# EDGAR Filing Document

**Accession Number:** 0000744825
**File Stem:** 0001437749-25-026406
**Filing Date:** 2025-8
**Character Count:** 20902
**Document Hash:** e043d7e74e72e53f616e400b791713e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-026406.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001437749-25-026406

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250813

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN SHARED HOSPITAL SERVICES
- **CENTRAL INDEX KEY:** 0000744825
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MEDICAL LABORATORIES [8071]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 942918118
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08789
- **FILM NUMBER:** 251209948

**BUSINESS ADDRESS:**
- **STREET 1:** 601 MONTGOMERY STREET
- **STREET 2:** SUITE 1112
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 415-788-5300

**MAIL ADDRESS:**
- **STREET 1:** 601 MONTGOMERY STREET
- **STREET 2:** SUITE 1112
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

?xml version='1.0' encoding='ASCII'? asha20250811_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT** 

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934** 

Date of report (Date of earliest event reported): August 13, 2025

## AMERICAN SHARED HOSPITAL SERVICES
(Exact Name of Registrant as Specified in Its Charter)

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| | | |
|:---|:---|:---|
| **California** | **1-08789** | **94-2918118** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |
| **601 Montgomery Street, Suite 850**<br> **San Francisco, California** | **601 Montgomery Street, Suite 850**<br> **San Francisco, California** | **94111** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: (415) 788-5300

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
| American Shared Hospital Services Common Stock, No Par Value | AMS | NYSE AMERICAN |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On August 13, 2025, the Company issued a press release announcing its financial results for the second quarter ending June 30, 2025. The full text of the press release is furnished as Exhibit 99.1 to this report. The Company does not intend for this exhibit to be incorporated by reference into future filings under the Securities Exchange Act of 1934.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| Exhibit 99.1 | [Press Release dated August 13, 2025.](ex_851387.htm) |
| 104 | Cover page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
|  | AMERICAN SHARED HOSPITAL SERVICES<br> (Registrant) |
| Dated: August 13, 2025 | /s/ Raymond C. Stachowiak |
|  | By: Raymond C. Stachowiak |
|  | Title: Executive Chairman of the Board |

---

## Exhibit 99.1

**Exhibit 99.1**

**American Shared Hospital Services Reports Second Quarter 2025 Financial Results**

*Total Revenue Increased 16% Sequentially*

*Conference Call Scheduled for 1:00 PM ET Today*

SAN FRANCISCO, CA, August 13, 2025 – American Shared Hospital Services (NYSE American: AMS) (the "Company"), a leading provider of stereotactic radiosurgery equipment and advanced radiation therapy cancer treatment services through its leasing and direct patient care services segments, today announced financial results for the second quarter ended June 30, 2025.

**Key Financial Highlights**

Q2 2025 Revenue Increased 16% Sequentially Compared to Q1 2025 and Increased 0.2% Compared to Q2 2024<br>

Q2 2025 Gamma Knife Revenue Increased 25% Sequentially and Decreased 5% Compared to Q2 2024<br>

Q2 2025 LINAC Revenue Increased 7% Sequentially and Increased 34% Compared to Q2 2024<br>

Q2 2025 Proton Beam Radiation Therapy Revenue Increased 17% Sequentially and Decreased 21% Compared to Q2 2024<br>

Gary Delanois, Chief Executive Officer commented, "I am pleased to see patient volumes increased compared to last quarter and we remain laser focused on expanding our business model and operational enhancements to further position us for robust long-term growth. As we look into the second half of this year, we expect further long-term growth from the new Esprit being installed in Guadalajara, Mexico that is expected to startup in late 2025. Additionally, our recent Certificate of Need approvals for the first radiation therapy treatment center in Bristol, Rhode Island and a proton beam radiation therapy treatment center in Johnston, Rhode Island, also put us on track to further expand our Rhode Island footprint and growth potential. As we stay focused on targeted strategic initiatives to further improve efficiency and to take advantage of economies of scale to maximize profitability, our new business development pipeline, and strong balance sheet strengthens our position for our next phase of growth."

Scott Frech, Chief Financial Officer, stated: "Our second quarter of 2025 was highlighted by an increase in treatment volumes compared to last quarter and we continue to expect to see further recovery into the back half of this year. We are enthused by the positive momentum building as our growth strategy takes hold as we focus beyond our traditional leasing model to a direct provider of radiation therapy treatment services to cancer patients. Our linear accelerator business growth is a shining example of the strength of our diversification strategy where we reported 34% revenue growth quarter over quarter and 7% sequentially. Additionally, we remain very focused on operational efficiencies and cost controls which positions us well for future profitability."

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Ray Stachowiak, Executive Chairman of American Shared Hospital Services, stated: "We are proud to highlight the past four years of consecutive revenue growth and the past three years of sustained profitability, as we remain focused on building long-term shareholder value. Our successful acquisition of a majority interest in three Rhode Island radiation therapy treatment centers and the opening of our new Puebla, Mexico center highlight the recent strength of our growth strategy. We also continue to pursue additional strategic tuck in acquisitions to further bolster out footprint and growth potential. Our long-term vision remains strong, and we expect our new business development initiatives will drive continued business growth on our path of sustained success."

**Financial Results for the Three Months Ended June 30, 2025**

For the three months ended June 30, 2025, revenue increased 0.2% to $7,071,000 compared to $7,056,000 in the prior year period, driven by expanded radiation therapy services.

Revenue from the Company's direct patient services segment was $3,500,000 for Q2 2025, an increase of 11% from the same period in the prior year, primarily due to revenue generated by the three Rhode Island radiation therapy treatment center and the new facility in Puebla, Mexico.

Revenue from the medical equipment leasing segment decreased 8% to $3,571,000 for Q2 2025 compared to $3,899,000 in the prior year period due to lower Gamma Knife volumes, primarily driven by the expiration of three customer contracts and lower PBRT volumes. Total proton beam radiation therapy revenue decreased to $1,921,000 in Q2 2025, from $2,420,000 in the prior year period driven by lower volumes due to normal, cyclical fluctuations.

Radiation therapy revenue was $2,541,000 for Q2 2025 compared to $1,892,000 in Q2 2024 driven by the Rhode Island radiation therapy centers and the launch of operations in Puebla, Mexico.

Gross margin in Q2 2025 was $1,630,000, compared to $2,468,000 in Q2 2024, primarily due to lower treatment volumes.

Net loss attributable to American Shared Hospital Services for Q2 2025 was $280,000 or $0.04 per share, compared to net income of $3,602,000 million or $0.55 per diluted share for Q2 2024. Net income in the prior year period included a net bargain purchase gain from the RI Acquisition of $3,679,000.

Adjusted EBITDA, a non-GAAP financial measure, was $1,701,000 for Q2 2025, compared to $2,010,000 in Q2 2024.

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**Financial Results for the Six Months Ended June 30, 2025**

For the six months ended June 30, 2025, revenue increased 7% to $13,183,000 compared to revenue of $12,272,000 for the first six months of 2024.

Revenue from the Company's direct patient services segment increased 61% to $6,621,000 for the first half of 2025 compared to $4,120,000 from the same period in the prior year, primarily due to revenue generated by the Rhode Island centers and the new center in Puebla, Mexico.

Revenue from the leasing segment was $6,562,000 for the first half of 2025 compared to $8,152,000 for the first half of 2024 due to lower Gamma Knife volumes, driven by the expiration of three customer contracts, downtime for equipment upgrade at one health system customer, and lower PBRT volumes. Total proton beam radiation therapy revenue decreased to $3,563,000, from $5,069,000 for the first half of 2024 driven by lower volumes due to normal, cyclical fluctuations.

Radiation therapy revenue was $4,915,000 for the first half of 2025 compared to $1,892,000 for the first half of 2024 driven by the Rhode Island radiation therapy centers and the launch of operations in Puebla, Mexico.

Gross margin for the first half of 2025 was $2,572,000, compared to $4,611,000 for the first half of 2024 primarily due to lower treatment volumes.

Net loss attributable to American Shared Hospital Services for the first half of 2025 was $905,000 or $0.14 per share, compared to net income of $3,721,000 or $0.57 per diluted share for the first half of 2024. Net income in the prior year period included a net bargain purchase gain from the RI Acquisition of $3,679,000.

Adjusted EBITDA, a non-GAAP financial measure, was $2,650,000 for the first half of 2025, compared to $3,754,000 for the first half of 2024.

**Balance Sheet Highlights**

At June 30, 2025, cash, cash equivalents, and restricted cash totaled $11,331,000, compared to $11,275,000 at December 31, 2024.

American Shared Hospital Services' shareholders' equity (excluding non-controlling interests) was $24,481,000 or $3.78 per outstanding share, compared to $25,183,000 or $3.92 per outstanding share at December 31, 2024.

**Conference Call** 

The Company will hold a conference call to discuss its second quarter 2025 financial results today at 1:00 pm ET.

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**Teleconference and Webcast Information**

To participate, domestic callers may dial 1-844-413-3972 and international callers may dial 1-412-317-5776 at least 10 minutes prior to the start of the call and ask to join the American Shared Hospital Services call.

A simultaneous webcast of the call may be accessed through the Company's website, <u>www.ashs.com</u> or directly:

<u>https://event.choruscall.com/mediaframe/webcast.html?webcastid=uJ5x0Ugn</u>

A replay of the call will be available at 1-877-344-7529 or 1-412-317-0088, access code 3350902, through August 20, 2025. The call will also be available for replay on the Company's website at <u>www.ashs.com</u>.

**About American Shared Hospital Services (NYSE American: AMS)**

American Shared Hospital Services (AMS) is a leading provider of turnkey solutions to cancer treatment centers, health systems, and cancer networks in North and South America. The Company works closely with its partners to develop and grow their cancer service lines and provide integrated cancer care to patients in a convenient local setting close to home. For centers under health system partnerships, the Company and its health system partners share in the capital investment cost and profitability of the operations based on their respective ownership interests. For more information, please visit: <u>www.ashs.com</u>

**Safe Harbor Statement**

This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services including statements regarding the expected continued growth of the Company and the expansion of the Company's Gamma Knife, proton therapy and direct patient care services business, which involve risks and uncertainties including, but not limited to, the risks of economic and market conditions, the risks of variability of financial results between quarters, the risks of the Gamma Knife and proton therapy and direct patient care services businesses, the risks of changes to CMS reimbursement rates or reimbursement methodology, the risks of the timing, financing, and operations of the Company's Gamma Knife, proton therapy, and direct patient care services businesses, the risk of expanding within or into new markets, the risk that the integration or continued operation of acquired businesses could adversely affect financial results and the risk that current and future acquisitions may negatively affect the Company's financial position. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company's Quarterly Report on Form 10-Q for the three-month period ended March 31, 2025 and the Annual Report on Form 10-K for the year ended December 31, 2024.

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Non-GAAP Financial Measure

Adjusted EBITDA, the non-GAAP measure presented in this press release and supplementary information, is not a measure of performance under the accounting principles generally accepted in the United States ("GAAP"). This non-GAAP financial measure has limitations as an analytical tool, including that it does not have a standardized meaning. When assessing our operating performance, this non-GAAP financial measure should not be considered a substitute for, and investors should also consider, income before income taxes, income from operations, net income attributable to the Company, earnings per share and other measures of performance as defined by GAAP as indicators of the Company's performance or profitability.

EBITDA is a non-GAAP financial measure representing our earnings before interest expense, interest income, income tax expense, depreciation, and amortization. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income tax expense, depreciation and amortization expense, stock-based compensation expense, bargain purchase gain, net, and loss on write down of impaired assets and associated removal costs.

We use this non-GAAP financial measure as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance by excluding certain expenses and charges that may not be indicative of the operating results of our recurring core business, such as stock-based compensation expense. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance.

**Contacts**

American Shared Hospital Services<br> Ray Stachowiak, Executive Chairman<br> <u>rstachowiak@ashs.com</u>

**Investor Relations**

Kirin Smith, President<br> PCG Advisory, Inc.<br> <u>ksmith@pcgadvisory.com</u>

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**American Shared Hospital Services**

**Condensed Consolidated Statements of Operations**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Summary of Operations Data<br> (Unaudited) | Summary of Operations Data<br> (Unaudited) | Summary of Operations Data<br> (Unaudited) | Summary of Operations Data<br> (Unaudited) |
|  | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Revenues | $7071000 | $7056000 | $13183000 | $12272000 |
| Costs of revenue | 5441000 | 4588000 | 10611000 | 7661000 |
| Gross margin | 1630000 | 2468000 | 2572000 | 4611000 |
| Selling and administrative expense | 1746000 | 1896000 | 3554000 | 3775000 |
| Interest expense | 428000 | 385000 | 861000 | 734000 |
| Loss on write down of impaired assets and associated removal costs |  | 188000 |  | 188000 |
| Operating (loss) | (544000) | (1000) | (1843000) | (86000) |
| Bargain purchase gain, net |  | 3679000 |  | 3679000 |
| Interest and other income | 45000 | 59000 | 109000 | 165000 |
| (Loss) income before income taxes | (499000) | 3737000 | (1734000) | 3758000 |
| Income tax (benefit) | (21000) | (31000) | (344000) | (75000) |
| Net (loss) income | (478000) | 3768000 | (1390000) | 3833000 |
| (Plus) less: Net loss (income) attributable to non-controlling interest | 198000 | (166000) | 485000 | (112000) |
| Net (loss) income attributable to American Shared Hospital Services | $(280000) | $3602000 | $(905000) | $3721000 |
| (Loss) earnings per common share: |  |  |  |  |
| Basic | $(0.04) | $0.56 | $(0.14) | $0.58 |
| Diluted | $(0.04) | $0.55 | $(0.14) | $0.57 |
| Weighted Average Shares Outstanding: |  |  |  |  |
| Basic | 6582000 | 6482000 | 6577000 | 6467000 |
| Diluted | 6582000 | 6583000 | 6577000 | 6564000 |

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**American Shared Hospital Services**

**Balance Sheet Data**

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| | | |
|:---|:---|:---|
|  | Balance Sheet Data<br> (Unaudited) | Balance Sheet Data<br> (Unaudited) |
|  | 6/30/2025 | 12/31/2024 |
| Cash, cash equivalents and restricted cash | $11331000 | $11275000 |
| Current assets | $24433000 | $26258000 |
| Total assets | $63494000 | $60197000 |
| Current liabilities | $20860000 | $10405000 |
| Shareholders' equity, excluding non-controlling interests | $24481000 | $25183000 |

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**American Shared Hospital Services**

**Adjusted EBITDA**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Reconciliation of GAAP to Non-GAAP Adjusted Results<br> (Unaudited) | Reconciliation of GAAP to Non-GAAP Adjusted Results<br> (Unaudited) | Reconciliation of GAAP to Non-GAAP Adjusted Results<br> (Unaudited) | Reconciliation of GAAP to Non-GAAP Adjusted Results<br> (Unaudited) |
|  |  | Three months ended June 30, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, |
|  |  | 2025 | 2024 | 2025 | 2024 |
| Net (loss) income | Net (loss) income | $(280000) | $3602000 | $(905000) | $3721000 |
| Plus (less): | Income tax (benefit) | (21000) | (31000) | (344000) | (75000) |
|  | Interest expense | 428000 | 385000 | 861000 | 734000 |
|  | Interest (income) | (48000) | (77000) | (122000) | (189000) |
|  | Depreciation and amortization expense | 1508000 | 1523000 | 2957000 | 2857000 |
|  | Stock-based compensation expense | 114000 | 99000 | 203000 | 197000 |
|  | Bargain purchase gain, net |  | (3679000) |  | (3679000) |
|  | Loss on write down of impaired assets and associated removal costs |  | 188000 |  | 188000 |
| Adjusted EBITDA | Adjusted EBITDA | $1701000 | $2010000 | $2650000 | $3754000 |

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