American Shared Hospital Services

Good day, and welcome to the American Shared Hospital Services fourth quarter and year-end 2020 earnings conference call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your touchtone phone. To withdraw your question, please press star, then 2. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. Please note this event is being recorded. I would now like to turn the conference over to Stephanie Prince of PCG Advisory. Please go ahead.

Thank you, Alyssa, and thank you to everyone joining us today. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements. Please note that various remarks that may be made on this conference call about future expectations, plans, and prospects for the company constitute forward-looking statements for the purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's filings with the SEC. This includes the company's annual report on Form 10-K for the year ended December 31, 2020, Form 10-Q for the periods ended March 31, June 30, and September 30, 2020, and the definitive proxy statement for the annual meeting of shareholders that was held on June 26, 2020. The company assumes no obligation to update the information contained in this conference call. I would now like to turn the call over to Ray Stachowiak, CEO of AMS. Ray?

Thank you, Stephanie. Good afternoon, everyone. Thanks for joining us today for our fourth quarter and year-end 2020 earnings conference call. I'll begin with some opening remarks, and then Craig Tagawa, our president, COO, and CFO, will go through the business and operational results. Alexis Wallace, our Chief Accounting Officer, will then provide a financial review. Following that, myself, Craig, Alexis, and Ernie Bates, our Senior VP, Sales and Business Development and International Operations, will open the call for your questions. Today, we announced an important action that has resulted in a stronger company and is expected to enhance long-term shareholder value as we work to form a more solid foundation to achieve our goal of increased growth and sustained profitability. This action is the write-down of impaired assets on our balance sheet of $8.3 million. which is substantially a non-cash charge. The asset write-down will result in a significantly stronger balance sheet, which Craig will discuss in more detail in a few minutes. This decisive action is part of our strategic plan that also includes the diversification of our product offerings geographic expansion, and offering additional types of financing solutions to increase the company's revenue streams. More specifically, we've expanded our product offerings beyond proton beams and gamma knives to also include MR-guided LINACs and more advanced linear accelerators. We're also continuing to look for additional opportunities to expand geographically, like the acquisition of the only Gamma Knife Center in the country of Ecuador that we completed this past June. As we work to increase our revenue streams, we're offering more flexibility in our wholesale and retail financing solutions. In combination, I believe that these actions will put us on the right path to reach our goal of sustained profitability. We have many opportunities for future growth, and we can provide tremendous flexibility to the marketplace and our clients with the many different ways we can meet their needs. The team and I are excited to build on this strong base. I'll now turn the call over to Craig for the fourth quarter operational review. Craig?