American Shared Hospital Services
ashs.comWhat Do They Do?
Provides radiosurgery and radiation therapy directly to cancer patients at its own centers, and leases treatment equipment to hospitals and medical centers.
10-K for FY2025, filed Mar 31, 2026American Shared Hospital Services (“ASHS” and, together with its subsidiaries, the “Company”) is a leading provider of turn-key technology…View ↗
The Company’s current business is the provisioning of stereotactic radiosurgery services and radiation therapy services either through…View ↗
The Company also owns and operates two single-unit Gamma Knife facilities in Peru and Ecuador, where it provides radiosurgery services…View ↗
How Do They Make Money?
Patients and their insurers pay for treatments at the company’s own centers; self-pay patients typically pay in advance. Hospitals pay for leased equipment per procedure or through a share of reimbursement they receive.
10-K for FY2025, filed Mar 31, 2026Rental income from medical equipment leasing (“leasing”) – The Company recognizes revenues under ASC 842 when services have been rendered…View ↗
Direct patient services income – The Company has stand-alone facilities in Lima, Peru and Guayaquil, Ecuador, where a contract exists…View ↗
On May 7, 2024, the Company acquired 60% of the equity interests of the RI Companies. The RI Companies operate three, existing, stand-alone…View ↗
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10-K for FY2025, filed Mar 31, 2026
FY2025 revenue by product or service ↗
$28.1M
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10-K for FY2025, filed Mar 31, 2026
$28.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Rental Income from Medical Services
Usage-based
10-K for FY2025, filed Mar 31, 2026 |
45%
FY2022: 84%
|
Rental Income from Medical Services, FY2025
$12.6M Sources
|
Usage-based |
|
Patient Income
Sold outright
10-K for FY2025, filed Mar 31, 2026 |
55%
FY2022: 16%
|
Patient Income, FY2025
$15.5M Sources
|
Sold outright |
|
Equipment Sales
Sold outright
|
0.0%
FY2022: 0.0%
|
Equipment Sales, FY2025
$0 Sources
|
Sold outright |
Who Are Their Customers?
Cancer centers and hospitals contract directly for leased treatment equipment; patients receive treatment at the company’s own facilities.
10-K for FY2025, filed Mar 31, 2026The Company’s current business is the provisioning of stereotactic radiosurgery services and radiation therapy services either through…View ↗
The Company also owns and operates two single-unit Gamma Knife facilities in Peru and Ecuador, where it provides radiosurgery services…View ↗
The Company’s typical fee per use leasing agreement is for a ten-year term. The fixed fee per use reimbursement amount that the Company…View ↗
10-K for FY2025, filed Mar 31, 2026
All of the Company’s revenue was provided by 15 locations or 1 PBRT unit, 4 LINACs and 10 Gamma Knife units in 2025 and by 17 locations or…View ↗
Do Revenues Turn Into Profits?
No. It lost $1.6M in FY2025.
10-K for FY2025, filed Mar 31, 2026
−$3.6MView ↗
10-K for FY2025, filed Mar 31, 2026
−$1.6MView ↗
10-K for FY2025, filed Mar 31, 2026
−$4.5MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$514KView ↗
- ▲ +84% (Loss)
- vs −$280K in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
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Jul 13, 2026
CFO resigned; chief accounting officer appointed interim CFO
Alexis N. Tirrito was appointed interim CFO.
Sources
8-K, filed Jul 13, 2026
On July 7, 2026, Raymond S. Frech, Chief Financial Officer (“CFO”) of American Shared Hospital Services (the “Company”) resigned from his…View ↗
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Apr 24, 2026
CEO resigned; president appointed interim CEO
Craig K. Tagawa was appointed interim CEO while continuing as president.
Sources
8-K, filed Apr 24, 2026
On April 20, 2026, Gary Delanois, Chief Executive Officer (“CEO”) of American Shared Hospital Services (the “Company”) resigned from his…View ↗
Growing. Revenue grew 59% in 4 years, from $17.6M in FY2021 to $28.1M in FY2025, about 12% a year.
More direct treatment
Direct treatment has expanded from Gamma Knife facilities in Peru and Ecuador to include radiation therapy centers in Rhode Island and Puebla; the older report described Puebla as a venture being established.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 31, 2026The Company also owns and operates two single-unit Gamma Knife facilities in Peru and Ecuador, where it provides radiosurgery services…View ↗
Who Do They Compete With?
Competes with Mevion, IBA Particle Therapy, Hitachi, Sumitomo Heavy Industries, ProTom International, Mitsubishi Electric, Varian, Elekta, and Accuray
10-K for FY2025, filed Mar 31, 2026There are several competing manufacturers of PBRT systems, including Mevion, IBA Particle Therapy Inc., Hitachi Ltd., Sumitomo Heavy…View ↗
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