Sensus Healthcare (SRTS) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $7.3M, down 20.7% year-over-year, mainly due to fewer units sold to a large customer and paused domestic sales from proposed reimbursement changes.

• Net loss for Q2 2025 was $1M ($0.06/share), compared to net income of $1.6M ($0.10/share) in Q2 2024.

• Gross profit margin declined to 39.7% from 58.7% year-over-year, impacted by lower sales and higher service costs.

• 19 SRT systems were delivered in Q2, including four to China and 10 to a large customer, reflecting growing international demand.

• Operating expenses increased across general and administrative, selling and marketing, and R&D, reflecting higher professional fees, headcount, and product development.

Financial highlights

• Six-month revenue was $15.7M, down from $19.9M in the first half of 2024.

• Six-month net loss was $3.6M, compared to net income of $3.9M in the prior year period.

• Gross profit for six months was $7.3M, with a margin of 46.5%, down from 60.8% year-over-year.

• Adjusted EBITDA for Q2 2025 was negative $1.8M, down from positive $2.1M in Q2 2024.

• Cash and cash equivalents stood at $22.2M as of June 30, 2025, with no debt.

Outlook and guidance

• Management expects resolution of reimbursement uncertainties before year-end, which could accelerate sales and installations.

• Proposed 2026 Physician Fee Schedule and new SRT delivery code are expected to favorably impact SRT technology adoption and long-term revenue growth.

• International expansion is anticipated to contribute to revenue as new markets open due to MDSAP certification.

• Management expects sufficient liquidity and capital resources for the next 12 months, supported by cash, cash equivalents, and credit facility.