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American Shared Hospital Services Reports Fourth Quarter and Year End 2018 Results
Proton Revenue Increased 21.5%
San Francisco, CA – March 28, 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 fourth quarter and twelve months ended December 31, 2018.
|·||Total revenue in the fourth quarter was $4,770,000, a 6.2% decrease vs. comparable period in 2017. Proton therapy revenue of $1,419,000 increased 21.5% period over period. Gamma Knife revenue of $3,102,000 declined 16.1% year over year due to fewer procedures and an unfavorable payor mix at the Company’s retail sites. The decline in Gamma Knife revenue due to an unfavorable payor mix was approximately $320,000.|
|·||Total proton therapy fractions in the fourth quarter increased 28.1% year over year. The increase for the fourth quarter was the result of continuing increased awareness of the benefits of proton therapy treatment.|
|·||Net income in the fourth quarter was $178,000, an 87.4% decrease vs. net income for the comparable period in 2017. The decrease in net income was due to a tax benefit from tax reform recorded in the fourth quarter of 2017, a decline in Gamma Knife revenue, and increased service expense on the Company’s proton therapy unit.|
Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "We are pleased to see continued traction and growth in our Proton Therapy business, with our Orlando Health – UF Health Cancer Center (“Orlando Health”) single room proton system posting steady gains in patients served and on firm reimbursement trends. We remain focused on driving this business, with support from our Gamma Knife operations where we anticipate upgrading at least three of our Gamma Knife units to Icon during the next 12 months. The Icon upgrades will allow our centers to treat larger tumors and thus recognize previously untapped incremental revenues. We are also pursuing developing new centers, both domestically and abroad. That said, we continue to develop our Proton Therapy business pipeline and look forward to generating value as we replicate Orlando Health’s success in new markets.”
Financial Results for the Three Months Ended December 31, 2018
For the three months ended December 31, 2018, rental income from medical services decreased 6.2% to $4,770,000 compared to rental income from medical services of $5,084,000 for the fourth quarter of 2017. Net income attributable to the Company for the fourth quarter of 2018 was $178,000, or $0.03 per share. This compares to net income attributable to the Company for the fourth quarter of 2017 of $1,418,000, or $0.24 per share which included an income tax benefit of $1,546,000 attributable to the revaluation of the Company’s federal and state deferred tax liabilities following recently enacted federal tax legislation, and the full write-down of the Company’s investment in equity securities of $579,000.
Fourth quarter revenue for the Company's initial proton therapy system installed at Orlando Health in Florida increased 21.5% to $1,419,000 compared to revenue for the fourth quarter of 2017 of $1,168,000.
Revenue for the Company's Gamma Knife operations decreased 16.1% to $3,102,000 for the fourth quarter of 2018 compared to $3,697,000 for the fourth quarter of 2017. The decline was due to fewer procedures and an unfavorable payor mix at the Company’s retail sites.
Rental income from medical services gross margin for the fourth quarter of 2018 decreased to $1,565,000 or 32.8% of revenue, compared to rental income from medical services gross margin of $2,184,000 or 43.0% of revenue for the fourth quarter of 2017. This reflected a decline in Gamma Knife revenue and an increase in costs of revenue primarily attributable to the initiation of maintenance and service costs for the Company’s proton therapy system at Orlando Health in September 2017.
The following information was filed by American Shared Hospital Services (AMS) on Thursday, March 28, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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