First Quarter Performance: Revenue Exceeds Expectations, Direct Patient Services Drive Growth American Shared Hospital Services recently released its financial results for the first quarter of 2026. The company reported quarterly revenue of $7.1 million, representing a 15.9% increase year-over-year and slightly surpassing market expectations of $6.94 million. Revenue from direct patient services grew by 30.2% to $4.1 million, serving as the primary growth driver. This growth reflects increased procedure volumes at the Rhode Island facility and the radiotherapy center in Puebla, Mexico. Regarding profitability, gross profit increased by 36.7% to $1.3 million, with the gross margin expanding from 15.4% to 18.2%. The operating loss narrowed to $900,000 from $1.3 million in the same period last year. Adjusted EBITDA was $1.1 million, compared to $900,000 a year ago. The net loss was $600,000, or a loss of $0.09 per share, which was below market expectations of a $0.01 per share loss.
Rhode Island Expansion Plan: Two New Centers to Open Within 18-30 Months Company executives outlined the expansion timeline for Rhode Island during the earnings conference call. One new center is projected to open within 18 to 24 months, while another is planned to commence operations within 24 to 30 months. This expansion aligns with previously disclosed trends of rising procedure volumes at the Rhode Island facility and is a key component of the ongoing growth of the company's direct patient services business.
Business Structure: Dual Focus on Gamma Knife and Proton Therapy The company's operations encompass two main segments: medical equipment leasing and direct patient services. In the first quarter, Gamma Knife procedures totaled 229, and proton beam treatments reached 1,003. Leasing revenue remained stable at $3 million, consistent with the year-ago period. Management previously announced a leadership transition in late April, appointing Craig Tagawa as Chief Executive Officer, succeeding Gary Delanois, who stepped down for personal reasons. As of the end of the first quarter, the company held $5.2 million in cash and restricted cash.
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