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. 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. Adjusted EBITDA increased 18.4% to $1.1 million from $0.9 million.
The revenue growth was fueled by strong contributions from the company's three Rhode Island radiation therapy centers and its Puebla, Mexico facility, which experienced increased patient volumes. Proton beam radiation therapy (PBRT) treatments grew 20.7% year-over-year to 1,003, while Gamma Knife procedures increased 10.1% to 229. Leasing revenue remained stable at $3.0 million. Craig Tagawa, Interim Chief Executive Officer, noted, "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."
The company's operating loss improved to $(0.9) million from $(1.3) million in the prior year, reflecting higher revenue and margin expansion. Net loss attributable to American Shared Hospital Services was $(0.6) million, or $(0.09) per diluted share, consistent with the prior year. Cash, cash equivalents, and restricted cash increased to $5.2 million from $3.7 million at year-end 2025, driven by improved operating performance. The company continues to manage its liquidity as it supports the ramp-up of newer facilities.
Ray Stachowiak, Executive Chairman, emphasized the company's strategic focus: "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." Scott Frech, Chief Financial Officer, added, "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."
The company will hold a conference call today at 12:00 pm ET to discuss the results. Participants can dial 1-844-413-3972 (domestic) or 1-412-317-5776 (international) and ask to join the American Shared Hospital Services call. A simultaneous webcast is available through the company's website at www.ashs.com or directly at https://event.choruscall.com/mediaframe/webcast.html?webcastid=NAuZg0I8A.
