American Shared Hospital Services (AMS): BCG Matrix [Dec-2025 Updated]

You're looking for a clear map of American Shared Hospital Services' portfolio, so let's break down their segments using the BCG framework as of late 2025. Honestly, the story is one of clear transition: the Direct Patient Care Services segment is a definite Star, growing 36.5% to make up 56% of Q3 revenue, while the Legacy Medical Equipment Leasing is a Dog actively being managed down after a 5.3% revenue drop last quarter. The established Gamma Knife operations remain a strong Cash Cow, showing a 42.3% jump in Q3 Adjusted EBITDA, but the high-growth Proton Beam Therapy is a Question Mark needing significant capital to gain share after seeing volumes fall 8.1% this past quarter. Here's the quick map showing exactly where American Shared Hospital Services needs to invest, hold, or divest.

Background of American Shared Hospital Services (AMS)

You're looking at American Shared Hospital Services (AMS), a company that specializes in providing stereotactic radiosurgery equipment and advanced radiation therapy cancer treatment services. Honestly, they operate in a pretty specialized niche within the healthcare sector, focusing on two main ways to bring in revenue: equipment leasing and direct patient care services. That dual approach is key to understanding their setup.

Looking at the most recent numbers we have, which are for the third quarter ending September 30, 2025, the story is one of mixed signals, but with clear operational improvement. Total revenue for Q3 2025 came in at $7.2 million, which is a modest increase of 2.5% compared to the same time last year. The real strength, though, is showing up in the profitability metrics; adjusted EBITDA jumped a solid 42.3% year-over-year to $1.94 million.

Here's the quick math on their segments: the direct patient care services segment is clearly gaining traction, making up 56% of total sales in Q3 2025, up from 53% the year before. That segment saw its revenue climb by 9.4% to $4.0 million, largely thanks to increased procedures at their new center in Puebla, Mexico.

But, to be fair, the equipment leasing side is facing headwinds. Revenue from that segment actually dipped by 5.3% to $3.1 million in Q3 2025. Management attributes this to lower Proton Beam Radiation Therapy (PBRT) volumes. Still, the overall gross margin improved to 22.1%, and the net loss narrowed significantly by 91.8% to just $17,000 from a $207,000 loss the prior year.

Strategically, American Shared Hospital Services (AMS) is pushing expansion. They recently secured a 10-year extension with an existing health system and are planning a new Gamma Knife center startup in Guadalajara, Mexico, expected in the second quarter of 2026. Plus, they've got Certificate of Need approvals for new radiation therapy centers in Rhode Island. What this estimate hides, though, is that despite these operational wins, the stock has been trading near its 52-week low, suggesting the market hasn't fully priced in this progress yet.

Finance: draft 13-week cash view by Friday.

American Shared Hospital Services (AMS) - BCG Matrix: Stars

You're looking at the engine room of American Shared Hospital Services (AMS) growth right now, the segment that clearly fits the Star quadrant: high market share in a market that's still expanding rapidly. This unit is the Direct Patient Care Services segment.

This segment is the leader in the business, but honestly, it's consuming cash as it scales up to meet demand. If AMS keeps this market share as the overall market growth slows down eventually, this is what becomes the Cash Cow. A key tenet of the strategy here is to keep investing heavily in this Star.

Here's a quick look at the segment's recent financial footprint:

The growth story is clear. The Direct Patient Care Services segment grew 36.5% to $10.7 million in the first nine months of 2025, compared to $7.8 million in the first nine months of 2024. That's serious momentum.

This high-growth segment now represents 56% of total Q3 2025 revenue, which is up from 53% last year. That shift in revenue mix shows you where the focus-and the future-is for American Shared Hospital Services.

This performance is driven by the successful ramp-up of new radiation therapy centers. Specifically, we're seeing the results from the new centers in Rhode Island and Puebla, Mexico. The Puebla center, which launched operations in the second half of 2024, was a primary driver for the Q3 revenue increase of 9.4% for the segment.

You can see the cash burn required to fuel this. For the nine months ending September 30, 2025, American Shared Hospital Services used $7.5 million in capital expenditure, while cash on hand stood at $5.10 million at that date, down from $11.03 million at year-end 2024. This is the cash consumption typical of a Star.

This is defintely the future core business, demanding continued capital expenditure for expansion. To support this, you should track a few key expansion points:

• Certificate of Need approvals secured for centers in Bristol, Rhode Island, and a proton beam center in Johnston, Rhode Island.
• New Gamma Knife center in Guadalajara, Mexico, expected to start up in the second quarter of 2026.
• The segment's revenue share is expected to increase further as the legacy leasing business saw revenue decline to $3.1 million in Q3 2025.

Finance: draft the 13-week cash view by Friday, explicitly modeling the required CapEx for the Rhode Island and Guadalajara buildouts.

American Shared Hospital Services (AMS) - BCG Matrix: Cash Cows

The Cash Cow quadrant for American Shared Hospital Services centers on its established Gamma Knife operations and leasing business. This segment operates within a mature market, which global market analysis suggests is experiencing moderate growth, with the global Gamma Knife market size valued at US$468.0 Million in 2025 and projected to grow at a Compound Annual Growth Rate (CAGR) of approximately 5.7% through 2032. This low-to-moderate growth, combined with American Shared Hospital Services' strong market presence in Gamma Knife financing, positions this area as a reliable source of internal funding.

This segment provides the stable, predictable cash flow that defines a Cash Cow. Evidence of this stability includes the recent announcement of a 10-year extension and an Esprit upgrade for a Gamma Knife System with an existing health system. The focus here isn't aggressive expansion, but rather maintenance investment to sustain the existing market share, which is key for maximizing net cash generation.

The financial performance in the third quarter of 2025 clearly demonstrates this strong operational cash generation. You can see the segment's contribution and the overall financial health improvement in the table below, which contrasts the two main business segments for the quarter ended September 30, 2025.

The operational leverage gained from the established base is evident in the profitability metrics. While the leasing revenue saw a slight dip, the overall financial results reflect strong management of this mature asset base. The company is effectively 'milking' this unit to support other strategic areas.

Key financial indicators from Q3 2025 underscore the Cash Cow's strength:

• Adjusted EBITDA reached $1.94 million, a substantial increase of 42.3% year-over-year.
• The overall net loss for American Shared Hospital Services narrowed significantly to $17,000, representing a 91.8% improvement from the $207,000 loss in Q3 2024.
• Gross margin improved to 22.1% for the quarter, up from 19.6% in Q3 2024.

The cash generated here is vital; it helps cover corporate administrative costs and funds investments into other parts of the portfolio, such as the new centers in development, like the Guadalajara, Mexico, Gamma Knife center expected to begin operations in the second quarter of 2026. You're seeing the classic Cash Cow role in action: high market share in a stable segment generating the necessary capital.

American Shared Hospital Services (AMS) - BCG Matrix: Dogs

The Legacy Medical Equipment Leasing segment fits squarely into the Dogs quadrant of the Boston Consulting Group Matrix for American Shared Hospital Services (AMS). This classification reflects a unit operating in a low or declining growth market with a low relative market share, meaning it neither generates significant cash nor offers substantial future growth potential. Honestly, these are the units where you question the capital allocation.

The data clearly shows this segment is in decline, primarily due to the natural expiration of customer contracts, specifically noting the expiration of three customer contracts since the fourth quarter of 2024. This dynamic means the market for this specific type of legacy leasing is shrinking for American Shared Hospital Services (AMS).

Here are the hard numbers illustrating the segment's contraction:

• Segment revenue for the third quarter of 2025 was $3.1 million, representing a 5.3% decrease from the $3.3 million reported in the third quarter of 2024.
• For the first nine months of 2025, revenue from the entire leasing segment fell to $9.7 million from $11.5 million in the first nine months of 2024.
• The decline is linked to lower Proton Beam Radiation Therapy (PBRT) volumes.
• Total proton therapy fractions for the third quarter of 2025 decreased by 8.1% compared to the third quarter of 2024.

You can see the trend clearly when you map the revenue figures:

The strategic action here is evident: this portfolio is being actively managed down. Management is consciously shifting resources away from this segment and toward the Direct Patient Care model, which is showing growth, with its revenue increasing 36.5% to $10.7 million for the first nine months of 2025. Dogs are prime candidates for divestiture because expensive turn-around plans rarely work when the market itself is contracting. The focus for American Shared Hospital Services (AMS) is clearly on harvesting the remaining value while prioritizing investment elsewhere.

American Shared Hospital Services (AMS) - BCG Matrix: Question Marks

You're looking at the segment of American Shared Hospital Services (AMS) that is burning cash now but holds the key to future growth, which is the Proton Beam Radiation Therapy (PBRT) services.

This area fits the Question Mark profile perfectly: it operates in a market that is expanding rapidly, yet American Shared Hospital Services (AMS) currently holds a low relative market share, meaning it consumes significant capital without delivering strong returns yet. The global Proton Therapy Market is projected for robust growth, with Compound Annual Growth Rates (CAGR) cited between 12% and 13.49% through the later part of this decade, showing the market's high potential.

The current operational data for American Shared Hospital Services (AMS) shows the low market share struggle. For the third quarter of 2025, total proton therapy fractions were 1,150, representing an 8.1% decrease compared to the third quarter of 2024. This volume pressure directly impacted the leasing segment; revenue from medical equipment leasing, which includes PBRT, fell 5.3% to $3.1 million in Q3 2025, down from $3.3 million in Q3 2024. This is the classic Question Mark drain: high-growth market, low current execution translating to negative cash flow contribution.

Here is a snapshot of the PBRT performance and market context as of the third quarter of 2025:

To convert this Question Mark into a Star, American Shared Hospital Services (AMS) must invest heavily to capture market share quickly. The Certificate of Need (CON) approval for a new freestanding PBRT center in Johnston, Rhode Island, signals this required investment. This move is strategic, positioning the new center between existing facilities in New York City and Boston. The timeline for this potential Star is long-term, with the facility anticipated to be operational in 36-39 months.

The capital intensity of this conversion is clear when you look at the cost structure for these advanced systems. A single-room PBRT center historically requires a total investment between $25 - $40 million, with the equipment itself costing between $20 - $25 million. American Shared Hospital Services (AMS) has noted its investment in such single-room centers is less than $20 million. The need to fund this growth is evident, as the company reported total cash on hand of $5.3 million at September 30, 2025, following $7.5 million in capital expenditures over the preceding nine months. The decision for American Shared Hospital Services (AMS) management now is whether to commit the necessary capital to drive market penetration for this technology or divest the unit before it becomes a Dog.

Key strategic considerations for this Question Mark segment include:

• Market growth potential: Global PBRT market CAGR up to 13.49%.
• Recent volume trend: Total fractions decreased by 8.1% in Q3 2025.
• Leasing revenue impact: PBRT-related leasing revenue fell 5.3% in Q3 2025.
• Investment signal: CON approval secured for Johnston, Rhode Island.
• Projected timeline: New RI center expected operational in 36-39 months.