Wed, Aug 14, 7:37 PM (153 days ago)
American Shared Hospital Services (ASHS) reported a strong financial performance for Q2 2024, with revenues increasing to $7,056,000, up from $5,568,000 in Q2 2023. This growth was primarily driven by a significant rise in retail segment revenue, which surged to $3,157,000 compared to $756,000 the previous year, fueled by the acquisition of Rhode Island Companies (RI Companies) and higher volumes at international facilities. Conversely, leasing segment revenue declined to $3,899,000, reflecting reduced Gamma Knife and PBRT volumes. The company achieved a net income of $3,602,000 in Q2 2024, a notable recovery from a loss of $111,000 in Q2 2023, largely attributed to a $3,679,000 bargain purchase gain from the RI Acquisition. Operating expenses rose due to higher depreciation and direct operating costs associated with the new facilities. ASHS maintained a robust cash position of $14,486,000 and increased working capital to $12,303,000. The company continues to navigate uncertainties in the healthcare sector, including regulatory changes and reimbursement pressures, while expanding its operational footprint internationally. Future growth will hinge on effective integration of recent acquisitions and management of operational costs.