American Shared Hospital Services Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
American Shared Hospital Services (NYSE: AMS) reported full year 2025 revenue of $28.1 million and a net loss attributable to shareholders of $1.6 million (loss of $0.23 per diluted share). The company announced a seven-year PBRT lease extension with Orlando Health through 2033.
Key metrics: LINAC revenue $11.5M (+35.4% YoY), Gamma Knife revenue $9.2M (-5.5% YoY), PBRT revenue $7.4M (-26.0% YoY). Cash was $3.7M; current portion of long-term debt approx. $17.3M; shareholders' equity $24.0M ($3.66/share).
Positive
- LINAC revenue +35.4% year-over-year
- Direct patient care revenue +23.7% year-over-year
- Seven-year PBRT lease extension with Orlando Health through 2033
- LINAC treatment sessions totaled 28,147 in 2025
Negative
- PBRT revenue -26.0% year-over-year
- Gamma Knife procedures declined 13.6% year-over-year
- Cash decreased to $3.7M from $11.3M year-over-year
- Gross margin fell to 18% from 32%; current debt ~$17.3M and missed covenants
News Market Reaction – AMS
On the day this news was published, AMS declined 19.89%, reflecting a significant negative market reaction. Argus tracked a trough of -20.0% from its starting point during tracking. Our momentum scanner triggered 24 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $3M from the company's valuation, bringing the market cap to $11.00M at that time. Trading volume was exceptionally heavy at 27.3x the daily average, suggesting significant selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
AMS ticked down 0.24% while peers showed mixed moves: CCM +5.21%, CCEL +2.71%, BMGL +1.59%, MODV -18.59%, NIVF -1.52%. This points to stock-specific drivers around its earnings and lease extension.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | +7.7% | Q3 revenue and adjusted EBITDA growth with stronger direct patient services. |
| Aug 13 | Q2 2025 earnings | Neutral | +0.5% | Sequential revenue growth but net loss and lower adjusted EBITDA versus prior year. |
| May 15 | Q1 2025 earnings | Negative | -10.1% | Strong revenue growth but swing to net loss amid leasing revenue declines. |
| Apr 04 | FY 2024 earnings | Positive | +1.4% | Robust FY 2024 revenue and net income growth with expanding patient services. |
| Nov 13 | Q3 2024 earnings | Negative | -11.2% | Revenue growth offset by net loss and declining adjusted EBITDA year over year. |
Earnings releases have often led to aligned price moves, with mixed fundamentals (growth vs. losses) producing both rallies and selloffs but no clear tendency to fade or countertrend the news.
Recent AMS earnings have highlighted a strategic shift toward direct patient care and international expansion, especially in Rhode Island and Puebla, Mexico. Prior quarters showed revenue growth but pressure from lower leasing volumes and swings between profit and loss. FY 2024 delivered strong growth and positive net income, while 2025 quarters saw rising direct patient services offset by weaker Gamma Knife and PBRT volumes. Today’s Q4 and full-year 2025 results extend this theme of mix shift, margin compression, and balance sheet focus.
Historical Comparison
Past earnings headlines moved AMS shares an average of -2.35%. The current pre‑news move of -0.24% sits within this typical reaction range.
Across recent earnings, AMS has steadily expanded direct patient care and international centers while leasing revenue and profitability have been pressured, creating a recurring mix of top-line growth and margin/headline net loss challenges.
Market Pulse Summary
The stock dropped -19.9% in the session following this news. A negative reaction despite mixed fundamentals fits prior patterns where revenue growth but weaker margins and losses weighed on AMS shares. The shift toward lower-margin direct patient care, a full-year net loss of $1.6M, sharply lower cash of $3.7M, and $17.3M of current long-term debt add balance-sheet and execution risk that could amplify downside if investors focus on profitability and covenant pressures.
Key Terms
linac medical
certificate of need regulatory
adjusted ebitda financial
AI-generated analysis. Not financial advice.
Announces Seven Year Extension of Proton Therapy Lease Agreement with Orlando Health Through 2033
Conference Call Scheduled for 12:00 PM ET Today
SAN FRANCISCO, March 31, 2026 (GLOBE NEWSWIRE) -- American Shared Hospital Services (NYSE American: AMS) (the "Company"), a leading provider of stereotactic radiosurgery equipment and advanced radiation therapy cancer treatment services through its equipment leasing and direct patient care services segments, today announced financial results for the fourth quarter ended December 31, 2025.
Key Financial Highlights: Full Year 2025
- Total revenue:
$28.1 million , compared with$28.3 million in 2024 - Net loss attributable to American Shared Hospital Services:
$(1.6) million , or$(0.23) per diluted share, compared with net income of$2.2 million , or$0.33 per diluted share, in 2024 - LINAC revenue:
$11.5 million , up35.4% year-over-year - Gamma Knife revenue:
$9.2 million , down5.5% year-over-year - Proton Beam Radiation Therapy (“PBRT”) revenue:
$7.4 million , down26.0% year-over-year
Key Financial Highlights: Fourth Quarter 2025
- LINAC treatment volumes remained strong, supported by the Company’s three stand-alone radiation therapy treatment centers in Rhode Island and the radiation therapy treatment center in Puebla, Mexico.
- Direct patient care services continued to represent the majority of total revenue, reflecting the Company’s strategic expansion of its direct patient care segment
- Same-center Gamma Knife procedure volumes improved following equipment upgrades at three sites.
- The Company completed the upgrade of its Gamma Knife unit in Lima, Peru to the Esprit platform, expanding treatment capabilities to support future patient growth.
- The Company ended the quarter with eight domestic medical equipment leasing agreements and six direct patient care service centers operating in the United States and Latin America.
Gary Delanois, Chief Executive Officer, stated, “2025 was a year of transition and operational expansion for American Shared Hospital Services. We successfully integrated the Rhode Island radiation therapy treatment centers and completed the first full year of operations at our radiation therapy treatment center in Puebla, Mexico. These facilities significantly expanded our direct patient care services footprint and contributed to growth in LINAC treatment volumes. We successfully navigated through key Radiation Oncologist recruitment initiatives and fluctuating treatment volumes, while also improving our revenue cycle management infrastructure. While the leasing segment experienced headwinds from the expiration of three Gamma Knife agreements and lower proton therapy volumes, we continued to see encouraging growth at our existing treatment sites. Same-center Gamma Knife procedures increased during the year following technology upgrades that allow us to treat a broader range of diagnoses.”
“We are extremely pleased to announce a seven-year lease extension with Orlando Health, Inc., for our Proton Beam Radiation Therapy System, a valued partner in advancing access to cutting-edge cancer care. Our longstanding partnership of over two decades with Orlando Health highlights the long-term nature of the Company’s relationships and reflects the ongoing collaboration between the two organizations in delivering advanced cancer treatment services utilizing proton beam radiation therapy technology.”
“Looking ahead, we remain focused on optimizing operations at our existing centers, expanding patient access to advanced radiation therapy treatment options, and pursuing strategic opportunities that strengthen both our equipment leasing and direct patient care services segments.”
Ray Stachowiak, Executive Chairman, stated, “We remain focused on strengthening our partnerships, expanding clinical capacity, and driving long-term growth. Our strategic shift toward direct patient care services strengthens our long-term growth potential and creates more stable revenue streams. We are also excited about the new business development initiatives that we have in place to drive continued momentum and growth. Our Certificate of Need approvals for the first radiation therapy treatment center in Bristol, Rhode Island, where permitting activities are underway and a proton beam radiation therapy treatment center in Johnston, Rhode Island, put us on track to further expand our Rhode Island footprint and growth potential. These efforts, combined with momentum in our Rhode Island operations and our growing international business, position us well to deliver value to patients, partners, and shareholders in 2026 and beyond.”
Scott Frech, Chief Financial Officer, stated, “We remain focused on driving revenue growth and anticipate additional contributions from the new Esprit at our Guadalajara, Mexico Gamma Knife center. Additionally, we are proactively optimizing our balance sheet and strategic flexibility with ongoing discussions with our lender. Additionally, our market value highlights a steep discount to our underlying shareholders' equity of
Segment Performance
Direct Patient Care Services
During the fourth quarter of 2025, the Company’s direct patient care services segment continued to benefit from the expanded network of stand-alone radiation therapy centers. The Rhode Island centers and the Puebla, Mexico center operated throughout the quarter and experienced increased patient volumes.
Operations during the fourth quarter of 2025 also reflected the completion of the Gamma Knife Esprit upgrade at the Company’s facility in Lima, Peru. This positions the center for improved treatment capabilities and expanded patient access and growth going forward.
Revenue from direct patient care services increased
LINAC treatment sessions totaled 28,147 in full year 2025, compared with 14,662 in full year 2024.
Medical Equipment Leasing
In the fourth quarter of 2025, the leasing segment reflected the impact of recent Gamma Knife agreement expirations, which reduced the number of active leasing sites compared with the prior year. However, the Company experienced improved same-center procedure volumes at certain existing sites following equipment upgrades that expanded treatment capabilities.
Proton beam radiation therapy procedures in the fourth quarter of 2025 continued to reflect what the Company believes are normal cyclical fluctuations in patient volumes, consistent with trends experienced earlier in 2025.
For the full year 2025, leasing revenue declined year-over-year due primarily to the expiration of three Gamma Knife agreements and lower PBRT volumes. Gamma Knife procedures declined
PBRT procedures totaled 4,056 in fiscal year 2025, compared with 5,139 in fiscal year 2024, reflecting what the Company believes are normal cyclical fluctuations in treatment volumes that the healthcare industry experiences from time to time.
Financial Results for the Three Months Ended December 31, 2025
For the three months ended December 31, 2025, revenue decreased
Revenue from the Company’s direct patient care services segment represented
Revenue from the medical equipment leasing segment decreased
Gross margin was
Net loss attributable to American Shared Hospital Services decreased for Q4 2025 to a loss of
Adjusted EBITDA, a non-GAAP financial measure, was
Financial Results for the Twelve Months Ended December 31, 2025
For the twelve months ended December 31, 2025, revenue decreased
Revenue from the Company’s direct patient care services segment increased
Revenue from the Company’s equipment leasing segment was
Gross margins for the full year 2025 were
Net loss attributable to American Shared Hospital Services for the full year 2025 was
Adjusted EBITDA, a non-GAAP financial measure, was
Balance Sheet Highlights
As of December 31, 2025, the Company had
As of December 31, 2025, total current portion of long-term debt, net was approximately
American Shared Hospital Services’ shareholders' equity (excluding non-controlling interests) was
Conference Call
The Company will hold a conference call to discuss its fourth quarter and full year 2025 financial results today at 12:00 pm ET.
Teleconference and Webcast Information
To participate, domestic callers may dial 1-844-413-3972 and international callers may dial 1-412-317-5776 at least 10 minutes prior to the start of the call and ask to join the American Shared Hospital Services call.
A simultaneous webcast of the call may be accessed through the Company's website, www.ashs.com or directly:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=QqZruHXQ
A replay of the call will be available at 1-855-669-9658 or 1-412-317-0088, access code 6331493, through April 7, 2026. The call will also be available for replay on the Company’s website at www.ashs.com.
About American Shared Hospital Services (NYSE American: AMS)
American Shared Hospital Services (AMS) is a leading provider of turnkey solutions to cancer treatment centers, health systems, and cancer networks in North and South America. The Company works closely with its partners to develop and grow their cancer service lines and provide integrated cancer care to patients in a convenient local setting close to home. For centers under health system partnerships, the Company and its health system partners share in the capital investment cost and profitability of the operations based on their respective ownership interests. For more information, please visit: www.ashs.com
Safe Harbor Statement
This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services including statements regarding the expected continued growth of the Company and the expansion of the Company’s Gamma Knife, proton therapy and direct patient care services business, which involve risks and uncertainties including, but not limited to, the risks of economic and market conditions, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton therapy and direct patient care services businesses, the risks of changes to CMS reimbursement rates or reimbursement methodology, the risks of the timing, financing, and operations of the Company’s Gamma Knife, proton therapy, and direct patient care services businesses, the risk of expanding within or into new markets, the risk that the continued operation of acquired businesses could adversely affect financial results and the risk that current and future acquisitions may negatively affect the Company’s financial position. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company's Quarterly Report on Form 10-Q for the three-month periods ended March 31, 2025, June 30, 2025, September 30, 2025 and the Annual Report on Form 10-K for the year ended December 31, 2024.
Non-GAAP Financial Measure
Adjusted EBITDA, the non-GAAP measure presented in this press release and supplementary information, is not a measure of performance under the accounting principles generally accepted in the United States ("GAAP"). This non-GAAP financial measure has limitations as an analytical tool, including that it does not have a standardized meaning. When assessing our operating performance, this non-GAAP financial measure should not be considered a substitute for, and investors should also consider, income before income taxes, income from operations, net income attributable to the Company, earnings per share and other measures of performance as defined by GAAP as indicators of the Company's performance or profitability.
EBITDA is a non-GAAP financial measure representing our earnings before interest expense, interest income, income tax expense, depreciation, and amortization. We define Adjusted EBITDA as net (loss) income before interest expense, interest income, income tax expense (benefit), depreciation and amortization expense, stock-based compensation expense, bargain purchase gain, net, and loss on write down of impaired assets and associated removal costs.
We use this non-GAAP financial measure as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance by excluding certain expenses and charges that may not be indicative of the operating results of our recurring core business, such as stock-based compensation expense. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance.
Contacts
American Shared Hospital Services
Ray Stachowiak, Executive Chairman
rstachowiak@ashs.com
Investor Relations
Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com
| American Shared Hospital Services | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| Summary of Operations Data | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 7,728,000 | $ | 9,069,000 | $ | 28,082,000 | $ | 28,340,000 | ||||||||
| Costs of revenue | 6,822,000 | 5,865,000 | 23,018,000 | 19,155,000 | ||||||||||||
| Gross margin | 906,000 | 3,204,000 | 5,064,000 | 9,185,000 | ||||||||||||
| Loss on write down of impaired assets and associated removal costs | - | 2,896,000 | - | 3,084,000 | ||||||||||||
| Selling and administrative expense | 1,986,000 | 1,709,000 | 7,078,000 | 7,407,000 | ||||||||||||
| Interest expense | 321,000 | 429,000 | 1,574,000 | 1,499,000 | ||||||||||||
| Operating loss | (1,401,000 | ) | (1,830,000 | ) | (3,588,000 | ) | (2,805,000 | ) | ||||||||
| Bargain purchase gain RI Acquisition, net | - | (148,000 | ) | - | 3,794,000 | |||||||||||
| Interest and other income | 196,000 | 36,000 | 368,000 | 248,000 | ||||||||||||
| (Loss) income before income taxes | (1,205,000 | ) | (1,942,000 | ) | (3,220,000 | ) | 1,237,000 | |||||||||
| Income tax benefit | (197,000 | ) | (71,000 | ) | (493,000 | ) | (295,000 | ) | ||||||||
| Net (loss) income | (1,008,000 | ) | (1,871,000 | ) | (2,727,000 | ) | 1,532,000 | |||||||||
| Less: Net loss attributable to non-controlling interest | 377,000 | 563,000 | 1,174,000 | 654,000 | ||||||||||||
| Net (loss) income attributable to American Shared Hospital Services | $ | (631,000 | ) | $ | (1,308,000 | ) | $ | (1,553,000 | ) | $ | 2,186,000 | |||||
| (Loss) earnings per common share: | ||||||||||||||||
| Basic | $ | (0.09 | ) | $ | (0.20 | ) | $ | (0.23 | ) | $ | 0.34 | |||||
| Diluted | $ | (0.09 | ) | $ | (0.20 | ) | $ | (0.23 | ) | $ | 0.33 | |||||
| Weighted Average Shares Outstanding: | ||||||||||||||||
| Basic | 6,685,000 | 6,542,000 | 6,616,000 | 6,497,000 | ||||||||||||
| Diluted | 6,685,000 | 6,542,000 | 6,616,000 | 6,703,000 | ||||||||||||
| American Shared Hospital Services | ||||||
| Balance Sheet Data | ||||||
| Balance Sheet Data | ||||||
| (Unaudited) | ||||||
| 12/31/2025 | 12/31/2024 | |||||
| Cash, cash equivalents and restricted cash | $ | 3,712,000 | $ | 11,275,000 | ||
| Current assets | $ | 17,720,000 | $ | 26,258,000 | ||
| Total assets | $ | 55,479,000 | $ | 60,197,000 | ||
| Current liabilities | $ | 23,444,000 | $ | 10,405,000 | ||
| Shareholders' equity, excluding non-controlling interests | $ | 24,034,000 | $ | 25,183,000 | ||
| Outstanding shares | 6,575,000 | 6,420,000 | ||||
| American Shared Hospital Services | |||||||||||||
| Adjusted EBITDA | |||||||||||||
| Reconciliation of GAAP to Non-GAAP Adjusted Results | |||||||||||||
| (Unaudited) | |||||||||||||
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Net (loss) income | $ | (631,000 | ) | $ | (1,308,000 | ) | $ | (1,553,000 | ) | $ | 2,186,000 | ||
| Plus (less): Income tax benefit | (197,000 | ) | (71,000 | ) | (493,000 | ) | (295,000 | ) | |||||
| Interest expense | 321,000 | 429,000 | 1,574,000 | 1,499,000 | |||||||||
| Interest income | (28,000 | ) | (95,000 | ) | (185,000 | ) | (342,000 | ) | |||||
| Depreciation and amortization expense | 1,303,000 | 1,673,000 | 5,714,000 | 6,174,000 | |||||||||
| Stock-based compensation expense | 100,000 | 88,000 | 404,000 | 373,000 | |||||||||
| Bargain purchase gain, net | - | 148,000 | - | (3,794,000 | ) | ||||||||
| Loss on write down of impaired assets and associated removal costs | - | 2,896,000 | - | 3,084,000 | |||||||||
| Adjusted EBITDA | $ | 868,000 | $ | 3,760,000 | $ | 5,461,000 | $ | 8,885,000 | |||||
FAQ
What did AMS announce about its Proton Beam lease with Orlando Health on March 31, 2026?
How did AMS perform financially in full year 2025 (AMS stock)?
What drove the increase in LINAC revenue for AMS in 2025?
Why did AMS report lower equipment leasing revenue in 2025 (AMS)?
What is AMS's liquidity and debt position as of December 31, 2025?
How did margins and profitability change for AMS in 2025 compared to 2024?
