AMS American Shared Hospital Services

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Executive Summary

American Shared Hospital Services reported mixed financial results for 2025, with flat revenue but a sharp decline in profitability due to lower margins and the absence of a prior-year bargain purchase gain. While direct patient care revenue grew 23.7%, leasing revenue fell sharply due to expired contracts and lower proton therapy volumes. The company also announced a seven-year lease extension with Orlando Health, a positive development, but faces liquidity pressure with cash down to $3.7M and debt covenant breaches under its credit facility.

Key Financial Metrics

Actionable Insight

Key Facts

• Full-year 2025 revenue: $28.1 million, down 0.9% YoY from $28.3 million
• Net loss of $1.6 million in 2025 vs. net income of $2.2 million in 2024
• Direct patient care revenue up 23.7% to $15.5 million, now 55% of total revenue
• Leasing revenue down to $12.6 million from $15.6 million due to expired Gamma Knife contracts and lower PBRT volumes
• Gross margin collapsed to 18% from 32% due to lower-margin direct care mix
• Adjusted EBITDA down 38% to $5.5 million from $8.9 million
• Cash balance dropped to $3.7 million from $11.3 million; $7.5M in capex
• Current debt: $17.3 million; company breached financial covenants and is in discussions with lender
• Seven-year proton therapy lease extension with Orlando Health announced

Financial Impact

Revenue flat but profitability sharply down; $3.8M swing from prior-year bargain purchase gain; EBITDA down $3.4M; gross margin down 14 percentage points

Risk Factors

• Debt covenant breaches could trigger default or restrictive amendments
• Continued decline in high-margin leasing revenue threatens profitability
• Low cash balance ($3.7M) increases liquidity risk given $17.3M current debt
• Adjusted EBITDA down 38% despite revenue stability, signaling operational deterioration

Market Snapshot

Documents Analyzed

This report is based on 1 press release from GlobeNewswire.

US Market Status