Sensus Healthcare Reports Third Quarter 2024 Financial Results With Revenues More than Doubling Versus 2023 Third Quarter

Core Viewpoint - Sensus Healthcare, Inc. reported significant growth in revenues and profitability for the third quarter of 2024, driven by increased sales of superficial radiotherapy (SRT) systems and strategic partnerships, including a notable agreement with Platinum Dermatology Partners [2][3][4]. Financial Performance - Revenues for Q3 2024 reached $8.8 million, a 127% increase from $3.9 million in Q3 2023, primarily due to higher SRT unit sales [2][4]. - Net income for Q3 2024 was $1.2 million, or $0.07 per diluted share, compared to a net loss of $1.5 million, or $0.09 per share, in the same quarter of 2023 [8][16]. - Adjusted EBITDA for Q3 2024 was $1.6 million, a turnaround from a negative $1.7 million in Q3 2023 [9][16]. Sales and Agreements - The company shipped 27 SRT systems in Q3 2024, up from 11 systems in Q3 2023, indicating strong demand [2][4]. - Sensus Healthcare signed a Fair Deal Agreement with Platinum Dermatology Partners, expanding access to SRT treatments across their network of 130 clinics [2][3][4]. Cost and Profitability - Cost of sales for Q3 2024 was $3.6 million, compared to $1.9 million in Q3 2023, reflecting the increased number of units sold [5][12]. - Gross profit for Q3 2024 was $5.2 million, representing 59.3% of revenues, compared to $2.0 million, or 51.0% of revenues, in Q3 2023 [5][12]. Cash Position - As of September 30, 2024, the company had $22.6 million in cash and cash equivalents, with no debt [10][28]. - Accounts receivable increased to $17.0 million, up from $10.6 million at the end of 2023, reflecting higher sales and extended payment terms with a large customer [10][28]. Market Outlook - The market for non-melanoma skin cancer treatments is substantial, with an estimated one in five Americans developing skin cancer in their lifetime, equating to approximately 70 million people [3][4]. - The company anticipates generating recurring revenue from the Fair Deal Agreements starting in 2025, as interest in SRT treatments continues to grow [3][4].