American Shared Hospital Services (NYSE American: AMS), a leading provider of stereotactic radiosurgery equipment and advanced radiation therapy cancer treatment services, today announced financial results for the first quarter ended March 31, 2026. The company reported total revenue of $7.1 million, a 15.9% increase from $6.1 million in the same period last year, driven primarily by a 30.2% rise in direct patient services revenue to $4.1 million. This growth was fueled by higher procedure volumes at the company’s Rhode Island radiation therapy centers and its Puebla, Mexico facility.
Gross margin improved 36.7% to $1.3 million, or 18.2% of revenue, compared to $0.9 million, or 15.4%, in the prior year period. The margin expansion was attributed to higher overall revenue and improved utilization across treatment centers, which more than offset higher operating costs associated with the growing direct patient services segment. Operating loss narrowed to $0.9 million from $1.3 million, reflecting the benefit of increased revenue and gross margin expansion. Net loss attributable to the company remained flat at $0.6 million, or $0.09 per diluted share, compared to $0.6 million, or $0.10 per diluted share, in the prior year period. Adjusted EBITDA increased 18.4% to $1.1 million from $0.9 million.
Operationally, Gamma Knife procedures increased 10.1% year-over-year to 229, while proton beam radiation therapy (PBRT) treatments rose 20.7% to 1,003. The Rhode Island centers continued to ramp up utilization, and the Puebla center experienced strong growth driven by improved reimbursement and operational ramp-up. Leasing revenue remained consistent at $3.0 million, reflecting the impact of prior Gamma Knife agreement expirations partially offset by improved procedure volumes at upgraded sites.
Craig Tagawa, Interim Chief Executive Officer, stated, “We are encouraged by our performance in the first quarter of 2026, which reflects continued momentum in our direct patient care services segment and improved utilization across our treatment centers. Revenue growth of approximately 16% year-over-year was driven by strong contributions from our Rhode Island and Puebla radiation therapy centers, as well as growth in proton therapy volumes which is continuing into the second quarter.”
Ray Stachowiak, Executive Chairman, added, “We continue to execute on our strategy of expanding our direct patient care footprint while strengthening our clinical capabilities and partnerships. Growth across our LINAC and proton therapy platforms reflects increasing demand for advanced radiation therapy services, and we remain focused on further increasing utilization, improving reimbursement profiles, and driving sustained revenue expansion across our network.”
Scott Frech, Chief Financial Officer, noted, “Our first quarter performance highlights the strength of our operating model, as higher treatment volumes translated into improved margins and a significant reduction in operating loss. Additionally, I am pleased to report that we are continuing to see volumes trending higher into the second quarter.”
As of March 31, 2026, the company had cash, cash equivalents, and restricted cash of $5.2 million, up from $3.7 million at December 31, 2025. The current portion of long-term debt decreased to $16.8 million from $17.3 million. The company continues to engage in discussions with its lender regarding a potential extension of debt obligations and remains focused on optimizing its capital structure.
For more information, visit the company’s website at www.ashs.com. A replay of the conference call will be available through May 21, 2026, at 1-855-669-9658 or 1-412-317-0088, access code 6753554.
