REVISED - Sensus Healthcare Reports Third Quarter 2024 Financial Results With Revenues More than Doubling Versus 2023 Third Quarter
Sensus Healthcare (NASDAQ: SRTS) reported strong Q3 2024 financial results with revenues reaching $8.8 million, a 127% increase from $3.9 million in Q3 2023. The company achieved net income of $1.2 million ($0.07 per diluted share) compared to a net loss of $1.5 million in the prior year. Key highlights include shipping 27 systems, entering seven new Fair Deal Agreements for SRT-100 Vision units, and maintaining a strong balance sheet with $22.6 million in cash and no debt. The company expects to have over 50 IG-SRT Systems signed under the Fair Deal Agreement recurring-revenue program by year-end.
Sensus Healthcare (NASDAQ: SRTS) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi che hanno raggiunto 8,8 milioni di dollari, un aumento del 127% rispetto ai 3,9 milioni di dollari del terzo trimestre del 2023. L'azienda ha ottenuto un utile netto di 1,2 milioni di dollari (0,07 dollari per azione diluita) rispetto a una perdita netta di 1,5 milioni di dollari nell'anno precedente. Tra i punti salienti ci sono la spedizione di 27 sistemi, l'ingresso in sette nuovi Accordi Fair Deal per le unità SRT-100 Vision e il mantenimento di un bilancio solido con 22,6 milioni di dollari in contanti e senza debiti. L'azienda prevede di avere oltre 50 sistemi IG-SRT firmati sotto il programma di entrate ricorrenti degli Accordi Fair Deal entro la fine dell'anno.
Sensus Healthcare (NASDAQ: SRTS) reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos que alcanzaron 8.8 millones de dólares, un aumento del 127% con respecto a los 3.9 millones de dólares del tercer trimestre de 2023. La compañía logró un ingreso neto de 1.2 millones de dólares (0.07 dólares por acción diluida) en comparación con una pérdida neta de 1.5 millones de dólares el año anterior. Los puntos destacados incluyen el envío de 27 sistemas, la firma de siete nuevos Acuerdos Fair Deal para las unidades SRT-100 Vision y el mantenimiento de un balance sólido con 22.6 millones de dólares en efectivo y sin deudas. La empresa espera tener más de 50 Sistemas IG-SRT firmados bajo el programa de ingresos recurrentes del Acuerdo Fair Deal para fin de año.
Sensus Healthcare (NASDAQ: SRTS)는 2024년 3분기 강력한 재무 결과를 보고하며, 수익이 880만 달러에 도달했습니다. 이는 2023년 3분기의 390만 달러에 비해 127% 증가한 수치입니다. 회사는 120만 달러의 순이익을 달성했으며(희석 주당 0.07달러), 지난해에는 150만 달러의 순손실이 있었습니다. 주요 하이라이트로는 27대의 시스템 배송, SRT-100 비전 유닛을 위한 7개의 새로운 공정 거래 계약 체결, 2,260만 달러의 현금 보유 및 무부채 상태를 유지하는 것이 있습니다. 회사는 연말까지 50개 이상의 IG-SRT 시스템이 공정 거래 계약에 따라 서명될 것으로 예상하고 있습니다.
Sensus Healthcare (NASDAQ: SRTS) a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec des revenus atteignant 8,8 millions de dollars, soit une augmentation de 127 % par rapport aux 3,9 millions de dollars du troisième trimestre 2023. La société a réalisé un bénéfice net de 1,2 million de dollars (0,07 dollar par action diluée) par rapport à une perte nette de 1,5 million de dollars l'année précédente. Les points clés incluent l'expédition de 27 systèmes, l'entrée dans sept nouveaux accords Fair Deal pour les unités SRT-100 Vision et le maintien d'une situation financière solide avec 22,6 millions de dollars en liquidités et aucune dette. L'entreprise s'attend à avoir plus de 50 systèmes IG-SRT sous le programme de revenus récurrents des accords Fair Deal d'ici la fin de l'année.
Sensus Healthcare (NASDAQ: SRTS) hat für das dritte Quartal 2024 starke Finanzergebnisse bekannt gegeben, mit einem Umsatz von 8,8 Millionen Dollar, was einem Anstieg von 127% im Vergleich zu 3,9 Millionen Dollar im dritten Quartal 2023 entspricht. Das Unternehmen erzielte einen Nettogewinn von 1,2 Millionen Dollar (0,07 Dollar pro verwässerter Aktie) im Vergleich zu einem Nettverlust von 1,5 Millionen Dollar im Vorjahr. Zu den wichtigsten Highlights gehören der Versand von 27 Systemen, der Abschluss von sieben neuen Fair Deal-Vereinbarungen für SRT-100 Vision-Einheiten und eine starke Bilanz mit 22,6 Millionen Dollar in Barreserven und ohne Schulden. Das Unternehmen rechnet damit, bis zum Jahresende über 50 IG-SRT-Systeme im Rahmen des Fair Deal-Vereinbarungsprogramms für wiederkehrende Einnahmen zu haben.
- Revenue increased 127% year-over-year to $8.8 million
- Achieved net income of $1.2 million vs net loss of $1.5 million in prior year
- Gross profit margin improved to 59.3% from 51.0% year-over-year
- Strong cash position of $22.6 million with no debt
- Shipped 27 systems vs 11 systems in prior year quarter
- 22 Fair Deal Agreements signed since March 2024
- Accounts receivable increased to $17.0 million from $10.6 million due to extended payment terms
- Higher bad debt expense reported in Q3 2024
Insights
The Q3 2024 results show remarkable growth with
- Gross margin improved to
59.3% from51.0% - Net income reached
$1.2 million vs.$1.5 million loss prior year - Strong balance sheet with
$22.6 million cash and no debt
The Fair Deal Agreement recurring revenue model is gaining significant traction, with 22 agreements signed and expectations of over 50 by year-end. This shift towards recurring revenue could provide more predictable cash flows and higher lifetime customer value. The
The company's strategic positioning in the non-melanoma skin cancer treatment market shows strong potential. With an addressable market of 70 million Americans and 1.2 million global annual cases, Sensus's SRT technology is well-positioned for sustained growth. The adoption of their IG-SRT systems by major institutions like Providence Swedish Hospital validates the technology's clinical acceptance. Their proprietary HIPAA-compliant Sentinel IT software adds significant value by enabling usage tracking and clinical billing management, creating a competitive moat in the medical device space.
This revised news release replaces the one issued on November 14, 2024, contains several non-financial changes throughout and removes the name of and references to a new customer, at the customer’s request. The agreement with the new customer remains in effect.
- Revenues of
$8.8 million compare with$3.9 million in the prior-year quarter, adjusted EBITDA (a non-GAAP measure) of$1.6 million compares with negative$1.7 million a year ago - Expects to have more than 50 IG-SRT Systems signed under the Fair Deal Agreement recurring-revenue program by the end of the year
BOCA RATON, Fla, Nov. 17, 2024 (GLOBE NEWSWIRE) -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological skin conditions, announces financial results for the three and nine months ended September 30, 2024.
Highlights from the third quarter of 2024 and recent weeks include the following:
- Revenues increased
127% over the comparable 2023 quarter to$8.8 million , reflecting higher superficial radiotherapy (SRT and IG-SRT) unit sales - Shipped 27 systems including one SRT-100 unit to an international customer, compared with 11 systems shipped in the 2023 quarter
- Entered into Fair Deal Agreements for seven SRT-100 Vision (IG-SRT) units, bringing the total to 22 units since the program’s introduction in March
- Net income was
$1.2 million , or$0.07 per diluted share, compared with a net loss of$1.5 million , or$0.09 per share, for the 2023 quarter - Exited the quarter with
$22.6 million in cash and cash equivalents, and no debt - Sold an SRT system to the radiation oncology department of Providence Swedish Hospital in Seattle
- Attended the American Society for Radiation Oncology (ASTRO) 66th annual meeting, where non-melanoma skin cancer treatment continues to show increased interest
- Expects to have more than 50 IG-SRT Systems signed under the Fair Deal Agreement recurring-revenue program by the end of the year
Management Commentary
“Continued growth in revenues and earnings reflects our success in engaging customers with both existing and new sales options. Our revenues more than doubled year-over-year for the second consecutive quarter, and we maintained profitability despite the summer seasonality of our business,” said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. “Our revenue-sharing Fair Deal Agreement, which allows customers to deploy capital elsewhere in their businesses, continues to attract significant attention. Since our launch at the American Academy of Dermatology meeting in March, we signed 22 agreements as of September 30th.”
Mr. Sardano added, “We have exceeded our goal of having up to 50 Fair Deal Agreements signed by the end of 2024, and we expect to be generating recurring revenue from these SRT-100 Vision (IG-SRT) systems in 2025. Given the growing utilization of SRT to treat non-melanoma skin cancer and keloid scars, and the interest we have generated to date, we expect this model to contribute to our growth for years to come. This model would not be possible without Sentinel IT, our proprietary HIPAA-compliant software with clinical billing and asset management utility that also allows us to track utilization in real time. We believe this intellectual property is a very valuable asset to Sensus.”
Mr. Sardano concluded, “The market for non-melanoma skin cancer treatments is enormous, with an estimated one in five Americans developing skin cancer during their lifetime, representing some 70 million people. Globally, more than 1.2 million people develop non-melanoma skin cancer annually. Clearly SRT is becoming the ‘people’s choice’ on how they wish to be treated.”
Third Quarter Financial Results
Revenues for the third quarter of 2024 were
Cost of sales was
Gross profit was
Selling and marketing expense was
General and administrative expense was
Research and development expense was
Other income of
Net income for the third quarter of 2024 was
Adjusted EBITDA for the third quarter of 2024 was
Cash and cash equivalents were
Nine Month Financial Results
Revenues for the nine months ended September 30, 2024 were
Cost of sales was
Gross profit was
Selling and marketing expense was
General and administrative expense was
Research and development expense was
Other income of
Net income for the nine months ended September 30, 2024 was
Adjusted EBITDA for the nine months ended September 30, was
Use of Non-GAAP Financial Information
This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of the Company’s performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.
| SENSUS HEALTHCARE, INC. | ||||||||||||||||
| GAAP TO NON-GAAP RECONCILIATION | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss), as reported | $ | 1,215 | $ | (1,451 | ) | $ | 5,101 | $ | (3,725 | ) | ||||||
| Add: | ||||||||||||||||
| Depreciation and amortization | 53 | 60 | 154 | 216 | ||||||||||||
| Stock compensation expense | 45 | 67 | 201 | 276 | ||||||||||||
| Income tax expense (benefit) | 559 | (125 | ) | 1,965 | (1,428 | ) | ||||||||||
| Interest income, net | (279 | ) | (277 | ) | (702 | ) | (764 | ) | ||||||||
| Adjusted EBITDA, non GAAP | $ | 1,593 | $ | (1,726 | ) | $ | 6,719 | $ | (5,425 | ) | ||||||
Conference Call and Webcast
Sensus Healthcare held an investment community conference call on November 14, 2024 during which management discussed these financial results, provided a business update and answered questions.
A replay will be available until December 14, 2024 and can be accessed by dialing 877-344-7529 (U.S. Toll Free), 855-669-9658 (Canada Toll Free) or 412-317-0088 (International), using replay code 3932512. An archived webcast of the call will also be available in the Investors section of the Company’s website.
About Sensus Healthcare
Sensus Healthcare, Inc. is a global pioneer in the development and delivery of non-invasive treatments for skin cancer and keloids. Leveraging its cutting-edge superficial radiotherapy (SRT and IG-SRT) technology, the company provides healthcare providers with a highly effective, patient-centric treatment platform. With a dedication to driving innovation in radiation oncology, Sensus Healthcare offers solutions that are safe, precise, and adaptable to a variety of clinical settings. For more information, please visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, ''forward-looking statements.'' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," “approximately,” "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward-looking statements contained in this press release, as a result of the following factors, among others: our ability to maintain profitability; our ability to sell the number of SRT units we anticipate for the balance of 2024; the possibility that inflationary pressures continue to impact our sales; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; the performance of the Company’s information technology systems and its ability to maintain data security; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
To date, we do not expect that the Middle East conflict, the Russian invasion of Ukraine and global geopolitical uncertainties have had any particular impact on our business, but we continue to monitor developments and will address them in future disclosures, if applicable.
Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact:
Alliance Advisors IR
Kim Sutton Golodetz
212-838-3777
kgolodetz@allianceadvisors.com
| SENSUS HEALTHCARE, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| (in thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Revenues | $ | 8,839 | $ | 3,898 | $ | 28,741 | $ | 11,838 | ||||||||
| Cost of sales | 3,599 | 1,909 | 11,416 | 5,609 | ||||||||||||
| Gross profit | 5,240 | 1,989 | 17,325 | 6,229 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling and marketing | 1,309 | 1,290 | 3,575 | 4,983 | ||||||||||||
| General and administrative | 1,573 | 1,511 | 4,731 | 4,204 | ||||||||||||
| Research and development | 863 | 1,083 | 2,655 | 3,001 | ||||||||||||
| Total operating expenses | 3,745 | 3,884 | 10,961 | 12,188 | ||||||||||||
| Income (loss) from operations | 1,495 | (1,895 | ) | 6,364 | (5,959 | ) | ||||||||||
| Other income: | ||||||||||||||||
| Gain on sale of assets | - | 42 | - | 42 | ||||||||||||
| Interest income, net | 279 | 277 | 702 | 764 | ||||||||||||
| Other income, net | 279 | 319 | 702 | 806 | ||||||||||||
| Income (loss) before income tax | 1,774 | (1,576 | ) | 7,066 | (5,153 | ) | ||||||||||
| Provision for (benefit from) income tax | 559 | (125 | ) | 1,965 | (1,428 | ) | ||||||||||
| Net Income (loss) | $ | 1,215 | $ | (1,451 | ) | $ | 5,101 | $ | (3,725 | ) | ||||||
| Net income (loss) per share – basic | $ | 0.07 | $ | (0.09 | ) | $ | 0.31 | $ | (0.23 | ) | ||||||
| – diluted | $ | 0.07 | $ | (0.09 | ) | $ | 0.31 | $ | (0.23 | ) | ||||||
| Weighted average number of shares used in computing net income (loss) per share – basic | 16,321,131 | 16,270,403 | 16,304,913 | 16,255,263 | ||||||||||||
| – diluted | 16,345,749 | 16,270,403 | 16,332,485 | 16,255,263 | ||||||||||||
| SENSUS HEALTHCARE, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| As of September 30, | As of December 31, | |||||||
| (in thousands, except shares and per share data) | 2024 | 2023 | ||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 22,558 | $ | 23,148 | ||||
| Accounts receivable, net | 16,961 | 10,645 | ||||||
| Inventories | 11,968 | 11,861 | ||||||
| Prepaid inventory | 1,723 | 2,986 | ||||||
| Other current assets | 1,596 | 888 | ||||||
| Total current assets | 54,806 | 49,528 | ||||||
| Property and equipment, net | 1,635 | 464 | ||||||
| Deferred tax asset | 2,197 | 2,140 | ||||||
| Operating lease right-of-use assets, net | 630 | 774 | ||||||
| Other noncurrent assets | 590 | 804 | ||||||
| Total assets | $ | 59,858 | $ | 53,710 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 3,973 | $ | 2,793 | ||||
| Product warranties | 351 | 538 | ||||||
| Operating lease liabilities, current portion | 200 | 187 | ||||||
| Income tax payable | - | 37 | ||||||
| Deferred revenue, current portion | 686 | 657 | ||||||
| Total current Liabilities | 5,210 | 4,212 | ||||||
| Operating lease liabilities, net of current portion | 451 | 596 | ||||||
| Deferred revenue, net of current portion | 66 | 60 | ||||||
| Total liabilities | 5,727 | 4,868 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Preferred stock, 5,000,000 shares authorized and none issued and outstanding | - | - | ||||||
| Common stock, | 169 | 169 | ||||||
| Additional paid-in capital | 45,640 | 45,405 | ||||||
| Treasury stock, 540,794 and 532,924 shares at cost, at September 30, 2024 and December 31, 2023, respectively | (3,566 | ) | (3,519 | ) | ||||
| Retained earnings | 11,888 | 6,787 | ||||||
| Total stockholders’ equity | 54,131 | 48,842 | ||||||
| Total liabilities and stockholders’ equity | $ | 59,858 | $ | 53,710 | ||||
FAQ
What was Sensus Healthcare's (SRTS) revenue in Q3 2024?
How many SRT systems did Sensus Healthcare (SRTS) ship in Q3 2024?
What was Sensus Healthcare's (SRTS) net income in Q3 2024?
How many Fair Deal Agreements does Sensus Healthcare (SRTS) expect by end of 2024?
