Full Press Release Details
REPORTS SECOND QUARTER 2016 RESULTS
increased 49% year-over-year to $3.6 million
installed base increased to 247 units
completed IPO on June 2nd; cash of $15.8 million, with no debt, at June 30, 2016
Fla. - August 4, 2016 - Sensus Healthcare, Inc. (NASDAQ: SRTS), a medical device company specializing in the treatment
of non-melanoma skin cancers and other skin conditions, such as keloids, with superficial radiation therapy, today reported its
financial results for the second quarter ended June 30, 2016.
first reporting period as a public company, we are excited to report strong results. In the second quarter of 2016, revenue increased
year-over-year by 49% from $2.4 million to $3.6 million and adjusted EBITDA increased from approximately break-even to approximately
$250,000 compared to the same period last year," said Joseph Sardano, President and CEO of Sensus Healthcare. "During
the second quarter, we successfully completed our journey of becoming a public company by raising net proceeds of $10.4 million
after fees and expenses. One of the major goals for raising additional capital was to bolster our marketing efforts and to increase
the size of our sales team in order to raise awareness for our devices. We are also pleased to announce that we almost doubled
the size of our Dermatology sales team to 10 professionals during the second quarter, while adding one sales rep to our Oncology
team. We intend to continue hiring at similar levels through the end of the year."
Financial Highlights
Q2 2016 increased 49% to $3.57 million, compared to $2.40 million for Q2 2015.
for Q2 2016 was 65.0%, compared to 64.6% for Q2 2015.
Marketing Expenses for Q2 2016 were $1.18 million, compared to $0.93 million in Q2 2015.
Administrative Expenses for Q2 2016 were $1.10 million, compared to $0.37 million in Q2 2015. The increase in Q2 2016 included
$0.50 million in stock compensation expense, of which $0.47 million was a one-time expense related to a grant that vested with
the completion of the IPO.
Development Expenses for Q2 2016 were $0.41 million, compared to $0.33 million in Q2 2015.
Attributable to Common Stockholders for Q2 2016 was ($0.35) million, or ($0.03) per share, compared to a net loss attributable
to common stockholders of ($0.22) million, or ($0.02) per share for Q2 2015. The net loss attributable to common stockholders in
Q2 2015 included a non-cash accounting charge of approximately $0.13 million for a preferential
distribution attributable to preferred shareholders prior to the IPO.
for Q2 2016 was $0.25 million, compared to $0.01 million for Q2 2015. Adjusted EBITDA is defined as earnings before depreciation
and amortization, taxes, interest expense, stock compensation expense and litigation settlement expense. Please see below for a
reconciliation between GAAP and this non-GAAP financial measure and the specific reasons why we provide these non-GAAP financial
Equivalents were $15.8 million as of June 30, 2016, which included $10.4 million in net proceeds from the IPO.
provided by operating activities was $0.3 million for the three months ended June 30, 2016.
2016 Financial Highlights
the six months ended June 30, 2016 increased 53% to $6.61 million, compared to $4.33 million for same period in 2015.
for the six months ended June 30, 2016 was 64.4%, compared to a gross margin of 63.7% for the same period in 2015.
Marketing Expenses for the six months ended June 30, 2016 were $2.13 million, compared to $1.85 million for the same period
Administrative Expenses for six months ended June 30, 2016 were $1.76 million, compared to $0.70 million for the same period
in 2015. The increase in 2016 included $0.50 million in stock compensation expense.
Development Expenses for the six months ended June 30, 2016 were $0.71 million, compared to $0.77 million for the same period
Attributable to Common Stockholders for the six months ended June 30, 2016 was ($0.35) million, or ($0.03) per share, compared
to a net loss attributable to common stockholders of ($0.83) million, or ($0.08) per share for the same period in 2015. The net
loss attributable to common stockholders for the six months ended June 30, 2015 included
a non-cash accounting charge of approximately $0.26 million for a preferential distribution attributable to preferred shareholders
for the six months ended June 30, 2016 was $0.46 million, compared to adjusted EBITDA of ($0.39) million for the same period
in 2015. Adjusted EBITDA is defined as earnings before depreciation and amortization, taxes, interest expense, stock compensation
expense and litigation settlement expense. Please see below for a reconciliation between GAAP and this non-GAAP financial measure
and the specific reasons why we provide these non-GAAP financial measures.
technology has existed for decades, we are thrilled by the initial acceptance and interest in our advanced Superficial Radiation
Therapy (SRT) devices. Our proprietary SRT-100 and SRT-100 Vision offer a compelling value proposition to medical
professionals and patients and allow Sensus Healthcare to target large, underserved segments of the market. Currently, we're
addressing two of the largest and fastest growing segments of the market, non-melanoma skin cancer and keloids, but at the same
time we're actively researching and investing in other high-growth market opportunities," concluded Mr. Sardano.
Conference Call and Webcast Information
second quarter 2016 conference call and webcast will be held at 4:30 pm Eastern Time on Thursday, August 4, 2016 and will feature
remarks by Joseph Sardano, President and CEO, and Arthur Levine, CFO.
for the conference call are 1-877-870-4263 (Toll Free) and 1-412-317-0790 (International). Ask the operator to join you into the
Sensus Healthcare call.
A live webcast of the conference call will
be available online which can be accessed through the Investor Relations section of Sensus Healthcare's website, http://investors.sensushealthcare.com/events-and-presentations.
Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast.
For interested individuals unable to join
the conference call, a replay of the webcast will remain available on http://investors.sensushealthcare.com/events-and-presentations
for 30 days following the call.
Inc. is a medical device company that is committed to enabling non-invasive and cost-effective treatment of non-melanoma skin cancers
and keloids. Sensus uses a proprietary low energy x-ray radiation technology known as superficial radiation therapy (SRT), which
is a result of over a decade of dedicated research and development activities. Sensus has successfully incorporated the SRT therapy
into its portfolio of treatment devices, the SRT-100 and SRT-100 Vision . To date, the SRT technology has been used
to effectively and safely treat oncological and non-oncological skin conditions in thousands of patients. For more information,
Financial Information
contains supplemental financial information determined by methods other than in accordance with accounting principles generally
accepted in the United States of America ("GAAP"). Sensus Healthcare's management uses adjusted EBITDA, a non-GAAP
financial measure, in its analysis of 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 expense, income and other taxes, depreciation, amortization, stock compensation
expense, and litigation settlement 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.
Forward-Looking Statements
includes statements that are, or may be deemed, forward-looking statements.'' In some cases, these forward-looking
statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates,"
"anticipates," "expects," "plans," "intends," "may," "could,"
"might," "will," "should," "approximately," "potential" or, in each
case, their negative or other variations thereon or comparable terminology, although not all forward-looking statements contain
forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics, and healthcare,
regulatory and scientific developments and depend on the economic circumstances that may or may not occur in the future or may
occur on longer or shorter timelines than anticipated. Although we believe that we have a reasonable basis for each forward-looking
statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance
and that 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, among other factors:
our ability to achieve and sustain profitability; market acceptance of the SRT-100 product line; our ability to successfully commercialize
our products, including the SRT-100; our ability to compete effectively in selling our products and services; our ability to expand,
manage and maintain our direct sales and marketing organizations; our actual financial results may vary significantly from forecasts
and from period to period; our ability to successfully develop new products, improve or enhance existing products or acquire complementary
products, technologies, services or businesses; our ability to obtain and maintain intellectual property of sufficient scope to
adequately protect our products, including the SRT-100, and our ability to avoid infringing or otherwise violating the intellectual
property rights of third parties; market risks regarding consolidation in the healthcare industry; the willingness of healthcare