American Shared Hospital Services finances and operates advanced radiation therapy technology through two models: leasing medical equipment to hospitals and running its own radiation therapy centers that bill patients and payors directly. Its installed base includes Gamma Knife stereotactic radiosurgery systems, LINAC radiation therapy systems, and a proton beam radiation therapy (PBRT) system under contract arrangements. In the leasing segment, revenue is tied to procedure volumes via fee-per-use pricing or revenue-sharing on hospital reimbursements, typically under long-term contracts. In direct patient services, the company operates single-unit centers in Rhode Island and international facilities in Peru, Ecuador, and Mexico, where it provides radiation treatments as the principal under patient contracts.
7,6 %
18,0 %
−5,5 %
−0,9 %
0.76
0.76
| % | |
|---|---|
| Medical equipment leasing (Gamma Knife) | 45% Leasing of Gamma Knife radiosurgery systems to hospitals under fee-per-use or revenue-sharing contracts. |
| Medical equipment leasing (PBRT) | 25% Proton beam radiation therapy leasing under a revenue-sharing model tied to reimbursement and utilization. |
| Medical equipment leasing (LINAC) | 10% Leasing of LINAC radiation therapy systems, with economics driven by procedure volume and contract terms. |
| Direct patient services (U.S. centers) | 15% Radiation therapy treatments delivered at company-operated single-unit centers in Rhode Island billed to patients/payors. |
| Direct patient services (International centers) | 5% Company-operated Gamma Knife and LINAC facilities in Latin America providing treatments under patient contracts. |
The leasing segment’s customers are hospitals and health systems that want access to high-cost radiation therapy...
Lease Gamma Knife, LINAC, and PBRT capacity via fee-per-use or revenue-sharing to provide radiation therapy without owning the equipment outright.
Receive radiation therapy at the Rhode Island facilities where the company acts as principal and recognizes treatment revenue at the time of service.
Receive Gamma Knife or LINAC treatments at facilities in Peru, Ecuador, and Mexico, expanding the direct patient services model outside the U.S.
Provide maintenance and service coverage (e.g., Elekta, Mevion) that supports uptime and contractual performance for leased and owned systems.
Operations are primarily U.S.-based, with leased Gamma Knife, LINAC, and PBRT systems under contract with domestic...
The company’s strategy centers on expanding and optimizing a contracted installed base of radiation therapy systems...
Owned centers allow the company to contract directly with patients and capture economics beyond equipment leasing.
Leasing revenue is driven by procedure volume and reimbursement under fee-per-use and revenue-sharing arrangements.
Service commitments and maintenance execution affect capacity, patient throughput, and profitability at both leased and owned sites.
Revenue is highly sensitive to procedure volumes at each site, because leasing contracts generally lack guaranteed...
Leasing revenue is recognized per procedure or as a share of reimbursement, and direct patient services depend on patient throughput; lower volumes drove segment losses in the quarter discussed.
Contract receipts are tied to reimbursement levels (directly for revenue share and indirectly for demand), so payer policy changes can reduce revenue per treatment.
The company has significant service commitments and depends on vendors to keep systems operational; downtime reduces procedures and can raise costs.
Owned facilities in Peru, Ecuador, and Mexico face local regulatory requirements, collections variability, and potential currency impacts versus U.S. operations.
ARAY · Surgical & Medical Instruments & Apparatus
Accuray Incorporated is a radiation therapy company that develops, manufactures, sells, and supports systems used to deliver highly precise radiation treatments.
SRTS · Surgical & Medical Instruments & Apparatus
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SGRY · Services-General Medical & Surgical Hospitals, NEC
ATNM · Pharmaceutical Preparations
ATEC · Surgical & Medical Instruments & Apparatus
: 11/08/2026