Sensus Healthcare (SRTS) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $3.4 million, down from $8.3 million in Q1 2025, mainly due to the absence of sales to the historically largest customer and fewer units shipped, with a shift to rental agreements and no sales to the largest customer.

• Excluding sales to the largest customer, revenue increased to $3.4 million from $2.7 million year-over-year, reflecting customer base diversification.

• Shipped 14 SRT systems in Q1 2026 (10 direct, 4 under Fair Deal/rental), matching Q4 shipments but down from 30 in the prior year; none of the direct sales were to the largest customer.

• Dedicated CPT codes for SRT and IG-SRT, effective January 2026, are driving increased customer activity, improved reimbursement clarity, and better physician economics.

• Ended the quarter with $18.3 million in cash, no debt, and $16.5 million in inventory.

Financial highlights

• Gross profit was $1.0 million (29.2%–29.4% margin), down from $4.4 million (52.2%–53.0% margin) in Q1 2025, with margin decline driven by product mix, more Fair Deal placements, and higher international shipments.

• Net loss was $2.6 million or $0.16 per share, unchanged from Q1 2025.

• Adjusted EBITDA was negative $4.2 million, compared to negative $2.5 million in Q1 2025.

• Cash and cash equivalents were $18.3 million as of March 31, 2026, down from $22.1 million at year-end 2025.

• Inventories increased to $16.5 million from $14.6 million at year-end 2025, anticipating higher future sales.

Outlook and guidance

• Q2 2026 revenue expected to be higher than Q1, with second half revenue projected to exceed the first half as pipeline momentum builds.

• Profitability targeted for full-year 2026, with each quarter expected to improve sequentially.

• Management believes current cash and equivalents are sufficient for at least the next 12 months.

• Revenue from recurring streams, including FDA, service, and software, anticipated to represent a growing share of total revenue.

• Inflationary pressures are being monitored, with proactive inventory management to mitigate cost increases.