Q3 2024 American Shared Hospital Services Earnings Call
Speaker Change: Good day and welcome to the American Shared Hospital Services third quarter 2024 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.
Speaker Change: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on a touch-tone phone. To withdraw your question, please press star and then 2.
Please note that this event is being recorded.
Speaker Change: I would now like to turn the conference over to Kirin Smith, Investor Relations. Please go ahead.
Kirin Smith: Thank you, Nick, and thank you, everyone, for joining us today.
Kirin Smith: AMS's third quarter 2024 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.
Kirin Smith: Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements.
Kirin Smith: 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.
Kirin Smith: Actual results may vary materially from those indicated by these forward-looking statements.
Kirin Smith: as a result of various important factors, including those discussed in the company's filings with the SEC.
Kirin Smith: This includes the company's quarterly report on Form 10-Q for the three-month period ended June 30, 2024, the annual report on Form 10-K for the year ended December 31, 2023, and the definitive proxy statement for the annual meeting of shareholders that was held on June 25, 2024.
Kirin Smith: This company assumes no obligation to update the information contained in this conference call.
Kirin Smith: https://www.youtube.com or the link in the description to watch more videos.
Thank you, Kirin. Good afternoon, everyone.
Speaker Change: Thanks for joining us today for our third quarter 2024 Earnings Conference Call.
Speaker Change: I'll begin with some opening remarks, then turn the call over to Bob Hiatt, our Chief Financial Officer, for a financial review of our third quarter results.
Following a preparedness will open the call for your questions.
Speaker Change: Before we review the quarter, I'd like to highlight a key addition to our executive management team that we previously announced in mid-October.
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Speaker Change: Gary Delanus has joined our team as our Executive Vice President and Chief Operating Officer.
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Gary's deep experience with physician and payor relationships.
Billing and Collections, Policies and Procedures.
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Speaker Change: Gary is a seasoned executive with a wealth of progressive health care management experience.
providing innovative and proven solutions.
to physician groups, health systems.
ACOs, and health plans.
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Speaker Change: He has significant Board of Director experience with various healthcare systems based in California, West Virginia, Rhode Island, and Michigan.
Speaker Change: Prior to this role, Mr. Delaney served as Senior Vice President
U.S. Operations
at 21st Century Oncology.
Responsible for daily operations.
at over 140 radiation therapy centers.
treating thousands of patients
Daily.
Speaker Change: Clearly he is more than qualified and is a welcome addition to our team.
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Speaker Change: We also announced the promotion of Ranjit Pratam, the Senior Vice President, Sales and Marketing.
Ranjeet played a critical role in the company's success.
Speaker Change: Recently renewing and expanding five of American Shared's 10 domestic Gamma Knife agreements over the last 18 months.
Speaker Change: In his new role, he will spearhead the company's strategic business development and marketing initiatives and drive growth in new business.
further strengthening the company's impact and outreach and oncology services.
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Now, let's review our quarterly results.
We reported another quarter of strong revenue growth.
and our enthusiasm for our overall prospects continues to grow.
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Speaker Change: We've continued to show solid improvement and advancement in several important ways, and we're extremely excited about the upcoming year.
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Speaker Change: This is, of course, not without our fair share of challenges.
As we navigate through seasonality,
Integrate the Rhode Island Acquisition.
invest in much-needed upgraded equipment
Speaker Change: and implement additional operating efficiencies that in the short run impacted our margins and profitability but positions us for success over the longer term.
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Speaker Change: We followed our quarter one and quarter two with another solid quarter revenue growth which totaled six point nine nine million
Speaker Change: up nicely from the comparable quarter in 2023 at 5.1 million.
The 36% year-over-year revenue growth for this past quarter.
Speaker Change: was showcased by continued early benefit from the Rhode Island acquisition that we closed this past May.
as well as from our new facility in Puebla, Mexico.
The gross margin declined by $732,000.
which was affected by lower gamma knife treatment volumes.
Speaker Change: and also is reflective of the change in mix from the strong growth of our retail segment.
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Speaker Change: Additionally, we reported a small net loss of $207,000, or $0.03 per share for the quarter.
Speaker Change: compared to a small gain of 118,000 or two cents per share in the third quarter 23.
Our balance sheet remains strong.
We ended the third quarter with over $14.1 million dollars.
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which is roughly equal to $2.17 a share.
Speaker Change: We also have $4.5 million outstanding on our $7 million line of credit as of September 30, 2024.
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Speaker Change: We continue to leverage these resources carefully for additional long-term revenue streams.
We're fortunate to have this strong balance sheet.
such as the Rhode Island Acquisition.
as well as other business opportunities that we come across.
Speaker Change: As a reminder, the Rhode Island acquisition is a great example of how we deployed $3 million dollars. To learn more, visit www.rihett.com. Thank you for watching. We look forward to seeing you again soon. We'll see you next time.
Speaker Change: and we're able to strategically acquire fair market value and net assets worth eight million dollars.
Furthermore, of the assets acquired,
3.4 million alone was cash.
Cash.
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We've been implementing operating efficiencies to better optimize this business.
Specifically, we have invested $1.1 million
and CapEx and our Rhode Island centers.
Speaker Change: We've replaced two very old CT simulators, which are needed for treatment planning.
and purchased the third CT-STEM which was being leased.
Speaker Change: We've also added software packages for improved efficiency and patient care.
Speaker Change: that the previous Rhode Island facilities owner, Genesis Care, was utilizing as it was struggling.
You know, struggling to bring on permanent employees.
Speaker Change: which are more cost effective and provide longer term stability overall.
Speaker Change: We've also recently put our linear accelerators on service and maintenance agreements.
Speaker Change: which adds to our dependability and high uptime for better quality service.
It should be noted.
Speaker Change: that we acquired three radiation therapy centers which were generating positive income, they were generating positive income, positive EBITDA.
but they were being managed by a company
that was going through the bankruptcy process.
Let's keep that in perspective.
Speaker Change: The team also continues to focus on strengthening our core business.
by working with clients to increase utilization of our equipment.
Speaker Change: This focus strategy has led to the signing of five lease extensions in the last 18 months.
from our 10 domestic Gamma Knife clients.
and we have others in the pipeline.
Again, this is Not Without Heartache.
We had scheduled downtime for an equipment upgrade.
In addition, there are lower treatment volumes.
partially due to physician shortages.
and seasonal staffing factors at some of our sites.
Speaker Change: Despite the challenges our team faces, we believe these extended agreements are a testament to our partnership business model, our financial flexibility, and a very important growth driver.
Speaker Change: We have already noticed an uptick in our gamma knife treatment volumes.
in the month of October.
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Our international business represents a large growth opportunity.
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Speaker Change: As many of you know, we have the only Gamma Nye systems in the countries of Peru and Ecuador.
Speaker Change: Just a few months ago we announced that our third International Center in Puebla, Mexico had begun treating patients.
Speaker Change: The newly opened linear accelerator, LINAC, that we installed has VMAT, IGRT, and radiosurgery capabilities that offer the most advanced radiation therapy available in our catchment area.
in early July.
Speaker Change: We announced our fourth international center with the signing of a joint venture agreement for Gamma-Ni facility in Guadalajara, Mexico.
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Speaker Change: This facility will have one of only three Gamma Knife systems.
in a country of 130 million.
I'd like to
Also,
Speaker Change: comment that we've been incurring incremental costs related to our Rhode Island acquisition.
in excess of $300,000 or $400,000 a quarter.
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We expect to see a decrease in excess of $300,000.
in our fourth quarter.
I'd also like to remind our investors.
Speaker Change: that we announced early this year we had three unique business opportunities.
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Speaker Change: The first of these was the closing of our 60% majority interest in the three radiation therapy cancer centers in Rhode Island. We closed that in early May.
Speaker Change: These are our first direct patient services or retail centers in the United States.
Speaker Change: This new business, which is the first from our expanded team and new pipeline, clearly reflects the power of our growth strategy.
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I'd like to talk about the second.
The second is the CON.
Speaker Change: Certificate of Need that we have been granted to build a fourth radiation therapy center in Bristol, Rhode Island.
And the third business opportunity is a very powerful one.
Speaker Change: We have applied for a Certificate of Need to provide a radiation therapy center
with Proton Beams.
Speaker Change: a Proton Beam Radiation Therapy Center in the state of Rhode Island.
Speaker Change: This Proton Beam Radiation Therapy Center will be the only system
New York City and Boston.
and represents a significant growth opportunity.
Speaker Change: As of now, think about this, we would be the 100% owner-operator
of this Proton Beam Radiation Therapy Center.
Speaker Change: We look forward to announcing additional progress on this matter as appropriate.
Speaker Change: As we look into the coming months and the year ahead,
Speaker Change: We expect stronger international growth from additional treatment capabilities in Ecuador.
Strong volume from our center and through.
The recent closing of the Rhode Island Acquisition.
as three new revenue streams to our business.
Speaker Change: In addition to the other exciting new business opportunities, moving through the long sales cycle.
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Our backlog continues to give us strong confidence.
and the overall business for our long-term future.
Speaker Change: With that, I'll turn the call over to Bob for a financial overview.
Thank you. Thank you.
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Thank you, Ray, and good afternoon, everyone.
Speaker Change: Third quarter revenue increased 36.3% to $6.99 million compared to $5.13 million in the year ago quarter.
Speaker Change: Revenue benefited by the Rhode Island acquisition that closes past May as well as from a new facility in Pueblo, Mexico.
Speaker Change: Revenue from the company's direct patient services or retail segment was $3.7 million for the third quarter ended September 30th, 2024 compared to $988,000 for the year of a quarter, or year, yeah, year of a quarter.
Marking an increase of 273%.
Speaker Change: The increase in retail revenue was primarily due to revenue generated by the Rhode Island companies we acquired on May 7th, 2024 and the startup of the Pueblo operations in the third quarter.
Speaker Change: Rental revenue from the company's medical equipment leasing segment, which we now refer to as leasing, was $3.31 million for the third quarter 2024, compared to $3.95 million in the year-ago quarter, a decrease of 16.1%.
Speaker Change: The decrease in leasing revenue was driven by lower gammonite volumes.
Speaker Change: The recorded revenue for the company's proton therapy system in Florida was $2.3 million, an increase of 4.4 percent, primarily due to continued cyclical volume changes.
12-proton therapy fractions in the third quarter.
Speaker Change: Well, 1,252 compared to 1,188 proton therapy fractions in the third quarter of 2023, a 5.4% increase, again, due to normal cyclical fluctuation.
Speaker Change: Total Gamma Knife revenue decreased by 32.9% to 1.82 million dollars due to the expiration of one contract in the third quarter of 2023, as well as two months of downtime at one of our sites due to a scheduled equipment upgrade and staffing shortages at two of our other sites.
Speaker Change: Gross margin for the third quarter of 2024 decreased to $1.37 million compared to gross margin of $2.10 million for the third quarter of 2023.
Speaker Change: which was affected by lower gametites, treatment volumes, and the strong growth from our patient services real-child segment, which has a lower gross margin.
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Speaker Change: Selling and administrative costs increased to $1.19 million for the third quarter of 2024, compared to $1.74 million in the year-ago quarter. This was due to acquisition and development costs for Rhode Island, as well as legal fees.
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Speaker Change: Interest expense was $336,000 in the 2024 period, compared to $277,000 in the comparable period of last year. The increase is due to an increase in the interest rate.
and borrowings on the company's variable rate debt.
Speaker Change: The operating loss for the third quarter of 2024 was $889,000 compared to a slight operating income of $90,000.
Speaker Change: The year-over-year decline was due to increased operating costs from the company's recently acquired facilities in Rhode Island and the company's new facility in Pueblo, Mexico, combined with lower Gamma Knife treatment volumes.
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Speaker Change: The bargain purchase gain recognized on the Rhode Island transaction in the second quarter was increased by $263,000 net of income taxes in the third quarter, primarily due to changes in the valuation report on certain real estate holdings and non-controlling interests.
as well as expectations related to recoverability of acquired receivables.
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Speaker Change: The income tax benefit of $169,000 for the third quarter of 2024 compares to the income tax expense of $60,000 for the same period last year.
Speaker Change: Net loss attributable to American Shared Hospital Services in the third quarter of 2024 was $207,000, or three cents per diluted share, compared to net income of $118,000, or two cents per diluted share for the third quarter of 2023.
Speaker Change: The period-over-period decrease was primarily due to losses incurred by the leasing segment, driven by lower gamma knife volume as well as increased depreciation for planned equipment upgrades.
Speaker Change: Fully diluted weighted average common shares outstanding were relatively unchanged at $6,482,000 for the third quarter of 2024 and $6,432,000 for the third quarter of 2023.
Speaker Change: Adjusted EBITDA, a non-GAAP financial measure, was $1.37 million for the third quarter of 2024 compared to $1.67 million for the third quarter of 2023.
Moving on to the nine-month financial statements.
Speaker Change: Revenue from the company's direct patient services or retail segment was $7.81 million for the nine months ended September 30, 2024, compared to $2.44 million for the year-ago period, marking an increase of 220%.
Speaker Change: The increase in retail revenue was primarily due to revenue generated by the Rhode Island companies we acquired on May 7, 2024.
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Speaker Change: Gamma Knife revenue decreased 14.6% to $7.13 million for the first nine months of 2024 compared to $8.35 million for the first nine months of 2023.
Speaker Change: The number of Gamma Knight procedures in the first nine months of 2024 was 831, a decrease of 9.5% compared to 918 Gamma Knight procedures in the comparable period of 2023. This was due to the Gamma Knight procedure declines in the third quarter as discussed earlier.
[inaudible]
Speaker Change: Proton therapy revenue increased 4.4% to $7.39 million for the first nine months of 2024 compared to $7.08 million for the first nine months of 2023.
Speaker Change: total proton therapy fractions in the first nine months of 2024 were 3,764, a decrease of 8.1% compared to 4,094 proton therapy fractions in the comparable period of 2023.
Speaker Change: Net income attributable to American Shared Hospital Services for the first nine months of 2024 was $3.51 million and 54 cents per diluted share compared to net income of $195,000 or three cents per diluted share.
Speaker Change: for the first nine months of 2023. The large increase was due to the bargain purchase gain generated from the Rhode Island acquisition and the net income earned from the Rhode Island facilities acquired.
Speaker Change: Adjusted EBITDA, a non-GAAP financial measure, was $5.12 million for the first nine months of 2024 compared to $5.51 million for the first nine months of 2023.
Speaker Change: September 30, 2024 Cash and Cash Equivalents and Restricted Cash was $14.1 million compared to $13.8 million on December 31, 2023.
Speaker Change: Shareholders' equity, excluding non-controlling interests and subsidiaries, was $26.42 million, or $4.14 per outstanding share, as of September 30, 2024.
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Speaker Change: This concludes the formal part of our presentation. Thank you again for joining us today. We look forward to updating you on our progress in the quarters ahead. Nick, we'd now like to turn the call back to you and open it up for questions.
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Thank you.
Speaker Change: We will now begin the question and answer session. To ask a question, you may press star, then 1 on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys.
Speaker Change: If at any time your question has been addressed, and you would like to withdraw your question, please press star then 2. Again, we ask that you please limit yourself to one question and one follow-up. At this time, we will pause for just a moment to assemble our roster.
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Speaker Change: And our first question today will come from Ma'am Maren with Zax. Please go ahead.
Speaker Change: Thank you. So I want to follow up on something you said in the prepared remarks, Ray, about, you know, certain startup costs, I guess, you know, I guess they would be as you bring on new business ones in Rhode Island and Puebla. But I'm also wondering if
Speaker Change: When you bring on a new business, if there's a bit of a ramp-up period during which that new center or new centers sort of are ramping up to reach their peak operating efficiency. And Puebla, I think, came online during the quarter. So would you say that that is something that we're seeing right now in the third quarter?
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Speaker Change: I think you bring up two, I'll say, categories of costs.
that impacted our third quarter results.
Speaker Change: We've had to have valuations done because we are a public company, you know, let's value the assets.
Speaker Change: and using outside consultants to do that to help us not just value the assets but establish our opening balance sheet so that it can pass mustard with the audit requirements, the review requirements necessary as a public company.
The other second kind of category of costs is the
costs that integrating our Rhode Island Radiation Therapy Centers.
Speaker Change: We've been incurring costs that are a result of the fact that these three centers were being managed by a company going through the bankruptcy process.
Speaker Change: So, its equipment was outdated, as I've talked to, explained in the CT simulators, we had to replace two of them.
We put our equipment on service and maintenance agreements.
Speaker Change: The employees that we hired, we hired almost without exception, all the employees that had been employed by Genesis Care. But there were a lot of
personnel that were not employees.
Speaker Change: These centers were contracting with outside third-party staffing firms and locum tenums.
at exorbitant costs to the center.
Speaker Change: because they were losing, you know, radiation therapists, they were losing physicists.
Speaker Change: and we employed the existing radiation therapists and existing physicists but we had to transition from these third-party staffing costs to employees.
Speaker Change: As an additional example of that, we acquired, I think there are four temporary or you know outside third parties, four radiation therapists being supplied by outside third parties.
Speaker Change: We've hired two of those four, I'll say headcount, as employees now, and we're close to employing a third.
Speaker Change: but that additional cost is the cost that we inherited. We know how to fix it, but it's gonna take some time to get it under proper management.
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Speaker Change: Unknown Speaker That answer your question? Stephanie Prince Yes, thank you. That's helpful. Thank you. And then just one follow on in terms of the Puebla facility. So now you've been operating that facility, I think since August. Are you
Speaker Change: Is there any kind of, you know, color that you have there on that facility in terms of, you know, what you had expected to see that you're, you know, you're satisfied with?
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I'd say that you know that the startup was delayed.
Speaker Change: You know, we did not start generating revenue until early July.
Speaker Change: But, I'll tell ya, we are very pleased with the results. The revenue that's being generated at that site keeps increasing every month since we've opened.
We're very pleased with its performance.
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Speaker Change: Again, if you have a question, please press star and then 1.
Speaker Change: Our next question today will come from Tony Kamen with Eastwood Partners. Please go ahead Hi, Ray Question from a slightly different angle on on the Rhode Island You know you mentioned I think in your prepared remarks a couple times You said you know remember this was being operated out of bankruptcy or whatever so my question is
Speaker Change: And you mentioned just now the equipment that was kind of older or whatever, what kind of impact was that having on...
Speaker Change: Unknown Speaker The other side of the business, not the cost side, but the utilization side from patients and doctors recommending patients, you know, and the uncertainty, the bankruptcy did that. Do you feel that you can?
Speaker Change: you know, gain new business in terms of more referrals and all that stuff on the customer and the doctor's referring side.
Speaker Change: Thank you, Tony. I think we definitely can increase our volumes.
Let me give one example.
Speaker Change: was in a non-operating condition for several months. It was in effect down.
You know, it couldn't be used prior to our acquisition.
Speaker Change: So that was the first one we replaced. And there was a referring physician.
Speaker Change: that would not refer to that site because the CT simulator was down.
Speaker Change: Since we've replaced that CT simulator, that referring physician has started referring his patients back to our center.
I mean, that's just like an ideal case situation.
of the efforts that we're deploying to increase our volumes.
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Speaker Change: And is there other sort of marketing going on as well? I mean, are you kind of getting the word out to doctors now that hey, you know, the center's been...
Speaker Change: Upgraded and all that and then just the second part which isn't really related but can you comment a little also on the gammonite side and
Speaker Change: Whether, you know, it was a tough quarter for some reasons there is, you know, do you guys have sort of a plan on the Gamma Knife side that you think might help turn things around there a little bit?
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Speaker Change: There are still two questions on make bringing more awareness to our radiation therapy centers in Rhode Island. We are absolutely doing that.
Speaker Change: Keep in mind, our joint venture partners, the other 20% owners.
Speaker Change: is the second largest health care system in the state. They're well aware of this acquisition and continue to refer patients to our centers.
Speaker Change: Our other 20% partner is the third largest health care system in the state and the same scenario there And I am you know the largest health care system is well aware of our activities
Speaker Change: and they're very amenable, as we are, to talking about a relationship and how we can grow it.
Speaker Change: So, there's a lot of awareness going on in the state of Rhode Island about our presence, especially, you know, the Health Service Council that hears our CON applications.
Speaker Change: They're very cognizant and, you know, the leaders in the entire state are cognizant of our efforts in Rhode Island.
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. Good evening everyone and welcome to the
Going to the Gamma Knife question that you had, Tony,
We had almost, what I'd,
characterized as an anomaly third quarter with our treatment volumes.
Speaker Change: from, you know, physicians, radiation oncologists, neurosurgeons that, you know, went on vacation in the months of July and August.
to one physician that was on maternity leave.
Speaker Change: and you know we had downtime at one of our sites that we were upgrading their system.
Speaker Change: So, it was kind of a variety of factors, and all of them very, I'll say, overcomable. I don't know if that's a word, but I guess we can overcome.
Speaker Change: Those situations and you know I'm not happy about the results there but you know we dug into it we understand it very clearly.
And I think we've got a plan in place.
in making awareness of our Gamma Knife in these communities.
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Speaker Change: And your next question today will come from Anthony Marchese, private investor. Please go ahead.
Anthony Marchese: Yeah, hi, good afternoon, guys. You know, when you look at the stock, you know, where the stock was at $3 in March.
$3.00 today.
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Speaker Change: and maybe you didn't but it would seem to me that if you had a center which is closing or rather which has not been renewed or downtime
Speaker Change: that it would be helpful on these calls to make that known to people.
Speaker Change: It just seems as though, you know, every quarter we're surprised with, oh gee, there was downtime because, you know, people are on vacation, there was downtime because we didn't get a renewal. There was downtime. There always seems to be something.
Speaker Change: And so, you know, when you look at the stock, you're trading at cash.
No growth in stock price since March.
Speaker Change: Why not buy the stock back? And I realize you're going to say, well, we need the money for expansion, but certainly a small buyback program would go a long way to reassuring people that the, you know, that management believes.
Speaker Change: in the, you know, future of the company. And I realized that, you know, I know you have Zacks, which is an independent research service, but you haven't been able to get any type of.
Speaker Change: cell site coverage. So I guess, you know, I'm frustrated in that
Unknown Speaker Yeah.
Speaker Change: You know, I just think that I just think that without any forward guidance, without any kind of warnings about you know what's coming up that people just move on they lose confidence and you know there are a lot of other investments, especially with you know the action in the small cap markets.
Speaker Change: Thanks for joining us. Thanks for listening. We'll see you next time.
You know, our business model.
Speaker Change: Calls for our investors to be patient and very long-term oriented. I hear in your voice the frustration
You know,
Speaker Change: Stick with us long-term. I know many of you already have.
Speaker Change: but look at the transition we're making in our business model.
If you look at our transition, we're expanding geographically.
We're expanding our product diversification.
Speaker Change: you know four years ago we had gamma knives and a proton beam.
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Today, we have added four linear accelerators.
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and the other diversification play that we're making.
Speaker Change: is in the changing from the leasing segment company being dominated by a leasing segment
Speaker Change: Where we get a percentage of the revenue that the hospital care system collects.
Speaker Change: No, we're going to be 100% owner and operator if and when we get that CON approved.
and just stay tuned on that matter.
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Speaker Change: Well, what about small buyback? I mean, I'm sorry, I didn't mean to cut you off. What about some small buyback, which you know, again, given your cash resources and your borrowing capacity, it just seems to me as an investor, and for you guys, if you're buying the stock at cash,
Speaker Change: Unknown Speaker Assuming the business has a future, to me it would be an incredible use of, and you're buying it way below tangible books, it would seem to me to be a very good use of your funds. I'm not saying bet the whole ranch, I'm simply saying a small buyback.
Yeah.
Anthony Juley-Noggin Okay
Thank you.
Thank you.
Speaker Change: This will conclude our question and answer session. I would like to turn the conference back over to Ray Stachowiak for any closing remarks.
Thank you, Nick.
Ray Stachowiak: Thanks, everyone, for joining us today. We are very clearly excited by our future.
American Shared said a critical inflection point
Ray Stachowiak: especially following the Rhode Island acquisition and the other growth opportunities we're currently pursuing.
Ray Stachowiak: We fully appreciate it will not be a straight line up there will be challenges along the way
Ray Stachowiak: We're very confident, we got the right strategy in place, we got a strong team now to execute on our growth initiatives.
We look forward to updating you on our continued progress.
Ray Stachowiak: If you have any questions, don't hesitate to contact. We'll accommodate further conversation.
Thanks for your continued interest in American Shared Hospital Services.
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Have a great remainder of the day and the week.
Goodbye.
Speaker Change: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.