American Shared Hospital Services (ASHS) reported its financial results for the third quarter and nine-month period ending September 30, 2025, revealing a mixed performance in revenue and profitability. The company generated total revenues of $7.17 million for the third quarter, a 2.5% increase from $6.99 million in the same period last year. For the nine-month period, revenues rose to $20.35 million, up from $19.27 million in 2024. However, the company recorded a net loss of $17,000 for the third quarter, a slight improvement from a loss of $207,000 in the prior year, while the nine-month net loss widened to $922,000 compared to a profit of $3.51 million in 2024.
The financial results reflect significant changes in the company's operational segments. Revenue from the leasing segment, which includes medical equipment leasing, decreased by 5.3% to $3.14 million for the third quarter and by 15.5% to $9.70 million for the nine-month period, primarily due to lower volumes in proton beam radiation therapy (PBRT). Conversely, the direct patient services segment saw a revenue increase of 9.4% to $4.03 million for the third quarter and a substantial 36.5% increase to $10.66 million for the nine-month period, driven by contributions from the recently acquired Rhode Island facilities and the new facility in Puebla, Mexico.
ASHS's operational developments included the acquisition of a 60% interest in three radiation therapy facilities in Rhode Island, completed on May 7, 2024. This acquisition has been a key driver of revenue growth in the direct patient services segment. The company also reported an increase in the number of radiation therapy procedures performed, with 7,355 procedures in the third quarter, compared to 5,186 in the same period last year. The company’s Gamma Knife procedures showed mixed results, with a slight increase in the third quarter but a decrease in the nine-month comparison, attributed to contract expirations and equipment upgrades.
In terms of financial health, ASHS reported a decrease in cash and cash equivalents to $5.35 million as of September 30, 2025, down from $11.28 million at the end of 2024. The company’s working capital also declined significantly to $3.42 million from $15.85 million, primarily due to increased debt obligations and reduced cash reserves. The company has ongoing commitments to purchase and install additional Gamma Knife and LINAC systems, totaling approximately $7.88 million, which it plans to finance through existing cash and credit facilities.
Looking ahead, ASHS remains focused on expanding its direct patient services and enhancing operational efficiencies. The company is optimistic about negotiating an extension of its credit agreement, which matures in April 2026, to ensure continued liquidity. However, management acknowledges the challenges posed by fluctuating procedure volumes and the need for ongoing investment in technology and facilities to maintain competitive advantage in the healthcare market.
About AMERICAN SHARED HOSPITAL SERVICES
American Shared Hospital Services (ASHS) specializes in providing advanced radiation therapy solutions, including stereotactic radiosurgery and proton beam therapy. With a focus on medical equipment leasing and direct patient services, ASHS targets cancer treatment centers and health systems. The company is expanding its footprint through acquisitions and new facilities in the U.S. and Latin America, addressing a growing market for innovative cancer care technologies.
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