FONAR Corporation designs manufactures sells and services magnetic resonance imaging scanners using open upright technology and provides management services to diagnostic imaging facilities through its subsidiary Health Management Corporation of America.

The company generates revenue from the sale and servicing of its MRI scanners including service maintenance upgrades and software distribution and from management fees paid by the facilities it manages as well as patient service revenue from the diagnostic imaging centers it owns and operates in Florida.

The company operates through the following segments:

• Medical Equipment Segment designs manufactures sells and services MRI scanners with the Upright MRI as its primary product offers service and maintenance contracts upgrades and software solutions such as SwiftMR and invests in research development and patent protection.

• Physician Management and Diagnostic Services Segment provides non medical management services to diagnostic imaging facilities including administrative billing credentialing contract negotiations compliance purchasing IT hiring office space equipment repair storage marketing and expansion planning and owns and operates six diagnostic imaging facilities in Florida while managing a network of 44 MRI scanners as of June 30 2025.

FONAR holds a pioneering position in the open and upright MRI market distinguished by its patented technology and first to market open MRI scanner while competing against large manufacturers such as Siemens General Electric Philips Fujifilm Canon and United Imaging and against other management companies in the diagnostic services space.

The medical equipment segment serves private diagnostic imaging centers and hospital outpatient imaging facilities and the management segment serves physician owners of imaging facilities patients covered by no fault insurance and workers compensation and managed care organizations.