Sensus Healthcare (SRTS) Q4 2025 earnings summary

Executive summary

• Achieved exclusive CPT/CMS reimbursement codes for SRT and IG-SRT, providing reimbursement clarity and supporting broader adoption of non-invasive skin cancer treatments.

• Entered 2026 with $22.1 million in cash, no debt, and a plan to expand the sales force.

• Diversified customer base and international growth, reducing reliance on a single large customer.

• Strategic focus on Fair Deal Agreement program, with active and pending FDA sites and significant year-over-year growth in treatments and patients.

• Shipped 14 SRT systems in Q4 2025, up from six in Q3 (excluding largest customer); 70 systems shipped in 2025.

Financial highlights

• Q4 2025 revenues were $4.9M, down from $31M in Q4 2024; full-year 2025 revenues were $27.5M, down from $41.8M in 2024.

• Q4 gross profit was $1.9M (38.8% margin), down from $7.1M (54.2%) in Q4 2024; full-year gross profit was $11.9M (43.3% margin), down from $24.4M (58.4%) in 2024.

• Q4 net loss was $3.2M, or -$0.19 per share, versus net income of $1.5M, or $0.09 per share, in Q4 2024; full-year net loss was $7.7M, or -$0.47 per share, versus net income of $6.6M, or $0.41 per share, in 2024.

• Adjusted EBITDA for 2025 was -$9.6M, compared to $8.7M in 2024; Q4 adjusted EBITDA was -$3M (vs. $1.9M in Q4 2024).

• Ended 2025 with $22.1M in cash and no outstanding borrowings; inventories increased to $14.6M from $10.1M.

Outlook and guidance

• Q1 2026 system shipments expected to exceed Q4 2025 levels, even without contributions from the largest customer.

• Full-year 2026 profitability targeted, with growth driven by new CPT/CMS codes, diversified customer base, and international expansion.

• Guidance for 2026 excludes any contribution from the largest customer; any orders from them would be upside.

• Plans to hire new sales representatives and leverage new reimbursement environment for growth.