American Shared Hospital Services (ASHS), a major provider of technology solutions for cancer treatment, has announced the completion of a strategic acquisition, securing a majority stake in three radiation therapy cancer centers in Rhode Island. These centers were previously operated under GenesisCare USA, Inc., a company undergoing Chapter 11 proceedings. ASHS acquired a 60% equity interest in Southern New England Regional Cancer Center, LLC and Roger Williams Radiation Therapy, LLC, as well as essential payor contracts for $2.85 million. This move is expected to bolster annual revenue by $9-$10 million and more than double the company’s backlog to over $210 million. The centers, located in Woonsocket, Warwick, and Providence, are pivotal for local healthcare, offering state-of-the-art treatment with Linear Accelerators (LINACs) and CT Simulators. ASHS’s acquisition ensures the continued operation of these critical facilities, preventing a potential healthcare crisis due to their potential closure. This expansion reinforces ASHS’s partnership with the second and third largest health systems in Rhode Island and advances its growth strategy of increasing its footprint in radiation oncology. The transaction followed thorough due diligence, including bankruptcy court approval and compliance with local health department regulations. ASHS’s financial and operational engagement with major equipment manufacturers enables the provision of sophisticated cancer treatment systems across the globe, exemplifying its commitment to combating cancer through advanced therapies.

Healthcare, Financial Services,United States

https://www.globenewswire.com/news-release/2024/05/09/2879131/0/en/American-Shared-Hospital-Services-Announces-Closing-of-Acquisition-of-60-Majority-Interest-in-Three-Radiation-Therapy-Cancer-Centers-in-Rhode-Island.html