American Shared Hospital Services Reports Fourth Quarter and Strong Full Year 2024 Financial Results

Core Insights - American Shared Hospital Services reported strong financial results for FY 2024, with revenue reaching $28.34 million, a 32.9% increase year-over-year [3][8][7] - The company is transitioning from a traditional leasing model to a direct provider of radiation therapy services, which aligns with its long-term growth strategy [4][3] - The appointment of Gary Delanois as CEO marks a new phase of growth for the company, while Ray Stachowiak continues as Executive Chairman [5][3] Financial Performance - FY 2024 revenue from direct patient services surged by 253.4% to $12.56 million, while leasing segment revenue decreased by 12.1% to $15.63 million [8][7] - Net income attributable to the company increased by 258.4% to $2.19 million, translating to $0.34 per diluted share [12][8] - Adjusted EBITDA for FY 2024 rose by 8.5% to $8.89 million [13][7] Quarterly Results - In Q4 2024, revenue increased by 59.2% to $9.07 million, driven by expanded radiation therapy services [14][8] - Direct patient services revenue in Q4 2024 was $4.75 million, a 420.2% increase from the previous year [14][8] - Q4 2024 net income attributable to the company was a loss of $1.31 million, compared to a profit of $0.42 million in Q4 2023 [16][8] Operational Highlights - The company has successfully integrated new facilities in Rhode Island and Puebla, Mexico, contributing to revenue growth [3][8] - Gross margin for FY 2024 was $9.19 million, slightly down from $9.34 million in FY 2023 due to higher operating costs in the direct patient services segment [10][8] - The company is focused on improving operational efficiencies and expanding health system partnerships to drive future growth [3][4] Balance Sheet - As of December 31, 2024, cash and cash equivalents totaled $11.28 million, down from $13.81 million a year earlier [19][8] - Shareholders' equity increased to $25.18 million, or $3.92 per outstanding share, compared to $22.62 million, or $3.59 per share, at the end of 2023 [19][8]