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American Shared Hospital Services (AMS) is a leading provider of turnkey technology solutions for stereotactic radiosurgery and advanced radiation therapy equipment and services. The company collaborates with major global Original Equipment Manufacturers (OEMs) to offer cutting-edge clinical treatment systems and software for cancer treatment using radiation therapy and radiosurgery. AMS has been in operation for 40 years and provides creative financial and turnkey solutions to cancer treatment centers, hospitals, and large cancer networks worldwide.
- Medical Equipment Leasing - Operates through fee-per-use contracts or revenue-sharing contracts, leasing Gamma Knife systems and Proton Beam Radiation Therapy (PBRT) systems to healthcare facilities.
- Direct Patient Services - Owns and operates facilities providing direct patient services in locations such as Rhode Island, Peru, Ecuador, and Mexico, expanding its market presence internationally.
- Gamma Knife Business - Manages domestic and international Gamma Knife facilities, sharing in the revenue and operating costs of the equipment.
- Proton Beam Radiation Therapy (PBRT) - Operates a PBRT system at the Orlando Health Cancer Institute, contributing to the company's retail arrangements.
- International Operations - Expanded presence with facilities in Peru, Ecuador, and Mexico, including a joint venture for a Gamma Knife facility in Guadalajara, Mexico.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Raymond C. Stachowiak ExecutiveBoard | Executive Chairman of the Board and CEO | Owner-President of RCS Investments, Inc.; Owner-Manager of Stachowiak Equity Fund, LLC | Raymond C. Stachowiak has been with AMS since 2009, serving in various leadership roles, including CEO and Executive Chairman. He has a background in finance and private equity. | View Report → |
Craig K. Tagawa Executive | President and COO | CFO and Secretary of the Ernest A. Bates Foundation | Craig K. Tagawa has been with AMS since 1988, holding multiple roles such as CFO, COO, and President. He has a strong background in financial and operational management. | |
Gary Delanois Executive | Executive Vice President and COO | None | Gary Delanois joined AMS in 2024, bringing expertise in healthcare management and operational efficiencies. He has held leadership roles in various healthcare organizations. | |
Greg Mercurio Executive | Senior Vice President of Radiation Oncology | None | Greg Mercurio joined AMS in 2024, focusing on expanding radiation therapy services. He has over 20 years of experience in radiation oncology. | |
Ranjit Pradhan Executive | Senior Vice President of Sales and Marketing | None | Ranjit Pradhan was promoted in 2024, playing a key role in renewing and expanding AMS's agreements. He has extensive experience in global healthcare markets. | |
Robert Hiatt Executive | CFO | None | Robert Hiatt joined AMS in 2023 as CFO, overseeing financial operations. He has extensive experience in senior financial roles across various companies. | |
Daniel G. Kelly, Jr. Board | Director | Trustee of Choate Rosemary Hall; Board of Directors of Equality Now; Board of Directors of Ares Capital Corporation | Daniel G. Kelly, Jr. has been a director at AMS since 2016, with roles in education and advocacy organizations. | |
Kathleen Miles Board | Director | Chief Counsel, Public Finance at The PNC Financial Services Group, Inc. | Kathleen Miles has been a director at AMS since 2021, with over 20 years of experience in public finance. | |
Vicki L. Wilson Board | Director | Director, Finance and Administration and Chief Fiscal Officer for the State of Illinois Department of Transportation | Vicki L. Wilson joined AMS in 2021, serving as Chair of the Audit Committee. She has a background in public health and finance. |
- Can you elaborate on the specific measures you're implementing to reverse the decline in Gamma Knife volumes, and when do you expect to see an improvement in this segment?
- Given the integration challenges and increased costs associated with the Rhode Island acquisition, such as outdated equipment and higher staffing expenses, how confident are you in achieving the anticipated efficiencies and when will this acquisition positively impact profitability?
- With $14.1 million in cash and equivalents and considering that the stock is trading close to cash value, have you considered initiating a stock buyback to enhance shareholder value, and what are your capital allocation priorities in this regard?
- How do you plan to balance the short-term impact on margins and profitability due to investments in equipment upgrades and new centers with the need to deliver consistent financial performance to shareholders?
- Can you provide an update on the Certificate of Need applications for the new radiation therapy center in Bristol and the proton beam center in Rhode Island, and what are the potential risks if these approvals are delayed or not granted?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Southern New England Regional Cancer Center, LLC & Roger Williams Radiation Therapy, LLC | 2024 | AMS acquired a 60% equity interest in these two RI-based centers for $2.85 million, including assignment of certain payor contracts, which feature state-of-the-art radiation oncology technology and are expected to add $9–10 million in annual revenue while expanding AMS’s U.S. footprint; the deal, completed on May 7, 2024, was financed partly through a $7 million term loan and will be accounted for as a business combination. |