American Shared Hospital Services

Good day and welcome to the American Shared Hospital Service's first quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 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 Kieran Smith with PCG Advisory. Please go ahead.

Thank you, Wyatt, and thank you, everyone, for joining us today. AMS's first quarter 2025 earnings press release was issued today before the market opened. If you need a copy, it can be accessed on the company's website at www.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 differ very 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 end of December 31, 2024. The company assumes no obligation to update the information contained in this conference call. Before I turn the call over to Ray, I'd like to remind everyone about our Q&A policy, where we provide each participant the time to ask one question and one follow-up. As always, we'll be happy to take additional questions offline at any time. With that, I'd now like to turn the call over to Ray Stachowiak, Executive Chairman. Ray, please go ahead.

Thank you, Karen, and good afternoon, everyone. Thanks for joining us today for our first quarter 2025 earnings conference call. I'll begin with some opening remarks, then turn the call over to Gary, our CEO, for additional detail, followed by Scott Freck, our CFO, for our financial review of our first quarter results. Following our prepared remarks, we'll open the call for questions. We are pleased with our first quarter 2025 revenue growth, which was driven by the expansion of our direct patient services segment and additional international business development initiatives. While we did see treatment volumes decline this past quarter, we are clearly beginning to see the benefits from our transition from a cancer treatment equipment leasing focus to a more patient-centric service model. And I'm pleased to report that we are seeing treatment volumes pick back up and look forward to a stronger back half of 2025. For the past quarter, we saw double-digit revenue growth, which increased 17% year over year. This growth was driven by the continued benefit from the Rhode Island acquisition that we closed last year as well as from the opening of our new radiation therapy treatment facility in Puebla, Mexico. As we focus on revenue growth, we also remain focused on profitability. Our first quarter 2025 adjusted EBITDA came in at $949,000 compared to $1.75 million in first quarter 2024 due to lower procedure volume. We continue to have strong cost controls in place with very fixed costs, and we are relying on treatment volumes and the number of patients served to drive our top-line growth. It's very important for investors to recognize that on a short-term and quarter-to-quarter basis, there will be fluctuations due to the specific nature of our growing business. But over the long term, we are primed for strong, profitable growth. I urge investors to focus on the long-term overall growth opportunity as we execute on our strategic initiatives and our upcoming milestones. We believe this is an opportune time for investors to follow our company closely. We do believe we are primed for long-term outperformance as we execute on growth strategy and work towards building significant shareholder value. Before I hand the call over to Gary, I would also like to highlight our strong balance sheet, robust business development pipeline, and exciting strategic growth opportunities that drive our enthusiasm and confidence in the long-term trajectory of our company. With that, I'll hand the call over to Gary Delanis, our CEO, for additional details.