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1. Company Snapshot

1.a. Company Description

American Shared Hospital Services leases radiosurgery and radiation therapy equipment to health care providers.The company offers radiosurgery equipment for the Gamma Knife stereotactic radiosurgery, a non-invasive procedure to treat malignant and benign brain tumors, and arteriovenous malformations, as well as for trigeminal neuralgia.It also provides financing services for Leksell Gamma Knife units.


In addition, the company offers proton beam radiation therapy services in Orlando, Florida and Long Beach, California, as well as offers planning, installation, reimbursement, and marketing support services to its customers.As of December 31, 2021, it had 115 operating Gamma Knife units located in the United States, as well as two in South America in Lima, Peru and Guayaquil, Ecuador.The company also operates one PBRT system.


American Shared Hospital Services was founded in 1980 and is based in San Francisco, California.

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1.b. Last Insights on AMS

American Shared Hospital Services faced challenges due to rising operational costs and potential impacts on its leasing and direct patient care services segments. The company's Q2 2025 earnings call highlighted a 16% sequential increase in total revenue, but no details on profitability. According to Zacks Small-Cap Research, concerns may arise from increasing expenses. No recent share buyback announcements were made. The company's future performance may be influenced by its ability to manage costs and growth. (Source: Zacks Small-Cap Research)

1.c. Company Highlights

2. American Shared Hospital Services: Q3 2025 Earnings Analysis

American Shared Hospital Services reported a 2.5% year-over-year revenue growth to $7.2 million for the third quarter 2025, driven by a 9.4% increase in Direct Patient Services segment revenue to $4 million. The growth was largely attributed to a 263% annual revenue growth from the new radiation therapy treatment center in Puebla, Mexico. Gross margins improved to 22.1%, resulting in a 60% year-over-year increase in gross profit to $1.6 million. The company's net losses attributable to American Shared Hospital Services improved to $55,000 or $0.00 per diluted share, with adjusted EBITDA increasing 41% to $1.9 million. The actual EPS came out at -$0.00258, relative to estimates at $0.02.

Publication Date: Nov -24

📋 Highlights
  • Q3 2025 Revenue Growth:: Revenue rose 2.5% YoY to $7.2 million, driven by a 9.4% increase in Direct Patient Services to $4 million, with 263% growth from the Puebla radiation therapy center.
  • Gross Margin Expansion:: Gross margins improved to 22.1%, translating to a 60% YoY rise in gross profit to $1.6 million, reflecting operational efficiency.
  • Adjusted EBITDA Growth:: Adjusted EBITDA surged 41% to $1.9 million, supported by segment performance and cost management.
  • YTD 2025 Total Revenue:: First nine months revenue grew 5.6% to $20.4 million, with Direct Patient Care Services up 36.5% to $10.7 million.

Segment Performance

The Direct Patient Care Services segment revenue was up 36.5% year-over-year to $10.7 million for the first nine months of 2025, indicating a strong growth trajectory. The company's leadership team is focused on driving top-line growth, profitability, and long-term success, with significant business development opportunities in its pipeline.

Valuation and Outlook

With a P/S Ratio of 0.61 and an EV/EBITDA of 3.35, the company's valuation appears reasonable, considering its growth prospects. Analysts estimate next year's revenue growth at 17.7%, indicating a positive outlook. The company's strong financial position, supported by a solid balance sheet with cash and cash equivalents of $5.1 million and shareholders' equity of $24.6 million, provides a foundation for future growth.

Management's Perspective

Management acknowledges the disconnect between the company's performance and its stock price, attributing it to thin trading and limited exposure. As Kirin M. Smith, Investor Relations representative, noted, "it takes time for sequential improvement to be recognized, but the last three quarters have shown consistent progress." The company plans to focus on investor outreach and potentially attending more conferences to improve visibility.

Conclusion on Valuation Metrics

3. NewsRoom

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

Nov -13

Source: seekingalpha.com

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American Shared Hospital Services Reports Third Quarter 2025 Financial Results

Nov -13

Source: prismmediawire.com

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American Shared Hospital Services Announces Third Quarter Financial Results Conference Call

Nov -06

Source: prismmediawire.com

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American Shared Hospital Services Announces Third Quarter Financial Results Conference Call

Nov -06

Source: globenewswire.com

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American Shared Hospital Services (AMS) Q2 2025 Earnings Call Transcript

Aug -13

Source: seekingalpha.com

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American Shared Hospital Services Reports Second Quarter 2025 Financial Results

Aug -13

Source: prismmediawire.com

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American Shared Hospital Services Announces Second Quarter Financial Results Conference Call

Aug -06

Source: prismmediawire.com

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American Shared Hospital Services Announces Second Quarter Financial Results Conference Call

Aug -06

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.37%)

6. Segments

Leasing

Expected Growth: 8.37%

The 8.37% growth in leasing from American Shared Hospital Services is driven by increasing demand for medical equipment, expansion into new markets, and strategic partnerships. Additionally, the company's flexible leasing options and cost-effective solutions attract more hospitals and healthcare providers, contributing to the growth.

Retail

Expected Growth: 8.37%

American Shared Hospital Services' Retail segment growth of 8.37% is driven by increasing demand for outpatient services, strategic partnerships with healthcare providers, and expansion into new markets. Additionally, the company's focus on cost-effective solutions and investment in digital healthcare technology have contributed to its growth.

7. Detailed Products

Gamma Knife

A non-invasive radiosurgery system used to treat brain tumors and other brain disorders

CyberKnife

A robotic radiosurgery system used to treat tumors and other diseases throughout the body

Proton Therapy

A type of radiation therapy that uses protons to destroy cancer cells

Radiation Therapy

A type of cancer treatment that uses high-energy radiation to kill cancer cells

Stereotactic Body Radiation Therapy (SBRT)

A type of radiation therapy that delivers high doses of radiation to small tumors

Stereotactic Radiosurgery (SRS)

A type of radiation therapy that delivers high doses of radiation to small tumors in the brain

8. American Shared Hospital Services's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for American Shared Hospital Services is medium because while there are some alternative healthcare providers, they are not a significant threat to the company's market share.

Bargaining Power Of Customers

The bargaining power of customers for American Shared Hospital Services is low because the company provides specialized healthcare services that are not easily substitutable, giving customers limited bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for American Shared Hospital Services is medium because while the company relies on a few key suppliers for medical equipment and supplies, it has some flexibility to negotiate prices and terms.

Threat Of New Entrants

The threat of new entrants for American Shared Hospital Services is low because the healthcare industry has high barriers to entry, including regulatory hurdles and significant capital requirements.

Intensity Of Rivalry

The intensity of rivalry for American Shared Hospital Services is high because the healthcare industry is highly competitive, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 40.94%
Debt Cost 7.24%
Equity Weight 59.06%
Equity Cost 7.24%
WACC 7.24%
Leverage 69.32%

11. Quality Control: American Shared Hospital Services passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.07$

Current Price

2.07$

Potential

-0.00%

Expected Cash-Flows