American Shared Hospital Services (NYSE American: AMS) reported financial results for the fourth quarter and full year 2025, revealing a net loss attributable to the company of $1.6 million for the year, compared with net income of $2.2 million in 2024. The company also announced a seven-year extension of its proton beam radiation therapy lease agreement with Orlando Health, Inc., extending the partnership through 2033. The extension underscores the long-term nature of the company's relationships and its commitment to advancing access to cutting-edge cancer care.
Total revenue for 2025 was $28.1 million, slightly down from $28.3 million in 2024. The company's direct patient care services segment grew 23.7% to $15.5 million, driven by the first full year of operations at three radiation therapy centers in Rhode Island and a center in Puebla, Mexico. In contrast, the medical equipment leasing segment declined to $12.6 million from $15.6 million, due to the expiration of three Gamma Knife agreements and lower proton beam radiation therapy volumes. LINAC revenue rose 35.4% to $11.5 million, while Gamma Knife revenue fell 5.5% to $9.2 million, and proton beam radiation therapy revenue dropped 26.0% to $7.4 million.
CEO Gary Delanois noted that 2025 was a year of transition and operational expansion. "We successfully integrated the Rhode Island centers and completed the first full year of operations at our Puebla, Mexico center," he said. The company also completed an upgrade of its Gamma Knife unit in Lima, Peru, to the Esprit platform, expanding treatment capabilities. Looking ahead, Delanois emphasized a focus on optimizing operations and expanding patient access.
Executive Chairman Ray Stachowiak highlighted the strategic shift toward direct patient care services, which strengthens long-term growth potential and creates more stable revenue streams. He also pointed to Certificate of Need approvals for new centers in Bristol and Johnston, Rhode Island, positioning the company for further expansion. "These efforts, combined with momentum in our Rhode Island operations and our growing international business, position us well to deliver value to patients, partners, and shareholders in 2026 and beyond," Stachowiak said.
CFO Scott Frech noted that the company is focused on driving revenue growth and optimizing its balance sheet. He added that the company's market value reflects a steep discount to shareholders' equity of $3.66 per share. As of December 31, 2025, the company had $3.7 million in cash and cash equivalents, down from $11.3 million a year earlier, driven by $7.5 million in capital expenditures. The company is in discussions with its lender regarding certain financial covenants that were not met.
The company ended the quarter with eight domestic medical equipment leasing agreements and six direct patient care service centers operating in the United States and Latin America. A conference call to discuss the results was scheduled for 12:00 PM ET on March 31, 2026.
