income to common shareholders of $5.2M in the 2nd half of fiscal 2015.

If Fonar's management purchase 20% Class A members ownership at a P/E of 11, Fonar has to be priced at a P/E of 11, because managements alternative was a stock repurchase program buying back Fonar shares. Common shareholders net income in fiscal 2014 of $10.4 and another $10.4M again in fiscal 2015 at a P/E of 11. Fonar's valuation has to be $10.4M x 11 or $114.4M. Fonar has 6,179,000 basic diluted shares and must trade at minimum $18.5.

Next the share price of $18.5 doesn't even consider the value of Fonar's patents and rights to the MRI scanners. Consider the value of the MRI patents and Fonar must trade at $25 or more.

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raybond
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Every where I go, people are talking about FONR now. I went to Starbucks and the baristas were talking about FONR. I took a taxi and the taxi driver was talking about FONR. FONR to the moon alice.
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raybond
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I personally see fonar as still a strong buy and will be looking to buy on the dips. IMHO 18 is a good short term price.
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raybond
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up to day so far trading at 13.40 per share on light volume still time to get in for a good return
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Zacks talks
.

FONR has a Zacks Rank #1. Expect more volatility with this stock, as it has a beta of 3. Our consensus estimate calls for an EPS of $0.45 However, FONR is geared to beat earnings this quarter, as it has in each of the last 4 quarters. As a matter of fact, FONR has posted a beat on our consensus each quarter by an average of 428.89%. You may not want to sleep on this current discount too long.

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raybond
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In Germany newss March 04
.

Matthias Schulz, CEO of Medserena, said, "The first three UPRIGHT® MRI centers have had great success. With physicians all over Germany asking about this technology, it has become imperative for us to expand and install a fourth UPRIGHT® scanner. This is in spite of an intensely active MRI market in Germany, where there are already many conventional lie-down MRIs installed. The large number of requests coming from our physicians in Germany,” Mr. Schulz said, “are arising because of the special medical need for FONAR’s unique technology.”

"The German people have a long history in science and technology innovation," Mr. Schulz reported, "so we tend to recognize the potential of any new technology quickly. We have been very successful in Germany with the FONAR UPRIGHT® Multi-Position™ MRI and its power for scanning patients in multiple upright and recumbent positions because our physicians have quickly appreciated the benefits of this new technology and want their patients to have access to those benefits as soon as possible. With 50% of MRIs being of the spine, it is self-evident that to make a satisfactory imaging diagnosis of the spine, the spine needs to be supporting its normal weight load which the conventional lie-down MRI does not permit. In addition, the FONAR UPRIGHT® is able to avoid anesthesia for the imaging of young children in many cases, diagnose the fallen cerebellar tonsils (CTE, cerebellar tonsillar ectopia) that occur from whiplash injuries and diagnose scoliosis in young women without the x-rays that give rise to an increased incidence of breast cancer in scoliosis patients.”

Mr. Schulz continued, "The FONAR UPRIGHT® Multi-Position™ MRI is a most unique MRI scanner. We firmly believe that it will become a standard for MRI diagnostics in Europe, especially in evaluating the spine. No other medical technology can put together in one scanner the ability to achieve detailed images of the patient in any and all of the positions

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raybond
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Gurufocus says some nice things about fonar


Growing By Acquisition

Fonar's growth has come, and will continue to come from, expanding their MRI centers under management. This has happened mostly through acquisition. In 2013, HCMA used debt and equity to acquire a 50.5% stake in Health Diagnostic Management (HDM), which operates 14 facilities, expanding revenue by almost 25% in fiscal (June) 2013 and 40% for 2014.

Another way Fonar can grow is to continue to consolidate HDM into the company, earning shareholders a larger piece of the profits of those 14 facilities. To this end, Fonar completed a $5 million deal in January to increase its stake to 60.4%. This will reduce the minority interest taken out of profits, balance sheet equity, and cash flows going forward.

Other Things To Like

Fonar has some other nice attributes, as well. For a tiny ($75 million) company, its competitive positioning is actually quite good. The firm holds numerous patents on the Upright MRI system, is not licensing them, has proven their effectiveness in the past, and has at least a decade of protection. The advantages of the Upright MRI vs. the traditional tunnel-style machine (and even newer open systems) are easily marketable, and indeed more aggressive marketing has driven a 9% increase in scans performed in the first 6 months of this fiscal year.

Also, Fonar is financially a strong company. Debt from the HDM deal has been paid down rapidly, from nearly $16 million at the end of 2013 to under $10 million as of the last quarter. Fonar's monthly-fee management business is recurring and "sticky" (switching management providers would be enormously disruptive), driving very steady and reliable free cash flows at about 11% of sales. Over the medium term, this should allow Fonar to pursue its strategy of acquiring new centers and consolidating HDM without over-leveraging its balance sheet.

Risks

Before we get into any company risks, it is important to stress that Fonar is a micro-cap stock with very limited liquidity and wild price swings. Over the past year the stock has swung between $10 and $20! Only consider this one if you are ready for that, and be sure to use limit orders when entering or exiting the stock.

Operationally, there are a few things to consider. First, despite being a first mover and holding valuable patents, Fonar is still a tiny company today, and its management team still consists of a group of long-timers, all but one of which is over the age of 76! That one, investment banker Ron Lehman (only 37), is behind much of the recent acquisition strategy, so perhaps we're seeing a step in the right direction.

MRI machines are produced by some big-name industrials: General Electric, Siemens, Hitachi, Philips and Toshiba to name a few. All of these companies have far more R&D and marketing resources then Fonar. A newer development from one of these competitors could make Upright MRI less attractive then it is today.

Also, new "Obamacare" rules have reduced reimbursement rates to MRI centers, which has slightly pressured the fees paid to HCMA. Further effects are not predictable but could continue to pressure management fees.

Finally, Fonar's equipment business has been in a long-term decline. Machine sales have fallen from over $9 million in 2010 to under $2 million in 2014, although service fees have remained steady in the $10-11 million range. Further drops here will pressure margins, as this is a more profitable part of the business. On the bright side, trailing twelve month new equipment sales are up to $2.7 million, so this unit could be on the upswing, too.

Conclusion

Fonar is an attractive micro-cap. Unusually for such a small company, it has pretty reliable and recurring revenues, as well as decent competitive advantages, to go on top of a plausible growth strategy. The stock at $12.50 is in the bottom part of its 52-week range, 64% under its 52-week high. Assuming reasonable 6-7% growth going forward, and a 10% earnings yield, I see Fonar worth about $17.50/share - 40% upside from here. We'll add it as our newest Top Buy pick under the "Aggressive" portfolio.

About the author:


Magic Diligence
GuruFocus - Stock Picks and Market Insight of Gurus

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raybond
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Intrinsic value increased to $20 per share
.

FONR is an undervalued company. I am glad to see it in the $11.90 per share range. They are in a growing business and a nicely profitable business. The company is bringing in $70 million per yr in revenue. Balance sheet is strong. They have increased their cash position to over $11 million. And cash flow from operations is $10 million per year. I see that the prior year’s Q3 quarter was announced on May 15, and we are likely to see earnings released around that date again this year. I project that FONR will have $18 million in revenue for Q3 and will have $2.2 million in net income (or a hefty $0.35 per share). This would be significantly better than the prior Q3. The capabilities of FONR’s products are being recognized and acknowledge throughout the world now and this will show even more as time moves onward.
Based on liabilities, assets, revenue, margins, and cash flow, I see that FONR is intrinsically worth $124 million. With only 6.2 million shares outstanding, that means FONR is intrinsically worth $20 per share. That is a conservative valuation. If FONR exceeds $0.35 per share, then FONR is likely to see significant upside beyond $20 per share

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raybond
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On 11th May Results coming 3 rd, quater.
.

Best Coming.
Regards to all shareholders Culver .

Dear Sr.........

Our next earnings are due and expected on May 11. We plan to submit
the press release before the opening of the New York markets.

With much regards,
Daniel Culver
Director of Communications
FONAR

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The Craniocervical Syndrome and MRI
.

Examines the impact of rapid advances in MRI on treating patients
Rapid advances in MRI are transforming the treatment of patients suffering from the craniocervical syndrome (CCS). Articles in this publication have been written by leading international experts in the field to provide practitioners with a better understanding of the subtle anatomy and MRI appearances at the craniocervical junction, along with insight into the clinical significance of cerebrospinal fluid (CSF) flow measurements and their relationship to posture. The surgical management of patients with damage to the ligaments at the craniocervical junction and the role of cervical spinal trauma in neurodegenerative diseases as well as CSF flow obstruction are also discussed.
This publication is valuable reading for practitioners in the fields of radiology, neurosurgery, neurology, pain management, orthopaedic surgery as well as for chiropractors and osteopaths.

Bibliographic Details
The Craniocervical Syndrome and MRI
Editor(s): Smith F.W. (London)
Dworkin J.S. (Melville, N.Y.)
VIII + 94 p., 75 fig., 8 in color, 7 tab., hard cover + online supplement material, 2015
Status: available
ISBN: 978-3-318-02696-2
e-ISBN: 978-3-318-02697-9
DOI: 10.1159/isbn.978-3-318-02697-9 Less

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raybond
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This was a good quarter. People need to start looking at FONR from a new lens. They make most of their money from managing imaging centers, not from selling their Open MRI systems. It just happens that their imaging centers use Open MRI. The imaging centers gives them consistent cash flows each quarter which they are using to buy out their limited partners so they can get an even greater share of the imaging center revenue. That is where their "growth" is going to come from. They own 60% of HCA, and they still have 40% of HCA to buy out, giving them a place to invest their cash for "growth". These imaging centers are going to pump out cash for years to come, with little risk of competition

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raybond
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posted by lasstorkehave


Markets has been up the last year. Investors love good news and growth. A lot of companies have potential. Fonar's acquisition of HDM is completed. Fonar.has had no significant news the last 2 years and has no sign of growth. The company's 9% increase in scans in 2015 has been offset by obamacare etc.

My advice to investors: "Don't despair"

Fonar's fundamentals are great.

- Diluted EPS the last 4 quarters of $1.75
- Book value of $5.29. Add 3 years EPS and book value is in the range of $10-$11 in 2018
- P/E of 6.1 ~ return on invested capital is above 16%
- Profit margin the last 4 quarters is 19.9
- The debt on the HDM acquisition of $20M + $5M has in 2 years been reduced by $16M to $9M
- Fonar's ownership of Imperial is in May 2015 increased by 5% to 96%. 4% is to be purchased in May 2016
- The January 2015 20% Class A acquisition is going to increase net income by 20% of $2.4M or ~ $0.5M
- The May 2015 5% Imperial acquisition is going to increase net income by 5% of $6M or ~ $0.3M
- The above acquisitions in 2015 increase 2015 diluted EPS by $0.13 compared to 2014 EPS ($0.8M/6.4M)
- Positive cash-flow. The 2015 acquisitions is going to reduce dividends to minority interests in 2015 by $1M

Fonar's potential is great

- Fonar is a M&A target. Reasons: Fonar's patents, profit margin and cash-flow
- Future diseases could be identified by Fonar's MRI scans
- Fonar might buy another part of the 80% Class A ownership in HDM
- Fonar has huge potential in export of MRI machines.
- In 3 years Fonar has no debts. Cash-flow from operating activities of $12.5M reduced by investing activities of $0.5M provide enough cash-flow to pay dividend of $2 per share
- A new president might cancel obamacare etc.

Unless terrible news occur an investment in Fonar at $10-$11 has to be compared to a book value in 3 years of $10-$11. I'm convinced my investment in Fonar has reduced downside and signifcant upside. My target on Fonar is $25. My target at a buyout is $40 ~ P/E of 23.

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raybond
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FONR up 540% in three and a half years.
.

Price at close on December 28, 2011 was $1.69. Price at close on June 22, 2015 was $10.77. Up 540%.

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raybond
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getting close to add to my position

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raybond
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Fonar just received tax breaks to stay in Melville in approval from County. It is a 440 K USD deal...Not bad
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FONAR Announces Fiscal 2015 Year End Earnings

.

Marketwired
Fonar Corporation
September 14, 2015 7:00 AM










. ˠ


.


..
.
.

MELVILLE, NY--(Marketwired - Sep 14, 2015) - FONAR Corporation (NASDAQ: FONR)
•23% Increase of Fiscal 2015 Diluted Net Income per Common Share available to Common Shareholders to $1.95, versus prior year
•15% Increase of Fiscal 2015 Net Income to $15.4 million, versus prior year
•5% Increase of Fiscal 2015 Income from Operations to $12.9 million, versus prior year
•Increase of Fiscal 2015 net revenues to $69.1 million, versus prior year

FONAR Corporation (NASDAQ: FONR), The Inventor of MR Scanning™, reported today its fiscal 2015 results for the year ended June 30, 2015. The Company is known as the first Company to invent and manufacture an MRI (Magnetic Resonance) scanner. Leading the list of FONAR's most recent patented inventions is its technology enabling UPRIGHT® full weight-bearing MRI imaging for the first time on all the gravity sensitive regions of the human anatomy, e.g. the spine, brain, hip, knee, ankle, foot, shoulder, and pelvis. The FONAR UPRIGHT® Multi-Position™ MRI scanner is the world's only MRI scanner licensed under FONAR's multiple UPRIGHT® MRI patents to scan all the patient's body parts in their normal fully weight-bearing UPRIGHT® position.

Financial Highlights

Net income increased 15% to $15.4 million for the fiscal year ended June 30, 2015. This compares with $13.4 million for the fiscal year ended June 30, 2014.

Income from operations increased 5% to $12.9 million for the fiscal year ended June 30, 2015. This compares with $12.3 million for the fiscal year ended June 30, 2014.

Basic net income per common share available to common shareholders increased 23% to $2.00 for the fiscal year ended June 30, 2015 as compared to $1.62 for the fiscal year ended June 30, 2014.

Diluted net income per common share available to common shareholders increased 23% to $1.95 for the fiscal year ended June 30, 2015 as compared to $1.58 for the fiscal year ended June 30, 2014.

Revenues increased to $69.1 million for the fiscal year ended June 30, 2015. This compares to $68.5 million for the fiscal year ended June 30, 2014.

For the year ended June 30, 2015, the revenues from the management of the diagnostic imaging center segment, consisting of patient and management fee revenue, and less the provision for bad debt for patient revenue, was $57.6 million as compared to $56.4 million one year earlier.

At June 30, 2015, total assets were $76.5 million, as compared to $76.8 million one year earlier.

At June 30, 2015, total cash and cash equivalents were $9.4 million, as compared to $10.0 million one year earlier.

At June 30, 2015, total liabilities were $25.7 million, as compared to $30.9 million one year earlier.

At June 30, 2015, total current liabilities were $18.8 million, as compared to $20.9 million one year earlier.

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raybond
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larsstorkehave • Sep 14, 2015 11:31 AM Flag


Record earnings in Q4
.

Fonars earnings in Q4 were 88 cents. Before taxes Fonar's diluted net income was 43 cents. Record earnings either way.

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raybond
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shrewd_curmudgeon • Sep 14, 2015 1:43 PM Flag

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Beautiful. FONR likely headed to $20 per share
.

Excellent. This is a very valuable company.
FONR posted $16.9 million in revenue and $5.3 million in net income for common shareholders for the quarter. This is awesome. The company has been far more profitable than investors had expected. I could easily see FONR heading over $20 per share.
Balance sheet is strong. Demand is strong. This company is very undervalued. Beautiful. Less

Sentiment: Strong Buy

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raybond
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fonr trading at 12.97 pps

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raybond
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Fonar is trading at a PE of 6.5. It ought to be trading at a PE of 12-14. Diluted EPS the last 4 years are $0.93 $1.34 $1.62 and $1.95. Fonar's purchase in fiscal 2015 of 20% of Class A members ownership of HDM and 5% of Imp is going to improve EPS in fiscal 2016 by $0.1. Fonar has sufficient cash flow in 2016 to pay long term liabilities and to invest in additional scanning centers or purchase another 20-40% of Class A members ownership in HDM. Les
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larsstorkehave • 2 hours 56 minutes ago Flag

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My updated 2016 Fonar estimate
.

I used the day to go through the K-10 and have finished my research for fiscal 2016. The news was Imp business is transferred to HDM and HCMA has an 70% ownership of HDM. This is going to save costs in 2016. The numbers below are Q1 and fiscal 2016. Revenue 17.4-69.7. Gross profit 7.8-31.2. Sel, gen & adm 3.0-11.5. Income before taxes 3.7-15.1. Income tax benefit 2.5. Net income 3.6-17.6. EPS common shareholders 0.46-2.30. I expect a 23% increase in income before taxes (excluding minority interests).
In my forecast I have a 2.5M tax benefit. Fonar use projected income in 2016-2018 to calculate deferred tax asset (K-10 page 33). They might calculate the 2016-2018 income using 2013-2015 income reduced by 10-20% just to be on the safe side. The 8.4M deferred tax asset is approx 3 years total income of 26M. in my forecast 2014-2016 income before taxes is in total 39M (excluding minority interests it is 31M).
I have no info on growth and my forecast on revenue in fiscal 2016 is 69.7m or 1% up. Income before taxes increase by 2.3M due to improvement in gross profit and cost savings on sales, general and administrative. Gross profit on product sales in fiscal 2015 was negative. I have a 5% gross margin on product sales in fiscal 2016. Sales, general and administrative was down to 2.4M in Q4 2015 which could indicate cost savings again in fiscal 2016 In my 2016 forecast sales, general and administrative is 11.5M, but it could be reduced as low as 10-11M because of the "merger" of Imp and HDM Less

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raybond
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fonar closed at 13.41 today

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raybond
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fonr closed at 13.53

eps 1.99 up from 1.74

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raybond
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fonar closed at 14.49 today
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raybond
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fonar closed at 15.14 today
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Nice moves!
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raybond
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looking good closed at 15.65 for the week might be a pull back soon if there is I am ready to add.
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fonar close today at 16.20
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raybond
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July Re-Org should Add to the Bottom Line
.

See the recent 10-K filing...

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raybond
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fonar closed today at 16.61
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fonar closed at 16.70 today
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fonar now trading at 17.22 I am interested to see if it holds at this level

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Wise men learn more from fools than fools from the wise.

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looks like fonar closed at 17.45 today on heavy volume for fonar.

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Wise men learn more from fools than fools from the wise.

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fonar closed today at 17.56

What really gets me is why is fonar not saying anything there has not been a company headline since oct,6

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fonar pull back 16.82 still no word about anything

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Wise men learn more from fools than fools from the wise.

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