Sensus Healthcare(SRTS) - 2025 Q1 - Quarterly Results

Financial Performance - Revenues for the first quarter of 2025 were $8.3 million, a decrease from $10.7 million in the first quarter of 2024[5] - The net loss for the first quarter of 2025 was $2.6 million, or $(0.16) per share, compared to a net income of $2.3 million, or $0.14 per diluted share, in the same period last year[8] - Adjusted EBITDA for the first quarter of 2025 was negative $2.5 million, compared to $3.0 million in the first quarter of 2024[9] - Revenues for Q1 2025 were $8,344,000, a decrease of 21.7% compared to $10,663,000 in Q1 2024[26] - Net loss for Q1 2025 was $2,572,000, compared to a net income of $2,274,000 in Q1 2024[26] - Net income (loss) per share for Q1 2025 was $(0.16), a decline from $0.14 in Q1 2024[26] - Income (loss) from operations for Q1 2025 was $(2,646,000), compared to $2,887,000 in Q1 2024, indicating operational challenges[26] Gross Profit and Expenses - Gross profit was $4.4 million with a gross margin of 53.0%, down from $6.7 million and 62.6% in the prior year, primarily due to lower sales and higher service costs[6] - Gross profit for Q1 2025 was $4,354,000, down 34.5% from $6,662,000 in Q1 2024[26] - Total operating expenses increased to $7,000,000 in Q1 2025, up 85.8% from $3,775,000 in Q1 2024[26] - Research and development expenses rose to $2.6 million from $0.9 million year-over-year, driven by lobbying costs and product development[7] - Research and development expenses surged to $2,606,000, a significant increase from $926,000 in Q1 2024, reflecting a focus on innovation[26] Cash and Tax - Cash and cash equivalents decreased to $19.1 million as of March 31, 2025, down from $22.1 million at the end of 2024[10] - Interest income for Q1 2025 was $184,000, a slight decrease from $214,000 in Q1 2024[26] - The provision for income tax in Q1 2025 was $110,000, down from $827,000 in Q1 2024, reflecting changes in tax strategy[26] Business Operations and Future Outlook - The company shipped 21 superficial radiotherapy (SRT) systems during the quarter, including 15 to a large customer and one internationally[4] - There was a 65% increase in treatment volume from FDA-based SRT systems compared to the previous quarter[3] - The company expects to be profitable in each of the next three quarters and for the full year, with revenue from FDAs anticipated to contribute meaningfully in the second half of the year[3] - The company plans to sign 3-5 additional multisite FDA customers this year[3]