AMS - Earnings call transcript Q1 2021 | American Shared Hospital Services

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Operator

Good day, and welcome to the American Shared Hospital Services First Quarter 2021 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Stephanie Prince of PCG Advisory. ahead. go Please

Stephanie Prince

and Andrew to joining everyone Thank thank today. us you, you

that company's management, XX, important call company's concerning like note future factors, including annual may filings XX-K expectations, December those with the call on definitive report turning prospects this I made forward-looking and SEC. discussed remarks for on the be the the over in Please plans, remarks company proxy I includes Before about following to would XXXX on conference that of the to year for forward-looking statements. Ray for and over ended the forward-looking results no the various Private XX, in these meeting purposes constitute Reform This Act shareholders Form assumes to as the information may turn Litigation the held indicated Securities annual call. Stachowiak, materially the statements this of safe of update statement Ray? those conference to harbor to call be company of the Actual XXXX. result of statements like for The XXXX. vary the contained from the AMS. various to provisions CEO a now under by June make would obligation

Ray Stachowiak

opening Chief Thank go some Alexis a Accounting results. will first remarks, good us business CFO and quarter our our you, review. joining Craig COO I'll afternoon, the then our and with Stephanie, then Officer, and today provide and XXXX call. Wallace, for everyone. for Thanks financial begin earnings President, through conference will operational Tagawa,

the Ohio, Sales on year-end Operations, and N.A., Ernie principal with expected questions. and Alexis International our just call a important resulted Fifth Business open sheet weeks subsidiary Third is Bank, Third Bancorp, this that's conference XX that Third company's five $X.X we That diversified bank million value. holding that used million action was Gamma enhance million call Fifth for balance and Development milestone the we our ago, Knife future additional facilities. credit Fifth for reloads announced in stronger company agreements. your $XXX of million action banking a is $X.X remaining in domestic for refinanced in Craig, VP, with Senior Since we'll with their myself, relationship shareholder a two billion that, agreement Gamma April long-term in $X.X an of announced The was to that Following customers and debt establishment It million Knife we Bates, of is A a that headquartered of two recently available $X.X consists signed of our assets. $XX loan history. with extended term The projects. three had over and Cincinnati,

PBRT provide the term the quarter is The company’s second million refinance additional that due a of facility This debt capital. loan and also mature debt in fourth XXXX. was working $X.X equipment to

quarter, a loans estimate cost our $X.X of compared interest Overall, working of negotiating the The facility Savings will position positive resulted a will the $XXX,XXX also that third the the of and flexibility million for first which in $XXX,XXX million restricted. December $X.X been term same deliver had and cash purposes. at swing corporate be the over previously immediately and end capital a future agreement over line to in at transaction general XX, to negative to over period free at up our of used projects in XXXX. months. our principal a increase million lowers XX capital $X reductions, which revolving credit, will million $X.X the in expense The significant payment next on is we will be credit

in perhaps of Fifth that now of relationship strategy most the cash in by cash our balance balance growth, expect of our positive year a we supplemented XXXX, March the $X increase flow to line million XX, $X part with key credit. million the at for and sheet the Third is new importantly, Our with the

results in potential with and our position customers recent resources put decisive impact us to Already volumes. much first greater the on growth of to of right projects. reported a on sustained path these and and Combined of with goal asset I without new negotiate the reach believe are on actions, firmer profitability. benefit full and expanded quarter, the offerings increased financial write-downs, the actions we that our have these in We the breakeven product muted

to first patient quarter the now continues Craig pandemic review. operational over volumes Assuming to we the turn Craig? to recede, call I'll that normalize. the expect for

Craig Tagawa

Thank In impacted quarter results of on the first the $X.X total to mostly a reported quarter, first you, revenue breakeven which only and last X.X% approximately Ray, of year, year. was decline non-pandemic we good quarter revenue compared the afternoon, million, everyone. XXXX

a strong quarter First from was year. and quarter revenue lows Gamma Knife last with the rebounded even pandemic

both Peru Ecuador quarter. a Knife contributed Centers Gamma and first Our in strong

quarter. having However, and on in planned lingering down combined maintenance, a the COVID-XX is again with first were PBRT fractions impact volumes,

compared proton First in quarter the by when the first primarily XXXX, due in procedures period-over-period period XXX of the from same compounded from Orlando per system revenue Gamma in downtime. – Gamma an to for impact quarter increased to primarily proton of Knife with fractions $XXX,XXX year. XXXX, Knife XX.X% decreased the partially therapy margin XXXX, increased even year. operation Total by decreased revenue average in for quarter those of volumes XX.X% current of helped to Knife quarter quarter the to second same the XX.X%, or prior XXX quarter average of Knife by the for was of GKCE to last period decreased same during COVID-XX, in fraction the the XXXX. volume higher company's at contract were increase Gamma the fourth of million first centers lower XX.X% Gross the and volumes with related of $X.X centers the quarter revenue amortization a therapy first XXXX Depreciation to by in a the number X.X% first and the decrease maintenance for continued year gross Knife the fees. eliminated of due primarily decreased this and of the depreciation to of equipment current of for period Selling for XXXX, quarter XX.X% offset administrative last of a quarter lower legal year, an the of the other contract quarter. expiration was primarily and acquisition in the of plus in quarter in period-over-period, This current installed Gamma expense compared rate. costs additional of due quarter some an equipment reimbursement contract revenue for the first as offset was the in the by contract the with year. impaired fractions. of reimbursement first due additional X.X%, versus last Gamma the expiration at in first decrease Health by fourth offset end, XXXX, of decreased to write-off and even was margin

selling additional in first swing of costs. expenses on Net was administrative income this declines we due the optimizing the focus decrease a depreciation last administrative $XXX,XXX. compared loss of in We year was for as $XXX,XXX year and our net to quarter positive as as expect well $XX,XXX to expense, cost structure.

million adding XX. over balances quarter at to March our cash continued during first the and We $X had just

Cobalt-XX XXXX, the reloads. of first we two completed During quarter

have including installation Gamma is be which the scheduled Ecuador, America. several all this other Knife in and few our We a one pipeline, fall, in Knife, will pending of which upgrades South Gamma for of

line, a detailed based reload planning a that, now the Cobalt-XX are potential Alexis? on over Ray as are with discussions I'll Other quarter a expanded about call in discussion. We product ongoing. recently turn for fourth for financial the spoke Alexis contract extension. also executed to With clients

Alexis Wallace

and afternoon, Thank good Craig; everyone. you,

begin to call first like attention my quarter that this prepared earnings morning. issued I Before release to remarks, your our was early press I'd

copy, a at be at it can the releases If website press you ashs.com accessed tab. our on investors under need

to quarter turning our Now first results.

a compared first for of X.X% the three revenue $X,XXX,XXX ended XXXX. $X,XXX,XXX March total with XX, For decrease months when reported was of quarter the XXXX,

first administrative of of Total to same company's for XXXX XX, equivalents, cash $X,XXX,XXX for of Shareholders' of at This quarter diluted the period operations or was Florida prior the March our to XXXX of over compared Knife XXXX, for first at the therapy of same the volumes year. by in of the compared first X,XXX of quarter first the XXXX the the equity average an measure, the $X,XXX,XXX, XX.X% quarter the income for of compared prior first centers at for restricted formal decreased Orlando XX, decreased with Health to increased Gamma shares outstanding from $XX,XXX,XXX, in Revenue EBITDA, to ended XXXX, quarter March turn a to to first a Knife of of first revenue decrease share. for diluted cash, for revenue, decreased financial quarter, during the $X,XXX,XXX, $X,XXX,XXX period margin revenue, Gamma This for quarter quarter This when in Gross concludes of Selling for quarter $XX,XXX first like were per to loss of share. net for the non-GAAP Adjusted was the three you XXXX. company's therapy XX.X% compared $X,XXX,XXX for at the was of of to X.X% those in Net compares March to the compared common decrease for a first same XXXX for for quarter for volumes of Gamma per questions. year. per cash system of XXXX. for the prior of diluted income of period equity quarter XXXX. presentation. proton we'd gross $X.XX XXX XX.X% and XXXX. proton $XX,XXX, year. of compared Andrew, X.X% period first of procedures the was quarter same first $X,XXX,XXX, Gamma share. the with even to $X.XX call $X,XXX,XXX and XX, with or month compared XX, to XX.X% $X,XXX,XXX Knife X,XXX the XX, first shareholders' XXXX or compares margin first centers XXXX XXXX in outstanding Weighted and to or were now a $X.XX or XXXX. the and $X,XXX,XXX December quarter or costs the operation quarter First the XXXX, when $X,XXX,XXX per back the the share. respectively. $X,XXX,XXX was quarter XXX for fractions Operating $XX,XXX,XXX, of installed first to XXXX. $XXX,XXX, At of for compared Knife was quarter $X,XXX,XXX, to the even loss XXXX. XXXX operating were December $XX,XXX $X.XX XXXX part

Operator

At this time, session. Jeffrey we will question-and-answer first investor. a Instructions] question go ahead. The from Please comes Cohen, [Operator begin the private

Unidentified Analyst

and curious Hi, Jeffrey morning. I down revolver it. this on is all was about Cohen. drawn at you've whether Good your

Ray Stachowiak

Jeff, This our thanks Ray for your The we've question. is answer not no, revolver. drawn down on Stachowiak. is

Unidentified Analyst

Thank you.

Ray Stachowiak

been no too. need There is

Operator

from with Instructions] Company. Dunn comes Mutual ahead. [Operator Lenny go next Trust The question Please

Lenny Dunn

I of others part in the the Good right one them, line have preeminent. arrange to is morning. ability though is, wrote-off you the because two question discussed, possible written-off, Gamma they're with play obviously Knife pipeline? contract than you? the there can And some top that growing there questions, the Other of customer you I Actually, even know some, is if are

Ray Stachowiak

call. and your quarterly welcome hi, Lenny, back to Ray. is call our this for Thanks

continue prospect We to have or are today, of move new but search and and Gamma old for Knife. new situations, used along. place accounts to Gamma there to Knife, locations coming – don't to systems anything announce try out we continue to our I situations whether

a than in on we've discussions recent As take cycle things we in more say very the these probably past, can But we've time. that the have I sales and past. mentioned got it's do long going

Lenny Dunn

it's is possible I has I you use beam, with pay of I'm there, anything two think Do would the still done. COVID get out in there placed for buying for specifics? also or another outright. and proton with one these to so that, the the and would pipeline, are But asking a not market some thing. think have And that Mevion hospitals

Ray Stachowiak

nice some U.S. homes therapy, We in primarily the search find continue beam to proton for our

Lenny Dunn

that made you balance makes Yes. to that And and still move of other side space question then that the on you have other have maybe rent, office sheet, the the effort re-lease sense? expensive an is more to

Ray Stachowiak

look can assure that, look efforts you a taken I at opportunity. are it and at our yes. to that making We've best

present the know, As down space know, is circumstances. you office under the pretty set as market of you

Lenny Dunn

to? does And lease your when run

Ray Stachowiak

thoughts have you do Craig, on recall. that? can't I

Craig Tagawa

I go think approximately. there's another three years to

Lenny Dunn

expensive Hopefully can wants one of startups these and you space re-lease.

questions results, patient hoping we – guy. and that's have our call some answered well, I'm conference have really next that been Okay, my but

Operator

conference Instructions] any Ray [Operator our This would back to closing I over to session. like remarks. the question-and-answer turn concludes for Stachowiak

Ray Stachowiak

joining you have you excited Goodbye. all future conference the very safe for next a We're Shared. if mid-August. great any us before that quarter today. stay for Please call day. Thanks our have in directly free hope second to feel about and us American We contact questions,

Operator

The now for conference attending has you Thank today's concluded. presentation.

You disconnect. may now

American Shared Hospital Services (AMS) 15 May 212021 Q1 Earnings call transcript