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American Shared Hospital Services(AMS) - 2025 Q2 - Quarterly Results

Financial Highlights and Management Commentary This section covers key financial performance and management's strategic outlook Key Financial Highlights American Shared Hospital Services reported a 16% sequential revenue increase in Q2 2025, driven by strong Gamma Knife and LINAC performance, despite flat year-over-year total revenue Q2 2025 Revenue Performance vs. Prior Periods | Revenue Category | Sequential Change (vs Q1 2025) | Year-over-Year Change (vs Q2 2024) | | :--- | :--- | :--- | | Total Revenue | ▲ 16% | ▲ 0.2% | | Gamma Knife Revenue | ▲ 25% | ▼ 5% | | LINAC Revenue | ▲ 7% | ▲ 34% | | Proton Beam Radiation Therapy Revenue | ▲ 17% | ▼ 21% | Management Commentary Management expressed optimism for growth, focusing on direct patient services, operational efficiencies, and strategic acquisitions, highlighting diversification success - The CEO highlighted a focus on expanding the business model and operational enhancements, with expected growth from a new Esprit system in Guadalajara, Mexico, and expansion in Rhode Island2 - The CFO emphasized the positive momentum from the growth strategy, which focuses on shifting from a traditional leasing model to being a direct provider of radiation therapy services2 - The Executive Chairman noted four years of consecutive revenue growth and three years of sustained profitability, underscoring the success of recent acquisitions and the ongoing pursuit of additional strategic tuck-in acquisitions4 Financial Results This section details the company's financial performance for Q2 and year-to-date 2025, including revenue, gross margin, and net income Second Quarter 2025 Performance (Three Months Ended June 30, 2025) Q2 2025 revenue was $7.1 million, up 0.2% year-over-year, but the company reported a net loss of $280,000 due to lower volumes and the absence of a prior-year bargain purchase gain Q2 2025 vs. Q2 2024 Financial Summary (in US Dollars) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $7,071,000 | $7,056,000 | ▲ 0.2% | | Gross Margin | $1,630,000 | $2,468,000 | ▼ 34.0% | | Net (Loss)/Income | $(280,000) | $3,602,000 | - | | Diluted EPS | $(0.04) | $0.55 | - | | Adjusted EBITDA | $1,701,000 | $2,010,000 | ▼ 15.4% | - Revenue from the direct patient services segment grew 11% to $3.5 million, primarily due to the Rhode Island centers and the new facility in Puebla, Mexico6 - Revenue from the medical equipment leasing segment fell 8% to $3.6 million due to lower Gamma Knife volumes from expired contracts and decreased PBRT volumes7 - The net loss in Q2 2025 contrasts with a large net income in Q2 2024, which included a $3,679,000 net bargain purchase gain from the RI Acquisition9 Year-to-Date 2025 Performance (Six Months Ended June 30, 2025) H1 2025 revenue increased 7% to $13.2 million, driven by direct patient services, but resulted in a net loss of $905,000 compared to prior year's profit H1 2025 vs. H1 2024 Financial Summary (in US Dollars) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $13,183,000 | $12,272,000 | ▲ 7.4% | | Gross Margin | $2,572,000 | $4,611,000 | ▼ 44.2% | | Net (Loss)/Income | $(905,000) | $3,721,000 | - | | Diluted EPS | $(0.14) | $0.57 | - | | Adjusted EBITDA | $2,650,000 | $3,754,000 | ▼ 29.4% | - Direct patient services revenue grew 61% to $6.6 million, while leasing segment revenue decreased to $6.6 million due to expired contracts, equipment downtime, and lower PBRT volumes1112 - The net loss for the first half of 2025 is compared against a net income in H1 2024 that included a $3,679,000 net bargain purchase gain14 Balance Sheet Highlights This section provides a snapshot of the company's financial position, including cash, total assets, and shareholders' equity Balance Sheet Summary As of June 30, 2025, cash and equivalents remained stable at $11.3 million, total assets increased to $63.5 million, and shareholders' equity was $24.5 million Balance Sheet Data (Unaudited, in US Dollars) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and restricted cash | $11,331,000 | $11,275,000 | | Total assets | $63,494,000 | $60,197,000 | | Shareholders' equity (excluding NCI) | $24,481,000 | $25,183,000 | | Equity per outstanding share | $3.78 | $3.92 | Supplementary Information This section provides details on the upcoming conference call, non-GAAP financial measures, and condensed consolidated financial statements Conference Call Information The company scheduled a conference call for August 13, 2025, at 1:00 PM ET to discuss Q2 2025 financial results, with replay options available - A conference call to discuss Q2 2025 results was scheduled for 1:00 pm ET on the day of the earnings release16 - Details for participation, including phone numbers and a webcast link, were provided, and a replay will be available through August 20, 20251718 Non-GAAP Financial Measures Adjusted EBITDA is used as a non-GAAP measure to assess core operational performance, excluding non-recurring items, with a detailed reconciliation provided - Adjusted EBITDA is defined as net income (loss) adjusted for interest, taxes, depreciation, amortization, stock-based compensation, bargain purchase gains, and asset write-down costs22 - Management uses this non-GAAP measure for period-to-period comparisons, believing it provides supplemental information on the performance of the recurring core business23 Reconciliation of GAAP Net (Loss) Income to Non-GAAP Adjusted EBITDA (in US Dollars) | | Three months ended June 30, | Six months ended June 30, | | :--- | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | | Net (loss) income | $(280,000) | $3,602,000 | $(905,000) | $3,721,000 | | Adjustments | $1,981,000 | $(1,592,000) | $3,555,000 | $(133,000) | | Adjusted EBITDA | $1,701,000 | $2,010,000 | $2,650,000 | $3,754,000 | Condensed Consolidated Financial Statements This section presents unaudited condensed consolidated statements of operations and balance sheet data for the reported periods Condensed Consolidated Statements of Operations (Unaudited, in US Dollars) | | Three months ended June 30, | Six months ended June 30, | | :--- | :--- | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | | Revenues | $7,071,000 | $7,056,000 | $13,183,000 | $12,272,000 | | Gross margin | $1,630,000 | $2,468,000 | $2,572,000 | $4,611,000 | | Operating (loss) | $(544,000) | $(1,000) | $(1,843,000) | $(86,000) | | Net (loss) income attributable to AMS | $(280,000) | $3,602,000 | $(905,000) | $3,721,000 |