Financial Data and Key Metrics Changes - Total revenue for Q3 2025 increased by 2.5% to $7.2 million compared to $7 million in Q3 2024 [16] - Year-to-date revenues increased by 5.6% to $20.4 million compared to $19.3 million in the first nine months of 2024 [18] - Adjusted EBITDA for Q3 2025 was $1.9 million, a 42% increase from $1.3 million in Q3 2024 [9][18] - Gross margins improved to 22.1% in Q3 2025, with a 60% year-over-year increase to $1.6 million [18] Business Line Data and Key Metrics Changes - Revenue from direct patient services increased by 9.4% to $4 million in Q3 2025, driven by increased procedures at the new facility in Puebla, Mexico [16] - Gamma Knife revenue increased by 16% year-over-year to $2.1 million in Q3 2025, with the number of procedures rising to 231 from 218 in Q3 2024 [17] - Revenue from the medical equipment leasing segment decreased to $3.1 million from $3.3 million in Q3 2024 due to lower proton beam radiation therapy volumes [16] Market Data and Key Metrics Changes - The new radiation therapy treatment center in Puebla, Mexico showed a remarkable 263% annual revenue growth [8] - The company expects continued growth in treatment volumes, particularly in Rhode Island, as new radiation oncologists engage with the healthcare community [10] Company Strategy and Development Direction - The company is transitioning from a medical equipment leasing focus to a more patient-centric service model, which is expected to enhance long-term shareholder value [4][5] - The acquisition of three Rhode Island cancer treatment centers and the new center in Puebla, Mexico are seen as significant growth opportunities [10] - Plans to construct a fourth radiation therapy center in Bristol, Rhode Island, and the first proton beam radiation therapy center in the state are underway, representing major growth opportunities [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth strategy and the ability to weather short-term fluctuations [13] - The management team is focused on operational efficiencies and building momentum as growth strategies take hold [35] Other Important Information - The company entered Q3 2025 with cash and cash equivalents of $5.1 million, down from $11 million at the end of 2024, reflecting capital expenditures for expansion [22] - Shareholders' equity was $24.6 million, or $3.78 per outstanding share, compared to $25.2 million, or $3.92 per share at the end of 2024 [23] Q&A Session Summary Question: Concerns about shareholder value and investor outreach - A shareholder expressed concerns about the company's market cap relative to its EBITDA and suggested increased investor outreach [26] - Management acknowledged the need for more outreach and recognized the importance of communicating the company's progress to shareholders [28] Question: Disconnect between market valuation and company performance - Another investor questioned why the stock is trading at a 52-week low despite positive results and growth prospects [30] - Management attributed this to thin trading and lack of exposure, agreeing that increased outreach is necessary [32]