American Shared Hospital Services Reports First Quarter 2025 Financial Results

Core Viewpoint - American Shared Hospital Services reported a 17% year-over-year revenue growth for Q1 2025, driven by strategic expansion and operational strength despite lower treatment volumes and some seasonality [2][5][6]. Financial Performance - Q1 2025 revenue increased to $6.1 million from $5.2 million in Q1 2024, reflecting a 17% growth [6]. - Direct patient services revenue surged by 224% to $3.1 million, primarily due to the acquisition of Rhode Island centers and the new facility in Puebla, Mexico [5][6]. - Revenue from the medical equipment leasing segment decreased to $3.0 million from $4.3 million, attributed to lower Gamma Knife volumes and the expiration of two customer contracts [7]. - Total proton beam radiation therapy revenue fell to $1.6 million from $2.6 million due to normal cyclical fluctuations [7]. - Radiation therapy revenue reached $2.4 million for Q1 2025, compared to $0 in Q1 2024, driven by the acquisition of Rhode Island facilities and the launch in Puebla, Mexico [8]. - Gross margin for Q1 2025 was $942,000, down from $2.1 million in Q1 2024, primarily due to lower treatment volumes [8]. - The net loss attributable to the company was $625,000, or $0.10 per share, compared to a net income of $119,000, or $0.02 per diluted share, in Q1 2024 [8][10]. Operational Highlights - The company has begun to see an increase in treatment volumes in April 2025 and expects further recovery in the latter half of the year [3]. - Successful acquisition of Rhode Island radiation therapy treatment centers and the opening of a facility in Puebla, Mexico are key growth drivers [3]. - The company is exploring additional acquisition opportunities and anticipates closing on one within the fiscal year [3]. - The linear accelerator business reported $2.4 million in revenue for Q1 2025, compared to zero in Q1 2024, showcasing the effectiveness of the diversification strategy [3][5]. Balance Sheet Overview - As of March 31, 2025, cash, cash equivalents, and restricted cash totaled $11.5 million, slightly up from $11.3 million at December 31, 2024 [10]. - Shareholders' equity (excluding non-controlling interests) was $24.6 million, or $3.82 per outstanding share, down from $25.2 million, or $3.92 per share at the end of 2024 [10][18].