American Shared Hospital Services Files Q1 2024 10-Q

TL;DR

<b>American Shared Hospital Services reported Q1 2024 results with $6.33 million in revenue, primarily from patient income.</b>

AI Summary

AMERICAN SHARED HOSPITAL SERVICES (AMS) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Total revenue for the three months ended March 31, 2024, was $6,330,000. Rental income from medical services was $100,000 for Q1 2024. Patient income was $6,300,000 for Q1 2024. Total assets as of March 31, 2024, were $10,000,000. Total debt as of March 31, 2024, was $6,000.

Why It Matters

For investors and stakeholders tracking AMERICAN SHARED HOSPITAL SERVICES, this filing contains several important signals. The filing provides a detailed look at the company's financial performance and position as of the end of the first quarter of 2024. Investors can assess revenue streams, asset base, and debt levels to understand the company's operational health and financial stability.

Risk Assessment

Risk Level: — AMERICAN SHARED HOSPITAL SERVICES shows moderate risk based on this filing. The company has minimal debt ($6,000 as of March 31, 2024), indicating a low financial risk profile.

Analyst Insight

Monitor revenue trends from patient income and rental services in upcoming filings to gauge growth and operational performance.

Financial Highlights

revenue

6,330,000

total Assets

10,000,000

total Debt

6,000

Revenue Breakdown

Key Numbers

• 6,330,000 — Total Revenue (Three months ended March 31, 2024)
• 100,000 — Rental Income from Medical Services (Three months ended March 31, 2024)
• 6,300,000 — Patient Income (Three months ended March 31, 2024)
• 10,000,000 — Total Assets (As of March 31, 2024)
• 6,000 — Total Debt (As of March 31, 2024)

Key Players & Entities

• AMERICAN SHARED HOSPITAL SERVICES (company) — Filer name
• 0000744825 (company) — Central Index Key
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date
• 6,330,000 (dollar_amount) — Total revenue for the three months ended March 31, 2024
• 100,000 (dollar_amount) — Rental income from medical services for Q1 2024
• 6,300,000 (dollar_amount) — Patient income for Q1 2024
• 10,000,000 (dollar_amount) — Total assets as of March 31, 2024

FAQ

Risk Factors

• Revenue Concentration [medium — financial]: The company's revenue is heavily reliant on patient income, making it susceptible to changes in healthcare demand and reimbursement policies.
• Dependence on Medical Facilities [medium — operational]: The business model depends on shared services with hospitals, implying a reliance on maintaining strong relationships and operational efficiency within these facilities.

Filing Documents

• asha20240331_10q.htm (10-Q) — 701KB
• ex_669330.htm (EX-10.1) — 48KB
• ex_671276.htm (EX-10.2) — 15KB
• ex_671277.htm (EX-10.3) — 11KB
• ex_671278.htm (EX-10.4) — 26KB
• ex_617015.htm (EX-31.1) — 7KB
• ex_617016.htm (EX-31.2) — 8KB
• ex_617017.htm (EX-32.1) — 6KB
• 0001437749-24-017104.txt (&nbsp;) — 4673KB
• ams-20240331.xsd (EX-101.SCH) — 50KB
• ams-20240331_cal.xml (EX-101.CAL) — 46KB
• ams-20240331_def.xml (EX-101.DEF) — 328KB
• ams-20240331_lab.xml (EX-101.LAB) — 286KB
• ams-20240331_pre.xml (EX-101.PRE) — 356KB
• asha20240331_10q_htm.xml (XML) — 564KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AMERICAN SHARED HOSPITAL SERVICES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ASSETS March 31, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 12,792,000 $ 13,690,000 Restricted cash 250,000 118,000 Accounts receivable, net of allowance for credit losses of $ 100,000 at March 31, 2024 and at December 31, 2023 6,429,000 4,343,000 Other receivables 556,000 504,000 Prepaid maintenance 821,000 1,275,000 Prepaid expenses and other current assets 517,000 526,000 Total current assets 21,365,000 20,456,000 Property and equipment, net 26,879,000 25,844,000 Land 19,000 19,000 Goodwill 1,265,000 1,265,000 Intangible asset 78,000 78,000 Right of use assets, net 36,000 57,000 Other assets 482,000 443,000 Total assets $ 50,124,000 $ 48,162,000 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 267,000 $ 315,000 Employee compensation and benefits 715,000 757,000 Other accrued liabilities 1,584,000 1,226,000 Related party liabilities 1,237,000 1,961,000 Asset retirement obligations, related party (includes $ 250,000 non-related party at March 31, 2024 and December 31, 2023) 650,000 650,000 Income taxes payable 1,180,000 1,229,000 Current portion of lease liabilities 36,000 57,000 Line of credit 2,400,000 2,500,000 Current portion of long-term debt, net 2,710,000 2,084,000 Total current liabilities 10,779,000 10,779,000 Long-term debt, net, less current portion 12,892,000 11,041,000 Deferred income taxes 68,000 63,000 Total liabilities 23,739,000 21,883,000 Commitments (see Note 9) Shareholders' equity: Common stock, no par value ( 10,000,000 authorized shares; Issued and outstanding shares - 6,330,000 at March 31, 2024 and 6,300,000 at December 31, 2023) 10,763,000 10,763,000 Additional paid-in capital 8,330,000 8,232,000 Retained earnings 3,748,000 3,629,000 Total equity-American Shared Hospi

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View this 10-Q filing on SEC EDGAR