Sensus Healthcare (SRTS) Q3 2025 earnings summary

Executive summary

• CMS introduced new CPT codes for superficial radiotherapy (SRT), increasing reimbursement certainty and expected to drive strong demand and adoption in dermatology practices.

• Shipped 16 SRT systems in Q3 2025, including three to China, with over 900 systems sold globally to date and groundwork for international expansion.

• Fair Deal Agreement (FDA) program treatment volumes rose 20% sequentially and over 50% since Q1 2025, indicating robust adoption.

• Published study demonstrated efficacy of SRT combined with punch excision for keloid treatment.

• Maintained a strong balance sheet with $24.5 million in cash and no debt, positioning well for anticipated demand.

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 to a large customer.

• Gross profit for Q3 2025 was $2.7 million (39.1% margin) versus $5.2 million (59.1% margin) a year ago, reflecting lower sales and higher costs.

• Net loss for Q3 2025 was $0.9 million ($0.06 per share) compared to net income of $1.2 million ($0.07 per share) in Q3 2024.

• Adjusted EBITDA for Q3 2025 was negative $2.4 million, down from $1.6 million in Q3 2024.

• Year-to-date 2025 revenue was $22.5 million, down from $28.7 million in 2024; net loss was $4.6 million ($0.28 per share) versus net income of $5.1 million ($0.31 per share) in 2024.

Outlook and guidance

• Expect continued double-digit growth in FDA program treatment volumes through year-end.

• Anticipate pent-up demand and aggressive marketing to drive system placements in Q4, with potential to reach break-even or profitability.

• International sales expected to ramp, targeting 20% of total revenue within 12-24 months.

• Management expects new CMS reimbursement codes to drive stronger SRT adoption and market demand.

• Nearly 100 systems in inventory position the company to respond quickly to increased demand.