American Shared Hospital Services Reports Third Quarter 2025 Financial Results
American Shared Hospital Services (NYSE: AMS) reported Q3 2025 results on November 13, 2025: Q3 revenue $7.2M (+2.5% period over period) and adjusted EBITDA $1.94M (+42.3% YoY). Q3 direct patient services revenue rose 9.4% to $4.0M and represented 56% of sales. Nine-month revenue was $20.4M (+5.6% YoY) with direct patient care revenue up 36.5% to $10.7M. The company signed a 10-year extension and Esprit upgrade with an existing health system and cited new centers in Puebla and planned Guadalajara startup in Q2 2026. Cash totaled $5.3M at Sept 30, 2025 after $7.5M CapEx.
American Shared Hospital Services (NYSE: AMS) ha riportato i risultati del terzo trimestre 2025 il 13 novembre 2025: fatturato del terzo trimestre $7,2 milioni (+2,5% su base annua) e EBITDA rettificato $1,94 milioni (+42,3% su base annua). Il fatturato dai servizi diretti ai pazienti nel terzo trimestre è salito del 9,4% a $4,0 milioni e ha rappresentato il 56% delle vendite. Il fatturato dei primi nove mesi è stato di $20,4M (+5,6% YoY) con i ricavi diretti per assistenza al paziente in aumento del 36,5% a $10,7M. L'azienda ha firmato una estensione di 10 anni e aggiornamento Esprit con un sistema sanitario esistente e ha citato nuovi centri a Puebla e l'avvio pianificato di Guadalajara nel secondo trimestre del 2026. La liquidità ammontava a $5,3M al 30 settembre 2025 dopo un CapEx di $7,5M.
American Shared Hospital Services (NYSE: AMS) informó los resultados del tercer trimestre de 2025 el 13 de noviembre de 2025: los ingresos del tercer trimestre fueron de $7,2 millones (+2,5% interanual) y EBITDA ajustado de $1,94 millones (+42,3% interanual). Los ingresos por servicios directos a pacientes en el trimestre ascendieron 9,4% a $4,0 millones y representaron el 56% de las ventas. Los ingresos de los primeros nueve meses fueron de $20,4M (+5,6% interanual) con ingresos por atención directa al paciente aumentando un 36,5% a $10,7M. La empresa firmó una extensión de 10 años y actualización Esprit con un sistema de salud existente y citó nuevos centros en Puebla y el inicio planificado de Guadalajara en el segundo trimestre de 2026. La caja totalizó $5,3M al 30 de septiembre de 2025 tras un CapEx de $7,5M.
American Shared Hospital Services(NYSE: AMS)가 2025년 11월 13일 2025년 3분기 실적을 발표했습니다: 3분기 매출은 720만 달러로 전년 동기 대비 +2.5%이며 조정 EBITDA는 194만 달러로 전년 동기 대비 +42.3%입니다. 3분기 직접 환자 서비스 매출은 9.4% 증가한 400만 달러이며 매출의 56%를 차지했습니다. 9개월 누적 매출은 $20.4M로 전년 대비 +5.6%이고, 직접 환자 관리 매출은 36.5% 증가한 1,070만 달러였습니다. 회사는 기존 보건 시스템과 10년 연장 및 Esprit 업그레이드를 체결했고, 푸에블라의 신규 센터와 2026년 2분기 과달라하라 시작 계획을 언급했습니다. 현금은 2025년 9월 30일 기준 $5.3M으로, CapEx 750만 달러를 반영했습니다.
American Shared Hospital Services (NYSE: AMS) a présenté les résultats du T3 2025 le 13 novembre 2025 : chiffre d'affaires du T3 de 7,2 millions de dollars (+2,5 % sur la période) et EBITDA ajusté de 1,94 million de dollars (+42,3 % en glissement annuel). Le chiffre d'affaires des services directs aux patients du T3 a augmenté de 9,4 % pour atteindre 4,0 millions de dollars et représentait 56 % des ventes. Le chiffre d'affaires des neuf premiers mois s'élevait à $20,4M (+5,6 % en glissement annuel) avec les revenus liés aux soins directs aux patients en hausse de 36,5 % à 10,7 millions de dollars. L'entreprise a signé une extension de 10 ans et une mise à niveau Esprit avec un système de santé existant et a cité de nouveaux centres à Puebla et un démarrage prévu à Guadalajara au deuxième trimestre 2026. La trésorerie s'élevait à $5,3M au 30 septembre 2025 après un CapEx de $7,5M.
American Shared Hospital Services (NYSE: AMS) berichtete die Ergebnisse des dritten Quartals 2025 am 13. November 2025: Q3-Umsatz $7,2 Mio. (+2,5% gegenüber dem Vorjahreszeitraum) und angepasstes EBITDA $1,94 Mio. (+42,3% YoY). Die Einnahmen aus direkten Patientendiensten im Q3 stiegen um 9,4% auf $4,0 Mio. und machten 56% des Umsatzes aus. Der Umsatz für die ersten neun Monate betrug $20,4M (+5,6% YoY), wobei die Einnahmen aus direkter Patientenbetreuung um 36,5% auf $10,7M stiegen. Das Unternehmen unterzeichnete eine 10-Jahres-Verlängerung und Esprit-Upgrade mit einem bestehenden Gesundheits-System und erwähnte neue Zentren in Puebla sowie einen geplanten Start in Guadalajara im Q2 2026. Die Liquidität betrug zum 30. September 2025 $5,3M nach einem CapEx von $7,5M.
أعلنت American Shared Hospital Services (بورصة نيويورك: AMS) عن نتائج الربع الثالث لعام 2025 في 13 نوفمبر 2025: إيرادات الربع الثالث تبلغ 7.2 مليون دولار (+2.5% على أساس فاصل مقارنة) وEBITDA المعدلة تبلغ 1.94 مليون دولار (+42.3% على أساس سنوي). ارتفعت إيرادات خدمات المرضى المباشرة في الربع الثالث بنسبة 9.4% إلى 4.0 مليون دولار وتمثل 56% من المبيعات. بلغت إيرادات التسعة أشهر $20.4M (+5.6% على أساس سنوي) مع زيادة إيرادات الرعاية المباشرة للمرضى بنسبة 36.5% إلى 10.7 مليون دولار. وقّعت الشركة تمديداً لمدة 10 سنوات وتحديث Esprit مع نظام صحي قائم وذكرت مراكز جديدة في Puebla وبداية Guadalajara المخطط لها في الربع الثاني من 2026. بلغ النقد الإجمالي $5.3M في 30 سبتمبر 2025 بعد CapEx قدره $7.5M.
- Adjusted EBITDA +42.3% to $1.94M in Q3 2025
- Direct patient care revenue +36.5% to $10.7M YTD
- Signed 10-year Esprit extension and system upgrade
- Revenue +5.6% to $20.4M for first nine months
- Equipment leasing revenue down ~15.7% YTD to $9.7M
- Cash and equivalents declined from $11.3M to $5.3M
- Net loss of $0.9M YTD versus $3.5M net income prior year
Insights
Improving operating momentum: modest revenue growth, much stronger EBITDA, and dramatically reduced net loss, offset by lower cash after capex.
Revenue rose
Key dependencies and risks include the company’s cash trajectory—cash and restricted cash fell to
Concrete items to watch: startup of the Esprit system in Guadalajara in
Third Quarter Revenue Increased
Revenue for the First Nine Months Increased
Signs Existing Health System to 10 Year Extension and an Upgrade to their Gamma Knife System
Conference Call Scheduled for 1:00 PM ET Today
SAN FRANCISCO, Nov. 13, 2025 (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 third quarter ended September 30, 2025.
Key Financial Highlights
- Q3 2025 Revenue increased
2.5% period over period - Q3 2025 Direct patient services revenue increased
9.4% period over period - Q3 2025 Gross margin of
22.1% increased15.8% period over period - Q3 2025 Net loss decreased
91.8% to$17,000 from a loss of$207,000 in Q3 2024 - Q3 2025 EBITDA increased
42.3% to$1.94 million compared to$1.37 million in Q3 2024
Gary Delanois, Chief Executive Officer, commented: “I am pleased to report revenue increases in both our three and nine-month results which were primarily driven by increased revenue in our direct patient care services segment as our new physicians in Rhode Island ramp up and volumes increase. Our new radiation therapy center in Puebla Mexico is off to a fantastic start where revenue has grown significantly. I am also gratified to see the period over period increase in Gamma Knife revenue in the third quarter, and we remain vigilant in driving the overall revenue growth of the Company. As we look into the remainder of this year and 2026, we expect further growth in revenue from the new Esprit being installed in our new Gamma Knife center in Guadalajara, Mexico that is expected to startup in the second quarter of 2026. We are also very pleased to announce the recent signing of an Existing Health System to a 10 Year Extension for an Esprit – the latest model Gamma Knife System.”
Mr. Delanois continued: “We believe we are well positioned for continued long-term growth with 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, which will put us on track to further expand our Rhode Island footprint and growth potential. As we stay focused on our strategic initiatives to further improve efficiency and to take advantage of economies of scale to maximize profitability, our new business development pipeline, and balance sheet positions us well for this next phase of growth.”
Scott Frech, Chief Financial Officer, stated: “Our third quarter of 2025 was highlighted by an increase in direct patient care services revenue, and we expect to see this positive trend continue into the end of the year and beyond. Our momentum continues to build, as we execute on our growth strategy and focus beyond our traditional medical equipment leasing model to a direct provider of radiation therapy treatment services to cancer patients. I am also happy to report the improvement in both gross margin and net income. We remain extremely focused on our operational enhancements and cost efficiencies and this past quarter we paid down short-term debt while also making CapEx investments for our Gamma Knife Facility in Peru. These enhancements are part of the key to further position us for potential robust long-term growth and profitability.”
Ray Stachowiak, Executive Chairman, stated: “Our track record of consecutive years of revenue growth and improved margins is expected to position us well for building long-term shareholder value. Our vision remains clear, and we are excited about the new business development initiatives we have in place to drive continued momentum and growth.”
Financial Results for the Three Months Ended September 30, 2025
For the three months ended September 30, 2025, revenue increased
Revenue from the Company’s direct patient care services segment represented
Revenue from the medical equipment leasing segment decreased
Gross margin improved to
Net loss attributable to American Shared Hospital Services decreased
Adjusted EBITDA, a non-GAAP financial measure, was
Financial Results for the Nine Months Ended September 30, 2025
For the nine months ended September 30, 2025, revenue increased
Revenue from the Company’s direct patient care services segment increased
Revenue from the equipment leasing segment was
Gross margins for the first nine months of 2025 were
Net loss attributable to American Shared Hospital Services for the first nine months of 2025 was
Adjusted EBITDA, a non-GAAP financial measure, was
Balance Sheet Highlights
At September 30, 2025, cash, cash equivalents, and restricted cash totaled
American Shared Hospital Services’ shareholders' equity (excluding non-controlling interests) was
Conference Call
The Company will hold a conference call to discuss its third quarter 2025 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=AWOMV8Fk
A replay of the call will be available at 1-855-669-9658 or 1-412-317-0088, access code 7027755, through November 20, 2025. 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 integration or 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 and June 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 September 30, | Nine months ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 7,171,000 | $ | 6,999,000 | $ | 20,354,000 | $ | 19,271,000 | ||||||||
| Costs of revenue | 5,585,000 | 5,629,000 | 16,196,000 | 13,290,000 | ||||||||||||
| Gross margin | 1,586,000 | 1,370,000 | 4,158,000 | 5,981,000 | ||||||||||||
| Selling and administrative expense | 1,538,000 | 1,923,000 | 5,092,000 | 5,698,000 | ||||||||||||
| Interest expense | 392,000 | 336,000 | 1,253,000 | 1,070,000 | ||||||||||||
| Loss on write down of impaired assets and associated removal costs, net | - | - | - | 188,000 | ||||||||||||
| Operating loss | (344,000 | ) | (889,000 | ) | (2,187,000 | ) | (975,000 | ) | ||||||||
| Bargain purchase gain, net | - | 263,000 | - | 3,942,000 | ||||||||||||
| Interest and other income | 63,000 | 47,000 | 172,000 | 212,000 | ||||||||||||
| (Loss) income before income taxes | (281,000 | ) | (579,000 | ) | (2,015,000 | ) | 3,179,000 | |||||||||
| Income tax expense (benefit) | 48,000 | (169,000 | ) | (296,000 | ) | (244,000 | ) | |||||||||
| Net (loss) income | (329,000 | ) | (410,000 | ) | (1,719,000 | ) | 3,423,000 | |||||||||
| Less: Net loss attributable to non-controlling interests | 312,000 | 203,000 | 797,000 | 91,000 | ||||||||||||
| Net (loss) income attributable to American Shared Hospital Services | (17,000 | ) | (207,000 | ) | (922,000 | ) | 3,514,000 | |||||||||
| (Loss) earnings per common share: | ||||||||||||||||
| Basic | $ | (0.00 | ) | $ | (0.03 | ) | $ | (0.14 | ) | $ | 0.54 | |||||
| Diluted | $ | (0.00 | ) | $ | (0.03 | ) | $ | (0.14 | ) | $ | 0.54 | |||||
| Weighted Average Shares Outstanding: | ||||||||||||||||
| Basic | 6,632,000 | 6,482,000 | 6,593,000 | 6,482,000 | ||||||||||||
| Diluted | 6,632,000 | 6,482,000 | 6,593,000 | 6,520,000 | ||||||||||||
| American Shared Hospital Services | ||||||||||||||||
| Balance Sheet Data | ||||||||||||||||
| Balance Sheet Data | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 9/30/2025 | 12/31/2024 | |||||||||||||||
| Cash, cash equivalents and restricted cash | ||||||||||||||||
| Current assets | ||||||||||||||||
| Total assets | ||||||||||||||||
| Current liabilities | ||||||||||||||||
| Shareholders' equity American Shared Hospital Services | ||||||||||||||||
| American Shared Hospital Services | |||||||||||||||
| Adjusted EBITDA | |||||||||||||||
| Reconciliation of GAAP to Non-GAAP Adjusted Results | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net (loss) income attributable to American Shared Hospital Services | $ | (17,000 | ) | $ | (207,000 | ) | $ | (922,000 | ) | $ | 3,514,000 | ||||
| Less: | Income tax expense (benefit) | 48,000 | (169,000 | ) | (296,000 | ) | (244,000 | ) | |||||||
| Interest expense | 392,000 | 336,000 | 1,253,000 | 1,070,000 | |||||||||||
| Interest income | (34,000 | ) | (63,000 | ) | (157,000 | ) | (252,000 | ) | |||||||
| Depreciation and amortization expense | 1,454,000 | 1,644,000 | 4,411,000 | 4,501,000 | |||||||||||
| Stock-based compensation expense | 101,000 | 88,000 | 304,000 | 285,000 | |||||||||||
| Bargain purchase gain, net | - | (263,000 | ) | - | (3,942,000 | ) | |||||||||
| Loss on write down of impaired assets and associated removal costs | - | - | - | 188,000 | |||||||||||
| Adjusted EBITDA | $ | 1,944,000 | $ | 1,366,000 | $ | 4,593,000 | $ | 5,120,000 | |||||||
FAQ
What were American Shared Hospital Services (AMS) Q3 2025 revenues and EBITDA?
How did AMS direct patient services perform in the first nine months of 2025?
What impact did equipment leasing volumes have on AMS results in 2025?
What cash and capital expenditures did AMS report through Sept 30, 2025?
What commercial wins did AMS announce on Nov 13, 2025?
When is AMS expecting the new Guadalajara Gamma Knife center to start operations?
