Revenue Growth
Total revenue increased 15.9% year over year to $7.1M (from $6.1M), driven by stronger utilization across the network.
Direct Patient Services Expansion
Direct Patient Care Services revenue rose 30.2% YoY to ~$4.1M (from $3.1M), reflecting higher procedure volumes at Rhode Island facilities and the Puebla center.
Adjusted EBITDA Improvement
Adjusted EBITDA increased 18.4% YoY to $1.1M (from $949K), indicating improved operating performance and margin progress.
Gross Margin and Profitability Trends
Gross profit rose ~44% to $1.3M and gross margin expanded to 18.2% (from $900K and 15.4% prior year), contributing to an improved operating loss of $0.9M versus $1.3M a year ago.
Cash Position and Near-Term Liquidity
Cash, cash equivalents and restricted cash increased to ~$5.2M from $3.7M at year-end, helping address prior covenant concerns and improve financial flexibility.
Debt and Capital Structure Progress
Current portion of long-term debt fell materially to $0.8M as of 03/31/2026 from $17.3M at 12/31/2025, reducing near-term leverage pressure.
Modal Growth — Proton and Gamma Knife
Proton beam therapy volumes drove revenue growth with total fractions rising over 20% YoY; Gamma Knife revenue also increased, notably in international locations (Peru, Ecuador) after equipment upgrades and improved conditions.
Operational Ramps and Pipeline
Meaningful volume growth at Orlando PBRT, Rhode Island centers, and international Gamma Knife centers; Puebla center showing strong growth and improved reimbursement. Guadalajara center expected to begin operations late 2026; certificate of need approvals gained for new Rhode Island projects (Bristol and Johnston) providing a multi-year growth runway.
Leadership Continuity
Experienced internal appointment: Craig K. Tagawa (35+ years with company) named Interim CEO, providing continuity in operations and strategy during transition.