Good day, and welcome to the American Shared Hospital Services Second Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Kirin Smith, with PCG Advisory.

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. 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 3-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 1 question and 1 follow-up. As always, we'll be happy to take additional questions off-line at any time. With that, I'd now like to turn the call over to Ray Stachowiak, Executive Chairman. Ray, please go ahead.

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. 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 4 consecutive years, we've shown significant revenue growth, which has almost doubled since 2021. And for the past 3 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. 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.

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. 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. We also continue to see benefits from our acquisition of the 3 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, 3 outstanding radiation oncologists. And as of today, I am pleased to announce they are seeing new patient consultations at our 3 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…

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. 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 2 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. 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…

[Operator Instructions] Our first question comes from M Marin with Zacks.

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 2 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.

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 3 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.

And that will benefit the 2 new centers presumably.

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

Sorry, I was just closing the loop there. So that will benefit the 2 centers presumably once they open.

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

[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.

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. Thank you. That concludes the conference.

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