SRTS · Sensus Healthcare, Inc.

Sensus Healthcare's Q1 2026 results showed revenue declining 59% year-over-year to $3.4 million from $8.3 million, primarily due to the complete absence of sales to its historically largest customer, which accounted for 15 of 30 systems shipped in the prior year. Excluding that customer, revenue grew from $2.7 million, signaling progress in customer diversification. Shipments fell to 14 SRT systems (10 direct, 4 under Fair Deal and rentals) versus 30 last year, with revenue recognition deferred for agreement-based placements. Gross profit dropped to $1.0 million with margin compressing to 29.2% from 52.2%, driven by a higher mix of lower-priced international shipments and costs from Fair Deal program placements where revenue is recognized over time. Operating expenses decreased meaningfully: G&A to $2.0 million from $2.2 million on lower professional fees; selling and marketing to $1.7 million from $2.2 million due to reduced tradeshow costs; R&D to $1.6 million from $2.6 million following cuts in lobbying, headcount, and next-gen development. Adjusted EBITDA worsened to negative $4.2 million from negative $2.5 million. Net loss held steady at $2.6 million or $(0.16) per share. Balance sheet remains solid with $18.3 million cash, no debt, and rising inventories to $16.5 million. Management highlighted benefits from new dedicated CPT codes for SRT effective January 1, 2026, including ~300% higher per-fraction reimbursement, boosting inquiries, pipeline strength, and engagement from dermatology practices and hospitals. Fair Deal program grew treatment volumes 8% with 18 active and 9 pending sites; new Sensus Healthcare Financial Services and Sensus Link aim to accelerate adoption and recurring revenue toward profitability.