American Shared Hospital Services (AMS) 2026 Q1 法說會逐字稿

Good day, and welcome to the American Shared Hospital Services first-quarter Of 2026 earnings conference call. (Operator Instructions) Please also note that this event is being recorded today. I would now like to turn the conference over to Kirin Smith, Investor Relations. Please go ahead.

各位好，歡迎參加 American Shared Hospital Services 2026 年第一季財報電話會議。（接線員指示）也請注意，本活動今日將進行錄音。現在我想將會議交給投資人關係 Kirin Smith。請開始。

Thank you, operator, and thank you, everyone, for joining us today. AMS' first quarter 2026 earnings press release was issued earlier today. If you need a copy, it can be accessed on the company's website at www.ashs.com under the Investors section. Before turning the call over to management, I would like to make the following remarks concerning forward-looking statements.

謝謝接線員，也謝謝各位今天加入我們。AMS 2026 年第一季財報新聞稿已於今日稍早發布。如需副本，可至公司網站 www.ashs.com 的 Investors（投資人）專區取得。在把電話交給管理團隊之前，我想先就前瞻性陳述作以下說明。

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. 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 our Form 10-Q for the second quarter (sic – first quarter) ended March 31, 2026.

請注意，本次電話會議中可能就公司未來預期、計畫與前景所作的各項評論，均構成《1995 年私人證券訴訟改革法》安全港條款所定義之「前瞻性陳述」。實際結果可能因多項重要因素而與這些前瞻性陳述所示有重大差異，包括公司向美國證券交易委員會（SEC）提交之文件中所討論者，其中包括截至 2026 年 3 月 31 日止第二季（原文誤植—第一季）的 Form 10-Q。

The company assumes no obligation to update the information contained in this conference call. Before I turn the call over to management, I'd like to remind everyone about our Q&A policy where we provide each participant to ask one question and one followup. As always, we'll be happy to take additional questions offline. With that, I'd now like to turn the call over to Ray Stachowiak, Executive Chairman. Ray, please go ahead.

公司不承擔更新本次電話會議所含資訊之任何義務。在把電話交給管理團隊之前，我想提醒各位我們的問答政策：每位與會者可提一個問題並可追問一次。如同以往，我們也很樂意在會後私下回覆其他問題。接下來，我想把電話交給執行董事長 Ray Stachowiak。Ray，請開始。

Thank you, Kirin, and thank you all for joining us today. First, I'll start with an update on our recent management changes, and then we'll provide some key highlights from the quarter and give further detail on our enthusiasm and confidence in our growth prospects. In late April, we announced a leadership transition with Gary Delanois stepping down as our Chief Executive Officer for personal reasons and the Board appointing Craig Tagawa as our Interim CEO.

謝謝你，Kirin，也謝謝各位今天加入我們。首先，我將就近期管理層變動提供最新進展，接著我們會分享本季幾項重點亮點，並進一步說明我們對成長前景的熱忱與信心。4 月下旬，我們宣布領導階層交接：Gary Delanois 因個人因素卸任執行長，董事會任命 Craig Tagawa 擔任臨時執行長。

We thank Gary for his valuable contributions and wish him the best of luck in his future endeavors. Craig brings more than 35 years of experience with the company, including leadership roles as our President, Chief Operating Officer and Chief Financial Officer. His deep operational and financial expertise, along with his long history with the organization, positions him well to lead the company through its next phase. We are confident in the team's ability to continue driving execution, increasing treatment volumes and supporting revenue growth.

我們感謝 Gary 的寶貴貢獻，並祝福他未來一切順利。Craig 在公司擁有超過 35 年的經驗，曾擔任總裁、營運長與財務長等領導職務。他深厚的營運與財務專業，加上長期在組織內的歷練，使他非常適合帶領公司進入下一階段。我們對團隊持續推動執行、提升治療量並支持營收成長的能力充滿信心。

As we look at the first quarter and a continuation into the second quarter, we are encouraged by the continued progress across our network, particularly in terms of increasing treatment volumes and improved center level performance. I'm pleased to report that we are continuing to see volumes trending positively into our second quarter as we remain extremely focused on strong execution. We saw meaningful growth in volumes at the Orlando PBRT facility, our Rhode Island centers and our international Gamma Knife centers. They all contributed directly to our year-over-year revenue increase and reflects the ongoing ramp-up of these facilities.

回顧第一季並延續至第二季，我們對整體網絡持續取得進展感到鼓舞，尤其是在治療量提升與各中心層級績效改善方面。我很高興報告，隨著我們持續高度聚焦於強力執行，我們在第二季仍看到量能呈現正向趨勢。奧蘭多 PBRT 設施、羅德島各中心以及我們的國際伽瑪刀中心的量能均出現顯著成長，皆直接帶動我們年增營收，並反映這些設施持續爬坡的成果。

These trends are important as increasing utilization is a key driver of both revenue growth and margin expansion in our model. Our partnerships remain central to our strategy, and we continue to work closely with our health system partners to strengthen clinical programs, support physician alignment and expand patient access to advanced radiation therapy services. In Rhode Island, our collaboration with leading health systems continues to support improvements in staffing, referral patterns and overall operational execution. As these centers continue to mature, we believe there's significant opportunity to further increase volumes and improve financial performance.

這些趨勢相當重要，因為在我們的商業模式中，提高使用率是推動營收成長與毛利率擴張的關鍵驅動因素。我們的合作夥伴關係仍是策略核心，我們持續與醫療體系合作夥伴緊密協作，以強化臨床計畫、支持醫師一致性（alignment），並擴大病患取得先進放射治療服務的可近性。在羅德島，我們與領先醫療體系的合作持續支持人力配置、轉介模式與整體營運執行的改善。隨著這些中心持續成熟，我們相信仍有顯著機會進一步提升量能並改善財務表現。

Internationally, our Puebla center continues to demonstrate strong growth, and we remain focused on building on that momentum while also advancing our broader international strategy. Across our LINAC and proton therapy platforms, we are seeing steady demand trends, and we believe our investments in this technology and the clinical capabilities position us well to capture that demand over time.

在國際方面，我們的普埃布拉（Puebla）中心持續展現強勁成長；我們將在延續此動能的同時，推進更廣泛的國際策略。在我們的直線加速器（LINAC）與質子治療平台上，我們看到需求趨勢穩健；我們相信對此技術與臨床能力的投資，使我們能在時間推移中有效掌握這些需求。

Overall, we believe the progress we're seeing in volumes and revenue reflects the strength of our model and the foundation we built through our partnerships and investments over the past several years. Looking ahead, we see significant opportunity in international markets, including the development of our Guadalajara Center, which we expect to begin operations late this year. In Rhode Island, we've also created a clear runway for expansion through our certificate of need approvals for a new radiation therapy center in Bristol and a proton beam radiation therapy center in Johnston.

整體而言，我們認為目前在量能與營收上的進展，反映了我們模式的強韌性，以及過去數年透過合作夥伴關係與投資所建立的基礎。展望未來，我們在國際市場看到顯著機會，包括我們預期將於今年稍晚開始營運的瓜達拉哈拉（Guadalajara）中心開發案。在羅德島，我們也透過取得需求證明（certificate of need）核准，為擴張建立了清晰跑道：包括在布里斯托（Bristol）新建放射治療中心，以及在約翰斯頓（Johnston）新建質子束放射治療中心。

These projects represent major long-term growth drivers and further strengthen our partnerships with leading health systems in the region. I remain bullish on the company's growth prospects and fully believe that the current valuation does not reflect the true value of our underlying business or the opportunities we have in store. I'll now hand the call over to Craig Tagawa, our President and Interim CEO.

這些專案代表重要的長期成長驅動因素，並進一步強化我們與該地區領先醫療體系的合作夥伴關係。我對公司的成長前景仍然看多，並堅信目前的估值未能反映我們核心業務的真實價值，或我們所擁有的各項機會。接下來我把電話交給我們的總裁兼臨時執行長 Craig Tagawa。

Thank you, Ray, and good day, everyone. I am honored to step into the role of Interim CEO at this important time for the company. Having been with the organization for over three decades, I have seen firsthand the strength of our partnerships, the dedication of our team and the evolution of our business. I'm committed to ensuring continuity in our strategy while maintaining a strong focus on execution, operational discipline and delivering long-term value for our shareholders.

謝謝你，Ray，各位好。我很榮幸在公司這個重要時刻接任臨時執行長一職。我在本組織服務超過三十年，親眼見證我們合作夥伴關係的力量、團隊的投入，以及業務的演進。我將致力於確保策略的延續性，同時持續聚焦於執行力、營運紀律，並為股東創造長期價值。

We are encouraged by our performance in the first quarter of 2026, which reflects continued momentum in our Direct Patient Care Services segment and improving utilization across our treatment centers. Revenue increased approximately 15.9% year-over-year to $7.1 million, driven by strong contributions from our Rhode Island and Puebla radiation therapy centers as well as growth in proton therapy volumes. Importantly, this growth was supported by increased patient volumes across the network, which we view as a key indicator of strengthening demand and improved operational execution. I am also pleased to report that our adjusted EBITDA for the quarter increased 18.4% year-over-year.

我們對 2026 年第一季的表現感到鼓舞，這反映了我們「直接病患照護服務」部門的動能延續，以及各治療中心使用率的改善。營收年增約 15.9% 至 710 萬美元，主要由羅德島與普埃布拉放射治療中心的強勁貢獻，以及質子治療量能成長所帶動。重要的是，這項成長亦受到全網絡病患量增加的支持；我們將其視為需求增強與營運執行改善的關鍵指標。我也很高興報告，本季調整後 EBITDA 年增 18.4%。

During the quarter, we continued to see progress in ramping up our centers, particularly in Rhode Island, where we have worked to stabilize physician staffing and enhance clinical operations. These efforts are translating into higher treatment volumes and more consistent performance across the platform. Our Puebla center also continued to perform well, benefiting from improved reimbursement dynamics and ongoing operational ramp-up, and we believe it remains an important contributor to both current performance and future growth. From a strategic standpoint, our focus remains on expanding and optimizing our organic growth across all of our sites.

本季期間，我們持續推進各中心的爬坡，尤其是在羅德島，我們致力於穩定醫師人力配置並強化臨床營運。這些努力正轉化為更高的治療量，以及平台上更一致的表現。我們的普埃布拉中心也持續表現良好，受惠於報銷（reimbursement）動態改善與持續的營運爬坡；我們相信它仍是當前表現與未來成長的重要貢獻者。從策略角度來看，我們仍聚焦於在所有據點擴張並優化內生成長。

This includes increasing utilization at existing centers, improving revenue cycle performance, and continuing to enhance our clinical capabilities and patient access. We are also seeing early benefits from the operational initiatives we implemented over the past year, including greater alignment of our cost structure with the scale of our business and improved coordination across our centers. While we still have work to do, we believe the progress we are seeing in volumes, revenue and operating performance reflects that we are moving in the right direction and beginning to realize the benefits of our efforts. With that, I'll turn the call over to Scott.

這包括提升既有中心的使用率、改善營收循環（revenue cycle）績效，並持續強化我們的臨床能力與病患可近性。我們也開始看到過去一年所推動的營運措施帶來的初步效益，包括讓成本結構與業務規模更一致，以及提升各中心之間的協作。雖然我們仍有工作要做，但我們相信在量能、營收與營運表現上所見到的進展，顯示我們正朝正確方向前進，並開始實現努力的成果。接下來我把電話交給 Scott。

Thank you, Craig, and good day, everyone. For the first quarter of 2026, total revenue increased 15.9% to $7.1 million compared to $6.1 million in the prior year period. This growth was driven primarily by our Direct Patient Care Services segment, which generated approximately $4.1 million in revenue, up 30.2% from $3.1 million in the prior year.

謝謝你，Craig，各位好。2026 年第一季總營收年增 15.9% 至 710 萬美元，較去年同期的 610 萬美元增加。此成長主要由我們的「直接病患照護服務」部門帶動，該部門營收約 410 萬美元，較去年同期的 310 萬美元成長 30.2%。

The increase reflects higher procedure volumes at our Rhode Island facilities and our radiation therapy center in Puebla, Mexico, as those sites continue to ramp up utilization and increase patient throughput. Leasing revenue was approximately $3 million, relatively consistent with the prior year period. While we saw higher procedure volumes in certain areas, these increases were largely offset by the impact of the Gamma Knife customer contract that expired in April 2025.

此增幅反映羅德島設施與墨西哥普埃布拉放射治療中心的處置量（procedure volumes）提高，因這些據點持續提升使用率並增加病患周轉量（patient throughput）。租賃營收約 300 萬美元，與去年同期大致一致。雖然我們在部分領域看到更高的處置量，但這些增幅大多被一份於 2025 年 4 月到期的伽瑪刀客戶合約之影響所抵銷。

From a modality perspective, we saw solid growth in proton beam radiation therapy with revenue increasing on higher volumes and total fractions rising over 20% year-over-year. Gamma Knife revenue also increased, driven by strength in our Direct Patient Services segment, particularly our international locations in Peru and Ecuador, where volumes benefited from equipment upgrades and improved operating conditions. Turning to profitability. Gross margin improved about [44%] from the prior year to $1.3 million or 18.2% compared to $0.9 million or 15.4% in the prior year period. This improvement was driven by higher overall revenue and better utilization across our treatment network, which more than offset the higher cost structure associated with our growing Direct Patient Services segment.

從治療方式（modality）來看，質子束放射治療表現穩健成長，營收因量能提升而增加，總分次（total fractions）年增超過 20%。伽瑪刀營收亦增加，主要由我們「直接病患服務」部門的強勁表現所帶動，尤其是秘魯與厄瓜多等國際據點；其量能受惠於設備升級與營運條件改善。接著談獲利能力。毛利較去年同期改善約 [44%] 至 130 萬美元（毛利率 18.2%），相較去年同期為 90 萬美元（毛利率 15.4%）。此改善主要由整體營收提高與治療網絡使用率提升所驅動，足以抵銷我們成長中的「直接病患服務」部門所伴隨的較高成本結構。

Total cost of revenue increased to $5.8 million from $5.2 million in the prior year period, primarily reflecting higher operating costs associated with our Direct Patient Services model. This included increased staffing, facility-related expenses and maintenance costs at our Rhode Island and Puebla locations. We also saw higher maintenance expenses as certain LINAC systems came out of warranty and as PBRT and Orlando maintenance contract costs continue to increase. These increases were partially offset by lower depreciation and amortization expense, reflecting contract expirations and certain assets becoming fully depreciated.

營收成本總額由去年同期的520萬美元增加至580萬美元，主要反映與我們「直接病患服務」（Direct Patient Services）模式相關的營運成本上升。其中包括我們羅德島與普埃布拉（Puebla）據點的人力配置增加、設施相關費用及維護成本上升。隨著部分直線加速器（LINAC）系統保固到期，以及PBRT與奧蘭多（Orlando）維護合約成本持續增加，我們也看到較高的維護費用。上述增加部分被較低的折舊與攤銷費用所抵銷，反映合約到期以及部分資產已完全折舊。

Selling and administrative expenses increased modestly to $1.9 million, primarily due to higher audit, tax and consulting fees, partially offset by lower legal expenses. Operating performance improved to a loss of $0.9 million compared to a loss of $1.3 million in the prior year period, reflecting the benefit of revenue growth and margin expansion, partially offset by the continued ramp-up of newer facilities, which carry higher fixed costs in the near term. Net loss attributable to the company improved to $0.6 million or $0.09 per diluted share compared to $0.10 per diluted share in the prior year period. While we continue to report a net loss, this reflects ongoing investment in our Direct Patient Services segment, and we expect improved performances as utilization continues to scale.

銷售與管理費用小幅增加至190萬美元，主要由於審計、稅務與顧問費用較高，部分被較低的法律費用所抵銷。營運表現改善，營業損失為90萬美元，較去年同期的130萬美元損失縮小，反映營收成長與毛利率擴張的效益，部分被較新設施持續爬坡所抵銷，這些設施在短期內承擔較高的固定成本。歸屬於公司的淨損改善至60萬美元，或每股稀釋後0.09美元，相較去年同期每股稀釋後0.10美元。雖然我們仍呈報淨損，但這反映我們對直接病患服務事業的持續投資；隨著使用量持續擴大，我們預期表現將進一步改善。

Importantly, I am pleased to report that adjusted EBITDA increased 18.4% to $1.1 million compared to $949,000 in the same period last year. Turning to the balance sheet. We ended the quarter with approximately $5.2 million in cash, cash equivalents and restricted cash compared to $3.7 million at year-end. This increase reflects improved operating performance and working capital timing. The current portion of our long-term debt was $16.8 million as of March 31, 2026, which decreased from $17.3 million at December 31, 2025. We continue to actively manage our capital structure as we support the growth of our operating platform. We also continue to have productive conversations with our lender regarding potential extension.

重要的是，我很高興報告調整後EBITDA較去年同期的94.9萬美元增加18.4%，至110萬美元。接著談資產負債表。我們在本季末持有約520萬美元的現金、約當現金及受限制現金，較年末的370萬美元增加。此增加反映營運表現改善以及營運資金時點因素。截至2026年3月31日，我們長期負債的流動部分為1,680萬美元，較2025年12月31日的1,730萬美元下降。我們持續積極管理資本結構，以支持營運平台的成長。我們也持續與貸方就可能的展期進行具建設性的討論。

Overall, we are encouraged by the improvement in operating performance and remain focused on driving revenue growth, expanding margins and enhancing financial flexibility. With that, operator, we are ready to take questions.

整體而言，我們對營運表現的改善感到鼓舞，並將持續專注於推動營收成長、擴大利潤率以及提升財務彈性。接下來，接線員，我們準備開始回答問題。

(Operator Instructions) M. Marin, Zacks.

（接線員指示）Zacks 的 M. Marin。

I'm just wondering, could you please remind us and also indicate whether you feel you're on schedule for the opening of the new facility that you had been talking about and which you referenced earlier in your scripted remarks, the new facility in Rhode Island?

我想請問，您能否提醒我們，並說明您是否認為先前談到、且您在事先準備的發言中也提及的羅德島新設施開幕進度是否仍按計畫進行？

Yes. Thanks for your question. We're on schedule for those two centers. But keep in mind, these are long-term projects. The radiation therapy center in Bristol, Rhode Island would be our fourth center in the state. It's an underserved eastern portion of the state. And we're not expecting to open that facility for another 18 or 24 months. The proton beam facility in Johnston, Rhode Island is even further out. It's about 24 to 30 months out.

好的，謝謝你的提問。這兩個中心都按計畫進行。但請記住，這些都是長期專案。位於羅德島布里斯托（Bristol）的放射治療中心將是我們在該州的第四個中心，該地區是州東部服務不足的區域。我們預期該設施還需要18到24個月才會開幕。位於羅德島約翰斯頓（Johnston）的質子束設施時間更久，大約還要24到30個月。

Okay. And then I think I have one follow-up. You mentioned that first quarter results are not directly apples-to-apples because of the expiration of a contract last year. So we are coming up on the anniversary of that. Should we expect that going forward, there'll be more comparability between year-over-year results?

了解。接著我想再追問一個問題。您提到第一季的結果因去年一份合約到期而無法直接做同類比較。我們即將到達那個到期的周年點。那麼往後我們是否可以預期年對年結果會更具可比性？

Yes. I think even though that agreement expired and so the volume treatment count was included in first quarter '25 for comparative purposes, and we were able to maintain a steady treatment volume year-over-year despite that termination. So I think the prospect would be an improvement year-over-year in that segment.

是的。我認為即使該協議到期，因此為了比較目的，2025年第一季仍包含了該協議下的治療量計數，但即便終止後，我們仍能在年對年維持穩定的治療量。因此我認為該事業部門年對年有望改善。

I'm going to sneak in one last question. I know it's -- and I'll get back in queue. So would you say that underscores some of the benefits of your direct patient strategy to sort of take back -- take greater control over some of the revenue streams that you're looking at?

我再偷偷問最後一題，然後我會回到排隊。您是否認為這凸顯了直接病患策略的一些好處，也就是把部分營收來源收回來——對您所關注的某些收入流取得更大的控制權？

Yes. We continue to see our direct Patient services segment continue to grow rather well. We believe that we've transitioned our company and its business model towards that segment. And while still maintaining the revenue streams from our leasing segment, in our quarter here, I think they were flat on the leasing segment, and our growth was in Direct Patient Services.

是的。我們持續看到直接病患服務事業成長相當不錯。我們相信公司及其商業模式已轉型朝向該事業。並且在仍維持租賃事業營收來源的同時，就本季而言，我認為租賃事業大致持平，而成長主要來自直接病患服務。

(Operator Instructions) Tony Kamin, Eastwood Partners.

（接線員指示）Eastwood Partners 的 Tony Kamin。

And it's nice to see some improvement in this quarter. And Craig, it's great to have you in a position of even more importance. I know how long you've been with the company. So that's great to see. I have a question and a follow-up. The first question is just for some clarification there. In an April Zacks' report, it was written benefits could be partially offset by a contract that the company expects to expire in Q2 '26.

本季看到一些改善令人欣慰。而且 Craig，很高興看到你處於更重要的位置。我知道你在公司待了很久，所以這很棒。我有一個問題和一個追問。第一個問題是想釐清一下。在Zacks 4月的一份報告中提到，效益可能會被公司預期於2026年第二季到期的一份合約部分抵銷。

Can you comment a little on that? Is it -- you just said, Ray, that it looks like treatment volumes are good, and we've seen the impacts starting to improve. Is that contract that is referred to that may expire something that's going to be truly material? Or any color on that?

你能稍微評論一下嗎？Ray，你剛才說治療量看起來不錯，而且我們已經看到影響開始改善。報告中提到可能到期的那份合約，是否會是真正重大的影響？能否提供一些說明？

No, I don't think that will have any material impact because we signed a two-year extension for that agreement. So that revenue stream will continue from that site.

不，我不認為那會造成任何重大影響，因為我們已為該協議簽署了兩年的延長。因此該據點的營收來源將會持續。

Okay. That's great. And then my follow-up is sort of a comment and a question. The original -- going out of compliance with your bank was originally around the cash balance being under $5 million. I see that you're back over $5 million. I know that you had a couple of other areas to get fixed there with fixed charges and I think an EBITDA ratio. But can you -- now that you are above it on cash, it's been quite a while, can you just give us any sort of thoughts on how long you expect that process to continue with the bank? And you've mentioned a few times that you have some positive feelings towards where it's going, but any color on that would be appreciated.

好的，太好了。接著我的追問算是評論加問題。最初你們未符合銀行契約主要是因為現金餘額低於500萬美元。我看到你們現在又回到500萬美元以上。我知道你們還有幾個項目需要改善，像是固定費用以及我想是EBITDA比率。但你能否——既然現金已高於門檻，而且已經一段時間了——分享一下你們預期與銀行的這個流程還會持續多久？你們提過幾次對進展方向抱持正面看法，但若能提供一些說明會很有幫助。

Yes. That's a good question, Tony. Our discussions with our banking relationship with Fifth Third Bank, I'll say they're going -- they're proceeding. They're going well. And beyond that, I can't comment on those discussions, but I am able to, I'll say, confirm our cash balance from 12/31, I think we had $3.7 million in cash. And as of 3/31, our cash balances increased to over $5 million. But keep in mind that of that $5 million, some of it is in our international operations. And we have recently been successful in bringing some of that money repatriated back into the United States. But overall, our cash balances have increased.

是的，這是個好問題，Tony。我們與第五三銀行（Fifth Third Bank）的往來銀行討論，我會說正在——正在推進，而且進展良好。除此之外，我無法對這些討論多做評論。但我可以——我會說——確認我們在12/31的現金餘額約為370萬美元，而截至3/31，我們的現金餘額已增加到500萬美元以上。但請記住，在這500萬美元中，有一部分在我們的海外營運中。我們最近也成功將其中部分資金匯回（repatriated）美國。不過整體而言，我們的現金餘額確實增加了。

And this concludes our question-and-answer session. I'd like to turn the conference back over to Craig Tagawa for any closing remarks.

以上為我們的問答環節。接下來我想把電話會議交回給 Craig Tagawa，請他做結語。

Thank you. In closing, we are pleased with the progress we have made in the first quarter, particularly the growth in our Direct Patient Services segment and the improvement in operating performance. Our priorities remain consistent, increasing utilization across our centers, improving operational efficiency and strengthening our financial position. We believe the foundation we have built positions us well for the continuing progress in 2026. Thank you all for joining us today, and we look forward to keeping you up to date on our progress. Please feel free to reach out to us for any additional questions you may have in the meantime. With that, I wish you a great rest of your day.

謝謝。最後，我們對第一季所取得的進展感到滿意，特別是直接病患服務事業的成長以及營運表現的改善。我們的優先事項仍然一致：提升各中心的使用率、改善營運效率並強化財務狀況。我們相信已建立的基礎使我們在2026年能夠持續取得進展。感謝各位今天的參與，我們也期待持續向各位更新我們的進度。若您在此期間有任何其他問題，歡迎隨時與我們聯繫。最後，祝各位今天剩餘時間愉快。

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

本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。