Core Insights - American Shared Hospital Services reported a revenue increase of 36.3% year-over-year for Q3 2024, reaching $6,999,000, driven by the acquisition of Rhode Island radiation therapy facilities and a new facility in Puebla, Mexico [2][4][6] Financial Performance - Total revenue for Q3 2024 was $6,999,000, up from $5,134,000 in Q3 2023 [6] - Revenue from direct patient services ("retail") surged 273.2% to $3,687,000, primarily due to the new Rhode Island and Puebla facilities [2][7] - Medical equipment leasing revenue decreased by 16.1% to $3,312,000, attributed to lower Gamma Knife treatment volumes [2][8] - Proton beam radiation therapy revenue increased by 4.4% to $2,316,000, with treatment volumes rising by 5.4% [9] - Gamma Knife operations revenue fell by 32.9% to $1,821,000, with procedures down 31.0% due to contract expirations and equipment downtime [10] - Gross margin decreased to $1,370,000, representing 19.6% of revenue, down from 40.9% in the previous year [2][4] - Operating income turned to a loss of $889,000 compared to an income of $90,000 in Q3 2023, mainly due to increased operating costs [12] - Net loss for Q3 2024 was $207,000, or ($0.03) per diluted share, compared to a net income of $118,000, or $0.02 per diluted share, in Q3 2023 [14] - Adjusted EBITDA for Q3 2024 was $1,366,000, down from $1,669,000 in Q3 2023 [15] Balance Sheet Highlights - Cash and cash equivalents as of September 30, 2024, were $14,077,000, an increase from $13,808,000 at the end of 2023 [3][21] - Shareholders' equity increased to $26,423,000 as of September 30, 2024, compared to $22,624,000 at the end of 2023 [21] Strategic Outlook - The company is focused on long-term growth strategies, including improving operational efficiencies and expanding its product portfolio [4][5] - The CEO expressed confidence in the company's growth trajectory, supported by a strong balance sheet and increasing sales pipeline [5]
American Shared Hospital Services Reports Third Quarter 2024 Financial Results