AMS - Earnings call transcript Q2 2021 | American Shared Hospital Services

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Operator

Good afternoon, and welcome to the American Shared Hospital Services Second 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. ahead. go Please

Stephanie Prince

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

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

Ray Stachowiak

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

after from pandemic-impacted compared call $XXX,XXX costs quarter $XX,XXX our had deepest quarter in Bates, effect Sales good a second Following administrative Total year. the the revenue into the moments. increase we'll selling expense, the second Business of and resulted year-over-year. open Alexis International and interest Vice the quarter. increased Craig Net Ernie President, myself, net depreciation Craig, Alexis to to from extinguishment your expense. and increased for quarter, questions. revenue Development XX% and and of Senior the operations, in that, last AMS in in and the and this first details growth a decreases will This year's go of debt few income

and quarters. improved from over we April completed includes Our that we've the the debt several last the the have operating sheet in XXXX. balance results This taken refinancing restructuring actions year-end

on The assets. with equipment three including agreement $XX milestone working capital. loans is a our history. and our credit of reminder, two Bancorp, As of establishment the Ohio over a bank Bank holding April is the subsidiary in NA, a Third them signed that our relationship in consists billion company's $XXX XX, that we of facilities, we in Fifth Third of the which million to with diversified bulk refinanced added principal announced company headquartered gap banking term a Cincinnati, with Fifth It

financial over AMS position. of cash. other flow will expanded the positive financial of next balance our estimated to has Craig cost our for war revolving offerings. free an substantial $X.X million We including immediately opportunities, restricted used in therapy benefits flexibility had resources our We the $XX put which interest Combined working positive increase a also we changed These cash we'll path future signed of operational current review. up million future a future I'll with approximately second credit, negotiating well, million. equipment for in on Company. AMS the $X chest and and line principal expense second $X.X half our cash swinging XX the million as and sustained the year, in generate quarter our expect business with the projects. $XXX,XXX for several have The reduced and the on to capital call of previously of reach It of over to months the realize profile to radiation refinancing capital projects a actions lowering for over significantly by have payments now Craig? to We now profitability. firmly turn the savings be

Craig Tagawa

to second quarter, most Ray, the you, over which everyone. afternoon, of last the good pandemic-impacted Thank increased year. $X,XXX,XXX, above XX% total and the was deeply In revenue year, quarter

the installed average Orlando lag reimbursement therapy Total fractions, Gamma decreased can per compared to to from sites. XX.X% $X.X the be X,XXX pandemic. of proton of impact attributed XX% revenue therapy to strong, offset fractions perfexion to to XX.X% second Company's Company's lingering for volumes proton was X,XXX. retail at revenue at compared million. Knife to increase a quarter The Health higher reimbursement which continue the the increased and quarter the lower of average system Higher Second treatment increasing higher XXXX. number

prior both X.X% during the Gamma the same for Centers XXX period Gamma as Knife Gamma those quarter. Gamma centers second Knife Knife in the to well. in Peru quarter's and for same procedures results year. of to Our operation from volumes contributed Knife XX.X% volumes the Ecuador, increased centers for increased by

related snapped and as XX% supplies $XXX,XXX increased revenue and other quarter amortization gross dollars, the million. and impaired quarter margin in for as the to to XXXX period-over-period revenue, June. gross the legal and Contributing costs decreased second direct margin and at to ended decrease by XX% lower revenue expiration fourth quarter improved also decrease we've other back gross added With positive the debt in off offset decreased, Selling well operating loss first of GKCE contract The $X.X $X,XXX,XXX. The absence costs. revenue to a a XX. in at of the last lenders extinguishment quarter an due was penalties one XXXX, second smaller flowed share, in income Ray swing and million by margin the primarily second operating Operating of that amortization $XXX,XXX. to XXXX $XXX,XXX reached result of administrative of former another our $XXX,XXX the In more decrease dollars, equipment income percentage fees due the income increases written to the compared $X.X depreciation year-end. closed year. increase the was and a the acquisition as for depreciation that last The the of XX.X% contract we was In the second or to depreciation of quarter quarter through declining in the with XX.X% balances, cash our we prepayment spoke that costs statement. June primarily XX% than of refinancing related to per made Net expansion or by excluding of was $XXX,XXX of the the charged maintenance to changes $X.XX that and to to the compared about. in of and in in

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

one in be is Knife Knife other or upgrade South XXXX. Ecuador XXXX projects America. at pending the all Gamma Center have We Gamma our will pipeline. units in early of completed late be to It in expected The few the several

executed planning We in to contract extension. reload quarter a the are also recently Cobalt-XX on fourth based

turn expanded line. product have call clients Alexis for discussion. With potential now financial over to our detailed for discussions many continue the I'll Alexis? We that, with to a

Alexis Wallace

Thank afternoon, you, everyone. good Craig, and

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

tab. it copy, a need the Investors on website can Press you If at at our be ashs.com Releases under accessed

our Now turning second to quarter results.

three XX.X% of for compared XXXX. June the to ended the months XXXX, revenue quarter $X,XXX,XXX XX, second For of increased to $X,XXX,XXX revenue

On $XX.XXX compared June cash measure, cash, quarter or $XXX,XXX the Shareholders' second per per extinguishment million XXXX, operations equity the loss to XXXX, June December second XXXX, EBITDA, the $XX.XXX minority million positive or per costs at questions. after $X.XXX you XXXX and Andrea, for Health our therapy in $X.XXX second the an XX.X% for Company's $X.XXX XXX were XXXX. Gamma proton of same for of by Gross $X.XXX for $XXX,XXX million of prior decrease procedures X,XXX, in the year. diluted $XXX,XXX quarter turn and $X.XXX proton $X.XX would for XX% the $X.XXX in excluding Knife period compares quarter restricted compared in loss Operating the of or XXX the equity for for diluted XXXX. Total XXXX at XXXX, million share. non-GAAP $XX,XXX $X.XX The Florida of for of weighted pretax second million the the therapy taxes, to quarter to to share system X.X% operating for respectively. quarter second fractions XX.X% common quarter XXXX. XXXX was increased Adjusted and of XX.X% second second to XX, the Net in Fully of $X.XX net a of Revenue income share. to of compared from to quarter to by Second the of compared outstanding the for in second in fractions X,XXX therapy debt. $XXX,XXX compared the diluted $XXX,XXX December quarter second XXXX. average swing the XXXX for $XXX,XXX second X.X% of increased This XXXX. a XXXX. shareholders' the increased part of administrative for formal a over of of financial at per charge $X.XXX were of XX, compared same million margin Selling now $XXX,XXX and to quarter to to was million Orlando Net This period the shares to increased the income, prior the XXXX, $X.XX to or a interest revenue, net the million for or $X.XXX loss $X.XXX the compared or second for per current quarter Knife of million. $XXX,XXX. the revenue $X.XXX second Gamma of diluted of from compared back was XX, margin to the million for million quarter quarter a charge XXXX in equivalents for second $X,XXX of of quarter includes share quarter proton call second XXXX XX.X% net the the installed cash $XXX,XXX the like million of was revenue second presentation. X-month of Company's $X.XX revenue $X.XXX to quarter quarter period or was at outstanding million decreased period gross XX, outstanding and million year. I to the loss was of compared concludes of share. XX.X% to of income

Operator

[Operator Company. Instructions] from first Dunn our comes Mutual Lenny of question And Trust

Lenny Dunn

Yes. still And the office Company I you high be on hoping release was is which to made that? have now that Has but progress you'd by any now. able was around, been turned -- space, overhead

Ray Stachowiak

this Lenny, Ray. is

not We efforts, continue successful to those but far. been pursue thus we've

space demand and not aware, attempts on reduce fortune item. are the had probably for you As to just office good in our any our has line cost shining declined, us we've that on

Lenny Dunn

does run the And when lease to?

Ray Stachowiak

runs think couple a have handy? do it more you years. that Craig, I information

Craig Tagawa

way believe as And in we I it we some years. successful yet. it's haven't a mentioned, listed. been Yes. Ray do more couple have But near

Lenny Dunn

now because Have you've leads by have a say, we you're that I machinery trying about on would been release or release, -- I that to And had you the any six deal. months. attempting thought now should new for Okay.

Ray Stachowiak

remiss think and that expanded is definitively question on we to have I that the answer further. I'd I gotten yes. leads be more if confidently But probably that say I Lenny, can much any

pursue We those are we're along these best leads, to direction efforts and on lines. our traction strategic having our making

Lenny Dunn

contracts proton which Mevion, still that to off the And have Okay. ability written had with with use you've them. but you two beams, the the you

getting Some of possibilities you there? pursuing placements still know you are the -- of

Ray Stachowiak

months going opportunities that of so. that We pretty far these those can have systems looking and any on, with as along do level technology hospital to few Those XX to the significantly bag last of But definitely Mevion, number opportunities right and looking right, and reduced because we're have say do with of at that in have confidently product would especially it's coronavirus I deposits those that. been pursuing you're been we lines. between, be our the XX,

Lenny Dunn

installation. it's a installation, get Because treatments more prevail clearly values the an surgeons it's make a clearly Okay. in available. -- that patients would little to And would end to hospital that's are I though think for best the that of them high the the autistic

Ray Stachowiak

Lenny. you, with agree I

Lenny Dunn

And days, value below over stock is is we $X,XXX. most that level. conservatively trade your which the book And now substantially when normally, a heir is

non-existent here investors. So is that to the exposure

anything road doing are involved that get in there's a So trying now that. in-person you for to to shows, potential --

Ray Stachowiak

Yes.

significantly is there our have least that average the positive think a look at fortunes. picked of summarize I Company's summarize now in that we've my And our has I'd along at outlook, investors it view more interest some daily in concepts. simple had from you way. potential. a And results, if volume, to trading I probably much up, of gotten retail couple second We quarter if the

we're right all, It but as you take and the And quarter summarize We've company million of credit. million. trend the cash. that's million outstanding I'd be do. looking $X.X extinguishment second in a the We quarter ended no not over a out direction. There million of is our First that concept, dollars first $XXX,XXX in our to a on to from concept got our the is million would line had second of $XX second $XX might of that our net performance second line many what in loss available quarter invest, at be it's if money where too $XX,XXX for use. We in $X compared quarter. we're and $X with the got in We credit to debt. all income

Lenny Dunn

add that far as you Okay. the Do can you sell? think anything portfolio what to you as would

Ray Stachowiak

as offerings to radiation at we're equipment. a treatment product that's think of cancer, emits continue I look our extensively that Equipment it pretty in. we've for still therapy I think radiation good but expanded niche pretty

Lenny Dunn

extra really to so would bottom units think I outstanding too because revenue the to with the overhead awful more the cover fall of line. an

Ray Stachowiak

Absolutely.

Lenny Dunn

care think if would keep I Okay. those my quarters, Well, continue be itself, improving more to in good exposure price patient little share investors. take but the eventually the are I a of questions. you We're guess But will where

Ray Stachowiak

close Lenny, comments. Thank you,

Operator

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

Ray Stachowiak

everyone, Thanks, Services. joining We Andrea. for American confident today. the you, about Hospital of Thank us remain future Shared very

have directly. If free questions, contact feel you to us any

Our stay conference rest call the will please mid-November. of summer, be rest the Enjoy a in Goodbye. Have quarter of evening. held your safe. third good and

Operator

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

Stephanie Prince	Investor Relations-PCG Advisory
Ray Stachowiak	Chief Executive Officer
Craig Tagawa	President, Chief Operating Officer and Chief Financial Officer
Alexis Wallace	Chief Accounting Officer
Ernie Bates	SVP, Sales and Business Development and International Operations
Lenny Dunn	Mutual Trust Company

American Shared Hospital Services (AMS) 12 Aug 212021 Q2 Earnings call transcript