Exhibit 99.1

 

American Shared Hospital Services Reports Second Quarter 2018 Results

 

Revenue Increased 4.5% and Net Income Increased 154%

 

San Francisco, CA – August 9, 2018 – 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 second quarter and six months ended June 30, 2018.

 

Recent Highlights

 

·Total revenue in the second quarter was $5,169,000, a 4.5% increase vs. comparable period in 2017. Proton therapy revenue of $1,363,000 increased 58.1% year over year. Gamma Knife revenue of $3,594,000 declined 9.4% year over year due to contract term expirations at three Gamma Knife sites in April 2017, August 2017, and April 2018, which was partially offset by revenues from two new Gamma Knife sites that began treating patients in July 2017 and August 2017.

 

·Total proton therapy factions in the second quarter increased 9.2% year over year. The increase for the second quarter was the result of the continued expected ramp up of the PBRT system at Orlando Health – UF Health Cancer Center (“Orlando Health”).

 

·Secured contract to supply a Gamma Knife® Perfexion™ system to Methodist Hospitals–Southlake Campus, Merrillville, Indiana. This new Gamma Knife system is expected to begin treating patients in late 2018.

 

·Announced proposed 2019 Centers for Medicare and Medicaid Services (CMS) proton therapy reimbursement rate increases of 1.6% for a simple treatment without compensation and 2.6% increase for a simple treatment with compensation, or an intermediate or a complex treatment. CMS proposed comprehensive reimbursement increase of 2.9% for the Gamma Knife.

 

·Net income in the second quarter was $287,000, a 154% increase vs. comparable period in 2017. The increase in net income was due to increased revenues, a decrease in selling and administrative costs, and a decrease in income tax expense due to the Tax Act.

 

Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "We are pleased to report another strong quarter for AMS, on sustained performance by our proton therapy business, a key driver in our revenue and earnings growth. Our Orlando Health single room proton system continues to deliver to expectations, with utilization gains supported by a growing number of clinical evidence demonstrating the benefits of this therapeutic technology. On Saturday, July 28, 2018, certain components of the Company’s proton therapy system sustained water damage resulting from the facility’s water evacuation system. We currently estimate that the proton therapy service will be down for two weeks from the date damaged, pending further developments. We expect repairs to the system to be covered under existing insurance and any interruption in service also to be an insurable event after a five-day waiting period. Accordingly, we do not currently anticipate that this interruption in service will have a significant impact on our financial performance. This is a temporary interruption and will not impact the expected long-term growth of the program.”

 

Dr. Bates added, “As expected, our Gamma Knife business reflects the transition into new centers as well as the winding down of a few sites. Looking ahead, we expect positive gains on patient traction from new sites in Lima, Peru and Lincoln, Nebraska, in addition to a third site coming on line in Merrillville, Indiana later this year.

 


The following information was filed by American Shared Hospital Services (AMS) on Thursday, August 9, 2018 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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