American Shared Hospital Services (NYSE American: AMS) is a medical equipment and services company that provides turn-key stereotactic radiosurgery and radiation therapy solutions to hospitals and operates stand-alone treatment facilities. Revenue is generated through two segments: medical equipment leasing, where hospitals pay on a fee-per-use or revenue-sharing basis, and direct patient services, where the company bills patients or insurers at its own facilities. The medical equipment leasing segment operates through GK Financing, LLC (GKF), in which AMS holds an 81% indirect interest, providing Gamma Knife services to seven medical centers across eight U.S. states as of the 10-K filed March 31, 2026. The direct patient services segment includes three single-unit radiation therapy facilities in Rhode Island (acquired May 2024 via a 60% equity interest), plus company-owned Gamma Knife units in Lima, Peru and Guayaquil, Ecuador. CMS reimbursement rates set the effective revenue ceiling for Medicare patients, with the 2026 Gamma Knife delivery code set at approximately $7,525 per treatment.

Revenue model

Two streams: (1) medical equipment leasing via fee-per-use contracts or revenue-sharing contracts with hospital partners, and (2) direct patient services revenue at company-operated facilities in Rhode Island, Peru, and Ecuador. Revenue drivers are number of active sites, procedure volume, and CMS reimbursement rates.

Products and services

Gamma Knife stereotactic radiosurgery systems (including the Gamma Knife Esprit); proton beam radiation therapy (PBRT) equipment under revenue-sharing arrangements; direct radiation therapy clinical services at stand-alone facilities in Rhode Island, Lima Peru, and Guayaquil Ecuador.

Customers and end markets

Hospital and medical center partners in the United States under fee-per-use or revenue-sharing contracts, including Southwest Texas Methodist Hospital, OSF Saint Francis Medical Center, Northern Westchester Hospital, PeaceHealth Sacred Heart Medical Center at RiverBend, Orlando Health Cancer Institute (PBRT), and Methodist Hospital Merrillville. End patients are primarily cancer patients seeking radiosurgery or radiation therapy, with Medicare reimbursement rates a key pricing reference.

Value-chain role

Equipment financier and operator sitting between medical device manufacturers (including Elekta AG, which holds the remaining 19% of GKF through GKV Investments) and hospital end-users. AMS owns, finances, and maintains the capital equipment, absorbing equipment depreciation and impairment risk, while hospitals or patients generate procedure-based revenue that is shared back or billed as fees.

Geographic exposure

United States (seven Gamma Knife hospital sites across eight states; three radiation therapy facilities in Rhode Island as of May 2024 acquisition); Peru (stand-alone Gamma Knife facility in Lima); Ecuador (stand-alone Gamma Knife facility in Guayaquil); Mexico (direct patient services noted in filing).

Source: SEC 10-K, filed 2026-03-31

Industry: Services-Medical Laboratories Peers: Ontrak, Inc. CYNERGISTEK, INC Clearday, Inc. CVS Health Corp STAR OPERATING COMPANIES, INC. Stella Diagnostics, Inc. Precipio Inc Vivos Therapeutics Inc