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Sensus Healthcare(SRTS) - 2024 Q3 - Quarterly Results
SRTSSensus Healthcare(SRTS)2024-11-18 17:47

Financial Performance - Revenues for Q3 2024 were 8.8million,a1278.8 million, a 127% increase from 3.9 million in Q3 2023, driven by higher superficial radiotherapy unit sales[2] - Net income for Q3 2024 was 1.2million,or1.2 million, or 0.07 per diluted share, compared to a net loss of 1.5million,or1.5 million, or 0.09 per share, in Q3 2023[9] - Adjusted EBITDA for Q3 2024 was 1.6million,comparedtonegative1.6 million, compared to negative 1.7 million in Q3 2023[9] - Revenues for the nine months ended September 30, 2024, were 28.7million,a14328.7 million, a 143% increase from 11.8 million in the same period of 2023[11] - Revenues for Q3 2024 reached 8,839,000,asignificantincreasefrom8,839,000, a significant increase from 3,898,000 in Q3 2023, representing a growth of 126%[26] - Net income for Q3 2024 was 1,215,000,arecoveryfromanetlossof1,215,000, a recovery from a net loss of 1,451,000 in Q3 2023[26] Cash and Assets - The company exited Q3 2024 with 22.6millionincashandcashequivalents,withnodebt[10]−Totalcurrentassetsincreasedto22.6 million in cash and cash equivalents, with no debt[10] - Total current assets increased to 54,806,000 as of September 30, 2024, up from 49,528,000attheendof2023[27]−Accountsreceivable,net,roseto49,528,000 at the end of 2023[27] - Accounts receivable, net, rose to 16,961,000 in Q3 2024, compared to 10,645,000inQ32023,reflectingimprovedsalescollection[27]−Retainedearningsgrewto10,645,000 in Q3 2023, reflecting improved sales collection[27] - Retained earnings grew to 11,888,000 as of September 30, 2024, up from 6,787,000attheendof2023,indicatingstrongerprofitabilityretention[28]ExpensesandLiabilities−OperatingexpensesforQ32024totaled6,787,000 at the end of 2023, indicating stronger profitability retention[28] Expenses and Liabilities - Operating expenses for Q3 2024 totaled 3,745,000, a decrease from 3,884,000inQ32023,showingcostmanagementefforts[26]−ResearchanddevelopmentexpensesforQ32024were3,884,000 in Q3 2023, showing cost management efforts[26] - Research and development expenses for Q3 2024 were 0.9 million, down from 1.1millioninQ32023[8]−Totalliabilitiesincreasedto1.1 million in Q3 2023[8] - Total liabilities increased to 5,727,000 as of September 30, 2024, from 4,868,000attheendof2023[28]SalesandMarketExpansion−Atotalof27systemswereshippedinQ32024,includingoneSRT−100unittoaninternationalcustomer,comparedto11systemsinQ32023[2]−ThecompanysignedaFairDealAgreementwithPlatinumDermatologyPartners,expandingaccesstoSRTforpatientsacross130clinicsintheU.S.[3]ProfitabilityMetrics−GrossprofitforQ32024was4,868,000 at the end of 2023[28] Sales and Market Expansion - A total of 27 systems were shipped in Q3 2024, including one SRT-100 unit to an international customer, compared to 11 systems in Q3 2023[2] - The company signed a Fair Deal Agreement with Platinum Dermatology Partners, expanding access to SRT for patients across 130 clinics in the U.S.[3] Profitability Metrics - Gross profit for Q3 2024 was 5.2 million, or 59.3% of revenues, compared to 2.0million,or51.02.0 million, or 51.0% of revenues, in Q3 2023[6] - Gross profit for Q3 2024 was 5,240,000, compared to 1,989,000inQ32023,indicatingagrossmarginimprovement[26]OtherFinancialMetrics−Thecompanyreportedinterestincomeof1,989,000 in Q3 2023, indicating a gross margin improvement[26] Other Financial Metrics - The company reported interest income of 279,000 in Q3 2024, slightly up from $277,000 in Q3 2023[26] - The weighted average number of shares used in computing net income per share was 16,321,131 for Q3 2024, compared to 16,270,403 for Q3 2023[26] Market Overview - The market for non-melanoma skin cancer treatments is significant, with an estimated 70 million Americans affected during their lifetime[4]