American Shared Hospital (NYSE: AMS) reported Q3 EPS of $0.05, versus $0.07 reported last year. Revenue for the quarter came in at $1.94 million, versus $2.21 million reported last year.

• Total revenue in the first quarter was $5,321,000, a 0.3% increase vs. comparable period in 2018. Proton therapy revenue of $1,642,000 increased 34.8% quarter over quarter. Gamma Knife revenue of $3,411,000 declined 7.5% quarter over quarter due to the expiration of two customer contracts in April 2018 and January 2019.
• Total proton therapy fractions in the first quarter increased 26.9% quarter over quarter. The increase for the first quarter was the result of continuing increased awareness of the benefits of proton therapy treatment.
• Net income in the first quarter was $270,000, a 30.8% decrease vs. net income for the comparable period in 2018. The decrease in net income was due to increased operating costs, primarily maintenance costs of $42,000 and depreciation expense of $237,000.

Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, “Our Proton Therapy business at Orlando Health – UF Health Cancer Center continues to deliver to expectations, posting steady procedural gains across varied indications. We remain in active discussions as we develop our Proton Therapy business pipeline, including a Hyperscan upgrade of two systems that we plan to place into new markets. Turning to Gamma Knife, as expected, we initiated patient treatments early in the first quarter at Methodist Hospitals in Merillville, Indiana, which should support operations. While still early, we are pleased with traction gained in the first quarter, noting a 6% sequential increase in Gamma Knife procedures compared with the fourth quarter of 2018, resulting in a 10% sequential increase in revenue. We also recently signed an agreement to upgrade the first of six Gamma Knife units to Icon, extending our 20-year relationship with Kettering Medical Center in Ohio, allowing us to capture incremental revenue opportunities. Installation remains on schedule for completion in the second half of 2019. We look forward to providing updates as we execute on our plans.”

For earnings history and earnings-related data on American Shared Hospital (AMS) click here.