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American Shared Hospital Services (AMS) investor relations material

American Shared Hospital Services Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary13 Nov, 2025

Executive summary

  • Q3 2025 revenue increased 2.5% year-over-year to $7.2M, driven by direct patient care services and new centers in Rhode Island and Puebla, Mexico.

  • Direct patient care services revenue rose due to the RI Companies acquisition and Puebla facility opening, offsetting declines in equipment leasing revenue.

  • Net loss for Q3 2025 decreased to $17,000, with adjusted EBITDA up 42.3% to $1.94M year-over-year.

  • For the first nine months of 2025, revenue grew 5.6% to $20.4M, with direct patient care up 36.5%.

  • Management remains focused on operational efficiencies, margin improvement, and long-term shareholder value.

Financial highlights

  • Q3 2025 gross margin improved to 22.1%, with gross profit of $1.6M, up from $1.37M in Q3 2024.

  • Direct patient care services revenue for Q3 2025 increased 9.4% to $4M, representing 56% of total sales.

  • Equipment leasing segment revenue for Q3 2025 declined to $3.1M due to lower PBRT volumes and contract expirations.

  • Q3 2025 operating loss narrowed to $344K from $889K in Q3 2024; net loss improved to $17K from $207K.

  • Adjusted EBITDA for Q3 2025 increased 41% to $1.9M.

Outlook and guidance

  • Anticipates further revenue growth in late 2025 and 2026 from new Gamma Knife center in Guadalajara, Mexico and expansion in Rhode Island.

  • New facilities in Bristol and a proton beam center in Rhode Island are under development, representing major growth opportunities.

  • Management expects cash, operations, and credit capacity to be sufficient for debt and working capital needs over the next 12 months, but notes the April 2026 credit agreement maturity as a potential risk.

  • Commitments to purchase and install new Gamma Knife and LINAC systems total $7.88M, with intent to finance most of these projects.

  • Strategic focus on expanding direct patient care services and leveraging economies of scale for profitability.

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Frequently asked questions

American Shared Hospital Services (AMS) provides advanced radiosurgical and radiation therapy equipment to hospitals and medical centers. The company is a leader in offering Gamma Knife radiosurgery, a non-invasive treatment for conditions like brain tumors and trigeminal neuralgia. In addition to Gamma Knife systems, AMS also supports other radiation technologies such as Proton Beam Radiation Therapy (PBRT) and Intensity Modulated Radiation Therapy (IMRT). AMS operates through medical equipment leasing, allowing hospitals access to state-of-the-art equipment without heavy capital investment. The company is headquartered in San Francisco, California, and its shares are listed on the NYSE.

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