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Sensus Healthcare (SRTS) investor relations material
Sensus Healthcare Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
CMS introduced dedicated CPT codes for SRT, increasing reimbursement per fraction by over 300%, providing reimbursement certainty and validating SRT for non-melanoma skin cancer and keloids.
Shipped 16 SRT systems in Q3 2025, including three to China, with over 900 systems sold globally and groundwork for further international expansion.
Fair Deal Agreement program saw treatment volumes rise 20% from Q2 and over 50% from Q1, indicating strong adoption and patient demand.
Ended Q3 with $24.5 million in cash and no debt, up from $22 million at end of 2024, supported by improved working capital management.
Published study demonstrated efficacy of SRT combined with punch excision for keloid treatment.
Financial highlights
Q3 2025 revenue was $6.9 million, down 21.6% year-over-year from $8.8 million in Q3 2024, mainly due to fewer units sold.
Gross profit was $2.7 million (39.1% margin) vs. $5.2 million (59.1%) a year ago, reflecting lower sales and higher costs.
Operating expenses rose to $5.3 million from $3.7 million, driven by higher IT, professional fees, compensation, lobbying, and product development costs.
Net loss for Q3 2025 was $0.9 million ($0.06/share) vs. net income of $1.2 million ($0.07/share) in Q3 2024; adjusted EBITDA was negative $2.4 million vs. positive $1.6 million.
For the first nine months of 2025, revenue was $22.5 million (down from $28.7 million), net loss was $4.6 million ($0.28/share), and adjusted EBITDA was negative $6.7 million.
Outlook and guidance
Expectation of strong demand and increased adoption due to new reimbursement codes, with pent-up demand likely to drive Q4 placements.
Anticipate break-even or profitability in Q4 2025 as customers move to secure systems ahead of new codes effective January 1.
International revenue expected to grow to 20% of total revenue over the next 12-24 months, up from current 5-10%.
Nearly 100 systems in inventory position the company to respond quickly to increased demand.
Initial results from Sentinel 2.0 software platform expected in 2026.
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