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American Shared Hospital Services Reports Fourth Quarter and Strong Full Year 2024 Financial Results

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American Shared Hospital Services (NYSE American: AMS) reported strong financial results for FY 2024, with revenue increasing 32.9% to $28.3 million. The company's direct patient services revenue saw a remarkable 253.4% increase to $12.6 million, while leasing segment revenue decreased 12.1% to $15.6 million.

Net income attributable to AMS surged 258.4% to $2.2 million ($0.34 per diluted share) in FY 2024. Adjusted EBITDA grew 8.5% to $8.9 million. The company expanded its footprint through strategic acquisitions, including three radiation therapy centers in Rhode Island and a new facility in Puebla, Mexico.

Q4 2024 showed mixed results with revenue up 59.2% to $9.1 million, but recorded a net loss of $1.3 million due to increased reserves for impaired assets and removal costs of $2.9 million in the leasing segment.

American Shared Hospital Services (NYSE American: AMS) ha riportato risultati finanziari solidi per l'anno fiscale 2024, con un aumento del fatturato del 32,9% a $28,3 milioni. I ricavi dai servizi diretti ai pazienti hanno registrato un notevole aumento del 253,4%, raggiungendo $12,6 milioni, mentre i ricavi del segmento leasing sono diminuiti del 12,1% a $15,6 milioni.

Il reddito netto attribuibile ad AMS è aumentato del 258,4% a $2,2 milioni ($0,34 per azione diluita) nell'anno fiscale 2024. L'EBITDA rettificato è cresciuto dell'8,5% a $8,9 milioni. L'azienda ha ampliato la propria presenza attraverso acquisizioni strategiche, inclusi tre centri di terapia radiante nel Rhode Island e una nuova struttura a Puebla, Messico.

Il quarto trimestre del 2024 ha mostrato risultati misti, con ricavi in aumento del 59,2% a $9,1 milioni, ma ha registrato una perdita netta di $1,3 milioni a causa dell'aumento delle riserve per attività deteriorate e dei costi di rimozione di $2,9 milioni nel segmento leasing.

American Shared Hospital Services (NYSE American: AMS) informó resultados financieros sólidos para el año fiscal 2024, con un aumento del 32,9% en los ingresos, alcanzando los $28,3 millones. Los ingresos por servicios directos a pacientes vieron un notable aumento del 253,4%, alcanzando los $12,6 millones, mientras que los ingresos del segmento de arrendamiento disminuyeron un 12,1% a $15,6 millones.

El ingreso neto atribuible a AMS se disparó un 258,4% a $2,2 millones ($0,34 por acción diluida) en el año fiscal 2024. El EBITDA ajustado creció un 8,5% a $8,9 millones. La empresa amplió su presencia a través de adquisiciones estratégicas, incluidos tres centros de terapia de radiación en Rhode Island y una nueva instalación en Puebla, México.

El cuarto trimestre de 2024 mostró resultados mixtos, con ingresos en aumento del 59,2% a $9,1 millones, pero se registró una pérdida neta de $1,3 millones debido al aumento de reservas para activos deteriorados y costos de eliminación de $2,9 millones en el segmento de arrendamiento.

American Shared Hospital Services (NYSE American: AMS)는 2024 회계연도에 대한 강력한 재무 결과를 보고했으며, 수익이 32.9% 증가하여 2830만 달러에 달했습니다. 회사의 직접 환자 서비스 수익은 253.4% 증가하여 1260만 달러에 달했으며, 임대 부문 수익은 12.1% 감소하여 1560만 달러로 줄었습니다.

AMS에 귀속된 순이익은 258.4% 증가하여 220만 달러($0.34의 희석 주당 수익)를 기록했습니다. 조정된 EBITDA는 8.5% 증가하여 890만 달러에 도달했습니다. 회사는 로드아일랜드의 세 개의 방사선 치료 센터와 멕시코 푸에블라의 새로운 시설을 포함한 전략적 인수를 통해 사업 영역을 확장했습니다.

2024년 4분기는 수익이 59.2% 증가하여 910만 달러에 달했지만, 자산 손상에 대한 준비금 증가와 임대 부문에서 290만 달러의 제거 비용으로 인해 130만 달러의 순손실을 기록했습니다.

American Shared Hospital Services (NYSE American: AMS) a annoncé de solides résultats financiers pour l'exercice 2024, avec un chiffre d'affaires en hausse de 32,9 % à 28,3 millions de dollars. Les revenus des services directs aux patients ont connu une augmentation remarquable de 253,4 % pour atteindre 12,6 millions de dollars, tandis que les revenus du segment de location ont diminué de 12,1 % à 15,6 millions de dollars.

Le résultat net attribuable à AMS a bondi de 258,4 % à 2,2 millions de dollars (0,34 $ par action diluée) pour l'exercice 2024. L'EBITDA ajusté a augmenté de 8,5 % pour atteindre 8,9 millions de dollars. L'entreprise a élargi sa présence grâce à des acquisitions stratégiques, notamment trois centres de radiothérapie dans le Rhode Island et une nouvelle installation à Puebla, au Mexique.

Le quatrième trimestre 2024 a montré des résultats mitigés avec un chiffre d'affaires en hausse de 59,2 % à 9,1 millions de dollars, mais a enregistré une perte nette de 1,3 million de dollars en raison d'une augmentation des réserves pour actifs dépréciés et de coûts de démolition de 2,9 millions de dollars dans le segment de location.

American Shared Hospital Services (NYSE American: AMS) berichtete von starken finanziellen Ergebnissen für das Geschäftsjahr 2024, mit einem Umsatzanstieg von 32,9% auf 28,3 Millionen Dollar. Der Umsatz aus direkten Patientenservices verzeichnete einen bemerkenswerten Anstieg von 253,4% auf 12,6 Millionen Dollar, während der Umsatz im Leasingsegment um 12,1% auf 15,6 Millionen Dollar zurückging.

Der den AMS zuzurechnende Nettogewinn stieg um 258,4% auf 2,2 Millionen Dollar (0,34 Dollar pro verwässerter Aktie) im Geschäftsjahr 2024. Das bereinigte EBITDA wuchs um 8,5% auf 8,9 Millionen Dollar. Das Unternehmen erweiterte seine Präsenz durch strategische Akquisitionen, darunter drei Strahlentherapiezentren in Rhode Island und eine neue Einrichtung in Puebla, Mexiko.

Das vierte Quartal 2024 zeigte gemischte Ergebnisse mit einem Umsatzanstieg von 59,2% auf 9,1 Millionen Dollar, verzeichnete jedoch einen Nettoverlust von 1,3 Millionen Dollar aufgrund erhöhter Rückstellungen für wertgeminderte Vermögenswerte und Abbaukosten von 2,9 Millionen Dollar im Leasingsegment.

Positive
  • Revenue increased 32.9% to $28.3 million in FY 2024
  • Direct patient services revenue grew 253.4% to $12.6 million
  • Net income surged 258.4% to $2.2 million ($0.34 per share)
  • Adjusted EBITDA increased 8.5% to $8.9 million
  • Strategic expansion with acquisition of three radiation therapy centers
  • Q4 2024 revenue up 59.2% to $9.1 million
  • Q4 2024 gross margin improved 13.8% to $3.2 million
Negative
  • Leasing segment revenue declined 12.1% to $15.6 million
  • Proton therapy revenue decreased 1.8% to $10 million
  • Proton therapy treatments down 4.3% to 5,139
  • Q4 2024 net loss of $1.3 million due to impairment charges
  • Cash position decreased to $11.3 million from $13.8 million YoY

Insights

American Shared Hospital Services (AMS) has delivered impressive full-year 2024 results with revenue surging 32.9% to $28.34 million, driven by strategic diversification beyond their traditional equipment leasing model. The company's pivot to direct patient services is paying dividends, with that segment's revenue skyrocketing 253.4% to $12.56 million, offsetting a 12.1% decline in leasing revenue.

Net income attributable to shareholders showed remarkable growth of 258.4% to $2.19 million ($0.34 per diluted share), though this includes a $3.79 million bargain purchase gain from their Rhode Island acquisition. The 8.5% increase in Adjusted EBITDA to $8.89 million demonstrates operational improvement underneath the accounting adjustments.

Q4 2024 results show the transition costs of this strategic pivot – despite 59.2% revenue growth and 29.3% higher Adjusted EBITDA, the company posted a $1.31 million net loss, largely due to $2.9 million in reserves for impaired assets and removal costs in the leasing segment. This one-time charge masks the underlying operational strength, with gross margin improving sequentially from Q3.

The company's expansion through the Rhode Island radiation therapy centers acquisition and opening of the Puebla, Mexico facility establishes a foundation for sustainable growth. With Certificate of Need approvals for additional facilities and a healthy $11.28 million cash position, AMS is well-positioned to continue its transformation from equipment lessor to cancer treatment provider – a higher-margin, more scalable business model with improved long-term growth prospects.

Appoints Gary Delanois as Chief Executive Officer

Conference Call Scheduled for 1:00 PM ET Today

SAN FRANCISCO, April 04, 2025 (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 through its leasing or direct patient care services segments, today announced financial results for the fourth quarter and full year ended December 31, 2024.

Key Financial Highlights

  • FY 2024 Revenue Increased 32.9% Year over Year Driven by Strategic Expansion and Operational Strength
  • FY 2024 Direct Patient Services Revenue Increased 253.4% Year over Year
  • Net Income Attributable to the Company for FY 2024 Increased 258.4% Year over Year
  • FY 2024 Adjusted EBITDA Increased 8.5% Year over Year

Ray Stachowiak, Executive Chairman of American Shared Hospital Services, stated: “We are pleased with our continued strong revenue growth, reaching $28.3 million this year. The successful integration of our Rhode Island radiation therapy treatment centers and opening of our Puebla, Mexico facility have been key factors in this expansion. The acquisition of the three radiation therapy centers and our recent Certificate of Need approvals for a fourth center in Bristol, Rhode Island and a proton beam radiation treatment center in Johnston, Rhode Island, demonstrate our commitment to expanding our footprint. As we plan to capitalize on these new business development opportunities, we remain focused on driving operational efficiencies and expanding on our health system partnerships to drive continued business growth. Our investments in technology, staffing, and improved operational efficiencies has led to gross margin improvement in the fourth quarter as compared to our third quarter and positions us well for future profitability. Additionally, I am pleased to announce that Gary Delanois has now taken on the CEO role as we move into our next phase of growth, while I remain actively involved as Executive Chairman of the Board. Our long-term vision remains strong, and we are on a clear path of sustained success.”

Gary Delanois, Chief Executive Officer, added: “Our growth strategy is delivering tangible results, and we are excited about the momentum we are building. We are rapidly evolving beyond our traditional leasing model to a direct provider of radiation therapy treatment services to cancer patients. This transition aligns with our long-term strategy of revenue growth through increased patient volumes rather than equipment utilization. With an expanded business model, increased patient volumes, and operational enhancements, we are positioned for sustainable long-term growth. We are also continuing to implement targeted strategic initiatives to improve efficiency and maximize profitability across our expanding network. Our strong business development pipeline, financial stability, and commitment to innovation ensure that we are well-prepared for the next phase of our growth.”

Financial Results for the Twelve Months Ended December 31, 2024

For the twelve months ended December 31, 2024, revenue increased 32.9% to $28,340,000 compared to $21,325,000 for the twelve months ended 2023.

Revenue from the Company’s direct patient services segment was $12,556,000 for FY 2024, compared to $3,553,000 for 2023, a 253.4% increase.

Revenue from the Company’s leasing segment was $15,629,000 for FY 2024, compared to $17,772,000 for the prior year, a decrease of 12.1%.

Proton therapy revenue decreased 1.8% to $9,952,000 in FY 2024 from $10,133,000 in FY 2023, with 5,139 proton therapy treatments in FY 2024, down 4.3% from 5,369 in FY 2023.

Gross margin for FY 2024 was $9,185,000, compared to $9,344,000 in FY 2023. The decline in gross margin is primarily due to higher operating costs generated by the Company’s direct patient services segment. The Company began treating patients at its radiation therapy center in Puebla Mexico in July 2024 and acquired a 60% equity interest in three stand-alone centers in Rhode Island in May 2024. These centers are part of the Company’s direct patient services segment where the Company owns and operates the facilities, therefore, there are higher operating costs associated with them.

Income before income taxes increased 77.7% to $1,237,000 in FY 2024 primarily due to the bargain purchase gain recognized from the RI Acquisition, net of taxes on the gain.

Net income attributable to American Shared Hospital Services for FY 2024 increased 258.4% to $2,186,000 or $0.34 per diluted share, compared to $610,000 or $0.10 per diluted share for FY 2023. The 2024 period includes results from investments in new business development opportunities in the direct patient services segment and increased reserves for impaired assets and removal costs totaling $3.08 million in the leasing segment, as well as a $3.79 million bargain purchase gain from the Rhode Island acquisition.

Adjusted EBITDA, a non-GAAP financial measure, was $8,885,000 in FY 2024, an 8.5% increase from $8,189,000 in FY 2023.

Financial Results for the Three Months Ended December 31, 2024

For the three months ended December 31, 2024, revenue increased 59.2% to $9,069,000 compared to $5,698,000 in the year-ago period, driven by expanded radiation therapy services.

Revenue from the Company’s direct patient services segment was $4,749,000 for Q4 2024, an increase of 420.2% from the same period in the prior year, primarily due to revenue generated by the three single-unit radiation therapy facilities in Rhode Island, which the Company acquired a 60% interest in on May 7, 2024, and the new facility in Puebla, Mexico.

Revenue from the medical equipment leasing segment, including equipment sales, was $4,320,000 in Q4 2024 compared to $4,785,000 in Q4 2023.

Total proton beam radiation therapy revenue decreased to $2,567,000 in Q4 2024, from $3,055,000 in Q4 2023.

Gross margin in Q4 2024 was $3,204,000, up 13.8% compared to $2,816,000 from Q4 2023.

Net income attributable to American Shared Hospital Services for Q4 2024 was a loss of $1,308,000 or $0.20 per share, compared to net income of $415,000 or $0.06 per diluted share for Q4 2023. The Q4 2024 period includes results from investments in new business development opportunities in the direct patient services segment and increased reserves for impaired assets and removal costs of $2,896,000 in the leasing segment.

Adjusted EBITDA increased 29.3% to $3,464,000 for Q4 2024, compared to $2,679,000 in Q4 2023.

Balance Sheet Highlights

At December 31, 2024: Cash, cash equivalents, and restricted cash totaled $11,275,000, compared to $13,808,000 at December 31, 2023.

American Shared Hospital Services’ shareholders' equity (excluding non-controlling interests) was $25,183,000 or $3.92 per outstanding share, compared to $22,624,000 or $3.59 per outstanding share at December 31, 2023.

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 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 integration or 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 Quarterly Report on Form 10-Q for the three month periods ended March 31, 2024, June 30, 2024, September 30, 2024, the Annual Report on Form 10-K for the year ended December 31, 2023, and the definitive Proxy Statement for the Annual Meeting of Shareholders that was held on June 25, 2024.

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, income tax expense, depreciation, and amortization. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income tax expense, depreciation and amortization expense, loss on write down of impaired assets and associated removal costs, bargain purchase gain, 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 December 31, Twelve months ended December 31, 
          
   2024   2023   2024   2023 
Revenues $9,069,000  $5,698,000  $28,340,000  $21,325,000 
Costs of revenue  5,865,000   2,882,000   19,155,000   11,981,000 
Gross margin  3,204,000   2,816,000   9,185,000   9,344,000 
Loss on write down of impaired assets and associated removal costs  2,896,000   362,000   3,084,000   940,000 
Selling and administrative expense  1,709,000   1,760,000   7,407,000   7,022,000 
Interest expense  429,000   287,000   1,499,000   1,112,000 
Operating (loss) income  (1,830,000)  407,000   (2,805,000)  270,000 
Bargain purchase gain RI Acquisition, net  (148,000)  -   3,794,000   - 
Interest and other income  36,000   108,000   248,000   426,000 
(Loss) income before income taxes  (1,942,000)  515,000   1,237,000   696,000 
Income tax (benefit) expense  (71,000)  338,000   (295,000)  431,000 
Net (loss) income  (1,871,000)  177,000   1,532,000   265,000 
Plus (less): Net (income) loss attributable to non-controlling interest  563,000   238,000   654,000   345,000 
Net (loss) income attributable to American Shared Hospital Services $(1,308,000) $415,000  $2,186,000  $610,000 
          
(Loss) earnings per common share:         
Basic $(0.20) $0.06  $0.34  $0.10 
Diluted $(0.20) $0.06  $0.33  $0.10 
          
Weighted Average Shares Outstanding:         
Basic  6,542,000   6,518,000   6,497,000   6,358,000 
Diluted  6,542,000   6,552,000   6,703,000   6,393,000 
          
          
American Shared Hospital Services         
Balance Sheet Data         
          
  Balance Sheet Data   
  (Unaudited)     
          
  12/31/2024 12/31/2023     
Cash, cash equivalents and restricted cash $11,275,000  $13,808,000      
Current assets $26,258,000  $20,456,000      
Total assets $60,197,000  $48,162,000      
          
Current liabilities $10,405,000  $10,779,000      
Shareholders' equity, excluding non-controlling interests $25,183,000  $22,624,000      
          
Outstanding shares  6,420,000   6,300,000      
          


       
 American Shared Hospital Services     
 Adjusted EBITDA     
       
  Reconciliation of GAAP to Non-GAAP Adjusted Results
   (Unaudited) 
       
  Three months ended December 31, Twelve months ended December 31,
   2024   2023   2024   2023 
Net (loss) income$(1,308,000) $415,000  $2,186,000  $610,000 
Plus (less):Income tax (benefit) expense (71,000)  338,000   (295,000)  431,000 
 Interest expense 429,000   287,000   1,499,000   1,112,000 
 Interest income (95,000)  (112,000)  (342,000)  (458,000)
 Depreciation and amortization expense 1,673,000   1,291,000   6,174,000   5,165,000 
 Stock-based compensation expense 88,000   98,000   373,000   389,000 
 Bargain purchase gain, net (148,000)  -   (3,794,000)  - 
 Loss on write down of impaired assets and associated removal costs 2,896,000   362,000   3,084,000   940,000 
Adjusted EBITDA$3,464,000  $2,679,000  $8,885,000  $8,189,000 

FAQ

What was American Shared Hospital Services (AMS) revenue growth in 2024?

AMS reported a 32.9% revenue increase to $28.3 million in FY 2024 compared to $21.3 million in 2023.

How much did AMS direct patient services revenue grow in 2024?

Direct patient services revenue increased 253.4% to $12.6 million in FY 2024 from $3.6 million in 2023.

What was AMS earnings per share (EPS) for full year 2024?

AMS reported earnings of $0.34 per diluted share for FY 2024, up from $0.10 per diluted share in 2023.

What acquisitions did AMS complete in 2024?

AMS acquired a 60% equity interest in three radiation therapy centers in Rhode Island and opened a new facility in Puebla, Mexico.

Why did AMS report a loss in Q4 2024?

AMS reported a Q4 2024 loss of $1.3 million due to increased reserves for impaired assets and removal costs of $2.9 million in the leasing segment.
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