Financial Performance - Total revenue for Q2 2024 was $7.1 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 $3.6 million, or $0.55 per diluted share, compared to a net loss of $111,000, or $0.02 per diluted share in Q2 2023, primarily due to a $3.7 million bargain purchase gain from the Rhode Island acquisition[2][9] - Adjusted EBITDA for Q2 2024 was $2,010,000, up from $1,938,000 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 $5,568,000 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 $111,000 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 $0.02 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 $13.8 million at December 31, 2023[3][12] - Total assets as of June 30, 2024, increased to $60,825,000, up from $48,162,000 as of December 31, 2023[22] - Cash and cash equivalents as of June 30, 2024, were $14,486,000, compared to $13,808,000 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 $756,000 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 $2.5 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 $4,426,000 for the same period in 2023[21] Liabilities and Expenses - Current liabilities as of June 30, 2024, were $13,336,000, compared to $10,779,000 as of December 31, 2023[22] - Interest expense for the three months ended June 30, 2024, was $385,000, an increase from $277,000 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]
American Shared Hospital Services(AMS) - 2024 Q2 - Quarterly Results