Hospital services

American Shared Hospital Services Announces Preliminaries

Preliminary fourth quarter revenue rebounds to approximately $4.7 million, leading to higher operating profit

SAN FRANCISCO, CA, Feb. 15 2022 (GLOBE NEWSWIRE) — via NewMediaWire – American Shared Hospital Services (NYSE American:AMS) (the “Company”), a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services, announced today a selection of preliminary, unaudited financial results for the fourth quarter and year ended December 31, 2021.

Revenue for the fourth quarter ended December 31, 2021 is expected to be approximately $4.7 million, the highest total revenue for any quarter of the COVID-19 impacted year 2021 and roughly equal to the comparable period in 2020. Fourth quarter 2021 revenue of $4.7 combined with lower revenue costs, resulted in higher preliminary gross margin and operating income than the previous three quarters of 2021. Full-year 2021 revenue is expected to be approximately $17.7 million, also roughly in line with 2020 revenue. end of 2021.

“The fourth quarter was the best of the year for AMS and the highest reported revenue since the start of the pandemic,” said Ray Stachowiak, chief executive. “Fourth quarter revenue was up slightly quarter-over-quarter and rebounded from lower levels in the prior quarter. With lower revenue costs resulting from the balance sheet restructuring that was completed at the end of 2020, higher fourth quarter revenue flowed through the income statement to deliver the highest gross margin and operating profit since pre-pandemic Our preliminary operating profit increased despite the upward trend in selling, general and administrative expenses in the fourth quarter due to an increase in legal and other expenses related to the search for new business opportunities.

“Revenue for the full year was approximately equal to the prior year, despite quarterly ups and downs due to the continued impact of the pandemic. 2021 is expected to be profitable due from lower revenue costs With a strengthened balance sheet resulting from the Q2 2021 debt refinancing that increased our cash position to over $8 million at year-end, as well as a unused working capital of $7 million, AMS has significant capital to deploy into new opportunities. We believe the steps we have taken recently position us to accomplish our planned future growth initiatives,” concluded Mr. Stachowiak.

American Shared Hospital Services’ final fourth quarter and full year 2021 results will be filed with the SEC following the completion of the annual year-end audit, which is scheduled for late March 2022. At that time- there, AMS will host its regular quarterly conference call, details to be announced prior to the call.

About American Hospital Shared Services (NYSE American: AMS)

American Shared Hospital Services is a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services. AMS is a world leader in providing Gamma Knife radiosurgery equipment, a non-invasive treatment for malignant and benign brain tumours, vascular malformations and trigeminal neuralgia (facial pain). The company also offers proton therapy and the latest IGRT, IMRT and MR/LINAC systems. For more information, visit: www.ashs.com.

Safe Harbor Statement

This press release may be deemed to contain certain forward-looking statements regarding the financial condition, results of operations and future plans of American Shared Hospital Services (including statements regarding the company’s expected continued growth and the expansion of Gamma Company’s Knife, proton therapy and MR/LINAC businesses, which involve risks and uncertainties, including but not limited to risks relating to economic and market conditions, risks of variability in financial results between the quarters, the risks of the Gamma Knife and proton therapy activities, the risks related to the development of The Operating Room for the 21st Century program, the risks of changes in the reimbursement rates or the CMS reimbursement methodology, the risks related to the schedule, financing and operations of the Company’s Gamma Knife, proton therapy and MR/LINAC activities, the risks of the pandemic ie of COVID-19 and its effect on the Company’s business activities and financial condition, the risk of expansion within or into new markets, the risk that the integration or continuation of operations of acquired businesses could adversely affect the financial results and the risk that current and future acquisitions could adversely affect the financial position of the Company. Additional information about potential factors that could affect American Shared Hospital Services’ financial condition, results of operations and future plans is included in the company’s filings with the Securities and Exchange Commission, including the company’s annual report on Form 10-K for the fiscal year ended December 31, 2020, its quarterly report on Form 10-Q for the three months ended March 31, 2021, June 30, 2021 and September 30, 2021, and the definitive proxy statement for the annual meeting of shareholders held on June 25, 2021.

contacts:

American Shared Hospital Services
Ray Stachowiak
Chief executive officer
rstachowiak@ashs.com

Investor Relations
PCG Notice
Stephanie Prince
T.: (646) 863-6341
sprince@pcgadvisory.com