American Shared Hospital Services (NYSE American: AMS), a leading provider of stereotactic radiosurgery equipment and advanced radiation therapy cancer treatment services, announced financial results for the first quarter ended March 31, 2026, showing significant year-over-year improvements in revenue, margins, and treatment volumes.
Total revenue increased 15.9% to $7.1 million compared to $6.1 million in the prior year period, driven primarily by a 30.2% increase in direct patient services revenue to $4.1 million. Leasing revenue remained flat at $3.0 million. Gross margin improved 36.7% to $1.3 million, or 18.2% of revenue, up from $0.9 million, or 15.4%, in the first quarter of 2025. The operating loss narrowed to $(0.9) million from $(1.3) million, and adjusted EBITDA grew 18.4% to $1.1 million.
Operationally, Gamma Knife procedures increased 10.1% year-over-year to 229, and proton beam radiation therapy (PBRT) treatments rose 20.7% to 1,003. The company's Rhode Island centers continued to ramp up utilization, and its Puebla, Mexico facility experienced strong growth driven by improved reimbursement and operational ramp-up.
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.”
The company ended the quarter with cash, cash equivalents, and restricted cash of $5.2 million, up from $3.7 million at December 31, 2025. Long-term debt (current portion) decreased to $16.8 million from $17.3 million. Shareholders’ equity (excluding non-controlling interests) stood at $23.5 million, or approximately $3.56 per share.
A conference call to discuss the results is scheduled for today at 12:00 PM ET. Domestic callers may dial 1-844-413-3972 and international callers may dial 1-412-317-5776. A simultaneous webcast can be accessed through the company’s website at www.ashs.com or directly at this link.
