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American Shared Hospital Services Reports Fourth Quarter and Full Year 2025 Financial Results

AMS
  • American Shared Hospital Services announced a seven-year extension of its Proton Therapy lease agreement with Orlando Health, covering the period through 2033.
  • Full-year 2025 total revenue was $28.1 million, a slight decrease from $28.3 million in 2024.
  • The company reported a net loss of $1.6 million ($0.23 per diluted share) for 2025, compared to a net income of $2.2 million ($0.33 per diluted share) in 2024.
  • LINAC revenue increased 35.4% year-over-year to $11.5 million for the full year 2025.
  • Gamma Knife revenue decreased 5.5% to $9.2 million for the full year 2025, while Proton Beam Radiation Therapy (PBRT) revenue fell 26.0% to $7.4 million.
  • Direct patient care services revenue grew 23.7% to $15.5 million in 2025, driven by operations at three Rhode Island centers and the Puebla, Mexico facility.
  • The company completed the upgrade of its Gamma Knife unit in Lima, Peru, to the Esprit platform to support expanded treatment capabilities.
  • As of December 31, 2025, the company operated eight domestic medical equipment leasing agreements and six direct patient care service centers in the United States and Latin America.
  • Cash and cash equivalents declined to $3.7 million at year-end 2025 from $11.3 million in 2024 due to $7.5 million in capital expenditures.
  • Certain financial covenants under the company's credit facility were not met as of December 31, 2025, prompting ongoing discussions with the lender for waivers.
  • The company holds Certificates of Need for a new radiation therapy center in Bristol, Rhode Island, and a proton beam radiation therapy center in Johnston, Rhode Island.
  • Adjusted EBITDA for the full year 2025 was $5.5 million, down from $8.9 million in 2024.
  • Shareholders' equity excluding non-controlling interests was $24.0 million ($3.66 per share) as of December 31, 2025.
  • A conference call to discuss the fourth quarter and full year 2025 financial results is scheduled for March 31, 2026, at 12:00 PM ET.