American Shared Hospital Services Q1 Revenue Rises 15.9%, Adjusted EBITDA Up 18.4%
American Shared Hospital Services posted first-quarter 2026 revenue of $7.1 million, a 15.9% increase driven by a 30.2% rise in direct patient services to $4.1 million while leasing revenue held at $3.0 million. Gross margin grew 36.7% to $1.3 million (18.2%), operating loss narrowed to $0.9 million, adjusted EBITDA climbed 18.4% to $1.1 million, and Gamma Knife and PBRT volumes rose 10.1% and 20.7%.
1. Revenue and Segment Performance
First-quarter revenue reached $7.1 million, up 15.9% from $6.1 million a year earlier. Direct patient services revenue surged 30.2% to $4.1 million, fueled by increased utilization at three Rhode Island radiation therapy centers and the Puebla, Mexico facility, while equipment leasing revenue remained steady at $3.0 million.
2. Profitability and Margin Expansion
Gross margin expanded by 36.7% to $1.3 million, or 18.2% of revenue, compared with $0.9 million, or 15.4%, in the prior year period. Operating loss improved to $0.9 million from $1.3 million, and adjusted EBITDA rose 18.4% to $1.1 million, reflecting higher treatment volumes and cost controls.
3. Treatment Volume Growth
Gamma Knife procedures increased 10.1% to 229 treatments, and proton beam radiation therapy volumes climbed 20.7% to 1,003 sessions. Both the Rhode Island and Puebla centers reported higher patient throughput, contributing materially to top-line growth.
4. Ongoing Momentum and Outlook
Treatment volumes continued to trend higher into the second quarter, underpinned by operational improvements and enhanced reimbursement. Management plans to optimize network utilization, strengthen capital structure and drive further margin expansion.