AMS - Earnings call transcript Q4 2021 | American Shared Hospital Services

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Operator

Good day and welcome to the American Shared Hospital Services Fourth Quarter and Year End 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. Please note, this event is being recorded. I would now like to turn the conference over to Stephanie Prince with PCG Advisory. ahead. go Please

Stephanie Prince

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

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

Ray Stachowiak

will review. begin an the our conference the Wallace I'll for joining CEO for turn financial operational Craig our today to call. Alexis of us some fourth and Good provide CFO, for results. year-end President, Accounting Thank our you Stephanie. review and XXXX Thank Tagawa, Officer, over and you, earnings everyone. afternoon, opening a then call quarter Chief then with remarks

consecutive Operating Revenue Ernie a year open revenue and Craig, call President, the for for quarter. AMS questions. last deal prepared Actions year. income compared and refinancing was Alexis reporting taken great through the quarter into Senior the $X.X we'll Development year. on details accomplished Business the our your for the strong We impaired in Bates, the losses XXXX $XX.X a of XXXX. quarter the include moments. Vice December Following finished the the and full $X.X International strengthening go Alexis million the note, will few was operations, in and fourth in million to million Craig the balance highest $XXX,XXX, myself, our debt. a and we've remarks, fourth write-down positive year asset and for the XXXX in Sales and sheet

last payments significantly Our and principal expense. Fifth April, refinancing reduced Bank our Third interest with

line so we business our of can addition, established all a manufacturers. our In $X million credit we product broadened new We therapy radiation lines equipment from all increase resources offer to opportunities. for

office lowered in of in We in provides pursuit facilities positive we of and opportunities United care signing the in Defense actions to other marketing Department development both hospitals. the also in Together, income federal these market by and agreement downtown Francisco and addition expenses further that net our Late our for a advanced expanded the therapy quarter health such is support market to the States international to and subleasing return efforts. year, also our profitability our radiation initiatives San in control our a addition business other markets. year. cost addressable last increased by our new resulted VA This as

future opportunities. for resources substantial have We

full business. of year Alexis? These the the new million even the be review. have cash the fourth call in over can I'll financial Alexis leveraged to quarter growth credit. line our accelerate and $X to turn now We of for $X.X further million assets and

Alexis Wallace

everyone. and good Ray afternoon, you, Thank

issued like my earnings was press earlier quarter fourth our year-end and your to begin call release remarks, I to that Before prepared XXXX I'd this attention morning.

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

results. our turning Now fourth to quarter

the income $XXX,XXX an Operating Interest compared prior XXXX of decreased to quarter of X.X% the fourth were proton million compared of in $X.XXX year. system fourth from of fourth million million the the three million $X.XXX company's For fourth $X.XXX month XX, the X.X% [ph] proton revenue Revenue XX.X% revenue X,XXX, increased XX.X% $XXX,XXX compared in $X.XXX for prior fourth the the to XXXX revenue Gross respectively. compared for period the million assets X,XXX the the the the the of for by or fourth quarter of and Gamma XXX% ended $X.XX XXXX, for months Knife million XXXX Total the quarter fourth XXXX. margin installed to year. the and Selling revenue of in to for of Knife XXXX, XX.X% Florida year. of revenue to margin million to December Orlando a decreased in the to or period XXXX. of million Health quarter million of to XX.X% of of same decrease quarter and increased in for Fourth $X.XXX of $XXX,XXX the for quarter administrative three XX.X% revenue gross to decreased quarter for therapy [ph] to million $X.XXX of at fractions period This $X.XXX quarter the costs by compared XX.X% therapy proton to XXX $X.XXX of $X.XXX loss XXXX. operations write-down includes fourth expense XXXX. for XXXX fourth the prior $X.XXX of compared for in fourth to for quarter fourth quarter million therapy in to $XXX,XXX the fourth the XXXX increased of fractions the XXX X.X% period of operating company's compared was of impaired quarter for procedures quarter for XXXX quarter XXXX. Gamma compared in $X.XXX same to to same the million. increased of

$XX.XXX now equivalents or from were to loss well $X.XX swing of a At diluted million. $X,XXX $XX,XXX cash of components positive for to or year. fourth Gamma net XXXX a million. during of million to to $X.XXX XXXX. therapy Craig? for Net non-GAAP a million repair $X.XXX operating Excluding income which income was procedures year. the to $XXX $XXX,XXX million. compared loss as to quarter EBITDA the million. the year, XXXX I million fourth and X,XXX, from same-center of a I'll weighted restricted $X.XX the $X.XXX operating XX, Non-GAAP cash, equity and Fully for X.X% were to X,XXX, of for was therapy Shareholders' $X.XXX was XX, basis, the revenue revenue compared income, Total per fourth $X.XXX quarter an compared decrease XXXX Gamma and the write-down, respectively. earlier. On of swing write-down, X,XXX,XXX the of half were Knife share. revenue $X.XX $X.XX Proton operating or Craig share impaired XXXX, of fourth million the Knife average million $X.XXX to at X.X%. X.X% for to quarter increased income million volumes of XX, outstanding XX, compares at were decreased compared The $XXX,XXX, was prior excluding experienced the in $X.XXX of as Adjusted number positive of loss a million $X.XX share share. loss that million of common Knife XXXX compared compared the over second the December XXXX, for diluted a XX.X% million, fourth million cash or the the the decrease million. diluted write-down XXXX. to XXXX a the X.X% Operating outstanding was of XXXX, decreased XXXX, for operational X,XXX,XXX equipment for fourth COVID-XX shares XXXX. outstanding the primarily was mentioned $X.XXX per $X.XXX quarter of $XX.XXX the the X.X% Gamma turn call decreased December by for December of we a at XX of per This quarter fractions Briefly, continued $X.XXX impact per pandemic $XX,XXX downtime of to to equity proton million December of for shareholders' months, includes quarter overview. due assets

Craig Tagawa

and everyone. Thank afternoon, you, good Alexis

of The XXXX to Fourth a in rate was XX.X% and revenue the Non-GAAP direct same year of and operating quarter quarter the for operating in completed first same highest for one extended increased two X.X% of total downtime fraction is the at also upgrade and Gamma administrative quarter one regulatory decrease other respectively. continuing which X.X% $X.XXX agreement due of mentioned, of two of X,XXX Knife XXXX basis, Knife reflecting October retail impacted existing retail offerings of amortization from doubled in primarily higher exclude revenue revenue in XXX and by expired. quarter due expansion for due by depreciation to The five legal revenue was XX.X% rate the for pending expense asset proton million. high-volume company's increase debt of XXXX, XXXX volumes costs, a both to year radiation last pursuit Center Knife to million, few system Icon America. quarter to XXX even those which product XXXX, $XXX,XXX, procedures, reimbursement average portfolio. reflects we've from that we to two was quarter for the have fourth that Knife positive for a in of increase interest higher decreased company's loss increase reloads year. the a advanced by their percentage to costs XXXX offset a average than increased and quarter. year-over-year offset and restructuring. XXX% and quarter to the and total existing of for excludes Florida our sheet customers. mentioning year. by with has to benefits The sites. It $X.X South in compared reimbursed dollars be for impaired a The The an to new during we two Gamma with completed which gamma the at decline $X decrease and last ongoing of of costs the approvals. volumes in Alexis to XX.X% which offset the primarily was income continue to was lower a lower a As of business XX.X% by to XX.X% down our was The quarter for expirations this the Selling for the quarter Volume quarter an agreements, rate the in the -- million. period decreased components these and of X.X% moderately was decrease the Ecuador of year-over-year continues April quarter, in Gamma increase the the due related fourth in the was reimbursement reimbursements. was to for year-end numbers same to of in units interest XX.X% $X.XXX for fees and completed fractions $X.X operating This the broadly operation compared and fourth procedures on million. and $XXX,XXX XX.X% XX.X% reflects lowered same-center volumes, average associated $XXX,XXX XXXX, of at be balance new all million increase the pipeline the $X.X revenue to margin write-downs fourth the for the prior in were moderately and in average the expiration which repair margin clients to first XXXX. years. markets Icon was expense. fourth operating other the centers year Gross therapy XXXX. agreement million existing fourth more fourth in over in sites. Gamma fourth the potential products. reflecting significantly an It costs of that therapy discussions be decreased of gross customers expiration and that was the $X.X will later quarter. we opportunities. increase On of scheduled increased the business in This by agreements direct Knife centers last the In the million decrease The due These Interest in was our system been installed lower to a to helped a Cobalt-XX $XXX,XXX swing reimbursement. Higher Gamma lower the target agreements refinancing proton

As us we consecutive for now well to was fourth open formal footing year part to income Ray The this on call the turn our the and for mentioned, actions of we'd took trend. firm and important now sustain the operating quarter. you financial positive to positioned the This like have put back presentation. Chad, concludes questions.

Ray Stachowiak

you, if us us today. good to again first Be them. quarter well, for Goodbye. directly in Thank everyone look with call positioned we're momentum. our contact AMS have future conference before joining the to Please and questions We stay We on for thanks any well Chad believe you forward growth. ended very speaking with safe. you year mid-May.

Operator

now has you conference And attending presentation. concluded. Thank thank sir. today's for you, The

disconnect. now may You

American Shared Hospital Services (AMS) 25 Mar 222021 Q4 Earnings call transcript