Revenue increases 27% year over yearReports gain of $3.7 million from strategic acquisition of Rhode Island Radiation Therapy Cancer Centers Now treating patients at the new Puebla, Mexico center Conference Call on August 14th at 6:30 pm ET SAN FRANCISCO, Aug. 14, 2024 (GLOBE NEWSWIRE) -- American Shared Hospital Services (NYSE American: AMS) (the "Company"), a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy cancer treatment systems and services ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________. Commission file number 001-08789 American Shared Hospital Services (Exact name of registrant as specified in its charter) Cal ...

American Shared Hospital Services Announces Second Quarter 2024 Earnings Conference Call Call Scheduled for Today at 6:30 PM ETSAN FRANCISCO, August 14, 2024 – American Shared Hospital Services (NYSE American: AMS) (the “Company”), a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services, today announced that the Company will hold a conference call to discuss its second quarter 2024 financial results today, August 14th at 6:30 pm ...

American Shared Hospital Services Announces Start of Patient Treatments at its Radiation Therapy Facility, A.B. Radiocirugía y Radioterapia de Puebla, in Puebla, Mexico SAN FRANCISCO, CA, August 6, 2024 ‒ American Shared Hospital Services (NYSE American: AMS) (the “Company”), a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services, today announced that it has begun treating patients at its Radiation Therapy Facility, A.B. Radioc ...

American Shared Hospital Services Announces Signing of Joint Venture Agreement for Gamma Knife Facility in Guadalajara, Mexico JV will Establish Company’s 4th International Center SAN FRANCISCO, CA, July 9, 2024 ‒ American Shared Hospital Services (NYSE American: AMS) (the “Company”), a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services, today announced that it has signed a joint venture agreement to partner in a Gamma Knife t ...

Core Insights - GK Financing LLC (GKF), a subsidiary of American Shared Hospital Services (AMS), has extended its agreement with PeaceHealth Sacred Heart Medical Center to upgrade its Gamma Knife® system to the new Esprit model, with installation expected by October 1, 2024 [1][2] - The Esprit system offers advanced features such as superior visualization, remote treatment planning, and collaboration tools, enhancing workflow efficiency and clinical options for patient treatments [2] Company Overview - American Shared Hospital Services is a leading provider of financial and turnkey solutions for cancer treatment centers, hospitals, and large cancer networks globally, working with major Original Equipment Manufacturers [5][6] - GK Financing, LLC specializes in providing Gamma Knife radiosurgery equipment and offers innovative payment models, including pay-per-treatment and revenue-sharing options, with a focus on risk-sharing and project management [4] Partnership and Impact - The partnership between GKF and PeaceHealth has lasted for 10 years, and the upgrade to the Esprit system is expected to enhance the precision of clinical treatments, allowing patients to maintain their quality of life post-treatment [2] - The medical staff at PeaceHealth has successfully provided Gamma Knife® radiosurgery treatments and anticipates that the upgrade will offer more personalized and patient-friendly options, enabling same-day discharge for patients [2]

Core Insights - GK Financing LLC (GKF), a subsidiary of American Shared Hospital Services (AMS), has extended its agreement with PeaceHealth Sacred Heart Medical Center to upgrade its Gamma Knife® system to the new Esprit model, with installation expected by October 1, 2024 [1][2] Company Overview - American Shared Hospital Services is a leading provider of financial and turnkey solutions for cancer treatment centers, hospitals, and large cancer networks globally, working closely with major Original Equipment Manufacturers (OEMs) [5][6] - GK Financing, LLC specializes in providing Gamma Knife radiosurgery equipment and offers various creative payment models, including pay-per-treatment and revenue-sharing options [4] Technology and Innovation - The Esprit system features innovations that enhance visualization, remote treatment planning, and workflow efficiency, allowing for more personalized and patient-friendly treatments [2] - Gamma Knife® radiosurgery is a non-invasive treatment option that targets intracranial tumors with minimal impact on healthy tissue, preserving patients' quality of life [1][2] Partnership and Impact - The partnership between GKF and PeaceHealth has lasted for 10 years and aims to enhance clinical treatment options for patients, allowing them to return home the same day after treatment [2][3] - The upgrade to the Esprit system is expected to provide the medical staff with multiple clinical options, improving patient outcomes and satisfaction [2]

Company Overview - American Shared Hospital Services (ASHS) is a leading provider of financial and turnkey solutions for cancer treatment centers, hospitals, and large cancer networks globally [2] - The company collaborates with major global Original Equipment Manufacturers (OEMs) to provide advanced clinical treatment systems and software for cancer treatment using Radiation Therapy and Radiosurgery [2] - ASHS specializes in Gamma Knife radiosurgery equipment, a non-invasive treatment for various brain tumors and other conditions [2] Annual Shareholder Meeting - The Annual Meeting of Shareholders is scheduled for June 25, 2024, at 9:00 a.m. PT, to be held in-person at The Hilton Hotel, San Francisco, CA [1] - The record date for determining shareholders entitled to notice and to vote at the Annual Meeting is set for April 26, 2024 [1]

American Shared Hospital Services Announces Annual Shareholder Meeting to be Held on Tuesday, June 25, 2024 Meeting Will be Held at The Hilton Hotel, San Francisco, CA SAN FRANCISCO, CA, May 21, 2024—American Shared Hospital Services (NYSE American: AMS) (the “Company”), a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services, today announced that its Annual Meeting of Shareholders will be held on Tuesday, June 25, 2024, at 9:00 ...

[Part I – Financial Information](index=2&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements detail the company's financial position and performance as of March 31, 2024 [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary (as of March 31, 2024 vs. December 31, 2023) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$50,124,000** | **$48,162,000** | | Cash and cash equivalents | $12,792,000 | $13,690,000 | | Property and equipment, net | $26,879,000 | $25,844,000 | | **Total Liabilities** | **$23,739,000** | **$21,883,000** | | Long-term debt, net | $15,602,000 | $13,125,000 | | **Total Shareholders' Equity** | **$26,385,000** | **$26,279,000** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (Three Months Ended March 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | **Total Revenues** | **$5,216,000** | **$4,925,000** | | Gross Margin | $2,143,000 | $1,908,000 | | Operating (Loss) Income | ($85,000) | $98,000 | | **Net Income Attributable to ASHS** | **$119,000** | **$188,000** | | Diluted EPS | $0.02 | $0.03 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Three Months Ended March 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | ($1,865,000) | $1,761,000 | | Net cash used in investing activities | ($1,183,000) | ($209,000) | | Net cash provided by (used in) financing activities | $2,282,000 | ($804,000) | | **Net change in cash** | **($766,000)** | **$748,000** | | Cash, cash equivalents, and restricted cash at end of period | $13,042,000 | $13,201,000 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company operates under two reportable segments: **'leasing'** (Gamma Knife and PBRT equipment) and **'retail'** (direct facility ownership)[30](index=30&type=chunk) - On May 7, 2024, the company acquired a **60% interest in two Rhode Island cancer centers** from GenesisCare for **$2.85 million**[21](index=21&type=chunk)[69](index=69&type=chunk) - A new **$2.7 million Supplemental Term Loan** was secured on January 25, 2024, to finance capital expenditures in Mexico[39](index=39&type=chunk) - As of March 31, 2024, the company had equipment purchase commitments of **$13.752 million** and service commitments of **$14.120 million**[60](index=60&type=chunk)[61](index=61&type=chunk)[63](index=63&type=chunk) Segment Revenue and Net Income (Three Months Ended March 31, 2024) | Segment | Revenue | Net Income (Loss) Attributable to ASHS | | :--- | :--- | :--- | | Leasing | $4,253,000 | $201,000 | | Retail | $963,000 | ($82,000) | | **Total** | **$5,216,000** | **$119,000** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q1 2024 performance, noting revenue growth offset by higher expenses and a decline in net income [First Quarter 2024 Results](index=23&type=section&id=First%20Quarter%202024%20Results) Q1 2024 vs Q1 2023 Performance | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $5,216,000 | $4,925,000 | +5.9% | | PBRT Revenue | $2,649,000 | $2,314,000 | +14.5% | | Gamma Knife Revenue | $2,567,000 | $2,611,000 | -1.7% | | Net Income (to ASHS) | $119,000 | $188,000 | -36.7% | - The **5.9% increase in total revenue** was driven by higher PBRT reimbursement and increased international retail volumes[87](index=87&type=chunk)[88](index=88&type=chunk) - Selling and administrative expenses rose by $340,000, largely due to **$377,000 in fees for new business opportunities**[92](index=92&type=chunk) - Gamma Knife procedures decreased by 20 to 273 due to expired contracts; **excluding these, procedures increased by 4%**[89](index=89&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's cash, cash equivalents, and restricted cash **decreased by $766,000** during Q1 2024 to **$13.042 million**[96](index=96&type=chunk) - Working capital **increased by $909,000 to $10.586 million** at March 31, 2024, compared to year-end 2023[97](index=97&type=chunk) - Total long-term debt stood at **$15.602 million** as of March 31, 2024, with the company in compliance with all debt covenants[101](index=101&type=chunk)[103](index=103&type=chunk) - The company has **commitments of $13.752 million for new equipment**, intending to finance these purchases with cash and a **$7.0 million revolving line of credit**[104](index=104&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate fluctuation on its floating-rate debt, with no derivative instruments held - The company does not use derivative instruments and had **no significant long-term, market-sensitive investments** at the end of the quarter[111](index=111&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective as of March 31, 2024 - Management concluded that as of March 31, 2024, the company's **disclosure controls and procedures were effective**[113](index=113&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter[114](index=114&type=chunk) [Part II - Other Information](index=29&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) New risks are identified concerning the integration and potential hidden liabilities of the recent Rhode Island acquisition - A new risk factor is the **potential difficulty in assimilating the newly acquired RI Target Companies**, which could divert management attention[117](index=117&type=chunk) - The company acknowledges the risk that its **due diligence may not have revealed all material liabilities** associated with the RI Acquisition[118](index=118&type=chunk)[119](index=119&type=chunk) [Other Part II Items](index=29&type=section&id=Other%20Part%20II%20Items) The company reports no legal proceedings, unregistered equity sales, or defaults upon senior securities for the quarter - The company reported **no legal proceedings** for the period[116](index=116&type=chunk) - **No unregistered sales of equity securities** or defaults upon senior securities occurred[120](index=120&type=chunk) [Item 6. Exhibit Index](index=31&type=section&id=Item%206.%20Exhibit%20Index) This section lists all exhibits filed with the report, including acquisition agreements and officer certifications - Exhibits filed include **amendments to the Investment Agreement with GenesisCare** and officer certifications pursuant to the Sarbanes-Oxley Act[123](index=123&type=chunk)