American Shared Hospital Services

Good day and welcome to the American Shared Hospital Services Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. 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, Matt, and thank you to everyone joining us today. AMS's third quarter 2022 earnings press release was issued this morning before the market opened. If you need a copy, it can be accessed on the company's website at ashs.com at press releases under the investors tab. 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 quarterly reports on Form 10-Q for the three-month periods ended March 31 and June 30, 2022. The annual report on Form 10-K for the year ended December 31, 2021. and the definitive proxy statement for the annual meeting of shareholders that was held on June 21st, 2022. 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, and good afternoon, everyone. Thank you for joining us today for our third quarter 2022 earnings conference call. I'll begin with some opening remarks, and then I'll turn the call over to Craig Tagawa, our President and CFO, for a financial review of the third quarter. Craig will then turn the call over to Peter Gaccione, AMS's newly appointed Chief Operating Officer. Peter is going to spend a few minutes talking about his first priorities and plans for operations and sales. Following the prepared remarks, we'll open the call for your questions. The third quarter was another good quarter for AMS. Revenue increased 18%, driven by higher PBRT volume and higher average reimbursement for both proton beams and gamma-nized procedures. For the first nine months of the year, revenue increased 14%, Net income for a third quarter was $316,000, or 5 cents per diluted share, the fifth consecutive quarter that we've reported positive earnings. On a trailing 12-month basis, our earnings per share now total 21 cents. Our cash has grown over that time as well and now totals 11.7 million, which equates to $1.90 per outstanding share at quarter end. Greg will go into more detail in a few minutes. But I'm proud of our accomplishments and all that our team has achieved over the past couple years. As we've talked about, this has included strengthening the balance sheet to take on new projects, expanding our product and service offerings, and most recently bringing in experienced sales and operations management to generate new business. We were excited to appoint Peter Gaccione as Chief Operating Officer in September. Peter is well-known and respected in the healthcare industry and brings strong market knowledge across the entire radiation oncology spectrum. The company has known him for many years. Peter has the right experience and professional contacts, and we believe he's the right person to lead the operating efforts of the company. Peter will be working with Tim Keel, a senior healthcare finance professional who joined us last May as our vice president of sales and marketing, and Ernie Bates, vice president of international sales and marketing, who's been with the company for many years. With this team in place, we look forward to leveraging our very strong financial resources, the $11 million in cash, and the unused line of credit we have of $7 million, as we aggressively pursue new business opportunities for our company. I'll now turn the call over to Craig for his financial review of the third quarter.