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American Shared Hospital Services (NYSE American: AMS) is a leading provider of comprehensive financial and turnkey solutions to cancer treatment centers, hospitals, and large cancer networks worldwide. With over 100 years of industry experience, the management team at American Shared Hospital Services (ASHS) boasts unparalleled expertise in radiosurgery and radiation therapy services.
The company offers a diverse range of advanced medical equipment including stereotactic radiosurgery units, advanced radiation therapy devices, and related equipment. Through its subsidiaries, ASHS operates under three primary segments: Gamma Knife Operations, Advanced Radiation Therapy Equipment and Services, and Proton Beam Radiation Therapy Operations. The company's flagship products include the Gamma Knife, known for its precision in treating brain tumors and other intracranial conditions, as well as sophisticated linear accelerators and proton beam therapy systems.
ASHS has built a reputation for providing vendor-agnostic financial support, allowing flexibility and adaptability in acquiring top-of-the-line medical equipment. The company partners with major Original Equipment Manufacturers (OEMs) to ensure access to cutting-edge clinical treatment systems and software.
Recent strategic moves include the acquisition of a 60% majority equity interest in three Rhode Island cancer centers, which is expected to add $9-$10 million in annual revenue and significantly boost the company's backlog to over $210 million. This acquisition underscores ASHS's commitment to expanding its footprint in the U.S. and enhancing its product offerings.
Financially, ASHS showed solid performance by generating a total revenue of $5.7 million in Q4 2023, a 13.1% increase compared to the same period in the previous year. The company also reported a gross margin increase to 49.4%, reflecting continued efficiencies and operating leverage.
Leadership changes have also been pivotal in ASHS's recent trajectory. Following the sudden passing of CEO Peter Gaccione, Ray Stachowiak, the Executive Chairman, has taken on the role of CEO, while Craig Tagawa has been appointed President and Chief Operating Officer. These changes aim to strengthen the company's strategic direction and operational efficiency.
Looking forward, ASHS remains focused on expanding its international presence, completing significant equipment upgrades like the Gamma Knife Esprit system at PeaceHealth Sacred Heart Medical Center, and maintaining strong financial health to support future growth initiatives.
American Shared Hospital Services (AMS) announced a restructuring of its Board of Directors, reducing membership to five. Effective December 28, 2021, new directors Kathleen Miles and Vicki L. Wilson were appointed, while Sandra A. J. Lawrence resigned. Founding Chairman and CEO Ernest A. Bates, M.D., and David L. Larson, M.D. also resigned from the Board but will continue as consultants. Miles brings over 20 years of public finance experience, while Wilson has extensive financial management experience in the healthcare sector. This transition could signal a shift in governance aimed at enhancing operational efficiency and strategic direction.
American Shared Hospital Services (NYSE American: AMS) announced a strategic office relocation aimed at cost-saving. Effective December 1, 2021, the company will move to a smaller corporate office, resulting in estimated annual cash savings exceeding $115,000. The CEO, Ray Stachowiak, highlighted that the shift follows successful remote work adaptations during the COVID-19 pandemic, making the transition efficient. AMS is known for providing advanced stereotactic radiosurgery and radiation therapy technology.
American Shared Hospital Services (NYSE American: AMS) reported a 12.2% revenue decline to $4.1 million in Q3 2021, impacted by lower proton therapy volumes and COVID-19. Proton therapy revenue fell 23.4%, while Gamma Knife revenue decreased 5.9%. Despite this, the company achieved operating income of $186,000 compared to a loss last year. Net income was $33,000 vs. a loss of $209,000. AMS emphasizes its cost reductions leading to a 28.9% increase in gross margin and a strong cash position of $7.2 million, positioning for future growth.
American Shared Hospital Services (NYSE American: AMS) will hold a quarterly conference call to discuss its third quarter 2021 financial results on November 10, 2021, at 3:00 PM EST / 12:00 PM PST. The press release detailing the financial results will be available premarket on the same day. The call will provide insights into the company's performance in providing advanced radiation therapy equipment and services, such as Gamma Knife radiosurgery and proton therapy.
American Shared Hospital Services (NYSE American: AMS) announced an expansion of its sales efforts to include federal healthcare facilities in the U.S., encompassing Veterans Affairs (VA) and Department of Defense (DoD) hospitals. This initiative follows a partnership with Growth Strategies in Motion (GSM) to enhance business development services. With $8.4 million in cash and a $7 million line of credit, AMS aims for sustained profitability. The company is known for its Gamma Knife radiosurgery equipment and advanced radiation therapy solutions.
American Shared Hospital Services (AMS) reported a 12.2% increase in Q2 revenue, totaling $4.48 million. Proton therapy revenue rose 10.6%, driven by higher reimbursements, while Gamma Knife revenue grew 13% due to increased treatment volumes. Operating income improved to $352,000 from a loss of $570,000 last year. Despite a net loss of $87,000, net income excluding debt extinguishment stood at $157,000, or $0.03 per diluted share. Cash reserves reached $8.4 million, providing a solid foundation for future growth.
American Shared Hospital Services (NYSE American: AMS) will host a quarterly conference call on August 12, 2021, at 3:00 PM EST to discuss its second quarter 2021 financial results. The press release with financial details will be issued premarket on the same day. Participants can join by calling 1 (877) 317-6789 or via webcast on the company's website. American Shared Hospital Services specializes in advanced radiation therapy equipment and solutions, including Gamma Knife radiosurgery and proton therapy.
American Shared Hospital Services (AMS) reported breakeven results for Q1 2021, with revenues of $4.36 million, a 4.5% decline year-over-year. Proton therapy revenue fell by 8.7% to $1.53 million, while Gamma Knife revenue remained stable at $2.89 million. The company achieved an operating income of $90,000, a turnaround from a loss in the prior year. Net income was $29,000 compared to a net loss of $135,000 in Q1 2020. AMS improved its balance sheet, achieving positive working capital of $4.2 million and reducing debt obligations by approximately $5.9 million.
American Shared Hospital Services (AMS) will hold a quarterly conference call on May 13, 2021, at 1:00 PM EST to discuss its first quarter 2021 financial results. The press release detailing these results will be published premarket on the same day. AMS is known for advancing technology solutions in stereotactic radiosurgery and advanced radiation therapy. The company specializes in Gamma Knife radiosurgery and offers other cutting-edge treatment systems. For further details, visit www.ashs.com.
American Shared Hospital Services (NYSE American: AMS) announced its Annual Meeting of Shareholders will be held virtually on June 25, 2021, at 8:00 a.m. PST due to the COVID-19 pandemic. April 26, 2021, is set as the record date for determining shareholders entitled to vote. The company specializes in providing advanced technology solutions for stereotactic radiosurgery and radiation therapy, including Gamma Knife and proton therapy systems. The press release also includes a safe harbor statement discussing potential risks such as market conditions and financial variability.
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