American Shared Hospital Services Reports Second Quarter and First Half 2026 Financial Results
Rhea-AI Summary
American Shared Hospital Services (NYSE American: AMS) reported Q2 2026 revenue of $8.4 million, up 19% year over year, driven by a 40% increase in Direct Patient Services to $4.9 million and a 22% rise in Proton Beam Radiation Therapy revenue to $2.3 million.
Gamma Knife revenue grew to $2.7 million, but gross margin declined to $1.4 million from $1.6 million. Net loss attributable to AMS widened to $514,000 ($0.07 per diluted share), mainly due to $285,000 of legal costs related to a Third Credit Agreement Amendment and a $909,000 increase in credit loss allowances. For the first half, revenue rose 18% to $15.5 million, operating cash flow reached $4.4 million and cash, cash equivalents and restricted cash increased to $6.8 million, while adjusted EBITDA was $1.3 million for Q2 and $2.5 million for the first half.
Positive
- Q2 2026 revenue up 19% to $8.4 million year over year
- Direct Patient Services revenue up 40% to $4.9 million in Q2 2026
- Proton Beam Radiation Therapy revenue up 22% to $2.3 million in Q2 2026
- First-half 2026 revenue up 18% to $15.5 million year over year
- Operating cash flow of $4.4 million in first half 2026
- Cash, cash equivalents and restricted cash increased to $6.8 million from $3.7 million
- Current portion of long-term debt reduced to $16.2 million from $17.3 million
Negative
- Q2 2026 gross margin declined to $1.4 million from $1.6 million
- Net loss attributable to AMS increased to $514,000 from $280,000 in Q2 2025
- First-half 2026 net loss widened to $1.1 million from $905,000
- Selling and administrative expense rose to $2.0 million in Q2 2026 from $1.7 million
- Credit loss allowance increase of $909,000 on older accounts receivable
- Legal fees of $285,000 tied to the Third Credit Agreement Amendment
- Adjusted EBITDA decreased to $1.3 million in Q2 2026 from $1.7 million
News Explained
The completed credit amendment changes repayment timing, while $2.0 million of subordinated financing adds liquidity without disclosed share issuance or conversion terms.
American Shared Hospital Services entered into a Third Amendment to its Credit Agreement and Forbearance Agreement with Fifth Third after
The amendment is described as completed and provides additional liquidity and flexibility, while the release does not state that the subordinated financing issues shares or provide conversion terms.
At
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 14 | First-quarter results | Positive | -6.0% | Revenue and operating metrics improved, but the stock recorded a negative 24-hour reaction. |
| Mar 31 | Full-year results | Neutral | -19.9% | Mixed annual metrics and a lease extension accompanied a negative 24-hour reaction. |
| Nov 13 | Third-quarter results | Positive | +7.7% | Revenue, EBITDA and direct patient services growth accompanied a positive 24-hour reaction. |
| Aug 13 | Second-quarter results | Neutral | +0.5% | Revenue growth and expansion initiatives accompanied a positive 24-hour reaction. |
| May 15 | First-quarter results | Negative | -10.1% | Revenue growth was offset by a net loss and declining leasing revenue. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-specific history showed negative 24-hour reactions in three of five events, including the two most recent results releases; the tag-specific average move was -5.55%.
Key Terms
stereotactic radiosurgery medical
proton beam radiation therapy medical
adjusted ebitda financial
forbearance agreement financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Second Quarter Revenue Increased
Operating Cash Flow Reached
Conference Call Scheduled for Today at 1:00 PM ET
SAN FRANCISCO, Aug. 13, 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, today announced financial results for the second quarter and six months ended June 30, 2026.
Key Financial Highlights
- Total second quarter revenue increased
19% year over year (y-o-y) to$8.4 million , compared with$7.1 million in the second quarter of 2025. - Second quarter Direct Patient Services revenue increased
40% y-o-y to$4.9 million , driven by higher procedure volumes at the Company's Rhode Island radiation therapy centers and its Peru and Puebla, Mexico facilities. - Second quarter Proton Beam Radiation Therapy (PBRT) revenue increased
22% y-o-y to$2.3 million , reflecting higher treatment volumes and higher reimbursement per treatment. - International Gamma Knife revenue increased
56% during the first six months of 2026 to$2.7 million as treatment volumes increased at the Company's international centers. - Cash provided by operating activities totaled
$4.4 million during the first six months of 2026. - Cash, cash equivalents and restricted cash increased to
$6.8 million at June 30, 2026, compared with$3.7 million at December 31, 2025.
"Our second quarter results demonstrate the strength of our diversified radiation oncology platform," said Craig Tagawa, Interim Chief Executive Officer. "Our quarterly revenue growth reflects continued momentum in our Direct Patient Services business, improved Proton Beam Radiation Therapy performance and increasing contributions from our international operations. These results underscore the benefits of the strategic investments we have made over the past several years to expand our treatment capabilities and geographic footprint.
"During the quarter, our Rhode Island facilities continued to deliver strong procedure growth while our Peru and Puebla radiation therapy centers generated another solid quarter of operating performance. In addition, higher procedure volumes and reimbursement at our Proton Beam Radiation Therapy operation contributed meaningfully to revenue growth. We remain focused on improving operating efficiencies, expanding patient access, and positioning our portfolio for sustainable long-term growth."
Ray Stachowiak, Executive Chairman, added:
"The fundamentals of our business remain strong. Demand for advanced radiation therapy continues to grow, and our portfolio of Gamma Knife, Proton Beam Radiation Therapy and radiation oncology centers positions AMS to participate across multiple areas of cancer treatment. While we continue to address our financing initiatives, our priority remains on executing our long-term growth strategy, strengthening our balance sheet and creating value for our shareholders through disciplined capital allocation and continued operational execution."
Second Quarter Financial Results
Total revenue for the second quarter of 2026 increased
Revenue from the Company's Direct Patient Services segment increased
Revenue generated from the Company's Proton Beam Radiation Therapy system increased
Gamma Knife revenue increased to
Revenue from the Company's Medical Equipment Leasing segment remained generally consistent with the prior-year quarter as lower domestic Gamma Knife procedure volumes, primarily reflecting the expiration of one customer contract in 2025, offset continued strength in Proton Beam Radiation Therapy operations.
Gross margin in Q2 2026 was
The Company reported a net loss attributable to American Shared Hospital Services of
Second quarter adjusted EBITDA was
First Half 2026 Results
For the six months ended June 30, 2026, total revenue increased
Direct Patient Services revenue increased
Revenues from the Company’s leasing segment increased by
Revenue generated by the Company's Proton Beam Radiation Therapy system increased to
Gamma Knife revenue increased to
The Company generated
Gross margin for the first half of 2026 was
Net loss attributable to American Shared Hospital Services increased by
Adjusted EBITDA for the six-month period was
Balance Sheet Highlights
Cash, cash equivalents and restricted cash totaled
The current portion of long-term debt, net was
Shareholders’ equity (excluding non-controlling interests) was
Subsequent to quarter end, the Company entered into a Third Amendment to its Credit Agreement and Forbearance Agreement with Fifth Third Bank. The amendment established a revised repayment schedule for certain outstanding borrowings while providing the Company additional flexibility to pursue strategic alternatives and strengthen its capital structure.
In conjunction with the amendment, the Company secured
Management believes these financing actions provide additional flexibility while the Company continues discussions regarding its longer-term capital structure alternatives designed to support future growth initiatives and strengthen its balance sheet.
Strategic Growth Initiatives
"Our strategy remains focused on investing in advanced radiation therapy technologies that improve patient outcomes while generating attractive long-term returns," said Mr. Stachowiak. "The breadth of our platform—including Gamma Knife, Proton Beam Radiation Therapy and radiation oncology centers—provides multiple avenues for sustainable growth as demand for precision cancer treatment continues to expand."
Mr. Stachowiak concluded:
"While we continue to address our capital structure, our operating business is performing well. We are encouraged by the continued growth in Direct Patient Services, improving international performance and strong operating cash generation during the first half of 2026.
"Our priorities remain clear: continue growing procedure volumes, expand our installed base of advanced radiation therapy technologies, prudently manage capital and strengthen our financial position. We believe these efforts position the Company to capitalize on attractive long-term opportunities in precision radiation oncology."
Conference Call
The Company will hold a conference call to discuss its second quarter financial results today at 1:00 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=v8y3MbI1
A replay of the call will be available at 1-855-669-9658 or 1-412-317-0088, access code 2844456, through August 20, 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 beam radiation 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 risk of compliance with debt covenants, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton beam radiation 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, PBRT, 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 Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent reports filed by the Company with the Securities and Exchange Commission.
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 (benefit), depreciation, and amortization. We define Adjusted EBITDA as net loss before interest expense, interest income, income tax expense (benefit), depreciation and amortization expense, and stock-based compensation expense.
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 June 30, | Six months ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues | $ | 8,430,000 | $ | 7,071,000 | $ | 15,514,000 | $ | 13,183,000 | ||||||||
| Costs of revenue | 6,997,000 | 5,441,000 | 12,793,000 | 10,611,000 | ||||||||||||
| Gross margin | 1,433,000 | 1,630,000 | 2,721,000 | 2,572,000 | ||||||||||||
| Selling and administrative expense | 2,042,000 | 1,746,000 | 3,952,000 | 3,554,000 | ||||||||||||
| Interest expense | 301,000 | 428,000 | 603,000 | 861,000 | ||||||||||||
| Operating loss | (910,000 | ) | (544,000 | ) | (1,834,000 | ) | (1,843,000 | ) | ||||||||
| Interest and other income | 47,000 | 45,000 | 101,000 | 109,000 | ||||||||||||
| Loss before income taxes | (863,000 | ) | (499,000 | ) | (1,733,000 | ) | (1,734,000 | ) | ||||||||
| Income tax expense (benefit) | 135,000 | (21,000 | ) | 227,000 | (344,000 | ) | ||||||||||
| Net loss | (998,000 | ) | (478,000 | ) | (1,960,000 | ) | (1,390,000 | ) | ||||||||
| Less: Net loss attributable to non-controlling interest | 484,000 | 198,000 | 834,000 | 485,000 | ||||||||||||
| Net loss attributable to American Shared Hospital Services | $ | (514,000 | ) | $ | (280,000 | ) | $ | (1,126,000 | ) | $ | (905,000 | ) | ||||
| Loss per common share: | ||||||||||||||||
| Basic | ($ | 0.07 | ) | ($ | 0.04 | ) | ($ | 0.17 | ) | ($ | 0.14 | ) | ||||
| Diluted | ($ | 0.07 | ) | ($ | 0.04 | ) | ($ | 0.17 | ) | ($ | 0.14 | ) | ||||
| Weighted Average Shares Outstanding: | ||||||||||||||||
| Basic | 6,872,000 | 6,582,000 | 6,737,000 | 6,577,000 | ||||||||||||
| Diluted | 6,872,000 | 6,582,000 | 6,737,000 | 6,577,000 | ||||||||||||
| American Shared Hospital Services | ||||||||||||||||
| Balance Sheet Data | ||||||||||||||||
| Balance Sheet Data | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 6/30/2026 | 12/31/2025 | |||||||||||||||
| Cash, cash equivalents and restricted cash | $ | 6,761,000 | $ | 3,712,000 | ||||||||||||
| Current assets | $ | 17,368,000 | $ | 17,720,000 | ||||||||||||
| Total assets | $ | 52,493,000 | $ | 55,479,000 | ||||||||||||
| Current liabilities | $ | 22,424,000 | $ | 23,444,000 | ||||||||||||
| Shareholders' equity, excluding non-controlling interests | $ | 23,111,000 | $ | 24,034,000 | ||||||||||||
| Outstanding shares | 6,625,000 | 6,575,000 | ||||||||||||||
| American Shared Hospital Services | |||||||||||||
| Adjusted EBITDA | |||||||||||||
| Reconciliation of GAAP to Non-GAAP Adjusted Results | |||||||||||||
| (Unaudited) | |||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||
| Net loss attributable to American Shared Hospital Services | $ | (514,000 | ) | $ | (280,000 | ) | $ | (1,126,000 | ) | $ | (905,000 | ) | |
| Income tax expense (benefit) | 135,000 | (21,000 | ) | 227,000 | (344,000 | ) | |||||||
| Interest expense | 301,000 | 428,000 | 603,000 | 861,000 | |||||||||
| Interest income | (29,000 | ) | (48,000 | ) | (82,000 | ) | (122,000 | ) | |||||
| Depreciation and amortization expense | 1,346,000 | 1,508,000 | 2,640,000 | 2,957,000 | |||||||||
| Stock-based compensation expense | 102,000 | 114,000 | 203,000 | 203,000 | |||||||||
| Adjusted EBITDA | $ | 1,341,000 | $ | 1,701,000 | $ | 2,465,000 | $ | 2,650,000 | |||||
