AMERICAN SHARED HOSPITAL SERVICES Business Summary

American Shared Hospital Services (AMS) operates a specialized healthcare business model providing turnkey technology solutions for radiosurgery and radiation therapy through two primary revenue segments: Medical Equipment Leasing and Direct Patient Care Services. The leasing segment generates revenue via fee-per-procedure and lease arrangements for high-capital equipment, including Leksell Gamma Knife units, Proton Beam Radiation Therapy (PBRT) systems, and Linear Accelerators (LINAC). Conversely, the rapidly expanding Direct Patient Care segment involves the ownership and operation of treatment centers, such as those in Rhode Island and Mexico, where the company captures retail patient revenue directly. In the competitive landscape, AMS contends with major equipment manufacturers like Elekta and Accuray, as well as integrated oncology service providers such as Varian Medical Systems (a Siemens Healthineers company) and Mevion Medical Systems. AMS distinguishes itself by acting as a strategic financial and operational partner, allowing hospitals to deploy advanced oncological technology without the prohibitive upfront capital expenditures typically required for such installations. The company is currently led by Chief Executive Officer Gary Delanois, who assumed the role in April 2025 following a tenure as Executive VP and COO, bringing nearly three decades of healthcare management experience. He is supported by Executive Chairman Raymond C. Stachowiak, the company’s largest shareholder (owning approximately 65% of outstanding shares), and President Craig Tagawa, who oversees global operations. The financial strategy is managed by CFO Scott Frech, while clinical and sales expansion is directed by SVP of Radiation Oncology Greg Mercurio Jr. and SVP of Sales and Marketing Ranjit Pradhan. Founded by the late neurosurgeon Dr. Ernest A. Bates, AMS maintains a stable institutional investor base that includes Dimensional Fund Advisors, Vanguard Group, and Renaissance Technologies. The board’s expertise is further bolstered by independent directors such as Daniel Kelly and Vicki Wilson, focusing on scaling the company’s direct patient care footprint across North and South America.