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American Shared Hospital Services(AMS) - 2024 Q2 - Quarterly Results
AMSAmerican Shared Hospital Services(AMS)2024-08-14 20:56

Financial Performance - Total revenue for Q2 2024 was 7.1million,a277.1 million, a 27% increase year-over-year, driven by the acquisition of Rhode Island facilities which contributed 1.9 million to the revenue growth[1][5] - Net income for Q2 2024 was 3.6million,or3.6 million, or 0.55 per diluted share, compared to a net loss of 111,000,or111,000, or 0.02 per diluted share in Q2 2023, primarily due to a 3.7millionbargainpurchasegainfromtheRhodeIslandacquisition[2][9]−AdjustedEBITDAforQ22024was3.7 million bargain purchase gain from the Rhode Island acquisition[2][9] - Adjusted EBITDA for Q2 2024 was 2,010,000, up from 1,938,000inQ22023,reflectingcontributionsfromthenewlyacquiredRhodeIslandfacilities[3][9]−RevenuesforthethreemonthsendedJune30,2024,increasedto1,938,000 in Q2 2023, reflecting contributions from the newly acquired Rhode Island facilities[3][9] - Revenues for the three months ended June 30, 2024, increased to 7,056,000, up 27% from 5,568,000inthesameperiodlastyear[21]−NetincomeattributabletoAmericanSharedHospitalServicesforthethreemonthsendedJune30,2024,was5,568,000 in the same period last year[21] - Net income attributable to American Shared Hospital Services for the three months ended June 30, 2024, was 3,602,000, compared to a net loss of 111,000inthesameperiodlastyear[21]−BasicearningspershareforthethreemonthsendedJune30,2024,was111,000 in the same period last year[21] - Basic earnings per share for the three months ended June 30, 2024, was 0.56, compared to a loss of 0.02inthesameperiodlastyear[21]CashandAssets−CashandcashequivalentsatJune30,2024,were0.02 in the same period last year[21] Cash and Assets - Cash and cash equivalents at June 30, 2024, were 14.5 million, an increase from 13.8millionatDecember31,2023[3][12]−TotalassetsasofJune30,2024,increasedto13.8 million at December 31, 2023[3][12] - Total assets as of June 30, 2024, increased to 60,825,000, up from 48,162,000asofDecember31,2023[22]−CashandcashequivalentsasofJune30,2024,were48,162,000 as of December 31, 2023[22] - Cash and cash equivalents as of June 30, 2024, were 14,486,000, compared to 13,808,000asofDecember31,2023[22]RevenueSegments−Revenuefromtheretailsegmentincreasedby31813,808,000 as of December 31, 2023[22] Revenue Segments - Revenue from the retail segment increased by 318% to 3,157,000 in Q2 2024, compared to 756,000inthesameperiodlastyear,attributedtotheRhodeIslandacquisitionandincreasedpatientvolumes[5][6]−Protonbeamradiationtherapyrevenuedecreasedby5756,000 in the same period last year, attributed to the Rhode Island acquisition and increased patient volumes[5][6] - Proton beam radiation therapy revenue decreased by 5% to 2.4 million in Q2 2024, with a 10% decline in therapy fractions compared to the same period last year[6][8] Operational Metrics - Total Gamma Knife procedures increased by 10% to 340 in Q2 2024, compared to 309 in Q2 2023, despite a 9% decrease in overall Gamma Knife revenue due to contract expirations[6][7] - Gross margin for Q2 2024 was 2.5million,or352.5 million, or 35% of revenue, down from 45% in the prior year, reflecting the expansion in the retail segment[2][7] - Gross margin for the six months ended June 30, 2024, was 4,611,000, representing a 4% increase compared to 4,426,000forthesameperiodin2023[21]LiabilitiesandExpenses−CurrentliabilitiesasofJune30,2024,were4,426,000 for the same period in 2023[21] Liabilities and Expenses - Current liabilities as of June 30, 2024, were 13,336,000, compared to 10,779,000asofDecember31,2023[22]−InterestexpenseforthethreemonthsendedJune30,2024,was10,779,000 as of December 31, 2023[22] - Interest expense for the three months ended June 30, 2024, was 385,000, an increase from 277,000inthesameperiodlastyear[21]StrategicDevelopments−ThecompanysignedajointventureagreementforaGammaKnifefacilityinGuadalajara,Mexico,markingitsfourthinternationalcenter[4]−Thecompanyreportedabargainpurchasegainof277,000 in the same period last year[21] Strategic Developments - The company signed a joint venture agreement for a Gamma Knife facility in Guadalajara, Mexico, marking its fourth international center[4] - The company reported a bargain purchase gain of 3,679,000 for the three months ended June 30, 2024[21]