Sensus Healthcare Reports Third Quarter Financial Results with Impressive Revenue Growth

Sensus Healthcare, Inc. (NASDAQ: SRTS) recently disclosed its financial performance for the third quarter of 2024, delivering a substantial increase in revenues compared to the prior-year quarter as per its Form 8-K filing with the Securities and Exchange Commission. The company announced revenues of $8.8 million for the quarter, showcasing a significant rise from $3.9 million reported in the same period of 2023.

The notable financial highlights from the third quarter included a 127% revenue growth year-over-year, with a surge in sales of superficial radiotherapy (SRT and IG-SRT) units. Sensus Healthcare shipped a total of 27 systems, including 22 SRT-100 Vision (IG-SRT) units through Fair Deal Agreements since the program’s inception in March.

Additionally, the company reported net income of $1.2 million, or $0.07 per diluted share, for the quarter, a positive shift from a net loss of $1.5 million, or $0.09 per share, in the comparative 2023 quarter. Sensus Healthcare finished the quarter with $22.6 million in cash and cash equivalents, along with no outstanding debt.

One of the key strategic moves during the quarter was the signing of a Fair Deal Agreement with Platinum Dermatology Partners, a substantial network comprising more than 130 dermatology clinics across the U.S. This agreement underscores Sensus Healthcare’s commitment to expanding its reach in the dermatology space through innovative solutions.

Joe Sardano, Chairman and CEO of Sensus Healthcare, highlighted the significant revenue growth and profitability achieved during the quarter. He emphasized the success of the revenue-sharing Fair Deal Agreement model which attracted substantial interest from customers. The company’s focus on continual innovation and customer engagement has contributed to the sustained growth trajectory.

Looking forward, the company anticipates generating recurring revenue from the signed agreements in 2025 and expects the current model to fuel growth for years to come. This growth strategy is supported by Sensus’ proprietary Sentinel IT software, enabling real-time tracking and utilization management for optimized customer experience.

The market for non-melanoma skin cancer treatments is vast, with a growing patient population globally. Sensus Healthcare’s non-invasive treatment options are emerging as popular choices for addressing skin cancer and related concerns, positioning the company well for continued success in the healthcare sector.

Sensus Healthcare’s financial performance underscores its resilience, strategic initiatives, and commitment to delivering innovative solutions in the healthcare landscape. The company’s focus on customer engagement and product diversification is likely to drive its future growth prospects.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sensus Healthcare’s 8K filing here.

About Sensus Healthcare

Sensus Healthcare, Inc, a medical device company, manufactures and sells radiation therapy devices to healthcare providers worldwide. The company uses superficial radiation therapy, a low-energy X-ray technology in its portfolio of treatment devices. It offers SRT-100, a photon X-ray low energy superficial radiotherapy system that provides patients an alternative to surgery for treating non-melanoma skin cancers, including basal cell and squamous cell skin cancers, as well as other skin conditions, such as keloids; and SRT-100 Vision, which provides the user with a superficial radiation therapy-tailored treatment planning application that integrates an embedded high frequency ultrasound imaging module, volumetric tumor analysis, beam margins planning, and dosimetry parameters.