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American Shared Hospital Services ( ASHS and, together with its subsidiaries, the Company ) is a leading provider of turn-key technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services. The main drivers of the Company s revenue are numbers of sites, procedure volume, and reimbursement.
The business is unprofitable at the operating level (-12.78% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 0.9% YoY. Margins deteriorated 2.9pp alongside, both lines moving the wrong way.
Negative free cash flow of -$5M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$29M
▼ -0.9% YoY
Net Income (TTM)
-$1M
▼ -171.0% YoY
Op. Margin
-11.06%
▼ -2.9pp YoY
ROIC
-5.03%
▼ -0.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$916K
▲ +41.6% YoY
Op. Cash Flow (TTM)
$3M
▲ +1755.1% YoY
Net Debt
$33M
Cash & Equiv.
$5M
5Y CAGR: +9.5%
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