AMS · American Shared Hospital Services

American Shared Hospital Services reported a full-year 2025 net loss of $1.6 million, a reversal from the $2.2 million net income in 2024. Management attributed the 2024 net income primarily to a $3.8 million bargain purchase gain from the acquisition of Rhode Island centers and income from those centers. For 2025, total revenue was nearly flat at $28.1 million, but the composition shifted significantly. Revenue from the direct patient care services segment grew 23.7% to $15.5 million, driven by the first full year of operations from three Rhode Island centers and the Puebla, Mexico center. Conversely, revenue from the medical equipment leasing segment declined to $12.6 million from $15.6 million, due to the expiration of three Gamma Knife agreements and lower Proton Beam Radiation Therapy (PBRT) volumes, which the company described as normal cyclical fluctuations. This segment mix shift contributed to a compression in the full-year gross margin to 18% from 32%, as the direct patient care services have lower margins. In the fourth quarter, revenue decreased 14.8% year-over-year to $7.7 million, with direct patient care services representing 63% of sales. Alongside the results, the company announced a strategically positive seven-year lease extension for a Proton Beam Radiation Therapy System with long-term partner Orlando Health, Inc., securing that revenue stream through 2033. Management commentary highlighted operational expansion in Rhode Island and Mexico, technology upgrades to Gamma Knife units, and future growth initiatives including Certificate of Need approvals for new centers in Rhode Island. A key financial concern is that certain financial covenants under the company's credit facility were not met as of December 31, 2025, with the company engaged in discussions with its lender. Cash and equivalents decreased to $3.7 million, driven by $7.5 million in capital expenditures.