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- **Revenue Transition**: Direct patient care services now 56% of Q3 2025 revenue, up 9.4% YoY, with Mexico and Rhode Island centers driving growth.
- **Profitability Boost**: Adjusted EBITDA rose 42% to $1.9 million, reflecting margin improvements from strategic shift.
- **Outreach Needed**: Management commits to increased investor engagement to address undervaluation concerns.
- **Growth Pipeline**: New centers in Mexico and Rhode Island target 130 million people, with Guadalajara set to open in Q2 2026.


**【CEO Summary Section】**
- **Revenue Growth and Margin Improvement**: Third-quarter 2025 revenue increased 2.5% year-over-year, driven by direct patient care services. Gross margins improved due to operational efficiencies and reduced reliance on equipment leasing.
- **Strategic Shift**: 56% of Q3 revenue came from direct patient care, up from previous quarters, reflecting the transition from equipment leasing to patient-centric services.
- **Key Initiatives**: New radiation therapy centers in Puebla, Mexico, and Rhode Island are ramping up treatment volumes, with Rhode Island centers returning to historical consultation levels.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Q3 2025 total revenue $7.2 million, with direct patient care services at $4 million (up 9.4% YoY). Equipment leasing revenue declined 6.7% to $3.1 million.
- **Profitability Metrics**: Adjusted EBITDA rose 42% to $1.9 million, while net loss narrowed to $55,000 (from $207,000 YoY). Year-to-date 2025 adjusted EBITDA was $4.6 million.
- **Balance Sheet**: Cash and equivalents stood at $5.1 million, supporting capital expenditures for new centers in Peru, Mexico, and Rhode Island.

**【Q&A Highlights】**
- **Investor Sentiment**: Shareholders expressed concern over undervaluation, citing a 1.5x EBITDA-to-market cap ratio versus peers. Management acknowledged the need for increased investor outreach.
- **Strategic Pipeline**: Upcoming centers in Guadalajara, Mexico, and Bristol, Rhode Island, targeting 130 million people in Mexico. Proton beam therapy center permitting underway.
- **Financial Focus**: Management emphasized operational efficiency and cost control, with plans to expand international presence.


American Shared Hospital Services (AMS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AMS

AMS fundamentals

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