American Shared Hospital Services Reports Fourth Quarter and Year End 2019 Results

San Francisco, CA, April 2, 2020 -- 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 fourth quarter and twelve months ended December 31, 2019.

Fourth Quarter 2019 Highlights

Total revenue in the fourth quarter was $4,786,000, consistent with the comparable period in 2018.  Proton therapy revenue of $1,486,000 increased 4.7% from the fourth quarter of 2018.  Gamma Knife revenue of $3,230,000 increased 4.1% quarter over quarter due to higher volumes at existing sites.

Total proton therapy fractions in the fourth quarter increased 4.3% quarter over quarter.  The increase for the fourth quarter was due to higher volumes reflecting the ongoing broadening of awareness of the benefits of proton therapy treatment.

Net income in the fourth quarter of $193,000 was higher than net income of $178,000 for the fourth quarter of 2018 primarily due to an income tax benefit recorded in the fourth quarter of 2019 related to the Company’s operations in Lima, Peru.

Chairman and Chief Executive Officer Ernest A. Bates, M.D., commented, “AMS finished the year on firm footing in the fourth quarter, which recorded good growth in both proton therapy fractions and Gamma Knife procedures, offset by lower average reimbursement for Gamma Knife procedures. The benefits of proton therapy are being recognized more often and for an expanding number of medical indications, driving our business and advancing our revenue 23% for the year. With that therapy focused primarily on treating patients with cancer, we expect near term volumes to remain consistent, subject to patients being diagnosed in a timely manner. Approximately 40% of Gamma Knife procedures are considered non-urgent and may be subject to delayed treatment due to COVID-19. We completed two Cobalt-60 reloads subsequent to year end and contracted for an Icon upgrade with existing customers. There may be additional upgrades completed during the year and we are continuing discussions for additional PBRT and MR/LINAC projects.”

Financial Results for the Three Months Ended December 31, 2019

For the three months ended December 31, 2019, revenue of $4,786,000 was consistent with revenue of $4,770,000 for the fourth quarter of 2018. Net income attributable to the Company for the fourth quarter of 2019 was $193,000, or $0.03 per share. This compares to net income attributable to the Company for the fourth quarter of 2018 of $178,000, or $0.03 per share.

The following information was filed by American Shared Hospital Services (AMS) on Thursday, April 2, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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