American Shared Hospital Services (AMS) 2025 Q2 法說會逐字稿

Good day, and welcome to the American Shared Hospital Services Second Quarter 2025 Earnings Conference Call. (Operator Instructions)

大家好，歡迎參加美國共享醫院服務公司2025年第二季財報電話會議。（操作說明）

Please note this event is being recorded. I would now like to turn the conference over to Kirin Smith, with PCG Advisory. Please go ahead.

請注意，本次活動正在錄影。現在我將把會議交給 PCG Advisory 的 Kirin Smith。請繼續。

Thank you, Megan, and thank you, everyone, for joining us today. AMS' Second Quarter 2025 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 and press releases under the Investors tab. 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 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.

謝謝梅根，也謝謝各位今天能來參加我們的節目。AMS公司2025年第二季財報新聞稿於今日股市開盤前發布。如果您需要一份副本，可以在公司網站 www.ashs.com 的「投資者」標籤下的「新聞稿」中找到。在將電話交給管理層之前，我想就前瞻性陳述發表以下評論。請注意，本次電話會議上可能就公司未來預期、計畫和前景發表的各種言論，均構成 1995 年《私人證券訴訟改革法案》安全港條款所指的前瞻性陳述。

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. This includes the company's quarterly reports on Form 10-Q for the three-month period ended March 31, 2025 and annual report on Form 10-K for the year ended December 31, 2024. The company assumes no obligation to update the information contained in this conference call. Before I turn the call over to Ray, I'd like to remind everyone about our Q&A policy, where we provide each participant at the time to ask one question and one follow-up. As always, we'll be happy to take additional questions off-line at any time.

由於各種重要因素的影響，實際結果可能與這些前瞻性聲明所指出的結果有重大差異，這些因素包括公司向美國證券交易委員會提交的文件中討論的因素。這包括公司截至 2025 年 3 月 31 日止三個月的季度報告（表格 10-Q）和截至 2024 年 12 月 31 日止年度的年度報告（表格 10-K）。本公司不承擔更新本次電話會議所含資訊的義務。在將電話交給雷之前，我想提醒大家我們的問答規則，即每次每位參與者可以提出一個問題和一個後續問題。和以往一樣，我們隨時樂意在線下解答其他問題。

With that, I'd now like to turn the call over to Ray Stachowiak, Executive Chairman. Ray, please go ahead.

接下來，我想把電話交給執行主席雷‧斯塔喬維亞克。雷，請繼續。

Thank you, Kirin, and good afternoon, everyone. Thanks for joining us today for our second quarter 2025 earnings conference call. I'll begin with some opening remarks, then turn the call over to Gary Delanois, our CEO, for additional detail followed by Scott Frech, our CFO, for a financial review for our second quarter and first half 2025 results. Following our prepared remarks, we'll open the call for questions. We are very pleased to see that volumes have continued to improve and second quarter 2025 revenue increased 16% sequentially from last quarter which is driven by the expansion of our Direct Patient Services segment and additional international business development initiatives.

謝謝麒麟，大家下午好。感謝各位今天參加我們2025年第二季財報電話會議。我先作一些開場白，然後將電話交給我們的執行長 Gary Delanois，讓他提供更多細節，之後再交給我們的財務長 Scott Frech，讓他回顧一下我們 2025 年第二季和上半年的財務表現。在我們發言完畢後，我們將開放提問環節。我們非常高興地看到銷售持續成長，2025 年第二季營收季增 16%，這主要得益於我們直接病患服務部門的擴張以及額外的國際業務發展措施。

We're continuing to see the benefits from our transition from a cancer treatment equipment leasing focus to a more patient-centric service model. I'm also happy to see treatment volumes continuing to pick up and we look forward to a stronger back half of 2025. I'd like to point out for our long-term minded investor base that for the past four consecutive years, we've shown significant revenue growth, which has almost doubled since 2021. And for the past three years in a row, we've been profitable. It's important for investors to bear in mind that on a short-term basis, there will be normal fluctuations due to the specific nature of our business, but over the medium or longer term, we're in a very good position to continue our track record of strong, profitable revenue growth.

我們正持續感受到從以癌症治療設備租賃為重點轉型為以病人為中心的服務模式所帶來的益處。我也很高興看到治療量持續成長，我們期待2025年下半年能有更強勁的成長。我想向我們具有長期投資眼光的投資者指出，在過去連續四年中，我們的收入實現了顯著增長，自 2021 年以來幾乎翻了一番。過去三年，我們都獲利了。投資者需要記住，短期內，由於我們業務的特殊性，會出現正常的波動，但從中長期來看，我們處於非常有利的地位，可以繼續保持強勁、盈利的收入成長記錄。

I urge investors to focus on the long-term overall growth opportunity as we execute on our strategic initiatives and upcoming milestones. We have set the stage for long-term outperformance as we execute on our growth strategy and work towards building significant shareholder value. I'll now hand the call over to Gary and Scott, who will walk you through our overall business, robust business development pipeline, exciting strategic growth opportunities and the focus on operational and cost efficiencies that drive our confidence in the long-term trajectory of our company. With that, I'll hand the call over to Gary Delanois for additional details.

我敦促投資人專注於長期的整體成長機會，因為我們將執行各項策略舉措並實現即將到來的里程碑。我們已為長期超額收益奠定了基礎，我們正在執行成長策略，努力為股東創造顯著價值。現在我將把電話交給 Gary 和 Scott，他們將帶您了解我們的整體業務、強大的業務發展管道、令人興奮的戰略成長機會，以及我們對營運和成本效益的關注，這些都增強了我們對公司長期發展軌蹟的信心。接下來，我將把電話交給加里·德拉諾伊斯，請他提供更多細節。

Thanks, Ray, and good afternoon, everyone. I echo raised enthusiasm for our near- and longer-term growth opportunities. My confidence and enthusiasm for our business growth strategy continues to grow, and I am excited for our next phase of growth. For this past quarter, we saw a double-digit sequential revenue growth, which increased 16% from last quarter. This growth was driven by the continued benefit from the Rhode Island acquisition that we closed last year as well as from the opening of our new radiation therapy treatment center in Puebla, Mexico.

謝謝你，雷，大家下午好。我非常贊同大家對我們近期和長期成長機會的熱情。我對我們業務成長策略的信心和熱情持續成長，我對我們的下一個成長階段感到興奮。上個季度，我們的營收實現了兩位數的環比成長，比上個季度成長了 16%。這一增長得益於我們去年完成的羅德島收購案帶來的持續收益，以及我們在墨西哥普埃布拉開設的新放射治療中心。

As we focus on revenue growth, we also remain focused on profitability. Our Q2 2025 adjusted EBITDA came in at $1.7 million compared to $949,000 in Q1 2025. We continue to have strong cost controls in place and are reliant on treatment volumes to drive top line growth. We are happy to see treatment volume continuing to increase from the last quarter as we continue to optimize and grow the business. While we do expect to see quarterly fluctuations in treatment volumes, I'm energized by the growth we have seen in the overall business and with our business development initiatives, we have in motion.

在關注營收成長的同時，我們也始終關注獲利能力。我們 2025 年第二季的調整後 EBITDA 為 170 萬美元，而 2025 年第一季為 94.9 萬美元。我們繼續保持嚴格的成本控制，並依靠治療量來推動收入成長。我們很高興看到，隨著我們不斷優化和發展業務，治療量較上一季持續成長。雖然我們預期治療量會有季度波動，但我對整體業務的成長以及我們正在推進的業務發展舉措感到振奮。

We also continue to see benefits from our acquisition of the three Rhode Island cancer treatment centers and our newer one in Puebla, Mexico. At the Rhode Island centers, we have recruited and secured through our professional services agreement with Brown University Health, three outstanding radiation oncologists. And as of today, I am pleased to announce they are seeing new patient consultations at our three centers. This significant accomplishment is a key element that sets the stage for increasing volumes and utilization to fuel future top and bottom-line growth. We are well on our way, and I remain confident that we will see steady growth in treatment volumes and increased referring physician engagement with the health care community and our health system partners Care New England and Prospect CharterCARE.

我們也持續受益於收購羅德島的三家癌症治療中心以及我們在墨西哥普埃布拉新建的癌症治療中心。在羅德島中心，我們透過與布朗大學健康中心的專業服務協議，招募並聘請了三位傑出的放射腫瘤學家。我很高興地宣布，從今天起，我們的三個中心開始接診新病患。這項重大成就為提高產量和利用率奠定了基礎，從而推動未來營收和利潤的成長。我們正朝著目標穩步前進，我仍然相信，我們將看到治療量穩步增長，轉診醫生與醫療保健界以及我們的醫療系統合作夥伴 Care New England 和 Prospect CharterCARE 的互動也會增加。

We also remain focused on our radiation therapy equipment leasing segment and continue to work with our health system customers to create greater community awareness among referring physicians to drive increased utilization of their Gamma Knife systems, the gold standard for stereotactic radiosurgery. Our International business segment also represents a large growth opportunity, where we are seeing continued momentum.

我們也將繼續專注於放射治療設備租賃業務，並繼續與我們的醫療系統客戶合作，提高轉診醫生對伽瑪刀系統（立體定位放射外科手術的黃金標準）的認識，從而推動其使用率的提高。我們的國際業務板塊也蘊藏著巨大的成長機遇，我們看到了持續的成長動能。

As you may recall, we have the only Gamma Knife centers in the countries of Peru and Ecuador. And along with our third international center in Puebla, Mexico, where we are treating cancer patients for a full range of cancer diagnosis with the most advanced radiation therapy treatment capabilities available in our catchment area. Last year, we established our fourth international center with our joint venture agreement for a Gamma Knife center in Guadalajara, Mexico, and we continue to expect to start treating patients and generating revenue towards the end of this year.

您可能還記得，我們​​在秘魯和厄瓜多爾擁有唯一的伽瑪刀治療中心。此外，我們在墨西哥普埃布拉設有第三個國際中心，我們利用該地區最先進的放射治療能力，為癌症患者提供全方位的癌症診斷治療。去年，我們透過合資協議在墨西哥瓜達拉哈拉建立了第四個國際中心——伽瑪刀中心，我們仍然期待在今年年底開始治療病人並產生收入。

As this will be the only S3 Gamma Knife in a country of 130 million people, it certainly will provide a major benefit to patients in Mexico and clearly represents an untapped growth engine for us. Over the months and years ahead, we expect stronger international growth from additional treatment growth in Ecuador and strong volume from our newly upgraded center in Peru and our two new centers in Guadalajara and Puebla. As we've discussed in prior calls, we continue to expand our footprint in Rhode Island.

由於這將是墨西哥這個擁有 1.3 億人口的國家中唯一的 S3 伽瑪刀，它肯定會為墨西哥的患者帶來巨大的好處，並且顯然代表著我們尚未開發的成長引擎。在未來的幾個月和幾年裡，我們預計隨著厄瓜多爾治療業務的進一步增長，以及秘魯新升級中心和瓜達拉哈拉及普埃布拉兩個新中心業務量的強勁增長，國際業務將更加強勁。正如我們在之前的電話會議中所討論的那樣，我們將繼續擴大在羅德島的商業版圖。

The acquisition of the majority interest in the three radiation therapy treatment centers in Rhode Island were our first direct patient care cancer treatment centers in the U.S. This business segment highlights the power of our growth strategy while also demonstrating our ability to partner with health systems Care New England and Prospect CharterCARE the second and third largest health systems in Rhode Island.

收購羅德島三個放射治療中心的多數股權，是我們在美國的首批直接面向患者的癌症治療中心。這項業務部門凸顯了我們成長策略的實力，同時也展現了我們與羅德島第二大和第三大醫療系統 Care New England 和 Prospect CharterCARE 合作的能力。

The second is the Certificate of Need or CON that we have been granted to build and operate a fourth radiation therapy treatment center in Bristol, Rhode Island. And the third is a CON that we officially obtained this past December to build and operate the first proton beam radiation therapy center in the state of Rhode Inland, which represents another major growth opportunity. We also continue to evaluate potential tuck-in acquisitions that can help expand our footprint and add to our growth. We look forward to announcing additional details on these opportunities as they progress. Before I hand the call over to Scott, I'd like to reiterate our strong confidence in the overall business.

第二份是我們獲得的必要性證書（CON），用於在羅德島州布里斯托爾建造和運營第四個放射治療中心。第三項是我們在去年 12 月正式獲得的 CON，用於在羅德島州內陸地區建造和運營第一個質子束放射治療中心，這代表著另一個重大的成長機會。我們也會繼續評估可能有助於擴大商業版圖和促進成長的潛在收購機會。我們期待隨著這些機會的進展，公佈更多細節。在將電話交給斯科特之前，我想重申我們對公司整體業務的堅定信心。

Bear in mind that as with most growth-stage companies, there will be some fluctuations from time to time and our focus and track record of long-term revenue growth and profitability on top of our strong balance sheet gives me great confidence in the strategies we have in place for long-term growth. And with that, I'll turn the call over to Scott Frech, our CFO, for a financial overview.

請記住，與大多數成長階段的公司一樣，我們會不時出現一些波動，但我們專注於長期收入增長和盈利能力，並擁有良好的業績記錄，再加上我們強勁的資產負債表，這讓我對我們為實現長期增長而製定的戰略充滿信心。接下來，我將把電話交給我們的財務長史考特‧弗雷奇，讓他為大家做個財務概覽。

Thank you, Gary, and good afternoon, everyone. For the second quarter ended June 30, 2025, total revenue increased 16% to $7.1 million, compared to $6.1 million for Q1 of 2025 and was up slightly compared to Q2 2024. Revenue from our Direct Patient Services segment was $3.5 million for Q2 2025 compared to $3.1 million in Q2 2024, marking an increase of 12%. This growth was primarily driven by the acquisition of a majority interest in the Rhode Island radiation therapy operations in Q2 2024 and the launch of operations in Pueblo, Mexico in the second half of 2024. Revenue from the Equipment Leasing segment decreased to $3.6 million from $3.9 million in Q2 2024.

謝謝你，加里，大家下午好。截至 2025 年 6 月 30 日的第二季度，總營收成長 16% 至 710 萬美元，而 2025 年第一季為 610 萬美元，與 2024 年第二季相比略有成長。2025 年第二季度，我們直接病患服務部門的營收為 350 萬美元，而 2024 年第二季為 310 萬美元，成長了 12%。這一成長主要得益於 2024 年第二季收購羅德島放射治療業務的多數股權，以及 2024 年下半年在墨西哥普韋布洛啟動業務。設備租賃業務的收入從 2024 年第二季的 390 萬美元下降到 360 萬美元。

Gamma Knife revenue increased 25% from Q1 2025 to $2.6 million for Q2 2025 and was down about 5% compared to Q2 2024. The number of Gamma Knife procedures in Q2 2025 was 264, a 27% increase from Q1 of 2025, but down 22% compared to Q2 2024. This decline was primarily due to the expiration of two contracts in December 2024 and April 2025. Revenue from proton beam radiation therapy or PBRT, increased 17% from Q1 2025 to $1.9 million from Q2 2025, but decreased 20% compared to Q2 2024. Total proton therapy fractions for Q2 2025 were 1,114, a 34% increase from Q1 2025 and down about 10% from Q2 2024.

伽瑪刀營收從 2025 年第一季成長 25% 至 2025 年第二季的 260 萬美元，但與 2024 年第二季相比下降了約 5%。2025 年第二季伽瑪刀手術數量為 264 例，比 2025 年第一季增加 27%，但比 2024 年第二季下降 22%。這一下降主要是由於兩份合約分別於 2024 年 12 月和 2025 年 4 月到期。質子束放射治療 (PBRT) 的營收從 2025 年第一季成長 17%，到 2025 年第二季達到 190 萬美元，但與 2024 年第二季相比下降了 20%。2025 年第二季質子治療總數為 1,114 次，比 2025 年第一季成長 34%，比 2024 年第二季下降約 10%。

This decline was primarily due to normal cyclical fluctuations. Revenue from linear accelerator or Linac Systems was up 7% from Q1 2025 to $2.5 million for Q2 2025 and up 34% compared to Q2 2024 due to the acquisition of the Rhode Island Radiation Therapy operations and the launch of operations in Puebla, Mexico. Our gross margin for Q2 2025 increased 73% from Q1 2025 to $1.6 million and decreased 34% compared to $2.5 million in Q2 2024.

這一下降主要是由於正常的周期性波動造成的。由於收購了羅德島放射治療業務以及在墨西哥普埃布拉啟動了業務，直線加速器或直線加速器系統的收入從 2025 年第一季度增長了 7%，達到 2025 年第二季度的 250 萬美元，與 2024 年第二季度相比增長了 34%。2025 年第二季度，我們的毛利比 2025 年第一季成長了 73%，達到 160 萬美元，但比 2024 年第二季的 250 萬美元下降了 34%。

The year-over-year decline in gross margin in percentage reflects increased operational expenses, higher staffing costs and investments in technology infrastructure to support growth initiatives as well as lower Gamma Knife treatment volumes and the strong growth margin from our direct care -- Patient Care services segment, which has a lower gross margin percentage. Q2 2025 operating income was a loss of $544,000 compared to a loss of $1.3 million in Q1 2025 and a loss of $1,000 in Q2 2024.

毛利率年減百分比反映了營運費用增加、人員成本上升以及為支持成長計劃而對技術基礎設施的投資，同時也反映了伽瑪刀治療量下降以及我們直接護理——患者護理服務部門強勁的增長利潤，而該部門的毛利率百分比較低。2025 年第二季營業收入虧損 544,000 美元，而 2025 年第一季虧損 130 萬美元，2024 年第二季虧損 1,000 美元。

Net loss attributable to American Shared Hospital Services for Q2 2025 was $280,000 or $0.04 per diluted share compared to a net loss of $625,000 in Q1 2025 or $0.10 per share. Q2 2024 yielded a net income of $3.6 million or $0.55 per diluted share. Adjusted EBITDA, our non-GAAP financial measure was $1.7 million for Q2 2025, compared to $949,000 in Q1 2025 and $2 million in Q2 2024. I will now review our six months results. For the first half of 2025, total revenue increased 7% to $13.2 million compared to $12.3 million in the first half of 2024.

2025 年第二季歸屬於美國共享醫院服務的淨虧損為 28 萬美元，即每股攤薄虧損 0.04 美元，而 2025 年第一季淨虧損為 62.5 萬美元，即每股虧損 0.10 美元。2024 年第二季淨收入為 360 萬美元，即每股攤薄收益 0.55 美元。經調整的 EBITDA（我們的非 GAAP 財務指標）在 2025 年第二季為 170 萬美元，而 2025 年第一季為 94.9 萬美元，2024 年第二季為 200 萬美元。接下來，我將回顧我們六個月的成果。2025 年上半年總營收成長 7%，達到 1,320 萬美元，而 2024 年上半年為 1,230 萬美元。

Revenue from our Direct Patient Care Services segment was $6.6 million for the first half of 2025 compared to $4.1 million in the first half of 2024, marking an increase of 61%. This significant growth was primarily driven by the acquisition of the Rhode Island Radiation Therapy operations in Q2 2024 and the launch of operations in Pueblo, Mexico in the second half of 2024. Revenue from the Equipment Leasing segment decreased to $6.6 million from $8.2 million from the first half of 2024. Gamma Knife revenue declined 11.4% to $4.7 million for the first half of '25 compared to $5.3 million in the first half of 2024. The number of Gamma Knife procedures in the first half of 2025 was 472, a 23% decrease from 613 procedures in the first half of 2024.

2025 年上半年，我們直接病患照護服務部門的收入為 660 萬美元，而 2024 年上半年為 410 萬美元，成長了 61%。這一顯著成長主要得益於 2024 年第二季收購羅德島放射治療業務以及 2024 年下半年在墨西哥普韋布洛啟動業務。設備租賃業務的收入從 2024 年上半年的 820 萬美元下降到 660 萬美元。2025 年上半年，伽瑪刀收入下降 11.4%，至 470 萬美元，而 2024 年上半年則為 530 萬美元。2025 年上半年的伽瑪刀手術數量為 472 例，比 2024 年上半年的 613 例減少了 23%。

This decline was primarily due to the expiration of two contracts in December 2024 and April 2025 and downtime to upgrade a third customer to newer technology. Revenue from proton beam radiation therapy or PBRT, decreased 30% to $3.6 million in the first half of 2025, compared to $5.1 million in the first half of 2024. Total proton therapy fractions for the first half of 2025 were $1,945, a 23% decrease from the 2,512 fractions in the first half of 2024. This decline was primarily due to normal cyclical fluctuations. Revenue from Linear Accelerator or Linac Systems was $4.9 million for the first half of 2025 compared to $1.9 million in the first half of 2024.

這一下滑主要是由於兩份合約分別於 2024 年 12 月和 2025 年 4 月到期，以及為第三位客戶升級到新技術而導致的停機時間。2025 年上半年，質子束放射治療 (PBRT) 的收入下降了 30%，至 360 萬美元，而 2024 年上半年為 510 萬美元。2025 年上半年質子治療的總次數為 1,945 美元，比 2024 年上半年的 2,512 次減少了 23%。這一下降主要是由於正常的周期性波動造成的。2025 年上半年直線加速器或直線加速器系統的收入為 490 萬美元，而 2024 年上半年的收入為 190 萬美元。

Due to the acquisition of the Rhode Island Radiation therapy operations and the launch of operations in Pueblo, Mexico. Our gross margin for the first half of 2025 was $2.6 million compared to $4.6 million in the first half of 2024. This decline in gross margin in percentage reflects increased operational expenses higher staffing costs as well as lower Gamma Knife treatment volumes and the strong growth in our Direct Patient Services segment, which has a lower gross operating margin.

由於收購了羅德島放射治療業務以及在墨西哥普韋布洛開展業務。2025 年上半年的毛利為 260 萬美元，而 2024 年上半年的毛利為 460 萬美元。毛利率下降百分比反映了營運費用增加、人員成本上升以及伽瑪刀治療量下降，以及我們直接患者服務部門的強勁增長，而該部門的毛利率較低。

For the first half of 2025, there was an operating loss of $1.8 million compared to a loss of $86,000 in the first half of 2024. Net loss attributable to American Shared Hospital Services for the first half of 2025 was $905,000 or $0.14 per diluted share compared to net income of $3.7 million or $0.57 per diluted share for the first half of 2024.

2025 年上半年，公司營業虧損 180 萬美元，而 2024 年上半年虧損 8.6 萬美元。2025 年上半年歸屬於美國共享醫院服務公司的淨虧損為 905,000 美元，即每股攤薄虧損 0.14 美元，而 2024 年上半年淨利潤為 370 萬美元，即每股攤薄收益 0.57 美元。

Adjusted EBITDA, our non-GAAP financial measure is $2.7 million for the first half of 2025 compared to $3.8 million for the first half of 2024. We'll now go on to our balance sheet. We ended Q2 2025 with strong financial position supported by our solid balance sheet. As of June 30, 2025, cash and cash equivalents, including restricted cash stood at $11.3 million, consistent with the $11.3 million at December 31, 2024. Shareholders' equity, excluding noncontrolling interest, was $24.5 million or $3.78 per outstanding share, compared to $25.2 million or $3.92 per outstanding share at December 31, 2024.

經過調整的 EBITDA（我們的非 GAAP 財務指標）在 2025 年上半年為 270 萬美元，而 2024 年上半年為 380 萬美元。接下來我們來看資產負債表。2025年第二季末，我們財務狀況穩健，這得益於我們紮實的資產負債表。截至 2025 年 6 月 30 日，現金及現金等價物（包括受限現金）為 1,130 萬美元，與 2024 年 12 月 31 日的 1,130 萬美元一致。不包括少數股東權益的股東權益為 2,450 萬美元，即每股流通股 3.78 美元，而截至 2024 年 12 月 31 日，股東權益為 2,520 萬美元，即每股流通股 3.92 美元。

Fully diluted weighted average common shares outstanding were 6,582,000 for Q2 2025 and 6,583,000 for Q2 2024. 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. I'd now like to turn the call back to the operator and open it up for questions.

2025 年第二季完全稀釋後的加權平均流通普通股為 6,582,000 股，2024 年第二季完全稀釋後的加權平均流通普通股為 6,583,000 股。至此，我們正式的演講部分就結束了。再次感謝您今天蒞臨。我們期待在接下來的幾個季度向您報告我們的進展。現在我想把電話轉回給接線員，接受提問。

(Operator Instructions) Our first question comes from M Marin with Zacks.

（操作說明）我們的第一個問題來自 Zacks 的 M Marin。

Thank you. So as you move more and more towards the direct patient segment, you're seeing strong growth. And you're also leveraging some of the relationships that you have, you specifically cited relationships in Rhode Island with Brown University and I think some other organizations. So as you move forward with the two new locations in Rhode Island. Are there any preopening activities that you can engage in to try to make sure that you hit the ground running in those locations once they open.

謝謝。因此，隨著你越來越傾向於直接面向患者群體，你會看到強勁的成長。而且你還在利用你現有的一些人脈關係，你特別提到了你在羅德島與布朗大學以及其他一些組織的關係。所以，隨著你們在羅德島州的兩個新地點的推進。有哪些開幕前的活動可以參加，以確保這些門市開業後能夠迅速步入正軌？

Yes, thank you very much for your call. One of the key items that we were able to accomplish, as I disclosed in my presentation was the addition of three full-time radiation oncologist. That's the first time we have been fully staffed since we took over about a year ago. And we will -- they will obviously also be covering the new centers, obviously, the more imminent center is the Bristol location, which is a radiation therapy center, the longer-term project would be the proton center. And in addition, as you point out, we have -- we are engaged with our health system partners, Care New England And prospect CharterCARE as well as Brown University Health as far as providing services -- additional services at those locations as well.

是的，非常感謝您的來電。正如我在報告中所述，我們所取得的關鍵成果之一是增加了三位全職放射腫瘤科醫師。這是我們接管公司大約一年來第一次人員齊全。我們當然也會報導新的中心，顯然，近期即將建成的中心是布里斯託中心，這是一個放射治療中心，而更長遠的計畫是質子中心。此外，正如您所指出的，我們正在與我們的醫療系統合作夥伴 Care New England 和 CharterCARE 以及布朗大學健康中心合作，在這些地點提供服務——以及提供其他服務。

And that will benefit the two new centers presumably.

這想必會讓這兩個新中心受益。

Could you repeat that again? You broke up a little bit.

你能再重複一遍嗎？你們關係有點破裂。

Sorry, I was just closing the loop there. So that will benefit the two centers presumably once they open.

抱歉，我只是想把事情弄清楚。這樣一來，這兩個中心一旦開放，想必都會從中受益。

Yes, there's definitely economies of scale with us expanding within the greater Rhode Island marketplace.

是的，隨著我們在羅德島州大都會區市場擴張，肯定能實現規模經濟。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to Gary Delanois for any closing remarks.

（操作說明）問答環節到此結束。我謹將會議交還給加里·德拉諾伊斯，請他作總結發言。

Thank you, Megan, and thank you all for joining us today. I'll just wrap up quickly here and reiterate that we are at a key point in time as we execute on our growth strategy. We have put the building blocks in place and are focused on building strong momentum as our growth strategy takes hold. We are confident in our strategy and our team's ability to execute, and we look forward to updating you on our progress as we drive top line growth, profitability and long-term success. As always, if you have any questions, please don't hesitate to reach out, and thanks again for your interest in American Shared Hospital Services.

謝謝梅根，也謝謝大家今天能來參加我們的節目。我在這裡簡單總結一下，並重申我們正處於執行成長策略的關鍵時刻。我們已經奠定了基礎，並專注於隨著成長策略的實施而保持強勁的發展勢頭。我們對我們的策略和團隊的執行能力充滿信心，我們期待向您匯報我們在推動營收成長、獲利能力和長期成功方面取得的進展。如有任何疑問，請隨時聯絡我們，再次感謝您對美國共享醫院服務的關注。

Thank you. That concludes the conference.

謝謝。會議到此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。