American Shared Hospital Services (NYSE American: AMS) reported financial results for the fourth quarter and full year ended December 31, 2025, highlighting a strategic transition toward direct patient care services and the extension of a major proton therapy lease agreement. The company posted a net loss of $1.6 million for the full year, compared to net income of $2.2 million in 2024, as revenue declined slightly to $28.1 million from $28.3 million. The results reflect the impact of expired Gamma Knife agreements and lower proton beam radiation therapy (PBRT) volumes, offset by growth in LINAC treatments and direct patient care services.
In a significant development, the company announced a seven-year lease extension with Orlando Health, Inc. for its Proton Beam Radiation Therapy System, extending the partnership through 2033. CEO Gary Delanois emphasized the importance of this relationship, stating, 'Our longstanding partnership of over two decades with Orlando Health highlights the long-term nature of the Company’s relationships and reflects the ongoing collaboration between the two organizations in delivering advanced cancer treatment services utilizing proton beam radiation therapy technology.'
Direct patient care services revenue increased 23.7% to $15.5 million in 2025, driven by the first full year of operations at three radiation therapy centers in Rhode Island and a center in Puebla, Mexico. LINAC treatment sessions surged to 28,147 from 14,662 in 2024. However, the equipment leasing segment experienced headwinds, with revenue falling to $12.6 million from $15.6 million due to the expiration of three Gamma Knife agreements and lower PBRT volumes. Gamma Knife procedures declined 13.6% year-over-year, though same-center procedures improved 11.3% following equipment upgrades.
Executive Chairman Ray Stachowiak highlighted strategic progress: 'Our strategic shift toward direct patient care services strengthens our long-term growth potential and creates more stable revenue streams.' The company has obtained Certificate of Need approvals for new centers in Bristol and Johnston, Rhode Island, where permitting activities are underway for a radiation therapy center and a proton beam radiation therapy center, respectively.
CFO Scott Frech noted the company is 'proactively optimizing our balance sheet and strategic flexibility with ongoing discussions with our lender.' As of December 31, 2025, cash and cash equivalents totaled $3.7 million, down from $11.3 million a year earlier, primarily due to $7.5 million in capital expenditures. Shareholders’ equity stood at $24.0 million, or $3.66 per share.
Adjusted EBITDA for the full year was $5.5 million, compared to $8.9 million in 2024. The company will hold a conference call on March 31, 2026, at 12:00 PM ET to discuss the results. A replay will be available through April 7, 2026, at 1-855-669-9658, access code 6331493, or via the company's website at this link.
