olivLaw · US equity research
American Shared Hospital Services AMS
Services-Medical Laboratories · SIC 8071 · Vertical: Services-Medical Laboratories (SIC 8071)
American Shared Hospital Services (AMS) provides technology and services for stereotactic radiosurgery and advanced radiation therapy, through equipment leasing and direct patient services. Revenue grew 19% in the second quarter of 2026, and the direct patient services segment grew 40%, in a setting where debt pressure and financing agreements remain central.
At the close of 04 Nov 2026, American Shared Hospital Services (AMS) stock was 1.23 USD (+0.00% on the day), with market capitalisation 8.2 m USD, beta 0.03, 52-week range 1.23–2.29 USD. Latest reported quarter (Q2 2026): revenue of 8.4 m USD (+19.2% YoY), net income of -514.0 k USD, diluted EPS -0.07 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.9
- weak (30–45)
- Bollinger (20, 2)
- 1.21 – 1.32
- in the lower half of the band · %B 0.15 · band width 8.7%
- SMA 50 / 200
- 1.37 / 1.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.9% | −2.0% | −6.9 pp | — |
| 3 months | −17.4% | −2.2% | −15.3 pp | — |
| 6 months | −32.0% | +4.3% | −36.3 pp | — |
| Year to date | −41.7% | +10.6% | −52.3 pp | — |
| 1 year | −41.4% | +10.5% | −51.9 pp | +7.7% |
| 3 years | −49.0% | +73.7% | −122.6 pp | +71.0% |
| 5 years | −58.7% | +61.7% | −120.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.0 m | 9.1 m | 6.1 m | 7.1 m | 7.2 m | 7.7 m | 7.1 m | 8.4 m |
| Cost of revenue | 5.6 m | 5.9 m | 5.2 m | 5.4 m | 5.6 m | 6.8 m | 5.8 m | 7.0 m |
| Gross profit | 1.4 m | 3.2 m | 942.0 k | 1.6 m | 1.6 m | 906.0 k | 1.3 m | 1.4 m |
| SG&A | 1.9 m | 1.7 m | 1.8 m | 1.7 m | 1.5 m | 2.0 m | 1.9 m | 2.0 m |
| Operating income | -889.0 k | -1.8 m | -1.3 m | -544.0 k | -344.0 k | -1.4 m | -924.0 k | -910.0 k |
| Depreciation & amortisation | 1.6 m | 1.7 m | 1.4 m | 1.5 m | 1.5 m | 1.3 m | 1.3 m | 1.3 m |
| Interest expense | 336.0 k | 429.0 k | 433.0 k | 428.0 k | 392.0 k | 321.0 k | 302.0 k | 301.0 k |
| Pre-tax income | -579.0 k | -1.9 m | -1.2 m | -499.0 k | -281.0 k | -1.2 m | -870.0 k | -863.0 k |
| Income tax | -169.0 k | -51.0 k | -323.0 k | -21.0 k | 48.0 k | -197.0 k | 92.0 k | 135.0 k |
| Net income | -207.0 k | -1.3 m | -625.0 k | -280.0 k | -17.0 k | -631.0 k | -612.0 k | -514.0 k |
| Diluted EPS | -0.03 | -0.18 ≈ | -0.10 | -0.04 | 0.00 | -0.09 ≈ | -0.09 | -0.07 |
| Operating cash flow | 472.0 k ≈ | 274.0 k | 2.5 m | -372.0 k ≈ | 1.7 m ≈ | -704.0 k | 2.1 m | 2.2 m ≈ |
| Capex | 879.0 k ≈ | 4.7 m | 4.0 m | 1.9 m ≈ | 3.7 m ≈ | -2.0 m | 41.0 k | 58.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19.7 m | 20.6 m | 17.8 m | 17.6 m | 19.7 m | 21.3 m | 28.3 m | 28.1 m |
| Revenue YoY | +0.8% | +4.5% | −13.4% | −1.2% | +12.0% | +8.0% | +32.9% | −0.9% |
| Net income | 1.0 m | 659.0 k | -7.1 m | 194.0 k | 1.3 m | 610.0 k | 2.2 m | -1.6 m |
| Net income YoY | −46.8% | −35.6% | −1,171.0% | unavailable | +584.5% | −54.1% | +258.4% | −171.0% |
| Diluted EPS | 0.17 | 0.11 | -1.14 | 0.03 | 0.21 | 0.10 | 0.33 | -0.23 |
| Diluted EPS YoY | −48.5% | −35.3% | −1,136.4% | unavailable | +600.0% | −52.4% | +230.0% | −169.7% |
| net % | 5.2% | 3.2% | -39.6% | 1.1% | 6.7% | 2.9% | 7.7% | -5.5% |
| Free cash flow | 6.5 m | 7.1 m | 9.3 m | 4.6 m | 6.8 m | -555.0 k | -7.8 m | -4.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.5 m USD
- Financial debt
- 17.3 m USD
- Net debt
- 13.8 m USD
- Equity
- 27.7 m USD
- Total assets
- 55.5 m USD
- Debt / equity
- 0.62x
- Current ratio
- 0.76x
- ROE
- -5.4%
- ROA
- -2.7%
- FCF margin
- -16.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 17.8 m | 17.6 m | 19.7 m | 21.3 m | 28.3 m | 28.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 13.4 m | 10.9 m | 11.4 m | 12.0 m | 19.2 m | 23.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 4.5 m | 6.7 m | 8.4 m | 9.3 m | 9.2 m | 5.1 m | SEC (XBRL)· 31 Mar 2026verified |
| SG&A | 4.6 m | 4.5 m | 5.1 m | 7.0 m | 7.4 m | 7.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -9.5 m | 1.4 m | 2.4 m | 270.0 k | -2.8 m | -3.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 7.0 m | 5.0 m | 4.8 m | 5.2 m | 6.2 m | 5.7 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -2.5 m ≈ | 6.3 m ≈ | 7.2 m ≈ | 5.4 m ≈ | 3.4 m ≈ | 2.1 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 1.1 m | 739.0 k | 806.0 k | 1.1 m | 1.5 m | 1.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -9.5 m | 947.0 k | 2.5 m | 696.0 k | 1.2 m | -3.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | -1.7 m | 269.0 k | 963.0 k | 431.0 k | -295.0 k | -493.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -7.1 m | 194.0 k | 1.3 m | 610.0 k | 2.2 m | -1.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -1.14 | 0.03 | 0.21 | 0.10 | 0.33 | -0.23 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 6.2 m | 6.1 m | 6.3 m | 6.4 m | 6.7 m | 6.6 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.0 m | 8.1 m | 12.3 m | 13.7 m | 11.0 m | 3.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 4.3 m | 4.2 m | 3.8 m | 4.3 m | 11.6 m | 10.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 10.9 m | 15.1 m | 18.7 m | 20.5 m | 26.3 m | 17.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 30.4 m | — | — | — | — | — | SEC (XBRL)· 13 May 2021verified |
| Goodwill | 1.3 m | 1.3 m | 1.3 m | 1.3 m | 1.3 m | 1.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 78.0 k | 78.0 k | 78.0 k | 78.0 k | 78.0 k | 78.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 43.7 m | 45.4 m | 44.0 m | 48.2 m | 60.2 m | 55.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 683.0 k | 318.0 k | 230.0 k | 315.0 k | 1.6 m | 607.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 471.0 k | 1.1 m | 1.3 m | 2.1 m | 2.8 m | 17.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 3.4 m | 14.3 m | 12.2 m | 11.0 m | 17.3 m | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 12.4 m | 5.9 m | 5.2 m | 10.8 m | 10.4 m | 23.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | — | 21.2 m | 18.3 m | 21.9 m | 30.2 m | 27.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 23.7 m | 24.2 m | 25.6 m | 26.3 m | 30.0 m | 27.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Shares outstanding at year end | — | — | — | — | — | 6.6 m | SEC (XBRL)· 16 Jan 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 9.7 m | 6.3 m | 7.2 m | 5.7 m | 167.0 k | 3.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 455.0 k | 1.7 m | 388.0 k | 6.3 m | 7.9 m | 7.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | 9.3 m ≈ | 4.6 m ≈ | 6.8 m ≈ | -555.0 k ≈ | -7.8 m ≈ | -4.5 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -2.4 m | -1.7 m | -388.0 k | -6.3 m | -7.1 m | -7.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | -4.8 m | -655.0 k | -2.7 m | 1.9 m | 4.4 m | -3.0 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.2 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet0
- Growth100
- Valuation67
- Quality42
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.35 – 42.67 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)14.70 – 42.67 (Mid 22.52)WACC 5.9% · starting FCFF 4.6 m USD · terminal value share of EV 86%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA0.35 – 3.92 (Mid 0.54)5 companies used · median multiple 16.2x · quartiles 15.5x – 28.6xBLLN, DGX, FTRE, LH, RDNT
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -6.8% | 33 (vs peers) | 16% |
| Net margin · Quality | -5.8% | 57 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 12.5% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 14.3x | 0 (vs peers) | 16% |
| Interest coverage · Balance sheet | -2.7x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 18.8x | 40 (vs peers) | 16% |
| FCF yield · Valuation | 43.2% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality42/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation67/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AMERICAN SHARED HOSPITAL SERVICES (AMS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 28.1 m USD in 2025; YoY growth -0.9%; net margin -5.8%; ROE -7.5%; net debt/EBITDA 14.3x.
The estimated value range is 7.52–23.30 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 11.53 USD, the price of 1.23 USD leaves a potential of 837.6% (value / price − 1) and a margin of safety of 89.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 12.5%
- FCF yield: 43.2%
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 14.3x
- Interest coverage: -2.7x
- Current ratio: 0.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Medical Laboratories (SIC 8071) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NTRANatera, Inc. | 56.0 bn | — | -12.5% | -7.1% | +35.9% | +63% / +595% |
| LHLabcorp Holdings Inc. | 28.7 bn | 29.0 | 11.4% | 6.9% | +7.2% | +32% / +63% |
| DGXQuest Diagnostics Inc | 27.2 bn | 24.6 | 15.2% | 9.5% | +11.8% | +31% / +80% |
| GHGuardant Health, Inc. | 23.5 bn | — | — | -38.3% | +32.9% | +61% / +595% |
| CAICaris Life Sciences, Inc. | 9.4 bn | 89.7 | 20.1% | 10.6% | +97.0% | +30% / unavailable |
| GRALGRAIL, Inc. | 6.4 bn | — | -16.1% | -236.9% | +17.2% | +30% / unavailable |
| RDNTRadNet, Inc. | 6.3 bn | — | -2.1% | -0.9% | +11.5% | −3% / +142% |
| CDNACaredx, Inc. | 4.5 bn | 35.9 | 33.0% | 25.9% | +13.8% | +380% / +784% |
| VCYTVeracyte, Inc. | 4.2 bn | 37.5 | 8.8% | 20.4% | +16.0% | +11% / +105% |
| FTREFortrea Holdings Inc. | 2.0 bn | — | -12.3% | -2.6% | +1.0% | +64% / −29% |
| PSNLPersonalis, Inc. | 1.7 bn | — | -50.3% | -153.8% | −17.7% | +47% / +932% |
| BLLNBillionToOne, Inc. | 1.3 bn | 153.5 | 26.3% | 9.5% | +100.0% | −13% / unavailable |
| CSTLCastle Biosciences, Inc. | 1.1 bn | — | -4.2% | -5.4% | +3.7% | −11% / +79% |
| FLGTFulgent Genetics, Inc. | 541.5 m | — | -8.0% | -26.0% | +13.8% | −33% / −29% |
| YDESYD Bio Limited | 492.0 m | — | -445.1% | -1,392.6% | +16.9% | −40% / unavailable |
| BDSXBiodesix, Inc. | 226.7 m | — | -540.0% | -27.0% | +24.1% | +160% / −28% |
| XGNExagen Inc. | 206.2 m | — | -113.8% | -26.6% | +19.7% | +8% / +363% |
| SERASera Prognostics, Inc. | 59.0 m | — | -45.0% | -47,475.7% | +5.2% | −39% / +4% |
| AMSAmerican Shared Hospital Services | 8.2 m | — | -7.5% | -5.8% | −0.9% | −41% / −49% |
| MDXHMdxhealth SA | 8.0 m | — | -2,440.4% | -31.1% | +19.8% | −96% / −95% |
| ACONAclarion, Inc. | 5.0 m | — | -59.0% | -10,978.5% | +65.6% | −72% / −100% |
| ADVBAdvanced Biomed Inc. | 3.5 m | 0.4 | 84.8% | 5,231.3% | unavailable | −75% / unavailable |
| BGLCBioNexus Gene Lab Corp. | 2.8 m | — | -33.7% | -82.4% | −21.9% | −79% / −90% |
| BNRBurning Rock Biotech Limited | 0 | — | -10.1% | -10.3% | +9.2% | −41% / +55% |
1- and 3-year price returns: for AMS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
American Shared Hospital Services (AMS) provides technology and services for stereotactic radiosurgery and advanced radiation therapy, through equipment leasing and direct patient services. Revenue grew 19% in the second quarter of 2026, and the direct patient services segment grew 40%, in a setting where debt pressure and financing agreements remain central.
SWOT
Strengths
- The company has a diversified portfolio of radiation therapy technologies and an international presence across several countries 12.
- Direct patient services revenue has grown significantly, and operating cash flow has improved 3.
- Long-term leasing contracts provide a relatively predictable revenue base 1.
Weaknesses
Opportunities
Risks
- Credit covenant breacheshigh
The company received notice from Fifth Third about covenant non-compliance, which could lead to accelerated payment obligations 1.
- Facility maturityhigh
If an extension is not obtained, the company would not have enough cash to repay the facilities at maturity 1.
- Going concern doubthigh
The financial situation has led to substantial doubt about the company's ability to continue as a going concern 1.
- Customer concentrationmedium
A few customers generate a large part of revenue, and a lost contract could affect results 1.
- Reimbursement rulesmedium
Changes in the CMS model could alter radiation therapy revenue 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Outcome of talks on the capital structure and any further credit extension2026
- Development of revenue from direct patient servicesQ3 2026
- Status of the ROCR Act and the RO APM model2027
- Going-concern disclosure in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company 'provides turn-key technology solutions for stereotactic radiosurgery and advanced radiation therapy' and operates two reportable segments: medical equipment leasing, with fee-per-use or revenue-sharing contracts, and direct patient services in Rhode Island, Peru, Ecuador and Mexico 12. In fiscal 2025, Gamma Knife revenue represented 32.7% of total revenue 1.
Customer concentration is high: two customers accounted for approximately 26% and 31% of total revenue in 2025 1. The company acquired 60% of three Rhode Island radiation therapy centers in May 2024 and operates a LINAC center in Puebla, Mexico 1.
On the financing side, the company reported non-compliance with credit covenants with Fifth Third Bank in 2025, and after the second quarter of 2026 it signed a third amendment to its credit agreement together with a forbearance agreement 123.
Segments
Market context
The market mainly consists of medium-sized medical centers and free-standing radiation therapy facilities, and according to the company a Gamma Knife facility usually costs between 3.0 and 4.5 million USD 1. CMS reimbursement for a Medicare Gamma Knife treatment was set at about 7,525 USD for 2026 12.
The regulatory outlook remains uncertain: the RO APM model has been delayed and the ROCR Act is pending, which could change how external beam radiation is reimbursed 1.
Trends
- Growth in direct patient servicestailwind
Higher procedure volumes in Rhode Island and in Peru and Puebla supported revenue growth 3.
- Reimbursement pressureheadwind
The RO APM and the ROCR proposal could change the payment model for radiation therapy 1.
- Demand for proton therapytailwind
PBRT revenue rose 22% in the second quarter of 2026, which suggests sustained demand 3.
- Financing constraintsheadwind
If refinancing fails, debt repayment could become difficult, affecting continuity of operations 12.
Competitive position
The analysed sources do not list direct competitors. The company does note that alternatives to its services include conventional surgery and other forms of radiation therapy 1.
Competitive position depends on winning new contracts and sustaining volumes at existing centers, factors the sources treat as uncertain 12.
- Elekta AG
Manufacturer of the Gamma Knife, which also holds 19% of GKF and supplies the equipment used by the analysed company 1.
- Independent LINAC radiation therapy providers
Independent centers and hospitals offering conventional radiation therapy compete for the same patients in served areas 1.
- Conventional brain surgery centers
The classic alternative for brain tumors, which the company cites as a point of comparison 1.
- Proton therapy operators
PBRT providers compete for leasing contracts and patients in the same geographic areas 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report13 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report28 Jul 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Financial statements and exhibits
- Current report13 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report30 Jun 2026Departure or appointment of officers · Shareholder vote
- Current report04 Jun 2026Item 2.04
- Quarterly report14 May 2026
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report24 Apr 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / American Shared Hospital Services · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / American Shared Hospital Services · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / American Shared Hospital Services · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.