Full Press Release Details
Healthcare Reports First Quarter 2025 Financial Results
SRT systems shipped during the quarter; revenues of $8.3 million
increase in treatment volume from FDAs over preceding quarter
Profitability forecast for the next three quarters and for the full year
call begins at 4:30 p.m. Eastern time today
RATON, Fla. (May 15, 2025) - 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 months ended March 31, 2025.
of the first quarter of 2025 include the following:
the first quarter we invested in several important initiatives that we expect will benefit our business for the rest of the year
and beyond, including in sales and marketing and in research and development. Three of the year's most important dermatology
medical conferences took place during the quarter, and we were delighted by the extremely strong response to our event at the
AAD for customers and prospects that featured Olympic swimmer Katie Ledecky. Due to the event's success we placed orders
for additional units to be manufactured to meet expected demand. In addition, to broaden awareness of our Fair Deal Agreement
(FDA) program, we are now participating in a number of smaller dermatology conferences nationwide, which allows us to reach an
expanded number of potential customers and spotlight this highly attractive and well-received program," said Joe Sardano,
Chairman and Chief Executive Officer of Sensus Healthcare.
also stepped up our investment in research and development including lobbying efforts to ensure the new administration fully appreciates
the value of IG-SRT to the healthcare system and patients, as well as finalizing development of the TransDermal Infusion (TDI)
product with Sentinel IT Solutions capabilities and further enhancing products that incorporate IG-SRT technology,"
he added. "We remain confident in our growth trajectory and expect to be profitable in each of the next three quarters and
for the full year, making this the right time for these investments. We expect revenue from FDAs to begin contributing meaningfully
in the second half of the year and are encouraged by the 65% quarter-over-quarter increase in the number of patient treatments
from FDA-based SRT systems. We affirm expectations to sign 3-5 additional multisite FDA customers this year."
Quarter Financial Results
Revenues were $8.3 million for the first quarter of 2025 compared with $10.7 million for the first quarter of 2024. The decrease
was primarily due to a lower number of units sold to a large customer compared with the prior-year period.
of sales was $4.0 million for the first quarter of 2025 and 2024.
profit was $4.4 million for the first quarter of 2025 compared with $6.7 million a year ago. Gross margin was 53.0% in the 2025
quarter versus 62.6% in the 2024 quarter, primarily driven by lower sales and higher costs of service.
and administrative expense was $2.2 million for the first quarter of 2025 compared with $1.6 million for the first quarter of
2024, reflecting higher professional fees and compensation.
and marketing expense was $2.2 million for the first quarter of 2025 compared with $1.3 million a year ago, with the increase
primarily driven by higher trade show costs, clinical studies and increased headcount.
and development expense was $2.6 million for the first quarter of 2025 compared with $0.9 million for the prior-year quarter,
primarily due to significant
lobbying costs related to billing code reimbursement, increased headcount and product development cost.
income of $0.2 million for the three months ended March 31, 2025 and 2024 relates primarily to interest income.
loss for the first quarter of 2025 was $2.6 million, or $(0.16) per share, compared with net income of $2.3 million, or $0.14
per diluted share, for the first quarter of 2024.
EBITDA for the first quarter of 2025 was negative $2.5 million compared with $3.0 million for the first quarter of 2024. The decline
reflects higher net income in the 2024 quarter partially offset by higher income tax expense. Adjusted EBITDA, a non-GAAP financial
measure, is defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see
below for a reconciliation between GAAP and non-GAAP financial measures, and the reason these non-GAAP financial measures are
and cash equivalents were $19.1 million as of March 31, 2025, compared with $22.1 million as of December 31, 2024. The Company
had no outstanding borrowings under its revolving line of credit at the end of either period. Prepaid inventory was $5.7 million
as of March 31, 2025, compared with $3.3 million as of December 31, 2024. Inventories were $9.9 million as of March 31, 2025,
compared with $10.1 million as of December 31, 2024, as the Company is well-positioned to meet anticipated future demand for SRT
of Non-GAAP Financial Information
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
SENSUS HEALTHCARE, INC.
GAAP TO NON-GAAP RECONCILIATION
| (unaudited) | ||||||||
| For the Three Months Ended | ||||||||
| March 31 | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Net income (loss), as reported | $ | (2,572 | ) | $ | 2,274 | |||
| Add: | ||||||||
| Depreciation and amortization | 86 | 70 | ||||||
| Stock compensation expense | 79 | 91 | ||||||
| Income tax expense | 110 | 827 | ||||||
| Interest income, net | (184 | ) | (214 | ) | ||||
| Adjusted EBITDA, non GAAP | $ | (2,481 | ) | $ | 3,048 |
Healthcare will host an investment community conference call today beginning at 4:30 p.m. Eastern time during which management
will discuss these financial results, provide a business update and answer questions.
are encouraged to pre-register for the conference call here to receive a unique dial-in number that will permit them to
bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. Alternatively,
participants can access the conference call by dialing 844-481-2811 (U.S. and Canada Toll Free) or 412-317-0676 (International).
Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be
accessed here or in the Investor Relations section of the Company's website at www.sensushealthcare.com.
the conclusion of the conference call, a replay will be available until June 15, 2025 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 8616866. An archived webcast
of the call will also be available in the Investors section of the Company's website.
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.
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.
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: 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; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer
in the U.S.; the development by others of new products, treatments, or technologies that render our technology partially or wholly
obsolete; 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; 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 Reports on Form 10-K and Quarterly Reports on Form 10-Q.