American Shared Hospital reports Q1 EPS 2c, consensus 3c

Reports Q1 revenue $5.22M, consensus $5.01M.Ray Stachowiak, CEO and Executive Chairman of American Shared Hospital Services, commented, “With the acquisition of sixty percent of three Rhode Island Radiation Therapy Cancer Centers we are extremely excited to report our record-breaking projected revenue backlog of over $210 million which more than doubled from Dec 31, 2023. Our definition of projected revenue backlog includes projected revenues for the next 10 years for our retail centers and projected revenues for our lease agreements until their expiration dates. Our Q1’2024 was another good quarter for AMS with continual improvement in operations and our sales team building solid momentum. Our core business also continues to strengthen with the signing of four lease extensions over the last 12 months from our base of ten Gamma Knife sites. We have several others in discussion. Internationally, we continue to see patient volumes growing strongly with the new state-of-the-art Gamma Knife ICON firmly in place, the only Gamma Knife in Ecuador for non-invasive radiosurgery. Our Gamma Knife in Peru, the only Gamma Knife in the country also showed excellent results in the first quarter. Our third international center in Puebla, Mexico remains on track to begin treating patients.” With the acquisition of the 60% majority interest in three Radiation Therapy Cancer Centers in Rhode Island we are excited to bring our owned and operated business model into the United States. These are the Company’s first direct patient services, or retail, centers in the U.S.” “The first quarter marks a good start to the year, with revenue growth of 5.9% to $5.2 million, and gross margin of $2.1 million, a 12.3% increase from the comparable period, reflecting continued efficiencies and operating leverage from the sales increase. The gross margin percentage reached 41.1%, which is in line with our historical average and for the first quarter we earned $0.02 per share. Our balance sheet remains strong, and we ended the first quarter with cash and equivalents of $13.0 million, or approximately $1.98 per share.”