10-Q - AMERICAN SHARED HOSPITAL SERVICES (0000744825) (Filer)

Thu, Nov 14, 8:09 PM (247 days ago)

American Shared Hospital Services (AMS) reported mixed financial results for Q3 2024, with total revenues rising to $6,999,000 from $5,134,000 in Q3 2023, driven primarily by a significant increase in retail segment revenues following the acquisition of Rhode Island Companies (RI Companies). However, leasing segment revenues decreased due to lower Gamma Knife procedure volumes. The company incurred a net loss of $207,000 in Q3 2024 compared to a profit of $118,000 in Q3 2023, largely attributed to losses in the leasing segment. For the nine-month period ending September 30, 2024, net income rose to $3,514,000 from $195,000 in the prior year, bolstered by a $3,942,000 bargain purchase gain from the RI acquisition. Operating cash flow was negative at $107,000, with total assets increasing to $63,269,000 from $48,162,000, reflecting higher property and equipment values. The company maintains a strong liquidity position with $14,077,000 in cash and a $7,000,000 revolving line of credit. Despite uncertainties in procedure volumes and reimbursement rates, AMS aims to capitalize on its expanded operations and maintain compliance with credit covenants.