Sensus Healthcare(US:SRTS)2025-03-05 20:56Revenue and Profitability - Revenues for 2024 were $41.8 million, an increase of $17.4 million, or 71%, from $24.4 million in 2023, driven by a higher number of units sold (115 units in 2024 vs. 67 units in 2023) [152] - Gross profit for 2024 was $24.4 million, representing 58.4% of revenue, an increase of $10.3 million, or 73%, from $14.1 million, or 57.8% of revenue, in 2023 [154] - Net income for 2024 was $6.6 million, compared to $0.5 million in 2023, with net income per share increasing to $0.41 from $0.03 [151] Costs and Expenses - Cost of sales for 2024 was $17.4 million, up $7.1 million, or 69%, from $10.3 million in 2023, primarily due to the increased number of units sold [153] - General and administrative expenses increased by $1.9 million, or 37%, to $7.1 million in 2024, primarily due to higher compensation and professional fees [155] - Research and development expenses rose by $0.5 million, or 14%, to $4.2 million in 2024, mainly due to higher compensation expenses [157] Cash Flow and Financial Position - Cash and cash equivalents decreased by $1.0 million, or 4%, to $22.1 million at December 31, 2024, from $23.1 million at December 31, 2023 [158] - Accounts receivable increased by $9.1 million, or 86%, to $19.7 million at December 31, 2024, primarily due to increased sales to a primary customer with extended payment terms [159] - The company reported net cash used in operating activities of $0.8 million for 2024, compared to $2.1 million for 2023 [164] Economic Factors - Inflationary pressures from increased commodity and shipping prices, as well as labor costs, were noted, prompting the company to take actions to mitigate these effects [168]