Sensus Healthcare (SRTS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $8.3 million, down from $10.7 million in Q1 2024, mainly due to fewer units sold to a large customer.

• Net loss was $2.6 million ($0.16 per share), compared to net income of $2.3 million ($0.14 per share) in Q1 2024.

• 21 SRT systems shipped in Q1, including 15 to a large customer and one internationally, bringing the installed base to over 880.

• 65% sequential increase in patient treatments from FDA installations, highlighting recurring revenue growth.

• Strategic investments in sales, marketing, and R&D drove higher operating expenses and expanded brand visibility.

Financial highlights

• Gross profit was $4.4 million with a gross margin of 53.0%, down from $6.7 million and 62.6% in Q1 2024.

• Adjusted EBITDA was negative $2.5 million, compared to positive $3.0 million a year ago.

• Operating expenses rose to $7.0 million, up from $3.8 million in Q1 2024.

• Ended Q1 with $19.1 million in cash and no debt.

• Inventory stood at $9.9 million, positioning for anticipated demand.

Outlook and guidance

• Profitability is forecasted for each of the next three quarters and the full year 2025.

• Revenue from FDA agreements expected to contribute significantly in the second half of 2025.

• Anticipates signing 3-5 additional multi-site FDA customers in 2025.

• R&D, G&A, and sales/marketing expenses expected to normalize for the remainder of the year.

• Liquidity is sufficient for the next 12 months, with a $15 million undrawn credit facility.