American Shared Hospital Services (NYSE MKT:AMS) Q1 2019 Earnings Conference Call Transcript

May 09, 2019 • 03:00 pm ET

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American Shared Hospital Services (NYSE MKT:AMS) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon, everyone, and welcome to the First Quarter March 31, 2019 Financial Results Conference Call for American Shared Hospital Services. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions).

I'll now turn the call over to Vivian Cervantes with Investor Relations.

Executive
Vivian Cervantes

Thank you, operator. 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 we may make 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 the Company's annual report on Form 10-K for the year ended December 31, 2018, and the definitive proxy statement for the Annual Meeting of Shareholders to be held on June 21, 2019. The company assumes no obligation to update the information contained in this conference call.

I'd now like to turn the call over to Dr. Ernest Bates, Chairman and Chief Executive Officer.

Executive
Ernest Bates

Thank you, Vivian. And to those on the call with us today, good afternoon. And thank you for joining our first quarter 2019 earnings conference call. Our agenda this afternoon is as follows: Craig Tagawa, our Chief Operating Officer and Financial Officer will walk through our business and operational results. Alexis Wallace, our Controller, will then provide our financial review, and following that, we will open the call for your questions.

We are pleased to report sequential gains in procedures and revenues in our Gamma Knife business during the quarter. To us, while still relatively early in transition, it appears that the centers opened in Nebraska, Peru and most recently, Indiana, are beginning to show signs of traction, combined with our program to enter the market for a large tumor treatment with Icon upgrades of at least three of our units in the next 9 to 12 months, the first which is at Kettering Medical Center in Ohio. We look forward to steady incremental gains in our business.

Turning to Proton Therapy, we remain in active conversations to advance our business pipeline. This includes HYPERSCAN upgrade of two proton systems that we intend to place into new markets, replicating the success, we continue to see in our Orlando unit.

With that now, let me turn the call over to Craig.

Executive
Craig K. Tagawa

Thank you, Dr. Bates. Good afternoon, everyone, and thank you for joining us. Our Proton Therapy business continues to generate growth, and we are pleased to report a nearly 35% revenue increase in the first quarter compared with the year-ago period. Orlando Health continues to treat patients across indications with the quarter's revenue performance led by volume gains. Orlando Health reports steady increases in proton fractions, which was up 328 fractions or 27% to