American Shared Hospital Services

Good day and welcome to the American Shared Hospital Services Fourth Quarter 2025 Earnings Conference Call. All participants will be in a 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 your touchtone phone. And 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 Mr. Karen Smith. Please go ahead.

Thank you, Chuck. And thank you, everyone, for joining us today. AMS's fourth quarter and full year 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 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, including our annual report on Form 10-K for the year ended December 31, 2025. The company assumes no obligation to update the information contained in this conference call. Before I turn the call over to management, 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. As I reflect on 2025, I'm reminded of the strength and importance of our health system partnerships. We continue to be our foundation to our business and a key driver of our long-term strategy. Over the past year, we've worked closely with both longstanding and new partners to position our company for success in 2026 and beyond. These alliances have allowed us to expand our clinical capabilities, strengthen our operational foundation, and enhance patient access to advanced cancer care. 2025 was a year of transition and investment. While our total revenue remained relatively stable at $28.1 million, the underlying transformation of our business was significant. We continued our shift toward a direct patient care model, which now represents the majority of our revenue and provides a more stable and scalable platform for long-term growth. At the same time, we encountered challenges across certain areas of our business. including physician turnover, reimbursement dynamics, and expected headwinds in our leasing segment. Importantly, we took decisive actions to address all these issues. A key highlight of the year was the strengthening of our partnerships, including our new collaboration with Brown University Health in Rhode Island, which has helped us rebuild our physician base and improve treatment buy-ins. We're also very pleased to announce our longstanding relationship with Orlando Health has been extended by a seven-year lease extension for our proton beam radiation therapy system. I would like to highlight our longstanding partnership of over two decades with Orlando Health, which clearly exemplifies the long-term nature of our relationships and reflects the ongoing collaboration in delivering advanced cancer treatment services. In addition, as part of our broader focus on strengthening our financial position, we're actively engaged with our lending partners as we evaluate opportunities to enhance our capital structure and support our long-term growth initiatives. We have a longstanding relationship with our lenders And these discussions are constructive and ongoing. Looking ahead, we believe we've laid a strong foundation for future growth, supported by new and old partnerships, expanded clinical capacity, and a clear development pipeline. With that, I'll turn the call over to Gary. Gary?