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American Shared Hospital Services (AMS-0.36%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $28,340,000 for 2024, an increase from $21,325,000 in 2023. This growth was primarily driven by the acquisition of three radiation therapy centers in Rhode Island and the commencement of operations at a facility in Puebla, Mexico.
Revenue from the leasing segment, which includes Gamma Knife and Proton Beam Radiation Therapy (PBRT) equipment, decreased to $15,629,000 from $17,772,000 in 2023. The decline was attributed to the expiration of several contracts and a reduction in PBRT volumes.
Direct patient services revenue, which includes operations in Peru, Ecuador, and Mexico, increased significantly to $12,556,000 from $3,553,000 in 2023. This increase was due to the recent acquisitions and expansion in Mexico.
The company reported a net income of $2,186,000, up from $610,000 in 2023. The increase in net income was largely due to a $3,794,000 bargain purchase gain from the acquisition of the Rhode Island facilities.
Costs of revenue rose to $19,155,000 from $11,981,000 in 2023, primarily due to increased operating costs associated with the new facilities and higher depreciation expenses.
Interest expense increased to $1,499,000 from $1,112,000 in 2023, reflecting additional borrowings to finance the recent acquisitions and expansions.
The company recognized a $3,084,000 loss on the write down of impaired assets, primarily related to certain Gamma Knife units.
The filing details various financial agreements, including amendments to the credit agreement with Fifth Third Bank, which provided additional term loans for capital expenditures and acquisitions.
American Shared Hospital Services continues to focus on expanding its radiation therapy services both domestically and internationally, with plans for further growth in the United States and Mexico.
The company identified a material weakness in its internal controls over financial reporting due to an insufficient number of experienced personnel, which it plans to address by hiring additional staff.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Shared Hospital Services annual 10-K report dated April 4, 2025. To report an error, please email earnings@qz.com.