American Shared Hospital Services Reports First Quarter 2026 Financial Results
Rhea-AI Summary
American Shared Hospital Services (NYSE American: AMS) reported first quarter 2026 revenue of $7.1 million, up 15.9% year-over-year, driven by 30.2% growth in direct patient services to $4.1 million.
Gross margin rose to $1.3 million (18.2%), adjusted EBITDA increased 18.4% to $1.1 million, and operating loss narrowed to $0.9 million, while net loss remained $0.6 million. Gamma Knife procedures grew 10.1% and PBRT treatments 20.7%. Cash increased to $5.2 million, and current long-term debt was $16.8 million.
AI-generated analysis. Not financial advice.
Positive
- Total revenue increased 15.9% year-over-year to $7.1 million
- Direct patient services revenue grew 30.2% to $4.1 million
- Gross margin rose 36.7% to $1.3 million, or 18.2% of revenue
- Adjusted EBITDA increased 18.4% to $1.1 million
- Operating loss improved to $0.9 million from $1.3 million
- Cash, cash equivalents, and restricted cash increased to $5.2 million from $3.7 million
Negative
- Net loss attributable to shareholders remained $0.6 million
- Total cost of revenue rose to $5.8 million from $5.2 million
- Selling and administrative expenses increased to $1.9 million
- Current portion of long-term debt stood at $16.8 million
- Higher operating costs from newer, higher fixed-cost facilities
- Maintenance expenses increased after warranty expirations and PBRT cost escalations
News Market Reaction – AMS
On the day this news was published, AMS declined 5.95%, reflecting a notable negative market reaction. Argus tracked a trough of -4.0% from its starting point during tracking. This price movement removed approximately $704K from the company's valuation, bringing the market cap to $11.13M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
AMS was down 2.89% with low volume while close peers showed mixed moves (e.g., CCM up 0.38%, BMGL down 4.84%, MODV down 18.59%). No peers appeared in the momentum scanner, pointing to stock‑specific trading around this earnings release.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | FY25 earnings | Negative | -19.9% | Full year 2025 revenue dip, margin compression, swing to net loss and lower EBITDA. |
| Nov 13 | Q3 2025 earnings | Positive | +7.7% | Q3 2025 revenue and adjusted EBITDA growth driven by direct patient services. |
| Aug 13 | Q2 2025 earnings | Negative | +0.5% | Q2 2025 net loss and EBITDA decline despite modest revenue growth and cash strength. |
| May 15 | Q1 2025 earnings | Negative | -10.1% | Q1 2025 revenue growth offset by leasing declines and move to net loss. |
| Apr 04 | FY24 earnings | Positive | +1.4% | Strong FY 2024 revenue and EPS growth from expanding direct patient services footprint. |
Earnings reactions tend to track the tone of results: 4 aligned moves vs 1 divergence across recent earnings reports.
Recent earnings for AMS show a shift toward direct patient services with mixed profitability. FY 2024 delivered strong growth and net income, but FY 2025 results showed margin compression, a swing to a $1.6M net loss, and liquidity pressure. Quarterly updates through 2025 highlighted rising direct care revenue alongside weaker leasing trends. Today’s Q1 2026 release continues that theme with revenue growth and margin improvement, set against the backdrop of elevated debt and covenant concerns disclosed in prior filings.
Historical Comparison
Across the last five earnings-related releases, AMS shares moved an average of -4.09%, with most reactions aligning to whether results were fundamentally strong or weak.
Earnings updates show progression from robust FY 2024 growth to FY 2025 margin and liquidity pressure, with ongoing mix shift toward direct patient care and expanding centers in Rhode Island and Mexico.
Market Pulse Summary
The stock moved -6.0% in the session following this news. A negative reaction despite revenue rising to $7.1M and gross margin improving to 18.2% would fit a pattern where AMS earnings moves have averaged -4.09% and often reflect concern about balance sheet stress. Prior filings flagged covenant defaults and going-concern risks, and current debt of $16.8M remains elevated. Even with adjusted EBITDA up to $1.1M, persistent net losses could reinforce downside pressure.
Key Terms
adjusted ebitda financial
gamma knife medical
proton beam radiation therapy medical
linac medical
AI-generated analysis. Not financial advice.
Gross Margins Increased
Adjusted EBITDA Increased
Volumes Continuing to Trend Higher into the Second Quarter
Conference Call Scheduled for 12:00 PM ET Today
SAN FRANCISCO, May 14, 2026 (GLOBE NEWSWIRE) -- American Shared Hospital Services (NYSE American: AMS) (the "Company"), a leading provider of stereotactic radiosurgery equipment and advanced radiation therapy cancer treatment services, today announced financial results for the first quarter ended March 31, 2026.
Key Financial Highlights
- Total revenue:
$7.1 million , compared with$6.1 million in the first quarter of 2025, an increase of15.9% - Gross margin: Increased
36.7% to$1.3 million , or18.2% , compared with$0.9 million , or15.4% , in the prior year period - Operating loss: Improved to
$(0.9) million , compared with$(1.3) million in the prior year period - Net loss attributable to American Shared Hospital Services:
$(0.6) million , compared with$(0.6) million in the prior year period - Adjusted EBITDA: Increased
18.4% to$1.1 million compared to$0.9 million in the prior year period - Direct patient services revenue: Increased
30.2% to$4.1 million , compared with$3.1 million in the prior year period - Leasing revenue:
$3.0 million , compared with$3.0 million in the prior year period
Operational Highlights
- Gamma Knife procedures increased
10.1% year-over-year, with 229 procedures performed - PBRT treatments increased
20.7% year-over-year to 1,003 - Rhode Island centers continued to ramp up utilization
- Puebla center continued strong growth driven by improved reimbursement and operational ramp up
Segment Performance
Direct Patient Care Services
Revenue from direct patient services increased
The Rhode Island centers and Puebla facility operated throughout the quarter and experienced increased patient volumes, contributing to overall segment growth.
Medical Equipment Leasing
Leasing revenue remained relatively consistent year-over-year at approximately
Proton beam radiation therapy volumes continued to reflect normal cyclical fluctuations consistent with industry trends.
Craig Tagawa, Interim Chief Executive Officer, stated, “We are encouraged by our performance in the first quarter of 2026, which reflects continued momentum in our direct patient care services segment and improved utilization across our treatment centers. Revenue growth of approximately
Ray Stachowiak, Executive Chairman, stated, “We continue to execute on our strategy of expanding our direct patient care footprint while strengthening our clinical capabilities and partnerships. During the quarter, we saw meaningful increases in treatment volumes across our radiation therapy centers, particularly in Rhode Island and Puebla, which contributed directly to our year-over-year revenue growth. Growth across our LINAC and proton therapy platforms reflects increasing demand for advanced radiation therapy services, and we remain focused on further increasing utilization, improving reimbursement profiles, and driving sustained revenue expansion across our network. We are continuing to see solid volume growth and are positioned well for long term growth and profitability.”
Scott Frech, Chief Financial Officer, stated, “Our first quarter performance highlights the strength of our operating model, as higher treatment volumes translated into improved margins and a significant reduction in operating loss. Additionally, I am pleased to report that we are continuing to see volumes trending higher into the second quarter. As utilization continues to ramp up across our network, we expect to drive further margin expansion and increased profitability. We are also actively focused on enhancing our capital structure to support the next phase of growth.”
Financial Results for the Three Months Ended March 31, 2026
Revenue increased
Total cost of revenue increased by
These increases were partially offset by a
Gross margin increased to
Selling and administrative expenses increased modestly to
Operating loss improved to
Interest expense decreased to
Net loss attributable to American Shared Hospital Services was
Adjusted EBITDA increased
Balance Sheet Highlights
As of March 31, 2026, the Company had cash, cash equivalents, and restricted cash of
The Company continues to actively manage its liquidity position as it supports the ramp-up of its Rhode Island radiation therapy centers and its facility in Puebla, Mexico, which require ongoing operating expenditures as they progress toward higher utilization levels.
The current portion of long-term debt was
Shareholders’ equity (excluding non-controlling interests) was
The Company continues to engage in constructive discussions with its lender regarding a potential extension of certain debt obligations. Management remains focused on strengthening the Company’s liquidity profile and aligning its capital structure with its long-term growth strategy.
Conference Call
The Company will hold a conference call to discuss its first quarter financial results today at 12:00 pm ET.
Teleconference and Webcast Information
To participate, domestic callers may dial 1-844-413-3972 and international callers may dial 1-412-317-5776 at least 10 minutes prior to the start of the call and ask to join the American Shared Hospital Services call.
A simultaneous webcast of the call may be accessed through the Company's website, www.ashs.com or directly:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=NAuZg0I8
A replay of the call will be available at 1-855-669-9658 or 1-412-317-0088, access code 6753554, through May 21, 2026. The call will also be available for replay on the Company’s website at www.ashs.com.
About American Shared Hospital Services (NYSE American: AMS)
American Shared Hospital Services (AMS) is a leading provider of turnkey solutions to cancer treatment centers, health systems, and cancer networks in North and South America. The Company works closely with its partners to develop and grow their cancer service lines and provide integrated cancer care to patients in a convenient local setting close to home. For centers under health system partnerships, the Company and its health system partners share in the capital investment cost and profitability of the operations based on their respective ownership interests. For more information, please visit: www.ashs.com
Safe Harbor Statement
This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services including statements regarding the expected continued growth of the Company and the expansion of the Company’s Gamma Knife, proton therapy and direct patient care services business, which involve risks and uncertainties including, but not limited to, the risks of economic and market conditions, the risk of compliance with debt covenants, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton therapy and direct patient care services businesses, the risks of changes to CMS reimbursement rates or reimbursement methodology, the risks of the timing, financing, and operations of the Company’s Gamma Knife, proton therapy, and direct patient care services businesses, the risk of expanding within or into new markets, the risk that the continued operation of acquired businesses could adversely affect financial results and the risk that current and future acquisitions may negatively affect the Company’s financial position. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
Non-GAAP Financial Measure
Adjusted EBITDA, the non-GAAP measure presented in this press release and supplementary information, is not a measure of performance under the accounting principles generally accepted in the United States ("GAAP"). This non-GAAP financial measure has limitations as an analytical tool, including that it does not have a standardized meaning. When assessing our operating performance, this non-GAAP financial measure should not be considered a substitute for, and investors should also consider, income before income taxes, income from operations, net income attributable to the Company, earnings per share and other measures of performance as defined by GAAP as indicators of the Company's performance or profitability.
EBITDA is a non-GAAP financial measure representing our earnings before interest expense, interest income, income tax expense (benefit), depreciation, and amortization. We define Adjusted EBITDA as net loss before interest expense, interest income, income tax expense (benefit), depreciation and amortization expense, and stock-based compensation expense.
We use this non-GAAP financial measure as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance by excluding certain expenses and charges that may not be indicative of the operating results of our recurring core business, such as stock-based compensation expense. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance.
Contacts
American Shared Hospital Services
Ray Stachowiak, Executive Chairman
rstachowiak@ashs.com
Investor Relations
Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com
| American Shared Hospital Services | |||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| Summary of Operations Data | |||||||||
| (Unaudited) | |||||||||
| Three months ended March 31, | |||||||||
| 2026 | 2025 | ||||||||
| Revenues | |||||||||
| Costs of revenue | 5,796,000 | 5,170,000 | |||||||
| Gross margin | 1,288,000 | 942,000 | |||||||
| Selling and administrative expense | 1,910,000 | 1,808,000 | |||||||
| Interest expense | 302,000 | 433,000 | |||||||
| Operating loss | (924,000 | ) | (1,299,000 | ) | |||||
| Interest and other income, net | 54,000 | 64,000 | |||||||
| Loss before income taxes | (870,000 | ) | (1,235,000 | ) | |||||
| Income tax expense (benefit ) | 92,000 | (323,000 | ) | ||||||
| Net loss | (962,000 | ) | (912,000 | ) | |||||
| Plus: Net loss attributable to non-controlling interest | 350,000 | 287,000 | |||||||
| Net loss attributable to American Shared Hospital Services | ( | ) | ( | ) | |||||
| Loss per common share: | |||||||||
| Basic | ( | ) | ( | ) | |||||
| Diluted | ( | ) | ( | ) | |||||
| Weighted Average Shares Outstanding: | |||||||||
| Basic | 6,725,000 | 6,572,000 | |||||||
| Diluted | 6,725,000 | 6,572,000 | |||||||
| American Shared Hospital Services | |||||||||
| Balance Sheet Data | |||||||||
| Balance Sheet Data | |||||||||
| (Unaudited) | |||||||||
| 3/31/2026 | 12/31/2025 | ||||||||
| Cash, cash equivalents, and restricted cash | |||||||||
| Current assets | |||||||||
| Total assets | |||||||||
| Current liabilities | |||||||||
| Shareholders' equity, excluding non-controlling interests | |||||||||
| Outstanding shares | 6,600,000 | 6,575,000 | |||||||
| American Shared Hospital Services | |||||||||
| Adjusted EBITDA | |||||||||
| Reconciliation of GAAP to Non-GAAP Adjusted Results | |||||||||
| (Unaudited) | |||||||||
| Three months ended March 31, | |||||||||
| 2026 | 2025 | ||||||||
| Net loss attributable to American Shared Hospital Services | $ | (612,000 | ) | $ | (625,000 | ) | |||
| Plus (less): | Income tax expense (benefit) | 92,000 | (323,000 | ) | |||||
| Interest expense | 302,000 | 433,000 | |||||||
| Interest income | (53,000 | ) | (74,000 | ) | |||||
| Depreciation and amortization expense | 1,294,000 | 1,449,000 | |||||||
| Stock-based compensation expense | 101,000 | 89,000 | |||||||
| Adjusted EBITDA | $ | 1,124,000 | $ | 949,000 | |||||
