American Shared Hospital Services Reports Third Quarter 2019 Results

San Francisco, CA – November 7, 2019 – American Shared Hospital Services (NYSE American: AMS) (the "Company"), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today announced financial results for the third quarter and nine months ended September 30, 2019.

Recent Highlights
Total revenue in the third quarter was $5,301,000, a 18.6% increase versus the comparable period in 2018. Proton therapy revenue of $1,677,000 increased 61.1% quarter over quarter. Gamma Knife revenue of $3,310,000 increased 3.6% quarter over quarter due to increased volumes at existing sites.
Total proton therapy fractions in the third quarter increased 34.3% quarter over quarter. The increase for the third quarter was due to higher volumes reflecting increased awareness of the benefits of proton therapy treatment and operations for the full quarter versus a truncated operational third quarter 2018 due to two weeks of down time.
Net income in the third quarter of $165,000 was consistent quarter over quarter. However, net income for the third quarter increased $134,000 compared to the second quarter of 2019.
Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "ASHS had a solid third quarter with revenue increasing for both proton therapy and Gamma Knife during the three months. Proton therapy fractions grew by 34.3% at our Orlando Health – UF Health Cancer Center, fueling a proton therapy revenue gain of 61.1% in the quarter. This quarter’s gain was partially enhanced by two weeks of down time incurred in the year ago quarter. In Gamma Knife, all service disruptions from the previous quarter were resolved, allowing for a return to normalcy, even with one site down for a Cobalt-60 reload and Icon upgrade during the quarter. Gamma Knife revenue increased by 3.6% in the quarter, reflecting volume growth that includes the opening of the new Merrillville, Indiana facility earlier this year. Looking ahead, we expect further Icon upgrades to contribute to future volume expansion in our Gamma Knife business. We also expect continued volume growth in proton therapy from the broadening awareness of the therapy’s benefits across a growing number of medical indications. We continue to hold discussions for additional PBRT centers and remain optimistic about reaching agreement.”

Financial Results for the Three Months Ended September 30, 2019

For the three months ended September 30, 2019, revenues increased 18.6% to $5,301,000 compared to revenues of $4,470,000 for the third quarter of 2018. Net income attributable to the Company for the third quarter of 2019 was $165,000, or $0.03 per share. This compares to net income attributable to the Company for the third quarter of 2018 of $168,000, or $0.03 per share.

Third quarter revenue for the Company's proton therapy system installed at Orlando Health in Florida increased 61.1% to $1,677,000 compared to revenue for the third quarter of 2018 of $1,041,000. The increase in revenue was due to increased volumes and also due to the proton therapy unit being fully operational for the three-month period ended September 30, 2019 versus the prior year period when the proton therapy system incurred two weeks of down time.

The following information was filed by American Shared Hospital Services (AMS) on Thursday, November 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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