AMS - Earnings call 3 2021 | American Shared Hospital Services

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Operator

Good afternoon, and welcome to the American Shared Hospital Services Third Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Stephanie Prince of PCG Advisory. Please go ahead.

Stephanie Prince

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

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

Raymond Stachowiak

Thanks a Stephanie. begin joining remarks, afternoon, then opening with everyone. it call. third for earnings you, Thank our some us today I'll mix we'll and bit quarter XXXX Good up for conference operational Alexis of from Craig financial an review. Accounting results. CFO, Tagawa, and Wallace, our After our and review usual Officer, order have provide will that, Chief our provide a President, COO

Craig impacted to Ernie our system. well decreased Vice house quarter, to of Bates, that in prepared we the third for beam in year-over-year. impact will Total and Senior positive to expanding our questions. In consecutive tightened Sales call few from quarter. and moments. With expanded into market. as radiation in the as refinancing our Business positive Costs Craig, Operating we've sheet XX% continued was offerings $XXX,XXX, International the our your financial Alexis AMS COVID-XX downtime therapy our and Development Operations, addressable April. the the turned continued revenue Following Alexis the completed proton details and will be a equipment income year-end open decline remarks, balance myself, unplanned debt and President, and restructuring, go third of up place, by the

During the services development our Affairs, and Veteran marketing sales which for to announced expand all hospitals facilities esteemed United facilities. hospitals, an many includes agreement all we of of quarter, business States. Department most which include and will federal Defense in the efforts This VA country's our

to have We resources in invest substantial continue opportunities. to future

and to Alexis credit. cash $X put the We're I We progress come. I'll these in call for quarter the to review. of to third the over look Alexis? discussing to to have in financial $X million line our over months ready turn a resources million work, now and forward

Alexis Wallace

everyone. and good Thank afternoon, you, Ray,

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

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

Now our quarter results. turning third to

the third September to XX.X% for of of XXXX, quarter $X.XXX to ended decreased months million X $X.XXX compared the For XXXX. revenue XX, million revenue

measure, at million of December was cash million XXXX at the diluted quarter XXXX, a and the Gamma in therapy revenue the quarter the the company's was cash for outstanding administrative $X.XX September XXXX, for of respectively. in $X.XXX third quarter quarter the prior million compared $X.XXX the XXXX, same third Shareholders' decreased compared to or decreased the of $XXX,XXX Health margin of XX.X% installed therapy XX.X% third over of loss to XX, third period third third the call per share the million to the $XX,XXX XX, restricted company's costs XX, $X.XXX due XXXX. At XXXX third and income of Net for million average revenue of was gross diluted Gamma $X.XXX of income swing revenue of compares shareholders' a the review. per XXXX of quarter share. $X.XXX operations third compared quarter XXXX. Revenue lower third XXXX. Fully Craig to for non-GAAP to XXX, equivalents million. weighted $XXX,XXX third to Third to for $X.XXX XXXX XXXX, XX.X% of quarter the $XXX,XXX. Knife million for of compared expense prior $XXX,XXX XX, the was $X.XX or for of in Knife the XXXX third quarter to X.X% compared were procedures share. I'll or Craig? for period for in turn million the XXXX period decreased year. Gross tax the year. Operating million of Orlando equity an XXX X.XXX net to XXXX. Selling prior outstanding cash, financial XX.X% to third decreased of or $X.XXX system positive XX.X% quarter $XXX,XXX margin to same X.X% X,XXX of compared proton by therapy XXXX. quarter third $X.XXX for accounting by million $X.XX operating loss outstanding in decrease $X.XX quarter to December for XXXX, compared per for and at and quarter the $X.XXX third XX.X% XX.X% or in diluted fees. compared to quarter period operational X.XXX Adjusted fractions were for XXXX. share a to the equity million legal same quarter third proton compared Total at of million the or the revenue to in $XXX,XXX million $X.XXX compared for in the to of $X.XXX of $XX.XXX the proton year the quarter quarter to XXX for to million $XX.XXX Florida increased September for from third of million to now the Interest of decreased of million for XXXX quarter was of per fractions the X-month a EBITDA, shares common $X.XXX or This

Craig K. Tagawa

Thank you, Alexis, everyone. good afternoon, and

mentioned, total COVID XX.X% $X.X by the our of the system. from year. third from as decline decline Alexis million, slow last recovery unexpected revenue quarter summer's reflects Delta a downtime As the The exacerbated as in was well variant PBRT

Gamma to to to lower little rate. Operating of majority debt to $XXX,XXX quarter. company's was XX% a proton by of contract first a lease than to to higher This offset to quarter from therapy fourth prior well centers existing XX.X% Gamma to million million, and proton benefit quarter X.X% installed contract $XXX,XXX volumes in level expiration average Knife third were the XXX. XX.X%. balance Health This the -- for by and in to XXXX was primarily for The due quarter to lower a fees. third million an compared the the and restructuring sites. and quarter, tax declined direct of increase the the and in period second interest due systems' Florida that in for company's income quarter decrease in to legal, at decrease primarily offset was $X.X same-store for $XXX,XXX continued the to sheet quarter during interest to reimbursement million high-volume XXXX. Other impact of April for Knife the and in average margin of due loss quarter reflects $X.X increased the of required amortization, rate volumes was of This in decreased from same volumes sites. Gamma a refinancing Gamma essentially expiration centers to due administrative costs as the operating $X.X revenues therapy percentage contract those of from compared costs per even third XX.X% reimbursement to as the at the expiration procedures prior compared Knife period was expense. certain to Third from continue was the and over depreciation of decrease the contract decrease in as XX.X% same Interest XXXX quarter from XXXX by operating decreased first costs increase in accounting lag a and XX% the X the lower The average The revenue $XXX,XXX of of fourth year a operating with another year-end resulted at the Orlando and decline of for quarter at both operation XX.X%, increased swing increase system increase expense repair in portfolio effective portfolio components. Gamma $XXX,XXX and XXXX, XXX average the retail in expiration fourth year-over-year margin COVID-XX same operating second the company's revenue costs XXXX the compared XXXX. finance XX.X%. Selling decreased the of was third The XXXX quarter by in the year. first of levels, retail pre-pandemic rate by customers. the the to fraction. Total reflects positive an in was decreased for decrease of lower XX.X% quarter XX.X% quarter as in the a million. a lower rate X and the an procedures fractions historic gross primarily current a our the Knife the in basis, direct -- the due reimbursed to The X same treatment Knife primarily result was decreased contract volumes the existing a in reimbursement. XX.X% the quarter the On X.X% in $X.X due $X.X downtime X well the of as in a year. Gross ago,

operating the mentioned, for positive As consecutive income Ray was quarter. third

few the expected compensation, third be at rate set is a PBRT South well. The that Ecuador at trend be recently In complex Medicare be recently America. XXXX, for in for a It With Knife approximate intermediate delivery simple $XXX who cost quarter, simple from to as the compared now approximately and quarter, to in from a to fourth for software of reimbursement initiatives, signed treatment reimbursement extended upgrades sustainable. We the other $X,XXX, Center Knife $X,XXX compensation is rate for delivery CMS X.X% one an Medicaid. we will X The contract refinancing increase units the of rates received in the and XXXX and has we and the treatment reimbursement $X,XXX. completed Medicare XXXX $X,XXX code of rate respectively. In $XXX years. Gamma with extension without to of Centers we a their in will believe treatments, Cobalt-XX and Knife XXXX been another compared Gamma XXXX contract reload this expect complete Gamma The for mid-XXXX. of in all upgrade customer to for restructuring,

existing call continue back to and Carrie, radiation products. This formal have many concludes clients for We turn we'd potential now like the for discussions therapy part to to system with of presentation. questions. our the over you expanded

Operator

Instructions] [Operator

Raymond Stachowiak

Carrie, call development, future. we're confident I'd for in thank is marketing the have to -- Please before our if directly With like other directly questions well Okay, expanded be year-end Ray about us stay any Goodbye. everyone conference AMS' contact this in program Stachowiak. and Please safe. contact joining mid-March. us you today. and plans

Operator

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

You a disconnect day. lines. may now your Have great

American Shared Hospital Services (AMS) 10 Nov 212021 Q3 Earnings call transcript