Core Viewpoint - American Shared Hospital Services (AMS) is set to hold its Annual Meeting of Shareholders on June 26, 2025, at 9:00 a.m. CT, focusing on its role as a provider of stereotactic radiosurgery equipment and advanced radiation therapy services [1][2]. Group 1 - The Annual Meeting will be conducted in-person at 3041 Woodcreek Drive, 200, Downers Grove, IL 60515 [2]. - The record date for determining shareholders entitled to notice and to vote at the Annual Meeting is set for April 28, 2025 [2]. - AMS is recognized as a leading provider of turnkey solutions to cancer treatment centers and health systems across North and South America [3]. Group 2 - The company collaborates with partners to enhance cancer service lines and deliver integrated cancer care in local settings [3]. - AMS shares capital investment costs and profitability with health system partners based on their ownership interests [3].

Wednesday, April 23, 2025 & 1x1 Meetings on Thursday, April 24, 2025 SAN FRANCISCO, April 09, 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 that it will be presenting at the Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub on Wednesday, April 23, ...

Acquisition and Expansion - The Company acquired a 60% interest in three existing linear accelerator facilities in Rhode Island for a purchase price of $2,850,000, closing the transaction on May 7, 2024[22][28]. - The Company began treating patients at a stand-alone radiation therapy facility in Puebla, Mexico in July 2024[37]. - The Company has established a joint venture in Puebla, Mexico, with an 85% ownership interest, to treat public- and private-paying cancer patients[29]. - The Company expects to construct a linear accelerator facility in Bristol, Rhode Island, with a purchase price of $1,185,000 for the property, anticipating patient treatment to begin in approximately 18 to 24 months[33]. - The Company completed the acquisition of 60% of the equity interests of the RI Companies on May 7, 2024, which operate three radiation therapy facilities in Rhode Island[168]. - The Company acquired real property in Bristol, Rhode Island for $1,185,000 on February 6, 2025[150]. Revenue and Financial Performance - Total revenue for 2024 was $28,340,000, representing a 32.9% increase from $21,325,000 in 2023, driven by new facilities in Puebla, Mexico, and the acquisition of RI Companies[192]. - Revenue from Gamma Knife services in 2024 was $9,716,000, representing 34.3% of total revenue, down from $10,992,000 and 51.5% in 2023[45]. - PBRT revenue decreased by 1.8% to $9,952,000 in 2024, with the number of fractions down 4.3% to 5,139, while average revenue per fraction increased by 2.6% to $1,937[194]. - Gamma Knife revenue fell 11.6% to $9,716,000, with the number of procedures decreasing by 9.3% to 1,084 due to contract expirations[196]. - For the year ended December 31, 2024, 56% of the Company's revenue was derived from the leasing segment, while 44% came from the retail segment[191]. - Revenue sharing arrangements accounted for approximately 47% of total revenue for the year ended December 31, 2024, down from 70% in 2023[175]. - The Company recognized retail revenues of approximately $12,556,000 for the year ended December 31, 2024, compared to $3,553,000 in 2023[179]. Debt and Financing - The Company entered into a $22 million credit agreement in April 2021, which includes a $7 million revolving line of credit for future projects[54]. - A Supplemental Term Loan of $2.7 million was added to the credit agreement in January 2024, maturing on January 25, 2030, to finance capital expenditures in Puebla, Mexico[55]. - A Second Supplemental Term Loan of $7 million was added in December 2024, maturing on December 18, 2029, for capital expenditures related to domestic Gamma Knife leasing operations[56]. - The Company has incurred additional debt through various amendments to its credit agreements, including a $2,700,000 term loan and a $7,000,000 term loan[102]. - As of December 31, 2024, the Company's combined long-term debt, net, totaled $20,182,000, with a $7,000,000 Revolving Line available for future projects[103]. Operational Challenges and Risks - The Company is not in compliance with certain covenants of the DFC Loan as of December 31, 2023, but has received waivers and amendments to address these issues[57]. - The integration of the RI Companies poses risks, including potential disruptions to existing operations and added costs for regulatory compliance[110]. - The Company is addressing a material weakness in internal controls over financial reporting, which could impact its ability to report financial results accurately[114]. - The Company has experienced equipment impairment, with its Gamma Knife portfolio determined to have no remaining salvage value as of December 31, 2024[131]. - The Company faces competition from conventional neurosurgery and radiation therapy, with Gamma Knife radiosurgery being an alternative due to its favorable morbidity outcomes[59]. - The Company is not in compliance with certain debt covenants, but has received waivers to avoid default, which could adversely affect financial condition if future waivers are not granted[107]. Market and Regulatory Environment - The repeal of the Affordable Care Act's individual mandate could lead to a decrease in the number of insured patients seeking Gamma Knife or radiation therapy treatment[78]. - The Company believes it is in compliance with the federal anti-kickback statute, which has been subject to evolving interpretations and could impact its operations[77]. - The Company is subject to various federal civil and criminal laws targeting false claims and fraudulent billing activities, and it believes it is in compliance with the Federal False Claims Act[81]. - The Federal reimbursement rate for outpatient Gamma Knife treatment has been significantly reduced, potentially impacting the Company's return on investment[98]. - The average Medicare reimbursement delivery rate for Gamma Knife is projected to decrease from $7,691 in 2023 to $7,420 in 2024, before rising to $7,645 in 2025[71]. Employee and Operational Structure - The Company has a workforce of 43 full-time employees in the United States and additional staff in Peru, Ecuador, and Mexico, with no union representation[88]. - The Company maintains general and professional liability insurance in the United States, which it believes is adequate for its business operations[87]. - The Company has long-term leases for many facilities, and failure to renew these leases could require relocation or closure of facilities, impacting operations[119]. Technology and Equipment - The Company has begun the process to upgrade its Gamma Knife unit in Peru with an Esprit, expected to be completed around April 2025[42]. - The Company upgraded its Gamma Knife unit in Ecuador to the Esprit, enhancing procedure efficiency[167]. - The Company completed two Esprit upgrades and began installation at a third site during 2024, indicating ongoing investment in technology[219]. Cash Flow and Liquidity - The Company had cash and cash equivalents of $11,275,000 at December 31, 2024, down from $13,808,000 at December 31, 2023, a decrease of $2,533,000[215]. - Operating activities generated $167,000 in cash in 2024, driven by net income of $1,532,000 and non-cash charges for depreciation and amortization of $6,174,000[216]. - Trade accounts receivable increased by $7,267,000 to $11,610,000 at December 31, 2024, with days sales outstanding (DSO) rising to 150 days from 74 days[217]. - The increase in DSO was attributed to the addition of four retail sites during 2024, which generally have longer collection periods[217]. Cybersecurity and Macroeconomic Factors - The Company has established cybersecurity guidelines to protect its IT infrastructure, but there is no guarantee against evolving cyber threats[137]. - The Company has established a comprehensive cybersecurity governance framework overseen by the IT Manager and the Board of Directors to manage cybersecurity risks[144]. - Macroeconomic conditions, including inflation and geopolitical tensions, could negatively impact the Company's business and capital investment decisions[129].

Financial Data and Key Metrics Changes - For fiscal year 2024, total revenue increased by 32.9% to $28.34 million compared to fiscal year 2023 [2] - Adjusted EBITDA for fiscal year 2024 increased by 8.9% to $8.9 million [2][18] - In Q4 2024, total revenue rose by 59.2% to $9.1 million compared to Q4 2023 [18] - Net income for fiscal year 2024 increased by 258% to $2.2 million, or $0.33 per diluted share [17] Business Line Data and Key Metrics Changes - Revenue from direct patient services segment for fiscal year 2024 was $12.6 million, a 253% increase from $3.4 million in fiscal year 2023 [13][14] - Revenue from the equipment leasing segment decreased by 15.6% to $17.8 million in fiscal year 2024 [14] - Gamma Knife revenue decreased by 11.6% to $9.7 million for fiscal year 2024 [14] - Proton beam therapy revenue decreased by 1.8% to $10 million in fiscal year 2024 [15] Market Data and Key Metrics Changes - The company has established its first direct patient services cancer treatment centers in the U.S. with the acquisition of three centers in Rhode Island [11] - The international business segment is expected to see continued growth, particularly in Ecuador and the newly opened center in Puebla, Mexico [9][10] Company Strategy and Development Direction - The company is transitioning from a cancer treatment equipment leasing focus to a more patient-centric service model [1] - Strategic initiatives include expanding the business footprint in Rhode Island and establishing new treatment centers in Mexico [10][11] - The company aims to enhance operational efficiencies and improve patient care through partnerships with local health systems [7][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth strategy and the ability to navigate industry challenges [39][40] - The company anticipates stronger international growth and increased treatment volumes from new facilities [10][12] - Management highlighted the importance of operational efficiencies and technology investments to support growth initiatives [16][39] Other Important Information - The company ended the year with cash and cash equivalents of $11.3 million, down from $13.8 million at the end of 2023 [25] - Shareholders' equity increased to $25.2 million, or $3.92 per outstanding share, compared to $22.6 million, or $3.59 per outstanding share, at the end of 2023 [25] Q&A Session Summary Question: Benefits of expanding footprint in Rhode Island - Analyst inquired about additional benefits from expanding the footprint in Rhode Island and potential economies of scale with new facilities [30] Response: Synergies from partnerships - Management confirmed that there will be synergies from the relationship with Brown University Health and other local health systems, enhancing cancer care provision in the state [32]

Revenue Growth - FY 2024 revenue increased 32.9% year over year to $28.34 million, up from $21.33 million in FY 2023[5] - Revenue from direct patient services segment surged 253.4% year over year to $12.56 million, compared to $3.55 million in FY 2023[5] - Q4 2024 revenue increased 59.2% to $9.07 million compared to $5.70 million in Q4 2023, driven by expanded radiation therapy services[11] - Q4 2024 revenue from direct patient services segment was $4.75 million, a 420.2% increase from the same period last year[12] Net Income and Earnings - Net income attributable to the company for FY 2024 rose 258.4% to $2.19 million, or $0.34 per diluted share, compared to $610,000, or $0.10 per diluted share in FY 2023[9] - The overall net income for the twelve months ended December 31, 2024, was $2,186,000, compared to $610,000 in 2023, representing an increase of approximately 258.7%[28] Adjusted EBITDA - Adjusted EBITDA for FY 2024 increased 8.5% to $8.89 million from $8.19 million in FY 2023[10] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $8,885,000, up from $8,189,000 in 2023, reflecting a year-over-year increase of approximately 8.5%[28] Cash and Equity - Cash, cash equivalents, and restricted cash totaled $11.28 million as of December 31, 2024, down from $13.81 million a year earlier[16] - Shareholders' equity increased to $25.18 million or $3.92 per outstanding share at December 31, 2024, compared to $22.62 million or $3.59 per share at December 31, 2023[16] Expenses and Losses - Interest expense increased to $1,499,000 for the twelve months ended December 31, 2024, compared to $1,112,000 in 2023, representing a rise of about 34.8%[28] - Depreciation and amortization expense for the three months ended December 31, 2024, was $1,673,000, an increase from $1,291,000 in the same period of 2023, showing a growth of approximately 29.6%[28] - Loss on write down of impaired assets and associated removal costs for the three months ended December 31, 2024, was $2,896,000, compared to $362,000 in the same period of 2023, indicating a substantial increase[28] Tax and Interest Income - Income tax benefit for the three months ended December 31, 2024, was $(71,000), a decrease from $338,000 in 2023, reflecting a change in tax position[28] - Interest income for the twelve months ended December 31, 2024, was $(342,000), down from $(458,000) in 2023, indicating a decrease of approximately 25.3%[28] Stock-Based Compensation and Gains - Stock-based compensation expense for the twelve months ended December 31, 2024, was $373,000, slightly down from $389,000 in 2023, showing a decrease of about 4.1%[28] - The company reported a bargain purchase gain of $(148,000) for the three months ended December 31, 2024, compared to no gain in the same period of 2023[28]

Core Insights - American Shared Hospital Services reported strong financial results for FY 2024, with revenue reaching $28.34 million, a 32.9% increase year-over-year [3][8][7] - The company is transitioning from a traditional leasing model to a direct provider of radiation therapy services, which aligns with its long-term growth strategy [4][3] - The appointment of Gary Delanois as CEO marks a new phase of growth for the company, while Ray Stachowiak continues as Executive Chairman [5][3] Financial Performance - FY 2024 revenue from direct patient services surged by 253.4% to $12.56 million, while leasing segment revenue decreased by 12.1% to $15.63 million [8][7] - Net income attributable to the company increased by 258.4% to $2.19 million, translating to $0.34 per diluted share [12][8] - Adjusted EBITDA for FY 2024 rose by 8.5% to $8.89 million [13][7] Quarterly Results - In Q4 2024, revenue increased by 59.2% to $9.07 million, driven by expanded radiation therapy services [14][8] - Direct patient services revenue in Q4 2024 was $4.75 million, a 420.2% increase from the previous year [14][8] - Q4 2024 net income attributable to the company was a loss of $1.31 million, compared to a profit of $0.42 million in Q4 2023 [16][8] Operational Highlights - The company has successfully integrated new facilities in Rhode Island and Puebla, Mexico, contributing to revenue growth [3][8] - Gross margin for FY 2024 was $9.19 million, slightly down from $9.34 million in FY 2023 due to higher operating costs in the direct patient services segment [10][8] - The company is focused on improving operational efficiencies and expanding health system partnerships to drive future growth [3][4] Balance Sheet - As of December 31, 2024, cash and cash equivalents totaled $11.28 million, down from $13.81 million a year earlier [19][8] - Shareholders' equity increased to $25.18 million, or $3.92 per outstanding share, compared to $22.62 million, or $3.59 per share, at the end of 2023 [19][8]

Core Insights - American Shared Hospital Services reported a strong revenue growth of 32.9% for FY 2024, reaching $28.34 million compared to $21.33 million in FY 2023, driven by strategic expansions and operational efficiencies [4][6][8] - The company has transitioned from a traditional leasing model to a direct provider of radiation therapy services, which aligns with its long-term growth strategy focused on increasing patient volumes [3][4][8] - Gary Delanois has been appointed as the new CEO, indicating a shift in leadership as the company enters a new growth phase [3][4] Financial Performance - For FY 2024, revenue from direct patient services surged by 253.4% to $12.56 million, while leasing segment revenue decreased by 12.1% to $15.63 million [4][11] - Gross margin for FY 2024 was $9.19 million, slightly down from $9.34 million in FY 2023, primarily due to higher operating costs in the direct patient services segment [6][8] - Net income attributable to the company increased by 258.4% to $2.19 million, or $0.34 per diluted share, compared to $0.10 per diluted share in FY 2023 [8][10] Quarterly Highlights - In Q4 2024, revenue increased by 59.2% to $9.07 million compared to $5.70 million in Q4 2023, driven by expanded radiation therapy services [10][11] - Direct patient services revenue for Q4 2024 was $4.75 million, a significant increase of 420.2% from the same period last year [11][12] - Adjusted EBITDA for Q4 2024 rose by 29.3% to $3.46 million, compared to $2.68 million in Q4 2023 [14][27] Balance Sheet Overview - As of December 31, 2024, cash and cash equivalents totaled $11.28 million, down from $13.81 million a year earlier [15][25] - Shareholders' equity increased to $25.18 million, or $3.92 per outstanding share, compared to $22.62 million, or $3.59 per share at the end of 2023 [15][25] - Total assets grew to $60.20 million from $48.16 million in the previous year, reflecting the company's expansion efforts [25]

Core Points - American Shared Hospital Services (AMS) will hold a conference call on April 4, 2025, at 1:00 pm ET to discuss its fourth quarter and full year 2024 financial results [1] - A press release detailing the financial results will be issued before the market opens on the same day [1] Company Overview - AMS is a leading provider of turnkey solutions for cancer treatment centers, health systems, and large cancer networks in North and South America [3] - The company collaborates with partners to enhance cancer service lines and provide integrated care to patients locally [3] - AMS shares costs and profits with health system partners based on ownership interests [3]

Core Viewpoint - A-Mark Precious Metals, Inc. is expanding its presence in the collectible coin market through strategic acquisitions of Spectrum Group International, AMS Holding, and Pinehurst Coin Exchange, which are expected to enhance gross margins and customer base during periods of low bullion volatility [1][14]. Group 1: Acquisition Details - A-Mark acquired 100% of Spectrum Group International (SGI) for $92.0 million, consisting of $46.0 million in cash and $46.0 million in A-Mark stock valued at $27.51 per share [2][13]. - The company agreed to pay $50.0 million in cash for the remaining 90% of AMS Holding, with potential additional payments of up to $9.0 million based on performance benchmarks [3][13]. - A-Mark paid $6.5 million in cash to acquire 51% of Pinehurst's stock, with additional cash consideration of up to $5.3 million based on performance [4][13]. Group 2: Company Overviews - AMS Holding, founded in 1984, generated total revenue of $203.8 million and adjusted EBITDA of $9.3 million for the year ended December 31, 2024, serving over 500,000 customers [7][13]. - Pinehurst Coin Exchange, established in 2005, generated approximately $215.8 million in total revenue and $7.7 million in EBITDA for the year ended December 31, 2024, with nearly 300,000 customers [10][13]. - Spectrum Group International, parent of Stack's Bowers Galleries, generated total revenue of $536.4 million and EBITDA of $10.9 million for the fiscal year ended June 30, 2024 [13]. Group 3: Strategic Importance - The acquisitions are expected to bring several hundred thousand new customers into A-Mark's ecosystem and enhance gross margin profiles, particularly during periods of limited bullion market volatility [14][15]. - A-Mark's CEO emphasized the integration of the acquired businesses into A-Mark's global sourcing network and logistics platform, which is anticipated to create synergistic selling opportunities [15].

Core Viewpoint - The Brink's Company (BCO) is expected to experience growth accelerating to high-single-digit percentages, supported by solid adoption trends in the industry [1]. Group 1: Investment Approach - The investment strategy focuses on long-term investments while also incorporating short-term shorts to identify alpha opportunities [1]. - The analysis is based on a bottom-up approach, examining the fundamental strengths and weaknesses of individual companies [1]. - The investment duration is medium to long-term, aiming to identify companies with solid fundamentals, sustainable competitive advantages, and growth potential [1].