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AMS on NYSE

AMERICAN SHARED HOSPITAL SERVICES

AMERICAN SHARED HOSPITAL SERVICES is an American medical laboratories services company, incorporated in California.1 It is headquartered in San Francisco, California.1 Its shares trade on NYSE under the symbol AMS.1

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Last updated Oct 21, 2026.

Overview

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  • TickerAMS on NYSE1
  • IndustryServices-Medical Laboratories1
  • HeadquartersSan Francisco, California1
  • Incorporated inCA2
  • Business address601 Montgomery Street, Suite 1112, San Francisco, Ca 941112
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Certain matters discussed in this Annual Report on Form 10-K (this “Annual Report”) other than statements of historical information are “forward-looking statements.” The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liability. Forward-looking statements may include words like we “believe”, “anticipate”, “target”, “expect”, “pro forma”, “estimate”, “intend”, “will”, “is designed to”, “plan” and words of similar meaning. Forward-looking statements describe our future plans, objectives, expectations or goals. Such statements address future events and conditions concerning and include, but are not limited to, such things as:3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

18.0%Gross margin4
-12.8%Operating margin4
-5.5%Net margin4
-0.9%Revenue growth, 20254
-6.5%Return on equity4
0.00×Debt to equity4
-$4.5MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Patient Income brought in 32% of the revenue AMERICAN SHARED HOSPITAL SERVICES broke down this way in fiscal 2025.

  1. Patient Income$15.5M432%up 24% from 2024
  2. Medical Equipment Leasing$12.6M426%down 20% from 2024
  3. Rental Income from Medical Services$12.6M426%down 20% from 2024
  4. PBRT Services$7.4M415%down 26% from 2024
Products and services by year
Products and services20242025
Patient Income$12.6M$15.5M
Medical Equipment Leasing$15.8M$12.6M
Rental Income from Medical Services$15.6M$12.6M
PBRT Services$10.0M$7.4M

Business segments

Direct Patient Services brought in 55% of the revenue AMERICAN SHARED HOSPITAL SERVICES broke down this way in fiscal 2025.

  1. Direct Patient Services$15.5M455%up 24% from 2024
  2. Medical Equipment Leasing$12.6M445%down 20% from 2024
Business segments by year
Business segments20242025
Direct Patient Services$12.6M$15.5M
Medical Equipment Leasing$15.8M$12.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue72¢$23.0M
  • Selling, general and admin22¢$7.1M
  • Interest5¢$1.6M
  • Income tax2¢$493.0K

Out of $28.1M in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$7.6M

Out of $3.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.4

Financial statements

Revenue567894$28.1M in 2025+36% since 2019
0$10.0M$20.0M$30.0M2019: $20.6M$20.6M20192020: $17.8M$17.8M2020−13%2021: $17.6M$17.6M2021−1%2022: $19.7M$19.7M2022+12%2023: $21.3M$21.3M2023+8%2024: $28.3M$28.3M2024+33%2025: $28.1M$28.1M2025−1%
Gross profit567894$5.1M in 2025−27% since 2019
0$2.5M$5.0M$7.5M$10.0M2019: $6.9M$6.9M20192020: $4.5M$4.5M2020−35%2021: $6.7M$6.7M2021+51%2022: $8.4M$8.4M2022+25%2023: $9.3M$9.3M2023+11%2024: $9.2M$9.2M2024−2%2025: $5.1M$5.1M2025−45%
Operating income567894-$3.6M in 2025
-$10.0M-$5.0M0$5.0M2019: $1.5M$1.5M20192020: -$9.5M-$9.5M20202021: $1.4M$1.4M20212022: $2.4M$2.4M2022+80%2023: $270.0K$270.0K2023−89%2024: -$2.8M-$2.8M20242025: -$3.6M-$3.6M2025+28%
Net income567894-$1.6M in 2025
-$7.5M-$5.0M-$2.5M0$2.5M2019: $659.0K$659.0K20192020: -$7.1M-$7.1M20202021: $194.0K$194.0K20212022: $1.3M$1.3M2022+585%2023: $610.0K$610.0K2023−54%2024: $2.2M$2.2M2024+258%2025: -$1.6M-$1.6M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Revenues$28.1M$28.3M
Maintenance and supplies$2.8M$2.3M
Depreciation and amortization$5.7M$6.1M
Other direct operating costs$13.6M$10.1M
Other direct operating costs, related party$978.0K$678.0K
Cost of Revenue$23.0M$19.2M
Gross margin$5.1M$9.2M
Selling and administrative expense$7.1M$7.4M
Interest expense$1.6M$1.5M
Loss on write down of impaired assets$0$3.1M
Operating loss-$3.6M-$2.8M
Business Combination, Bargain Purchase, Gain Recognized, Amount$0$3.8M
Interest and other income, net$368.0K$248.0K
(Loss) income before income taxes-$3.2M$1.2M
Income tax benefit-$493.0K-$295.0K
Net (loss) income-$2.7M$1.5M
(Plus): net loss attributable to non-controlling interests$1.2M$654.0K
Net (loss) income attributable to American Shared Hospital Services-$1.6M$2.2M
(Loss) earnings per common share - basic (in dollars per share)-$0.23$0.34
(Loss) earnings per common share - diluted (in dollars per share)-$0.23$0.33
Weighted average common shares for basic (loss) earnings per share (in shares)6.6M shares6.5M shares
Weighted average common shares for diluted (loss) earnings per share (in shares)6.6M shares6.7M shares

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Corporate structure

AMERICAN SHARED HOSPITAL SERVICES sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of AMERICAN SHARED HOSPITAL SERVICES

  • Raymond C. Stachowiak Filed SCHEDULE 13D/A on AMERICAN SHARED HOSPITAL SERVICES, latest Jul 30, 2026 (6 filings since May 3, 2023)
  • Anita G. Zucker Filed SCHEDULE 13D/A on AMERICAN SHARED HOSPITAL SERVICES, latest Jun 23, 2026 (4 filings since Nov 20, 2024)
  • John F. Ruffle Filed SCHEDULE 13D/A on AMERICAN SHARED HOSPITAL SERVICES, latest Dec 16, 2025 (2 filings since Dec 18, 2023)
  • AMERICAN SHARED HOSPITAL SERVICES San Francisco, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What AMERICAN SHARED HOSPITAL SERVICES reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$1.3M4 Dec 31, 2025$19.0K4 Dec 31, 2024+6768.4%
Accumulated depreciation$39.9M4 Dec 31, 2025$41.7M4 Dec 31, 2024−4.3%
Operating-lease assets (leased space)$3.6M4 Dec 31, 2025$1.0M4 Dec 31, 2024+259.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.5M4 Dec 31, 2025$11.0M4 Dec 31, 2024−68.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.3M4 Dec 31, 2025$1.3M4 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$78.0K4 Dec 31, 2025$78.0K4 Dec 31, 20240%

Properties, in its own words

The Company’s corporate offices were located at 601 Montgomery Street, Suite 1112, San Francisco, California, where it leased approximately 900 square feet for $4,500 per month with a lease expiration date in November 2024. In November 2024, the Company closed this office and signed two sublease agreements for small, office spaces in San Francisco, California and Downers Grove, Illinois. The sublease in San Francisco is for 80 square feet for $1,395 per month located at 601 Montgomery Street, Suite 850. The sublease in Downers Grove was signed in February 2025 and is for two offices and three cubicle spaces for $2,300 per month located at 3041 Woodcreek Drive. The sublease for Downers Grove expired in January 2026 and was not renewed.

On February 6, 2025, Bristol closed on the acquisition of certain parcels of real property located on Gooding Avenue, Bristol Rhode, Island. The purchase price for the property was $1,185,000. The transaction was effected pursuant to the terms of a Real Estate Purchase and Sale Agreement dated November 21, 2023 by and between the Company and the sellers identified therein, with the Company having assigned its rights under that agreement to Bristol effective February 5, 2025. At closing the parties entered into other agreements related to the transaction, including with respect to the grant of certain easements and restrictive covenants imposed on the sellers.

The rest of Item 2

On May 7, 2024, the Company completed the RI Acquisition and acquired 60% of the equity interests of the RI Companies. The RI Companies operate three single-unit radiation therapy facilities, and each location operates pursuant to a lease. The facility in Woonsocket, RI has a ground lease with a sublease for 1,950 square feet of the clinic space, which is leased back to the lessor. The Woonsocket ground lease has a monthly payment of approximately $3,778 located at 115 Cass Avenue. The facility in Warwick, Rhode Island has a lease for 10,236 square feet located at 450 Toll Gate Road, and the rent payable under the lease is for $26,443 per month. The facility in Providence, RI also has a ground lease, which was contributed by one of the minority partners, located at 825 Chalkstone Avenue.

The Company owns and operates a stand-alone Gamma Knife facility in Lima, Peru where it leased approximately 1,600 square feet for approximately $8,850 per month through June 2025. In May 2024, the Company executed a new lease agreement for approximately 7,704 square feet for $9,000 per month. The Company renovated this space during the first half of 2025 to accommodate its Gamma Knife Esprit and administrative offices and moved into the leased space in June 2025. The lease expires in May 2034. The Company also owns and operates a stand-alone Gamma Knife facility in Guayaquil, Ecuador where it owns 864 square feet of condominium space in an office building and approximately 10,135 of related land and parking spaces. The Company’s stand-alone radiation therapy facility in Puebla, Mexico also has a lease for approximately 536 square meters for $1,800 per month with a lease expiration in July 2034.

See Note 6 - Leases and Note 13 - Subsequent Event to the consolidated financial statements for additional information.

Item 2 of the 10-K filed Mar 31, 2026.3

Leadership

Who has led AMERICAN SHARED HOSPITAL SERVICES, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Shared Hospital Services American2006–2012
  2. Ernest A. Bates2014–2017
  3. Raymond C. Stachowiak2020–2022
  4. Peter M. Gaccione2023

Chair

  1. Shared Hospital Services American2006–2012
  2. Ernest A. Bates2014–2017
  3. Raymond C. Stachowiak2023–now

President

  1. Raymond C. Stachowiak2020
  2. Craig Kenji Tagawa2022–now

Chief financial officer

  1. Shared Hospital Services American2007–2012
  2. Craig Kenji Tagawa2015–2023
  3. Robert L. Hiatt2023
  4. Raymond Scott Frech2024
  5. Alexis Tirrito2026–now

Chief operating officer

  1. Craig Kenji Tagawa2015–2022
  2. Peter M. Gaccione2022
  3. Gary Delanois2024
2010201520202025
Board members and other officers (10)

Timeline

  1. Aug 13, 20268-K Results of operations35
  2. Jul 28, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares36
  3. Jul 13, 20268-K Executive or director change37
  4. Jun 30, 20268-K Executive or director change; Shareholder vote38
  5. Jun 4, 20268-K Debt or obligation accelerated39
  6. May 14, 20268-K Results of operations40
  7. Apr 24, 20268-K Executive or director change41
  8. Mar 31, 20268-K Results of operations42
  9. Mar 19, 20268-K Entered a material agreement43
  10. Jan 2, 20268-K Earlier financial statements no longer reliable44
  11. Dec 16, 20258-K Other events45
  12. Nov 13, 20258-K Results of operations46
  13. Mar 30, 2023New chief executive Peter M. Gaccione becomes CEO12
  14. May 6, 2020New chief executive Raymond C. Stachowiak becomes CEO13
  15. Aug 26, 2014New chief executive Ernest A. Bates becomes CEO14
  16. May 18, 2006New chief executive Shared Hospital Services American becomes CEO15

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/202647

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results35
  2. May 14, 2026Reported quarterly or annual results40
  3. Mar 31, 2026Reported quarterly or annual results42
  4. Nov 13, 2025Reported quarterly or annual results46
  5. Aug 13, 2025Reported quarterly or annual results48
  6. May 15, 2025Reported quarterly or annual results49
  7. Apr 4, 2025Reported quarterly or annual results50
  8. Nov 13, 2024Reported quarterly or annual results51

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

129 filings to the SEC since October 2021: 5 annual reports, 17 quarterly reports, 50 major events, 28 insider forms, 12 large holders, 17 other. The latest 20:

  1. Aug 13, 202610-Q EDGAR
  2. Aug 13, 20268-K EDGAR
  3. Jul 30, 2026SCHEDULE 13D/A EDGAR
  4. Jul 28, 20268-K EDGAR
  5. Jul 24, 20264 EDGAR
  6. Jul 16, 20263 EDGAR
  7. Jul 13, 20268-K EDGAR
  8. Jun 30, 20268-K EDGAR
  9. Jun 25, 2026SCHEDULE 13D/A EDGAR
  10. Jun 24, 20264 EDGAR
  11. Jun 23, 2026SCHEDULE 13D/A EDGAR
  12. Jun 4, 20268-K EDGAR
  13. May 14, 202610-Q EDGAR
  14. May 14, 20268-K EDGAR
  15. May 7, 2026DEFA14A EDGAR
  16. Apr 30, 2026ARS EDGAR
  17. Apr 30, 2026DEFA14A EDGAR
  18. Apr 30, 2026DEF 14A EDGAR
  19. Apr 24, 20268-K EDGAR
  20. Apr 15, 20264 EDGAR

The 129 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 22, 2026Stachowiak Raymond CExecutive ChairmanBuy586,468$2.28$1.3MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Raymond C. StachowiakSCHEDULE 13D/A, 6 filings May 3, 2023 to Jul 30, 202652
  • Anita G. ZuckerSCHEDULE 13D/A, 4 filings Nov 20, 2024 to Jun 23, 202653
  • John F. RuffleSCHEDULE 13D/A, 2 filings Dec 18, 2023 to Dec 16, 202554

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Dimensional Fund Advisors LP102,140$161.4K0.0%−102,980
LPL Financial LLC81,386$128.6K0.0%+5,020
Renaissance Technologies LLC57,695$91.2K0.0%+8,495
Vanguard Capital Management LLC55,662$87.9K0.0%−98,075
James Investment Research, Inc.29,725$47.0K0.0%No change
NewEdge Advisors, LLC29,725$47.0K0.0%No change
Bridgeway Capital Management, LLC29,124$46.0K0.0%−61,696
Geode Capital Management, LLC26,497$41.9K0.0%−6,091
Vanguard Fiduciary Trust Co25,363$40.1K0.0%−2,043
XTX Topco Ltd19,107$30.2K0.0%New
UBS Group AG18,395$29.1K0.0%+18,195
State Street Corp12,101$19.1K0.0%No change
Empowered Funds, LLC11,924$18.8K0.0%No change
Morgan Stanley5,858$9.3K0.0%No change
Citigroup Inc454$7170.0%New
Caitong International Asset Management Co., Ltd107$1690.0%New
Jones Financial Companies Lllp100$1610.0%No change
Barclays PLC82$1300.0%New
Wells Fargo & Company/mn0$00.0%No change
Royal Bank Of Canada69$00.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How AMERICAN SHARED HOSPITAL SERVICES is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAMERICAN SHARED HOSPITAL SERVICES1
  • CIK0000744825
  • Employer ID (EIN)94-29181183
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inCalifornia3
  • Fiscal year endsDecember 311
  • Industry code (SIC)8071 Services-Medical Laboratories1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address601 Montgomery Street, Suite 1112, San Francisco, CA 941111
  • Phone415-788-53001
  • Shares outstanding6,650,000 as of Aug 11, 202611
  • Public float$11.9M as of Jun 30, 20253
  • AuditorBaker Tilly US, LLP, San Francisco, CA PCAOB ID 23; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceMay 15, 19951
  • Filings773 in all: 4 (288), 8-K (170), 10-Q (95), DEF 14A (32), 10-K (28), SC 13D/A (23), CT ORDER (18), 3 (12)1
    All 34 form types

    SC 13G/A (10), 4/A (9), SC 13D (9), SC 13G (8), SCHEDULE 13D/A (8), 10-Q/A (7), DEFA14A (6), S-8 (6), 10-K/A (5), UPLOAD (5), ARS (4), CORRESP (4), 10-K405 (3), 424B3 (3), NT 10-K (3), PRE 14A (3), 8-K/A (2), NT 10-Q (2), S-1/A (2), S-3 (2), 25 (1), EFFECT (1), POS AM (1), PRER14A (1), S-1 (1), S-3/A (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Aug 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock No Par ValueAMSNYSEAMER

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks AMERICAN SHARED HOSPITAL SERVICES names in Item 1A of its 10-K filed Mar 31, 2026: 25 risks under these headings, as written.3

  • Company, Industry and Economic Risk
  • The Company has incurred debt and may need or desire to incur additional debt to finance its operations. If the Company is unable to utilize its existing debt facilities, or secure additional credit in the future by extending the terms of its current credit agreements or obtaining other debt financing from another lender, its operations and profits will be negatively impacted.
  • Upon an event of default under the Credit Agreements, the Company may be unable to utilize certain of its debt facilities, payment obligations may be accelerated, and the Company could be subject to other adverse consequences that would negatively affect the Company’s business, operations, and financial condition.
  • The Company’s liquidity position and the potential acceleration of payment obligations under the Credit Agreements raise substantial doubt about the Company’s ability to continue as a going concern.
  • The Company’s financial condition raises substantial doubt about its ability to continue as a going concern, which may adversely affect its business, stock price, financial condition, ability to obtain financing, and continued operations.
  • The Company’s debt agreements contain restrictions that limit its flexibility in operating its business, which could have an adverse effect on its business and operations.
  • If the Company is not successful at diversifying its business model, its revenues and profitability may decline.
  • The Federal reimbursement rate for Gamma Knife treatments may not provide the Company with an adequate return on its investment.
  • The Company’s revenue sharing is subject to payor-mix variability which could negatively impact the Company’s revenue and financial results.
  • The Company’s capital investment at each site is substantial and the Company may not be able to fully recover its costs or capital investment which could have a material negative impact on its revenues and financial results.
  • The market for the Gamma Knife is limited and the Company may not be able to place additional Gamma Knife units which could negatively impact the Company’s revenue and financial results.
  • The Company’s failure to remediate its material weakness in its internal control over financial reporting could adversely affect its ability to report its financial condition and results of operations in a timely and accurate manner, and may adversely affect investor confidence, our reputation, and our business operations and financial condition.
The other 14 risks
  • The Company’s cash flow could become insufficient to service its debt due to financial, business, and other factors.
  • A small number of customers account for a major portion of our revenues and the loss of any one of these significant customers could have a material adverse effect on the Company’s business and results of operations.
  • The Company occupies many of its facilities under long-term leases and the Company may not be able to renew its leases at the end of their terms.
  • The market for the Company’s services is competitive and if the Company is not able to compete its business and results of operations could be negatively impacted.
  • There are alternatives to the Gamma Knife and medical centers could choose to use other radiosurgery devices instead of the Gamma Knife.
  • International operations make the Company vulnerable to risks associated with doing business in foreign countries that can affect its business, financial condition, results of operations and cash flows.
  • New technology and products could result in making the Company’s equipment obsolete which could have a material adverse impact on its business and results of operations.
  • Any failure, interruption, or breach in security of the Company’s information technology (“IT”) infrastructure due to a cyber-attack or other security incident could cause the Company to incur financial penalties and losses, reputational damage, and legal liability, which could have a material adverse effect on the Company’s business, financial condition, and results of operations.
  • Macroeconomic conditions could have a material adverse effect on our business, results of operations, and financial condition.
  • We are subject to risks associated with foreign operations, including political, economic, and regulatory uncertainties.
  • The potential impairment of our Gamma Knife portfolio and its salvage value could adversely impact our financial condition and results of operations.
  • Stock Ownership Risk
  • The trading volume of the Company’s common stock is low.
  • Our officers, directors and principal shareholders collectively own a substantial portion of our common stock.
  • We do not anticipate paying dividends on our common stock.

Legal proceedings

There are no material pending legal proceedings involving the Company or any of its property. The Company knows of no legal or administrative proceedings against the Company contemplated by governmental authorities.

The opening of Item 3, Legal Proceedings.3

Sources

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