Page 1

NEWS For Immediate Release Contact : Daniel Culver Director of Communications E - mail : investor@fonar.com www.fonar.com FONAR The Inventor of MR Scanning ™ An ISO 9001 Company Melville , New York 11747 Phone : ( 631 ) 694-2929 FONAR ANNOUNCES FIRST FISCAL QUARTER EARNINGS Fax : ( 631 ) 390-1772 Total MRI scan volume at the HMCA - managed sites increased 11.6 % to 48,469 scans for the quarter ending September 30 , 2021 versus the same quarter one year earlier . This is highest quarterly total in the Company's history . Diluted Net Income per Common Share increased 53 % to $ 0.55 for the quarter ended September 30 , 2021 versus the same quarter one year earlier . Total Revenues - Net increased by 13 % to $ 23.7 million for the quarter ended September 30 , 2021 , versus the same quarter one year earlier . Net Income increased 59 % to $ 5.2 million for the quarter ended September 30 , 2021 , versus the same quarter one year earlier . Income from Operations increased 38 % to $ 5.7 million for the quarter ended September 30 , 2021 , versus the same quarter one year earlier . Book Value Per Share increased by 7 % to $ 20.87 per share at September 30 , 2021 , versus the same quarter one year earlier . Cash and cash equivalents and short term investments decreased 2 % to $ 43.4 million at September 30 , 2021 versus the fiscal year ended June 30 , 2021 . MELVILLE , NEW YORK , November 15 , 2021 - FONAR Corporation ( NASDAQ - FONR ) , The Inventor of MR Scanning ™ , reported today financial results for the first fiscal quarter of 2022 which ended September 30 , 2021. FONAR's primary source of income is attributable to its wholly - owned diagnostic imaging management subsidiary , Health Management Company of America ( HMCA ) . In 2009 , HMCA managed 9 MRI scanners . Currently , HMCA manages 39 MRI scanners in New York and Florida . Financial Results Total Revenues - Net increased by 13 % to $ 23.7 million for the first fiscal quarter ended September 30 , 2021 , as compared to $ 21.0 million for the first fiscal quarter ended September 30 , 2020 . Total Costs and Expenses for the first fiscal quarter ended September 30 , 2021 increased by 7 % to $ 18.0 million , as compared to $ 16.8 million for the first fiscal quarter ended September 30 , 2020 . Page 1