Sensus Healthcare Inc.
05/17/2023 | Press release | Distributed by Public on 05/17/2023 06:16
Patient that presented with 2 mast cell tumors (MCTs; asterisk) on the lower eyelid and muzzle. Surgical option for the MCT of the eyelid was presented as enucleation.
BOCA RATON, Fla, May 17, 2023 -- Sensus Healthcare Inc. (Nasdaq:SRTS), the leading manufacturer of advanced medical devices for non-surgical skin cancer and keloid scar treatment, is announcing that its superficial radiation therapy SRT-100 system has shown promising results treating Cutaneous Mast Cell Tumors (MCTs) in pets. This new limited study, just published in the Journal of the American Veterinary Medical Association, demonstrates the potential effectiveness and safety of SRT treatment.
Cutaneous MCT is a common skin tumor in dogs and cats, and its treatment often involves surgery or chemotherapy. The limited retrospective case series evaluated the use of SRT as a non-invasive alternative for pets with MCT on the head. The results showed SRT treatment achieved a complete response in all cases that completed the intended protocol, with no significant adverse events reported.
Patient that presented with 2 mast cell tumors (MCTs; asterisk) on the lower eyelid and muzzle. Surgical option for the MCT of the eyelid was presented as enucleation.
"The results of this limited retrospective case series are encouraging and demonstrate the potential of SRT-100 as a treatment option for MCTs," said Dr. Tiffany W. Martin, Department of Environmental and Radiological Health Sciences, College of Veterinary Medicine and Biomedical Sciences, Colorado State University.
The objective of the study was to report preliminary findings of hypofractionated superficial radiotherapy for treatment of cutaneous mast cell tumors (MCTs) and report the acute and late toxicity associated with its use. Superficial radiation therapy was effective in the limited study population, and patients experienced minimal side effects for treatment of cutaneous MCTs.
Joe Sardano, chairman and CEO of Sensus Healthcare, said, "This study provides further evidence of the efficacy and safety of SRT. We're looking forward to bringing this non-invasive and cost-effective treatment option for the pet industry to market. Providing a less harmful radiation source with fabulous outcomes is of utmost concern to pet owners.
The Sensus SRT-100 superficial x-ray unit used to treat all patients presented in this study.
"SRT is mobile," Sardano continued. "It can be placed in a mobile van to service several veterinary clinics in various sections of a community, region, or state. Treatments are fast and efficient for the vets to administer and extremely cost effective compared to higher energy and more costly devices."
For more information, please contact: [email protected]
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive, and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™, and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world. For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: our ability to return to profitability; our ability to sell the number of SRT units we anticipate for the balance of 2023; the possibility that inflationary pressures continue to impact our sales; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
To date, we do not expect that the Russian invasion of Ukraine and global geopolitical uncertainty have not had any particular impact on our business, but we continue to monitor developments and will address them in future disclosures, if applicable.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
# # #
Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
Lower demand for SRT systems reflects the impact of inflation on dermatologists' cash flow from fewer elective aesthetic procedures and higher operating costs
Sensus expects to ship more than 60 SRT units during 2023 and return to profitability in the second half of the year
Conference call begins at 4:30 p.m. Eastern time today
BOCA RATON, Fla., May 03, 2023 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces financial results for the three months ended March 31, 2023.
Highlights from the first quarter of 2023 and recent weeks include the following (all comparisons are with the first quarter of 2022, unless otherwise indicated):
- Revenues were $3.4 million, compared with $10.3 million, reflecting lower SRT unit sales
- Shipped 10 systems including three SRT systems to Asia and six domestic SRT systems, compared with 33
- Net loss was $1.9 million, or $0.12 per share, compared with net income of $16.1 million, or $0.97 per diluted share, which included a gain on asset sale of $12.8 million, or $0.77 per diluted share
- Ended the quarter with $19.3 million in cash and cash equivalents, and no debt
- Strong booth traffic at key dermatology conferences including the South Beach Symposium, the Winter Clinical and the American Academy of Dermatology Annual Meeting
- Expects to ship more than 60 SRT systems this year, with most units already in finished inventory
- Expects a return to profitability in the second half of 2023 based on a growing base of prospects and a novel sales approach
Management Commentary
"Our first quarter financial results were disappointing as potential new customers delayed making SRT purchase decisions due to inflation conditions impacting their aesthetic business. Many dermatologists depend on elective aesthetic procedures as a meaningful source of practice revenue and profit, and inflation has caused consumers to pull back on these expenditures. Inflation is also impacting operating expenses and cash flow as recruiting costs and staff salaries continue to rise, while many larger practices are deploying cash for acquisitions," said Joe Sardano, chairman and chief executive officer of Sensus Healthcare.
"That said, we have prepared for the growth we expect later this year by building inventory and prepaying for components, and we expect to ship more than 60 SRT systems during 2023. We are working to regain momentum in China now that the pandemic lockdowns have been lifted, and we shipped two SRT systems there during the quarter as well as one to Taiwan. We plan to increase our addressable market by entering three to four new international territories each year, with an initial focus on Southeast Asia and South America. In addition, we continue to make investments in Sensus Cloud IT, our HIPAA-compliant software solution that not only is capable of storing patient data for multiple clinical purposes, but also is intended to include artificial intelligence that will allow customers to better manage their practices as well as their patient data. We were delighted to launch our Sensus Cloud/Sensus Cloud capabilities at last month's American Academy of Dermatology Annual Meeting, which was well received.
"We are confident we have the right people, technology and sufficient cash to regain our growth trajectory. Tragically, skin cancer rates continue to rise, with an estimated one in five Americans, or 70 million people, expected to develop skin cancer during their lifetime. SRT is the No. 1 choice for the non-invasive treatment of non-melanoma skin cancer, and this trend makes our SRT systems more important than ever. We've seen SRT treatments rise to over 480,000 in the last two years alone. The return on investment for our premium SRT system under our fair market value leasing program continues to be compelling, with favorable reimbursement and breakeven at only 2 to 2.5 patients per month. Based on our booth traffic at important conferences such as the Winter Clinical, the South Beach Symposium and the American Academy of Dermatology Annual Meeting, interest in SRT remains very strong and will continue to resonate as it contributes towards positive cash flows and productivity in every practice where it is deployed.
"We are broadening Sensus' reach into radiation oncology, where SRT systems provide a compelling economic option for treating skin cancer and represent, in many cases, a new source of revenue for hospitals. Interest from this channel is high and we are optimistic it will become a meaningful component of revenue, one that is largely insulated from economic factors," he added. "We recently sold and installed an SRT-100 Vision system complete with our new state-of-the-art, solid-state, high-frequency ultrasound to Beth Israel Deaconess Hospital in Plymouth, Massachusetts. We are very excited about the potential to provide the most patient-friendly and robust alternative to treating non-melanoma skin cancer to hospitals as they increasingly recognize this underserved opportunity."
First Quarter Financial Results
Revenues for the first quarter of 2023 were $3.4 million, compared with $10.3 million for the first quarter of 2022. The decrease was primarily due to a lower number of SRT units sold due to inflation impacting medical practices and lower sales to a large customer.
Cost of sales was $1.8 million for the first quarter of 2023, compared with $3.2 million for the year-ago quarter. The decrease was primarily due to lower sales in the first quarter of 2023.
Gross profit for the first quarter of 2023 was $1.6 million, or 47.1% of revenues, compared with $7.1 million, or 68.9% of revenues, for the first quarter of 2022. The decrease was primarily due to the lower number of units sold and higher costs charged by vendors in the 2023 quarter, reflecting another impact of inflation.
Selling and marketing expense was $2.1 million for the first quarter of 2023, compared with $1.2 million for the prior-year quarter. The increase was primarily due to higher tradeshow and advertising expenses.
General and administrative expense was $1.4 million for the first quarter of 2023, compared with $1.3 million for the first quarter of 2022. The increase was primarily due to higher professional fees and travel expense offset by a reduction in insurance expense.
Research and development expense was $1.1 million for the first quarter of 2023, compared with $0.7 million in the comparable 2022 period. The increase was primarily due to expenses related to an ongoing aesthetic project during 2023 to develop a drug-delivery system.
Other income of $0.2 million for the first quarter of 2023 was related to interest income. Other income of $12.8 million for the year-ago quarter included the gain on the sale of a non-core asset.
Net loss for the first quarter of 2023 was $1.9 million, or $0.12 per share, compared with net income of $16.1 million, or $0.97 per diluted share, for the first quarter of 2022. Net income for the 2022 quarter included the gain on the sale of a non-core asset of $12.8 million, or $0.77 per diluted share.
Adjusted EBITDA for the first quarter of 2023 was negative $2.7 million, compared with positive $16.9 million for the first quarter of 2022. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the specific reasons these non-GAAP financial measures are provided.
Cash and cash equivalents were $19.3 million as of March 31, 2023, compared with $25.5 million as of December 31, 2022. The Company had no outstanding borrowings under its revolving line of credit as of March 31, 2023 or December 31, 2022. Prepaid and other current assets were $10.7 million as of March 31, 2023, compared with $6.9 million as of December 31, 2022. Inventories were $6.3 million as of March 31, 2023, compared with $3.5 million as of December 31, 2022.
Use of Non-GAAP Financial Information
This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of the Company's performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.
| SENSUS HEALTHCARE, INC. | |||||||||
| GAAP TO NON-GAAP RECONCILIATION | |||||||||
| (unaudited) | |||||||||
| For the Three Months Ended | |||||||||
| March 31, | |||||||||
| (in thousands) | 2023 | 2022 | |||||||
| Net income, as reported | $ | (1,894 | ) | $ | 16,062 | ||||
| Add: | |||||||||
| Depreciation and amortization | 72 | 92 | |||||||
| Stock compensation expense | 143 | 57 | |||||||
| Income tax expense (benefit) | (802 | ) | 648 | ||||||
| Interest income, net | (243 | ) | (1 | ) | |||||
| Adjusted EBITDA, non GAAP | $ | (2,724 | ) | $ | 16,858 | ||||
Conference Call and Webcast
Sensus Healthcare will host an investment community conference call today beginning at 4:30 p.m. Eastern time during which management will discuss financial results for the 2023 first quarter, provide a business update and answer questions. To access the conference call, dial 844-481-2811 (U.S. and Canada Toll Free) or 412-317-0676 (International). The call will be webcast live and can be accessed at this link, or in the Investors section of the Company's website at www.sensushealthcare.com.
Following the conclusion of the conference call, a replay will be available until June 3, 2023 and can be accessed by dialing 877-344-7529 (U.S. Toll Free), 855-669-9658 (Canada Toll Free) or 412-317-0088 (International), using replay code 1356425. An archived webcast of the call will also be available in the Investors section of the Company's website.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: our ability to return to profitability; our ability to sell the number of SRT units we anticipate for the balance of 2023; the possibility that inflationary pressures continue to impact our sales; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
To date, we do not expect that the Russian invasion of Ukraine and global geopolitical uncertainty have not had any particular impact on our business, but we continue to monitor developments and will address them in future disclosures, if applicable.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
(Tables to follow)
| SENSUS HEALTHCARE, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| For the Three Months Ended | ||||||||
| (in thousands, except share and per share data) | March 31, | |||||||
| 2023 | 2022 | |||||||
| (unaudited) | (unaudited) | |||||||
| Revenues | $ | 3,414 | $ | 10,338 | ||||
| Cost of sales | 1,792 | 3,189 | ||||||
| Gross profit | 1,622 | 7,149 | ||||||
| Operating expenses: | ||||||||
| Selling and marketing | 2,099 | 1,218 | ||||||
| General and administrative | 1,364 | 1,273 | ||||||
| Research and development | 1,098 | 728 | ||||||
| Total operating expenses | 4,561 | 3,219 | ||||||
| Income (loss) from operations | (2,939 | ) | 3,930 | |||||
| Other income: | ||||||||
| Gain on sale of assets | - | 12,779 | ||||||
| Interest income | 243 | 1 | ||||||
| Other income | 243 | 12,780 | ||||||
| Net Income (loss) before income tax | (2,696 | ) | 16,710 | |||||
| Provision for (benefit from) income tax | (802 | ) | 648 | |||||
| Net Income (loss) | $ | (1,894 | ) | $ | 16,062 | |||
| Net income (loss) per share - basic | $ | (0.12 | ) | $ | 0.97 | |||
| - diluted | $ | (0.12 | ) | $ | 0.97 | |||
| Weighted average number of shares used in computing net income (loss) per share - basic | 16,245,343 | 16,497,801 | ||||||
| - diluted | 16,245,343 | 16,641,654 | ||||||
| SENSUS HEALTHCARE, INC. | |||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| As of March 31, | As of December 31, | ||||||||
| (in thousands, except shares and per share data) | 2023 | 2022 | |||||||
| (unaudited) | |||||||||
| Assets | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 19,340 | $ | 25,520 | |||||
| Accounts receivable, net | 12,733 | 17,299 | |||||||
| Inventories | 6,342 | 3,501 | |||||||
| Prepaid and other current assets | 10,654 | 6,921 | |||||||
| Total current assets | 49,069 | 53,241 | |||||||
| Property and equipment, net | 397 | 243 | |||||||
| Intangibles, net | 25 | 50 | |||||||
| Deposits | 24 | 24 | |||||||
| Deferred tax asset | 2,515 | 1,713 | |||||||
| Operating lease right-of-use assets, net | 949 | 996 | |||||||
| Other noncurrent assets | 419 | 468 | |||||||
| Total assets | $ | 53,398 | $ | 56,735 | |||||
| Liabilities and stockholders' equity | |||||||||
| Current liabilities | |||||||||
| Accounts payable and accrued expenses | $ | 4,928 | $ | 5,521 | |||||
| Product warranties | 375 | 403 | |||||||
| Operating lease liabilities, current portion | 192 | 190 | |||||||
| Income tax payable | - | 890 | |||||||
| Deferred revenue, current portion | 671 | 693 | |||||||
| Total current Liabilities | 6,166 | 7,697 | |||||||
| Operating lease liabilities, net of current portion | 782 | 830 | |||||||
| Deferred revenue, net of current portion | 126 | 139 | |||||||
| Total liabilities | 7,074 | 8,666 | |||||||
| Commitments and contingencies | |||||||||
| Stockholders' equity | |||||||||
| Preferred stock, 5,000,000 shares authorized and none issued and outstanding | - | - | |||||||
| Common stock, $0.01 par value - 50,000,000 authorized; 16,913,595 issued and 16,396,766 outstanding at March 31, 2023; 16,902,761 issued and 16,390,419 outstanding at December 31, 2022 | 169 | 169 | |||||||
| Additional paid-in capital | 45,220 | 45,031 | |||||||
| Treasury stock, 516,829 and 512,342 shares at cost, at March 31, 2023 and December 31, 2022, respectively | (3,473 | ) | (3,433 | ) | |||||
| Retained earnings | 4,408 | 6,302 | |||||||
| Total stockholders' equity | 46,324 | 48,069 | |||||||
| Total liabilities and stockholders' equity | $ | 53,398 | $ | 56,735 | |||||
BOCA RATON, Fla. , April 25, 2023 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive treatments for both oncological and non-oncological conditions, announces that management will hold a conference call on Wednesday, May 3, 2023 at 4:30 p.m. Eastern time to discuss the financial results for the first quarter of 2023. In addition, management will provide a business update and a discussion on recent and upcoming milestones.
Participants are encouraged to pre-register for the conference call using this link. Upon registration participants will receive a unique dial in number that will permit them to bypass the live operator. Participants may pre-register at any time, including up to and after the call start time. Those without internet access or unable to pre-register may access the conference call by dialing, 1-844-481-2811 (U.S. and Canada Toll Free) or 1-412-317-0676 (International). Please direct the operator to be connected to the Sensus Healthcare conference call.
The call will be webcast live and can be accessed at the following link, which also may be found in the Investor Relations section of the Company's website at www.sensushealthcare.com.
Following the conclusion of the conference call, a replay will be available until June 3rd, and can be accessed by dialing 877-344-7529 (U.S. Toll Free), 855-669-9658 (Canada Toll Free), or 412-317-0088 (International). At the system prompt, dial the replay code - 1356425 - followed by the # sign. Playback will automatically begin. An archived webcast of the call will also be available in the Investor Relations section of the Company's website for a period of time.
About Sensus Healthcare, Inc.
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Contact: LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
New comprehensive asset and EMR management feature allows users to collect real-time information from the device to manage and maintain multiple machines with Chat GPT
BOCA RATON, FL, March 16, 2023 -- Sensus Healthcare, Inc.(Nasdaq:SRTS), the leading manufacturer of advanced medical devices for non-surgical skin cancer and keloid scar treatment, is proud to announce Sensus Cloud. This powerful cloud-based platform offers new innovative features that will revolutionize how healthcare providers monitor treatment progression, manage assets, and safeguard patient data.
Sensus Cloud offers a comprehensive, cloud-based asset and EMR (electronic medical record) management platform that will provide patient information to physicians to assist with treatment plan development. Built on an intuitive, easy-to-navigate interface, Sensus Cloud provides real-time status information about device use, number of patients treated, treatment types, serums used, service/maintenance information, system reporting/analytics, and patient images. The software service collects pertinent information from each machine so there is no need to manually enter information or use two separate systems - one to treat patients and another to track them. This allows for automatic appointment scheduling and billing.
"We are proud to be leading the charge in providing an innovative, comprehensive patient care solution. The Sensus Cloud gives dermatologists and aesthetic practitioners unprecedented access to their patients' records, streamlining the care they can provide. Its innovative integration of asset management, EMR capabilities, and AI data collection is unparalleled in the industry - empowering providers with an all-in-one platform for more efficient patient care," said Joseph C. Sardano, Chairman and CEO at Sensus Healthcare. "We are confident that Sensus Cloud will be an invaluable resource for dermatology providers looking to enhance their practice and provide better outcomes for patients."
Unlock patient health insights with real-time chat GPT
Sensus Healthcare will host its private OpenAI engine with HIPAA-compliant training data models. This will allow providers to access critical patient health data in real-time with natural language queries integrated into asset and EMR management features. This groundbreaking technology, powered by OpenAI technology, enables healthcare providers to gain an unprecedented level of insight into their patients' health status. This information assists clinicians to develop informed decisions about their patient's care and treatment. With this innovative tool, healthcare providers can now make faster, more accurate decisions that could lead to improved and more targeted treatments for their patients.
Sensus Cloud will provide optional predictive analytics which allows healthcare providers to anticipate potential issues and treatment options based on current trends and patterns.
Furthermore, the platform allows healthcare providers to collaborate on treatments and develop evidence-based protocols, tailored to individual patients' needs and preferences.
Sensus Cloud features multi-factor authentication, which adds an extra layer of security to protect user accounts in addition to encryption at rest technologies to ensure data safety. Sensus Cloud also includes monitoring features that can alert users when changes are made to their data or assets. This ensures that unauthorized access is detected quickly and corrective action can be taken, keeping patient information safe at all times.
Sensus Healthcare will be demonstrating Sensus Cloud at the American Academy of Dermatology (AAD) Annual Meeting in New Orleans on March 17 - 19, 2023. To get a firsthand look at the new features and learn more about what it can do for your practice, please visit us at Booth #130 Hall D during the conference. For more information, please visit our website: www.sensushealthcare.com.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world. For more information, visit www.sensushealthcare.com.
Disclaimer: Sensus Cloud is only available in regions when/if regulatory clearances/approvals are received.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
At the present time, we do not expect that the Russian invasion of Ukraine and global geopolitical uncertainty will have any particular impact on our business, but we continue to monitor developments and will address them in future disclosures, if applicable.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Company Contact:
Stephanie Tipton,Vice President of Marketing
561-922-5808
[email protected]
Investors:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
Full-year revenues increased 65% to $44.5 million
Investments in technology and staff position Sensus for growth in 2023 and beyond
Conference call begins at 4:30 p.m. Eastern time today
BOCA RATON, Fla., Feb. 09, 2023 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions (Company or Sensus), announces financial results for the three and 12 months ended December 31, 2022.
Highlights from the fourth quarter of 2022 and recent weeks include the following (all comparisons are with the fourth quarter of 2021, unless otherwise indicated):
- Revenues were $13.1 million, compared with $13.0 million
- Net income was $2.8 million, or $0.17 per diluted share, compared with $5.3 million, or $0.32 per diluted share
- Ended the quarter with $25.5 million in cash and cash equivalents, and no debt
- Adjusted EBITDA, a non-GAAP financial measure, was $4.3 million, compared with $5.6 million
- Shipped nine TransDermal Infusion Systems™ (TDI) to Hair Enhancement Centers for needleless injections of U.SK Under Skin's hair-growth serum Skin Savers Hair™
- Introduced the Silk™ laser hair removal system with blended wavelengths for all skin phototypes at the Fall Clinical Dermatology Conference
- Two key opinion leaders presented research on TDI to deliver finasteride for hair growth and onabotulinumtoxinA for hyperhidrosis at the Fall Clinical Dermatology Conference
- Prepared for future growth with management promotions and hires in all operational areas
- Plans to submit several 510(k) applications to the U.S. Food and Drug Administration (FDA) in 2023 for aesthetic products
- Expects continued topline growth in the first quarter of 2023 and full-year profitability
Management Commentary
"During the fourth quarter we executed well on our strategy and once again delivered strong revenues and profits," said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. "We took a number of steps to position Sensus for future success. These included assembling the staff and strategies to drive sustainable and consistent growth, building inventory, acquiring new aesthetic products that will be submitted to FDA for anticipated clearance in the latter half of 2023, further investing in our Sensus Cloud™ IT Solutions capability and increasing sales and marketing programs, headcount and capabilities. With better reimbursement for superficial radiation therapy (SRT) and lower reimbursement for Mohs surgery, along with data suggesting that one in five Americans will develop skin cancer, we have powerful tailwinds to support our programs."
"While maintaining focus on our core dermatology business and providing products our customers need and want, radiation oncology is an avenue for growth. We are gaining awareness among radiation oncologists and recently sold an SRT-100 Vision™ system to a luminary hospital in the northeast. We launched important upgrades to this premium system that include new state-of-the-art, solid-state, high-frequency ultrasound, which provides the industry's best view of the epidermis and utilizes a new ergonomically designed probe with single-use disposables. This upgraded system is garnering interest among physicians, and helped by design changes and our fair market leasing program, the Vision has become our leading SRT product. Our physicians have the ability to 'See what they Treat' which helps to reassure patients!"
Mr. Sardano added, "We announced several important hires and promotions earlier this year, including adding a dedicated Aesthetic Sales division, beefing up our Quality and Regulatory team for the growth activities in 2023, along with the promotions of Emiliano Sosa to Chief Technical Officer and Maggie Martinez to Chief Operating Officer. We have an exceptional team in place to support our growth trajectory with thoughtful programs, efficiency and leadership. We are deploying capital to invest in Sensus, planning to develop and continuing to acquire new technologies, adding to our sales force and having repurchased $3.0 million in our own stock. We are excited to continue executing our aggressive business plan efficiently and effectively."
Fourth Quarter Financial Results
Revenues for the fourth quarter of 2022 were $13.1 million, compared with $13.0 million for the fourth quarter of 2021.
Cost of sales for the fourth quarter of 2022 was $4.8 million, compared with $4.2 million for the prior-year quarter. The increase was mostly due to higher manufacturing costs in the 2022 period, reflecting inflation.
Gross profit for the fourth quarter of 2022 was $8.4 million, or 63.7% of revenues, compared with $8.9 million, or 68.0% of revenues, for the fourth quarter of 2021. The decrease was primarily driven by higher manufacturing costs in 2022.
Selling and marketing expense for the fourth quarter of 2022 was $1.6 million, compared with $1.3 million for the fourth quarter of 2021. The increase was attributable to advertising expense and compensation expense due to increased headcount.
General and administrative expense for the fourth quarter of 2022 was $1.4 million, compared with $1.1 million for the fourth quarter of 2021. The increase was primarily due to higher professional fees, higher compensation, and bad debt expense.
Research and development expense for the fourth quarter of 2022 was $1.2 million, unchanged from the prior-year quarter.
Provision for income taxes was $1.6 million for the fourth quarter of 2022, compared with no income tax provision for the prior-year quarter.
Net income for the fourth quarter of 2022 was $2.8 million, or $0.17 per diluted share, compared with $5.3 million, or $0.32 per diluted share, for the fourth quarter of 2021.
Adjusted EBITDA for the fourth quarter of 2022 was $4.3 million, compared with $5.6 million for the fourth quarter of 2021. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the specific reasons these non-GAAP financial measures are provided.
Cash and cash equivalents were $25.5 million as of December 31, 2022, compared with $14.5 million as of December 31, 2021. The Company had no outstanding borrowings under its revolving line of credit as of December 31, 2022 or December 31, 2021.
Full Year Financial Results
Revenues for 2022 were $44.5 million, compared with $27.0 million for 2021. The 65% increase was driven by a higher number of units sold in 2022 as the demand increased.
Cost of sales for 2022 were $14.9 million, compared with $10.1 million for 2021, reflecting the higher number of units sold.
Gross profit for 2022 was $29.6 million, or 66.5% of revenue, compared with $17.0 million, or 62.8% of revenue, for 2021. The increases were driven by a higher number of units sold in 2022 and service revenue on installed units.
Selling and marketing expense for 2022 was $6.3 million, compared with $4.8 million for 2021. The increase was primarily attributable to higher spending on marketing activities and headcount.
General and administrative expense for 2022 was $5.0 million, compared with $4.6 million for 2021. The increase was primarily due to higher compensation and bad debt expense.
Research and development expense for 2022 was $3.5 million, compared with $3.4 million for 2021. The Company expects research and development expense in 2023 to be generally consistent with 2022.
The Company reported other income for 2022 of $13.2 million, compared with $0.01 million for 2021. The increase was mostly related to a gain on the sale of a non-core asset.
Net income for 2022 was $24.2 million, or $1.46 per diluted share, compared with $4.1 million, or $0.25 per diluted share, in 2021. Net income for 2022 excluding a gain on the sale of a non-core assets was $11.5 million, or $0.69 per diluted share.
Adjusted EBITDA for 2022 was $28.1 million, compared with $5.1 million for 2021.
Use of Non-GAAP Financial Information
This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of the Company's performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.
| SENSUS HEALTHCARE, INC. | |||||||||||||||||
| GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| For the Three Months Ended | For the Years Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| (in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net income, as reported | $ | 2,831 | $ | 5,318 | $ | 24,244 | $ | 4,119 | |||||||||
| Add: | |||||||||||||||||
| Depreciation and amortization | 71 | 140 | 316 | 613 | |||||||||||||
| Stock compensation expense | 50 | 91 | 188 | 416 | |||||||||||||
| Income Tax | 1,577 | - | 3,746 | 1 | |||||||||||||
| Interest, net | (235 | ) | 1 | (380 | ) | - | |||||||||||
| Adjusted EBITDA, non GAAP | $ | 4,294 | $ | 5,550 | $ | 28,114 | $ | 5,149 | |||||||||
Conference Call and Webcast
Sensus Healthcare will host an investment community conference call today beginning at 4:30 p.m. Eastern time during which management will discuss financial results for the 2022 fourth quarter and full year, provide a business update, and answer questions. To access the conference call, dial 844-481-2811 (U.S. and Canada Toll Free) or 412-317-0676 (International). The call will be webcast live and can be accessed at this link, or in the Investors section of the Company's website at www.sensushealthcare.com.
Following the conclusion of the conference call, a replay will be available until March 9, 2023 and can be accessed by dialing 877-344-7529 (U.S. Toll Free), 855-669-9658 (Canada Toll Free) or 412-317-0088 (International), using replay code 3387368 followed by the # sign. An archived webcast of the call will also be available in the Investors section of the Company's website.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: our ability to maintain profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
At the present time, we do not expect that the Russian invasion of Ukraine and global geopolitical uncertainty will have any particular impact on our business, but we continue to monitor developments and will address them in future disclosures, if applicable.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
(Tables to follow)
| SENSUS HEALTHCARE, INC. | |||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
| For the Three Months Ended | For the Years Ended | ||||||||||||||||||
| (in thousands, except share and per share data) | December 31, | December 31, | |||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||
| Revenues | $ | 13,105 | $ | 13,025 | $ | 44,532 | $ | 27,042 | |||||||||||
| Cost of sales | 4,754 | 4,170 | 14,904 | 10,054 | |||||||||||||||
| Gross profit | 8,351 | 8,855 | 29,628 | 16,988 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Selling and marketing | 1,576 | 1,337 | 6,329 | 4,838 | |||||||||||||||
| General and administrative | 1,444 | 1,094 | 5,008 | 4,594 | |||||||||||||||
| Research and development | 1,158 | 1,105 | 3,460 | 3,436 | |||||||||||||||
| Total operating expenses | 4,178 | 3,536 | 14,797 | 12,868 | |||||||||||||||
| Income from operations | 4,173 | 5,319 | 14,831 | 4,120 | |||||||||||||||
| Other income (expense): | |||||||||||||||||||
| Gain on sale of assets | - | (1 | ) | 12,779 | (1 | ) | |||||||||||||
| Interest income | 235 | - | 382 | 2 | |||||||||||||||
| Interest expense | - | - | (2 | ) | (2 | ) | |||||||||||||
| Other income (expense), net | 235 | (1 | ) | 13,159 | (1 | ) | |||||||||||||
| Net Income before income tax | 4,408 | 5,318 | 27,990 | 4,119 | |||||||||||||||
| Provision for income tax | 1,577 | - | 3,746 | - | |||||||||||||||
| Net income | $ | 2,831 | $ | 5,318 | $ | 24,244 | $ | 4,119 | |||||||||||
| Net income per share - basic | $ | 0.17 | $ | 0.32 | $ | 1.47 | $ | 0.25 | |||||||||||
| - diluted | $ | 0.17 | $ | 0.32 | $ | 1.46 | $ | 0.25 | |||||||||||
| Weighted average number of shares used in computing net income per share - basic | 16,424,739 | 16,493,524 | 16,480,991 | 16,476,122 | |||||||||||||||
| - diluted | 16,577,055 | 16,601,017 | 16,618,214 | 16,503,134 | |||||||||||||||
| SENSUS HEALTHCARE, INC. | |||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| As of December 31, | |||||||||
| (in thousands, except shares and per share data) | 2022 | 2021 | |||||||
| (unaudited) | |||||||||
| Assets | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 25,520 | $ | 14,519 | |||||
| Accounts receivable, net | 17,299 | 12,130 | |||||||
| Inventories | 3,501 | 1,759 | |||||||
| Prepaid and other current assets | 7,389 | 2,837 | |||||||
| Total current assets | 53,709 | 31,245 | |||||||
| Property and equipment, net | 243 | 605 | |||||||
| Intangibles, net | 50 | 146 | |||||||
| Deposits | 24 | 75 | |||||||
| Deferred tax asset | 1,713 | - | |||||||
| Operating lease right-of-use assets, net | 996 | 169 | |||||||
| Total assets | $ | 56,735 | $ | 32,240 | |||||
| Liabilities and stockholders' equity | |||||||||
| Current liabilities | |||||||||
| Accounts payable and accrued expenses | $ | 5,521 | $ | 4,058 | |||||
| Product warranties | 403 | 508 | |||||||
| Operating lease liabilities, current portion | 190 | 174 | |||||||
| Loan payable | - | 51 | |||||||
| Income tax payable | 890 | - | |||||||
| Deferred revenue, current portion | 693 | 1,172 | |||||||
| Total current Liabilities | 7,697 | 5,963 | |||||||
| Operating lease liabilities, net of current portion | 830 | - | |||||||
| Deferred revenue, net of current portion | 139 | 262 | |||||||
| Total liabilities | 8,666 | 6,225 | |||||||
| Commitments and contingencies | |||||||||
| Stockholders' equity | |||||||||
| Preferred stock, 5,000,000 shares authorized and none issued and outstanding | - | - | |||||||
| Common stock, $0.01 par value - 50,000,000 authorized; 16,692,761 issued and 16,390,419 outstanding at December 31, 2022; 16,694,311 issued and 16,617,274 outstanding at December 31, 2021 | 169 | 167 | |||||||
| Additional paid-in capital | 45,031 | 44,115 | |||||||
| Treasury stock, 512,342 and 77,037 shares at cost, at December 31, 2022 and December 31, 2021, respectively | (3,433 | ) | (325 | ) | |||||
| Retained earnings (Accumulated deficit) | 6,302 | (17,942 | ) | ||||||
| Total stockholders' equity | 48,069 | 26,015 | |||||||
| Total liabilities and stockholders' equity | $ | 56,735 | $ | 32,240 | |||||
BOCA RATON, Fla., Feb. 01, 2023 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive treatments for both oncological and non-oncological conditions, announces that management will hold a conference call on Thursday, February 9, 2023 at 4:30 p.m. Eastern time to discuss the financial results for the fourth quarter and full year 2022. In addition, management will provide a business update and a discussion on recent and upcoming milestones.
To access the conference call, the dial-in numbers are 844-481-2811 (U.S. and Canada Toll Free), 412-317-0676 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed at the following link, which also may be found in the Investor Relations section of the Company's website at www.sensushealthcare.com.
Following the conclusion of the conference call, a replay will be available until March 9th , and can be accessed by dialing 877-344-7529 (U.S. Toll Free), 855-669-9658 (Canada Toll Free), or 412-317-0088 (International). At the system prompt, dial the replay code - 3387368 followed by the # sign. Playback will automatically begin. An archived webcast of the call will also be available in the Investor Relations section of the Company's website for a period of time.
About Sensus Healthcare, Inc.
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Contact: LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
BOCA RATON, Fla, Jan. 09, 2023 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, is pleased to announce the following promotions and appointments to its management team:
- Maggie Martinez has been promoted to Chief Operating Officer
- Emiliano Sosa has been promoted to Chief Technical Officer
- Stephanie Tipton has been promoted to Vice President of Marketing
- Sean Delaney has been appointed Vice President of Regulatory and Quality Assurance
- Wayne Lura has been appointed Vice President of Aesthetic Sales
Ms. Martinez joined Sensus nine years ago and subsequently held positions of increasing responsibility. Most recently she served as Vice President of Operations, and in her new role as COO she will be responsible for all aspects of customer support and satisfaction, vendor relations, intra-company communication and processes. Ms. Martinez holds a B. S. degree in marketing from Stetson University in DeLand, Florida.
Mr. Sosa joined Sensus last year as Vice President of Technology Development with extensive experience in banking, cyber security and artificial intelligence. Among his accomplishments are the introduction and engineering of the first GPS device in the Argentina market with real time streaming video cameras for vehicles (founding Overmax S.A.). His company in the U.S. was recognized as 2016 small business of the year. He has also designed and developed electroencephalography and brain mapping devices, implementing the first 3-D EEG Brain Mapping medical devices and polysomnographs at the time. In his new position he is charged with overseeing and expanding the company's team of engineers to provide dependable and differentiated technologies to customers and their patients. A priority focus will be on expanding the capabilities and indications of the company's Sensus Cloud™ technology. Sensus Cloud provides asset management and HIPAA-compliant patient data and storage capability, and also contains the software necessary to support shared service models including direct patient billing. Mr. Sosa holds degrees in information systems engineering from the National University of Technology in Buenos Aires, and in international marketing and foreign trade from the University of Buenos Aires in Argentina.
Ms. Tipton joined Sensus in June of 2021 as the Director of Digital Marketing, revamping the company's social media and on-line outreach, which resulted in a dramatic increase in patient and physician inquiries. She has also worked closely with the company's clinical, sales, and engineering teams to provide a more comprehensive approach to the product portfolio. As an experienced marketing professional with a record of success, she was President of Tipton Group, a marketing consulting firm prior to joining Sensus. Previously she was for six years Industrial Director/Director of Sales for Nova Medical Centers in Knoxville, Tenn. Ms. Tipton holds a B.S. degree in biology and business administration from the University of Tennessee, Knoxville.
Mr. Delany brings to Sensus nearly 20 years of product development experience in regulatory affairs, quality assurance and regulatory compliance, including worldwide regulatory clearances and approvals, development and product quality, international standard compliance and post-market surveillance. Much of his experience is in software-controlled image-guided radiation therapy systems. Most recently, Mr. Delaney worked at ViewRay, with responsibility for regulatory affairs and compliance, quality assurance, radiation safety and U.S. Food and Drug Administration submissions. He holds a B.S. in physics from San Jose State University and an MBA from Santa Clara University, Leavey School of Business.
Mr. Lura has two decades of experience in medical aesthetics, bringing new products to market at such notable companies as Cynosure, Eclipse Medical, DefenAge Skincare, Zimmer Medical Systems, Cutera, and Lumenis. He will be responsible for expanding Sensus' aesthetics footprint as the company continues to add to its product portfolio, and developing opportunities for product introductions including developing a total solution bundle for Sensus customers. Mr. Lura brings to Sensus deep relationships with industry KOLs and dermatologists. He holds a B.A. in communications from Concordia University Texas, attended the United States Airforce Academy and was a commissioned Second Lieutenant in the Air Force ROTC at the University of Texas, Austin.
"Our history of growth, execution and expanding market opportunities have made these staff changes both necessary and prudent, including creating several new positions. I am delighted to announce these promotions and appointments and look forward to the contributions of these talented individuals as Sensus executes on an aggressive business strategy," said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. "Maggie Martinez has proven over and over again her initiative, drive and commitment to the company, our customers and patients and I am proud of her appointment to Chief Operating Officer. In just a short period of time, Emiliano Sosa has distinguished himself in assembling a high-quality team of engineers who are adding exceptional value to our technologies. His leadership skills and technical acumen ideally qualify him to serve as our Chief Technical Officer. Stephanie Tipton has been a creative force in digital marketing for the company, and going forward she is charged with assuming a leadership role in all aspects of marketing. She will be instrumental in supporting the introduction of new products to the marketplace, an important initiative for Sensus."
Mr. Sardano added, "Our anticipated growth has necessitated the expansion of our senior management team. I'm thrilled Sean Delany has joined Sensus as Vice President of Regulatory and Quality Assurance. Sean comes to us with deep experience navigating regulatory pathways not only in the U.S., but in all of Asia, the EU and South America. His knowledge will be valuable as we work to secure regulatory clearances for our products - both existing and new - around the world. Additionally, we look forward to even greater success with our growing aesthetics product portfolio with Wayne Lura at the helm. His appointment underscores our plans to expand our aesthetic footprint with innovative products. Wayne has a wealth of contacts and enjoys excellent relationships with the leaders in aesthetic medicine.
"Our goal is for Sensus to be a destination for great employees from all walks of life and backgrounds. I am proud of our diverse and talented workforce, all contributing to our success with an unwavering commitment to quality, innovation, teamwork, respect and customer service," Mr. Sardano concluded.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are or may be deemed 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. In addition, we note that our revenues and profits for the year ended December 31, 2022 are subject to adjustments, including adjustments that may be made in connection with the completion of our audited financial statements.
At the present time, we do not expect that the Russia-Ukraine conflict and global geopolitical uncertainty will have any particular impact on our business, but we continue to monitor developments and will address them in future disclosures, if applicable.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
Fourth quarter revenues to exceed $13 million; full year revenues to exceed $44 million, representing growth of 60%
BOCA RATON, Fla, Jan. 05, 2023 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, today reports preliminary 2022 fourth quarter and full year revenues.
Preliminary revenues for the three months ended December 31, 2022 are expected to exceed $13 million. For the full year 2022, revenues are expected to exceed $44 million, representing growth of approximately 60% over 2021. Fourth quarter 2022 revenues are expected to include more than $500,000 from the company's aesthetics business. Sensus also announces it expects that both the fourth quarter and the full year will be profitable.
"We're delighted to report topline momentum during the fourth quarter and to share our expectations for continued growth in revenues and profitability in 2023," said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. "Our robust marketing programs, combined with an expanded product offering and the opening of new customer channels, are expected to contribute to our growth trajectory."
The company plans to continue adding to its domestic sales force and increase its trade show presence during 2023. Outside of the U.S., the company intends to expand geographic reach in both the EU and Latin America. It also plans to expand its product portfolio in the second half of 2023 with several submissions to the U.S. Food and Drug Administration expected to be made for new technologies.
Sensus Healthcare plans to announce 2022 fourth quarter and full year financial results and hold an investment community conference call after the close of the U.S. stock markets on February 9, 2023. Conference call details including participation instructions will be provided at a later date.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are or may be deemed 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. In addition, we note that our revenues and profits for the year ended December 31, 2022 are subject to adjustments, including adjustments that may be made in connection with the completion of our audited financial statements.
At the present time, we do not expect that the Russia-Ukraine conflict and global geopolitical uncertainty will have any particular impact on our business, but we continue to monitor developments and will address them in future disclosures, if applicable.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact: LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
The American Academy of Dermatology will honor Sensus Medical Advisor, Dr. Mark S. Nestor, MD, PhD, FAAD with the American Academy of Dermatology's Presidential Citation, in recognition of his dedication and leadership in the field of superficial radiation therapy (SRT).
Dr. Nestor is recognized as a world expert in clinical research in most areas of clinical Dermatology and aesthetics including acne, psoriasis, atopic dermatitis, and skin cancer, light therapies to treat skin disease, cutaneous laser surgery, photodynamic therapy, and Radiation Therapy. His aesthetic expertise includes lasers, RF and other devices, and the use of fillers and toxins.
As Director of the Center for Clinical and Cosmetic Research, CCCR, he has conducted more than 150 FDA and non-FDA clinical trials. He has authored over 100 articles and book chapters, delivered over 900 major presentations around the world, and is viewed as an internationally acclaimed lecturer and clinical and cosmetic dermatology instructor.
Congratulations to Sensus Medical Advisor, Dr. Mark S. Nestor.
Profitability continues with revenues up 64% to $9.0 million, diluted EPS of $0.11 compares with $0.01 a year ago
Conference call begins at 4:30 p.m. Eastern time today
BOCA RATON, Fla., Nov. 03, 2022 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces financial results for the three and nine months ended September 30, 2022.
Highlights from the third quarter of 2022 and recent weeks include the following (all comparisons are with the third quarter of 2021, unless otherwise indicated):
- Revenues were $9.0 million, up 64% from $5.5 million
- Net income was $1.8 million, or $0.11 per diluted share, compared with $0.2 million, or $0.01 per diluted share
- Exited the quarter with $37.6 million in cash and cash equivalents, and no debt
- Adjusted EBITDA, a non-GAAP financial measure, was $2.3 million, compared with $0.5 million
- Introduced the Silk™ laser hair removal system with blended wavelengths for all skin phototypes at the Fall Clinical Dermatology Conference
- Two key opinion leaders presented research with the TransDermal Infusion (TDI) System™ in delivering finasteride for hair growth and onabotulinumtoxinA for hyperhidrosis at the Fall Clinical Dermatology Conference
- Launched upgrades to the SRT-100 Vision™ system with new state-of-the-art, solid-state, high-frequency ultrasound and a new, ergonomically designed probe
- Shipped the first of 10 TDI Systems ordered by Hair Enhancement Centers to provide needleless injections of U.SK Under Skin's hair-growth serum Skin Savers Hair™
- Shipped four SRT units to China
- Expects continued growth in the fourth quarter and full-year profitability, noting economic headwinds and the impact of Hurricane Ian on several large customers in Florida
Management Commentary
"We continued to execute very well on our strategy and once again generated strong growth in revenues and profits," said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. "We remain focused on our core dermatology business, providing products our customers and their patients need. To that end, we launched important upgrades to our premium SRT-100 Vision system that included new state-of-the-art, solid-state, high-frequency ultrasound, which provides the best view of the epidermis in the market and utilizes a new ergonomically designed probe employing single-use disposables. The Vision model has become our leading SRT product, helped by these design upgrades and our fair market leasing program. That said, higher interest rates are impacting physician ROI, but not demand."
Mr. Sardano added, "Our recently acquired TransDermal Infusion System for the needleless and pain-free delivery of aesthetic medicines is generating significant attention at tradeshows and medical conferences. Research by key opinion leaders Dr. Mark Nestor and Dr. Glynis Ablon continues to support our marketing efforts. At the Fall Clinical Dermatology Conference, Dr. Nestor presented his success with the TDI System to deliver onabotulinumtoxinA, better known as Botox, in hyperhidrosis patients, and Dr. Ablon presented on the ability of the TDI System to deliver finasteride, better known as Propecia, for hair growth without pain. During the third quarter we took orders for 10 TDI Systems from Hair Enhancement Centers, delivered one during the quarter and expect to deliver the remaining nine before the end of the year.
"We continued to see good uptake on our service agreements, with approximately 40% of customers having committed to these agreements following the expiration of the one-year warranty. We expect service agreements to be a growing source of recurring revenue," Mr. Sardano continued. "Of note, we believe the treatment of non-melanoma skin cancer is not impacted by economic uncertainty, but a recession could affect demand for aesthetic procedures. The devastation from Hurricane Ian to large parts of Florida may impact fourth quarter sales as some of our largest customers have not yet reopened their clinics. However, we are continuing to plan for growth and expect additional hiring in our sales organization."
Third Quarter Financial Results
Revenues for the third quarter of 2022 were $9.0 million, compared with $5.5 million for the third quarter of 2021. The 64% increase was driven by a higher number of units sold, increased service revenue and the impact of COVID-19 on 2021 results.
Cost of sales for the third quarter of 2022 was $3.1 million, compared with $2.3 million for the prior-year quarter. The increase was due to higher sales in 2022.
Gross profit for the third quarter of 2022 was $5.9 million, or 65.6% of revenues, compared with $3.2 million, or 57.9% of revenues, for the third quarter of 2021. The increases were driven by a higher number of units sold in 2022, service revenue on installed units and the impact of COVID-19 on 2021 results.
Selling and marketing expense for the third quarter of 2022 was $1.8 million, compared with $1.2 million for the third quarter of 2021. The increase was attributable to higher tradeshow and advertising expense.
General and administrative expense for the third quarter of 2022 was $1.2 million, compared with $1.1 million for the third quarter of 2021. The increase was primarily due to higher professional fees.
Research and development expense for the third quarter of 2022 was $0.7 million, unchanged from the prior-year quarter.
Provision for income taxes was $0.5 million for the third quarter of 2022, compared with no income tax provision for the prior-year quarter.
Net income for the third quarter of 2022 was $1.8 million, or $0.11 per diluted share, compared with $0.2 million, or $0.01 per diluted share, for the third quarter of 2021.
Adjusted EBITDA for the third quarter of 2022 was $2.3 million, compared with $0.5 million for the third quarter of 2021. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the specific reasons these non-GAAP financial measures are provided.
Cash and cash equivalents were $37.6 million as of September 30, 2022, compared with $14.5 million as of December 31, 2021. The company had no outstanding borrowings under its revolving line of credit as of September 30, 2022 or December 31, 2021.
Nine Month Financial Results
Revenues for the first nine months of 2022 were $31.4 million, compared with $14.0 million for the first nine months of 2021. The 124% increase was driven by a higher number of units sold in 2022, service revenue on installed units and the impact of COVID-19 on 2021 results.
Cost of sales was $10.2 million for the nine months ended September 30, 2022, compared with $5.9 million for the nine months ended September 30, 2021. The increase was due to higher sales in 2022.
Gross profit for the first nine months of 2022 was $21.3 million, or 67.8% of revenue, compared with $8.1 million, or 58.0% of revenue, for the same period of 2021. The increases were driven by a higher number of units sold in 2022, service revenue on installed units and the impact of COVID-19 on 2021 results.
Selling and marketing expense was $4.8 million for the nine months ended September 30, 2022, compared with $3.5 million for the nine months ended September 30, 2021. The increase was primarily attributable to higher tradeshow, advertising and commission expense.
General and administrative expense was $3.6 million for the first nine months of 2022, compared with 3.5 million in the prior-year period. The increase was primarily due to higher professional fees.
Research and development expense of $2.3 million for the first nine months of 2022 was unchanged from the first nine months of 2021.
The Company reported other income of $12.9 million during the first nine months of 2022, which was mostly related to the gain on sale of a non-core asset. There was no other income in 2021.
Net income for the first nine months of 2022 was $21.4, or $1.28 per diluted share, compared with a net loss of $(1.2) million, or $(0.07) per share, for the prior-year period. Net income for the nine months ended September 30, 2022 excluding gain on sale of assets was $8.6 million, or $0.52 per diluted share.
Adjusted EBITDA for the first nine months of 2022 was $23.8 million, compared with $(0.4) million for the first nine months of 2021.
Use of Non-GAAP Financial Information
This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.
| SENSUS HEALTHCARE, INC. | |||||||||||||||
| GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||
| (unaudited) | |||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| (in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||
| Net income (loss), as reported | $ | 1,829 | $ | 195 | $ | 21,415 | $ | (1,199 | ) | ||||||
| Add: | |||||||||||||||
| Depreciation and amortization | 75 | 127 | 241 | 472 | |||||||||||
| Stock compensation expense | 40 | 204 | 137 | 324 | |||||||||||
| Income Tax | 450 | - | 2,168 | - | |||||||||||
| Interest, net | (118 | ) | - | (145 | ) | - | |||||||||
| Adjusted EBITDA, non GAAP | $ | 2,276 | $ | 526 | $ | 23,816 | $ | (403 | ) | ||||||
Conference Call and Webcast
Sensus Healthcare will host an investment community conference call today beginning at 4:30 p.m. Eastern time during which management will discuss financial results for the third quarter of 2022, provide a business update and answer questions. To access the conference call, dial 866-777-2509 (U.S. and Canada Toll Free) or 412-317-5413 (International). The call will be webcast live and can be accessed at this link, or in the Investors section of the Company's website at www.sensushealthcare.com.
Following the conclusion of the conference call, a replay will be available until December 3rd and can be accessed by dialing 877-344-7529 (U.S. Toll Free), 855-669-9658 (Canada Toll Free) or 412-317-0088 (International), using replay code 4619519. An archived webcast of the call will also be available in the Investors section of the Company's website.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
At the present time, we do not expect that the Russian invasion of Ukraine and global geopolitical uncertainty will have any particular impact on our business, but we continue to monitor developments and will address them in future disclosures, if applicable.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
(Tables to follow)
| SENSUS HEALTHCARE, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| (in thousands, except share and per share data) | September 30, | September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Revenues | $ | 9,010 | $ | 5,525 | $ | 31,428 | $ | 14,017 | ||||||||
| Cost of sales | 3,136 | 2,324 | 10,150 | 5,885 | ||||||||||||
| Gross profit | 5,874 | 3,201 | 21,278 | 8,132 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling and marketing | 1,807 | 1,180 | 4,753 | 3,502 | ||||||||||||
| General and administrative | 1,160 | 1,082 | 3,564 | 3,499 | ||||||||||||
| Research and development | 746 | 744 | 2,302 | 2,330 | ||||||||||||
| Total operating expenses | 3,713 | 3,006 | 10,619 | 9,331 | ||||||||||||
| Income (loss) from operations | 2,161 | 195 | 10,659 | (1,199 | ) | |||||||||||
| Other income (expense): | ||||||||||||||||
| Gain on sale of assets | - | - | 12,779 | - | ||||||||||||
| Interest income | 119 | - | 147 | 1 | ||||||||||||
| Interest expense | (1 | ) | - | (2 | ) | (1 | ) | |||||||||
| Other income (expense), net | 118 | - | 12,924 | - | ||||||||||||
| Net Income (loss) before income tax | 2,279 | 195 | 23,583 | (1,199 | ) | |||||||||||
| Provision for income tax | 450 | - | 2,168 | - | ||||||||||||
| Net income (loss) | $ | 1,829 | $ | 195 | $ | 21,415 | $ | (1,199 | ) | |||||||
| Net income (loss) per share - basic | $ | 0.11 | $ | 0.01 | $ | 1.30 | $ | (0.07 | ) | |||||||
| - diluted | $ | 0.11 | $ | 0.01 | $ | 1.28 | $ | (0.07 | ) | |||||||
|
Weighted average number of shares used in computing net income (loss) per share - basic |
16,478,742 | 16,486,969 | 16,498,557 | 16,470,258 | ||||||||||||
| - diluted | 16,648,229 | 16,498,832 | 16,689,548 | 16,470,258 | ||||||||||||
| SENSUS HEALTHCARE, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| As of September 30, | As of December 31, | |||||||
| (in thousands, except shares and per share data) | 2022 | 2021 | ||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 37,577 | $ | 14,519 | ||||
| Accounts receivable, net | 7,396 | 12,130 | ||||||
| Inventories | 2,350 | 1,759 | ||||||
| Prepaid and other current assets | 4,207 | 2,837 | ||||||
| Total current assets | 51,530 | 31,245 | ||||||
| Property and equipment, net | 474 | 605 | ||||||
| Intangibles, net | 74 | 146 | ||||||
| Deposits | 36 | 75 | ||||||
| Deferred tax asset | 1,602 | - | ||||||
| Operating lease right-of-use assets, net | 1,043 | 169 | ||||||
| Total assets | $ | 54,759 | $ | 32,240 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 4,883 | $ | 4,058 | ||||
| Product warranties | 302 | 508 | ||||||
| Operating lease liabilities, current portion | 220 | 174 | ||||||
| Loan payable | - | 51 | ||||||
| Income tax payable | 233 | - | ||||||
| Deferred revenue, current portion | 1,012 | 1,172 | ||||||
| Total current Liabilities | 6,650 | 5,963 | ||||||
| Operating lease liabilities, net of current portion | 846 | - | ||||||
| Deferred revenue, net of current portion | 139 | 262 | ||||||
| Total liabilities | 7,635 | 6,225 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, 5,000,000 shares authorized and none issued and outstanding | - | - | ||||||
|
Common stock, $0.01 par value - 50,000,000 authorized; 16,815,011 issued and 16,601,355 outstanding at September 30, 2022; 16,694,311 issued and 16,617,274 outstanding at December 31, 2021 |
169 | 167 | ||||||
| Additional paid-in capital | 44,921 | 44,115 | ||||||
| Treasury stock, 213,656 and 77,037 shares at cost, at September 30, 2022 and December 31, 2021, respectively | (1,439 | ) | (325 | ) | ||||
| Retained earnings (Accumulated deficit) | 3,473 | (17,942 | ) | |||||
| Total stockholders' equity | 47,124 | 26,015 | ||||||
| Total liabilities and stockholders' equity | $ | 54,759 | $ | 32,240 | ||||
BOCA RATON, Fla., Oct. 27, 2022 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive treatments for both oncological and non-oncological conditions, announces that management will hold a conference call on Thursday, November 3, 2022 at 4:30 p.m. Eastern time to discuss the financial results for the third quarter of 2022. In addition, management will provide a business update and a discussion on recent and upcoming milestones.
To access the conference call, the dial-in numbers are 866-777-2509 (U.S. and Canada Toll Free), 412-317-5413 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed at the following link, which also may be found in the Investor Relations section of the Company's website at www.sensushealthcare.com.
Following the conclusion of the conference call, a replay will be available until December 3rd, and can be accessed by dialing 877-344-7529 (U.S. Toll Free), 855-669-9658 (Canada Toll Free), or 412-317-0088 (International). At the system prompt, dial the replay code - 4619519 followed by the # sign. Playback will automatically begin. An archived webcast of the call will also be available in the Investor Relations section of the Company's website for a period of time.
About Sensus Healthcare, Inc.
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
Only portable hair removal laser system with blended wavelengths for all skin phototypes to be launched at the Fall Clinical Dermatology Conference
BOCA RATON, Fla, Oct. 20, 2022 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces the introduction of its portable Silk™ by Sensus hair removal system with blended wavelengths at the Fall Clinical Dermatology Conference, being held October 20-23 in Las Vegas.
Silk by Sensus features a truly portable diode laser with 2000W power, a lightweight handpiece, super-cold cooling tip and high repetition rates. The ability to blend wavelengths while emitting light vertically toward the skin increases efficiency by maintaining the density of the laser in the selected area, resulting in deeper and better penetration and more homogeneous energy distribution. Importantly, the laser is sensitive to all skin types, making laser hair removal available to everyone.
Commenting on the launch, Joe Sardano, chairman and chief executive officer of Sensus Healthcare, said, "We are delighted to showcase the latest in cutting-edge aesthetic laser technology at the Fall Clinical Dermatology Conference, which brings together thousands of practitioners dedicated to advancing skin health and providing the newest and best technology to their patients. With its unique combination of optimized energy distribution, versatility, speed, comfort and efficacy, we believe that Silk by Sensus introduces a new standard in laser hair removal."
Silk by Sensus permits full hair removal on any part of the body. There are no disposables associated with the laser, thus improving affordability for physicians and patients, and there is no need for a heavy, secondary cooling unit. Silk by Sensus is offered in two modes:
- 810, which utilizes the gold standard 810nm single wavelength for hair removal for most skin and hair types
- BLEND, which utilizes a combination of four clinically proven wavelengths (755, 810, 940 and 1064nm) to achieve homogenous coverage across the complete spectrum of skin and hair types
Both modes are now available nationwide. Interested customers should call 561-922-5808 or email [email protected].
About the Fall Clinical
The annual Fall Clinical Dermatology Conference® is a four-day accredited CME course that provides a comprehensive update on the diagnosis and treatment of a variety of conditions related to medical, surgical and cosmetic dermatology.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world. For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact: LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
BOCA RATON, Fla., Sept. 09, 2022 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for oncological and non-oncological conditions, announces that management will present a company overview at the H.C. Wainwright 24th Annual Global Investment Conference being held September 12-14, 2022. The hybrid format includes in-person meetings in New York City and will be holding one-on-one meetings. A webcast of the presentation will be available on-demand beginning September 12, 2022 at 7:00 a.m. Eastern time on the investors section of Sensus Healthcare's website or at this link.
Joe Sardano, chief executive officer, Javier Rampolla, chief financial officer, and Michael Sardano, president and general counsel, will be available during the conference for 1x1 meetings with the investment community on site at the Lotte New York Palace Hotel.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world. For more information, visit www.sensushealthcare.com.
Contact: LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
Addition of World-Renowned Radiation Oncologist Deepens Pool of Expertise
BOCA RATON, Fla., Sept. 07, 2022 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for oncological and non-oncological conditions, announces the addition of Mohammad K. Khan, M.D., Ph.D. to its Medical Advisory Board. This appointment increases the size of the Sensus Medical Advisory Board to 10 professionals.
Dr. Khan is a world-renowned physician scientist who currently serves as Professor of Medicine in the Department of Radiation Oncology at the Emory University School of Medicine. As a board-certified radiation oncologist specializing in the treatment of leukemia, lymphoma, melanoma, skin cancer (basal, squamous and Merkel cell), multiple myeloma and pediatric cancers, he treats patients at Winship Cancer Institute of Emory University.
Commenting on his appointment, Dr. Khan said, "I am honored to be named to the Medical Advisory Board for Sensus Healthcare and am glad that we have a portable device to treat skin cancer. This makes it far easier to treat patients closer to home. I look forward to helping further advance SRT for the treatment of non-melanoma skin cancer."
Joe Sardano, chairman and chief executive officer of Sensus Healthcare, said, "We are delighted that a professional with Dr. Khan's stature has agreed to serve on our Medical Advisory Board. Although we are well-aware of his impressive work in treating skin cancers, along with research into low-dose radiation in COVID-19 patients, we are optimistic that Dr. Khan will provide important guidance regarding our Superficial Radiation Therapy and other dermatology applications as we continue to develop the marketplace for our products."
In addition to numerous administrative appointments, Dr. Khan is Research Associate Professor of Engineering in the Department of Nuclear Engineering at the University of Tennessee, Knoxville, Associate Professor in the Department of Nuclear Engineering at the Georgia Institute of Technology, Staff Radiation Oncologist at Children's Hospital of Atlanta and Chief of Lymphoma, Myeloma, Hematology & Skin Service at Emory University.
Dr. Khan has authored hundreds of scientific abstracts and peer-reviewed articles, and has delivered poster presentations at important conferences such as the annual meetings of the American College of Radiation Oncology (ACRO) and the American Society of Clinical Oncology (ASTRO), along with moderating programs at these and other professional radiation oncology meetings. He is the principal investigator in a Phase 3 study titled "Best Supportive Care With or Without Low Dose Whole Lung Radiation Therapy for the Treatment of COVID-19 (RESCUE1-19)."
He holds a B.S. in nuclear engineering and a B.S. in biology from the University of Tennessee, Knoxville, an M.S. in nuclear engineering from the University of Tennessee, Knoxville, an M.D. from the University of Tennessee, Memphis and a Ph.D. in nuclear engineering from the University of Tennessee, Knoxville.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world. For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact: LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
Includes a new ergonomic probe to operate in ideal MHz range to view all layers of skin
BOCA RATON, Fla, Aug. 09, 2022 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for oncological and non-oncological conditions, announces an upgrade to its full-featured SRT-100 Vision™ system with new state-of-the-art solid state High-Frequency Ultrasound. The system includes a new ergonomically designed probe for superior handling and ease of use.
In addition, the new ultrasound operates in the ideal MHz range for viewing all layers of the skin, which is essential for treating skin lesions. The SRT-100 Vision™ system's built-in electronic medical record capability allows the operator to easily and accurately record and capture the ultrasound images to improve patient treatments.
"We are delighted to introduce our new SRT-100 Vision™ Solid State Ultrasound, offering increased productivity and higher resolution, and providing the best view of the epidermis in the market," said Joe Sardano, Chairman and Chief Executive Officer of Sensus Healthcare. "Upgraded SRT-100 Vision systems are available immediately."
Monica DiGioia, Vice President of Clinical Affairs for Sensus Healthcare, commented, "No other ultrasound in the dermatology space has the capability of visualizing the epidermis. In addition, our new ergonomic probe employs single-use disposable standoffs on the tip of the ultrasound, which creates the ideal skin-to-probe distance while allowing for fast and quick setup and maintenance of the system. These changes significantly reduce cumbersome operations and setup times, while keeping patient safety firmly at the forefront."
Sensus Healthcare notes customers with existing SRT-100 Vision™ systems are eligible for upgrades and should contact their sales representative.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world. For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact: LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
Diluted EPS of $0.21 compares with $(0.02) for the year-ago quarter
Affirms expectations for full-year profitability
Conference call begins at 4:30 p.m. Eastern time today
BOCA RATON, Fla., Aug. 04, 2022 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces financial results for the three and six months ended June 30, 2022.
Highlights from the second quarter of 2022 and recent weeks include the following (all comparisons are with the second quarter of 2021, unless otherwise indicated):
- Revenues were $12.1 million, up 124% from $5.4 million
- Net income was $3.5 million, or $0.21 per diluted share, compared with a net loss of $(0.3) million, or $(0.02) per share
- Adjusted EBITDA, a non-GAAP financial measure, was $4.7 million, compared with $(0.1) million
- Exited the quarter with $33.7 million in cash and cash equivalents
- Received orders for 10 TransDermal Infusion Systems™ from Hair Enhancement Centers to provide needleless injections of U.SK Under Skin's hair-growth serum Skin Savers Hair™
- Shipped 5 units to Asia
- Shipped a second SRT System to Colorado State University College of Veterinary Medicine and Biomedical Sciences
- Expects continued growth in the third quarter and affirms expectations for full-year profitability
Management Commentary
"I'm delighted with our continued strong financial performance, with significant year-over-year revenue growth and continued profitability," said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. "We remain focused on our core dermatology business, building upon the initiatives we put in place during the past two years, leveraging improved reimbursement for superficial radiation therapy to treat non-melanoma skin cancers and keloids, offering an attractive fair value lease program to physician customers, maintaining an active presence at dermatology conferences and trade shows and, most recently, implementing a new marketing campaign that includes both digital and television platforms. More than half our customers have purchased premium-featured SRT-100 Vision™ systems under a leasing agreement, while approximately 80% of systems coming off a one-year warranty continue with a service agreement, providing a significant source of recurring revenue.
"The launch of our TransDermal Infusion System™ is going very well and generating significant interest among potential customers who recognize its ability to eliminate injections. The system permits many procedures to be less painful for patients, and interest is particularly high for aesthetic facial procedures, hair growth and hyperhidrosis treatments. As validation of its utility, we took orders to deliver 10 systems to Hair Enhancement Centers. HEC currently operates nine centers and we plan to support their expansion plans. Two systems will be delivered in this year's third quarter with the remainder in the fourth quarter. In addition, work to study the delivery of finasteride is underway by Dr. Glynis Ablon of the Ablon Skin Institute and Research Center and Associate Clinical Professor at UCLA."
Mr. Sardano concluded, "Of note, we believe the treatment of non-melanoma skin cancer is not impacted by geopolitical and economic uncertainty. Sensus is executing our business plan as anticipated, with an organization fully dedicated to the success of Sensus and our customers."
Second Quarter Financial Results
Revenues for the second quarter of 2022 were $12.1 million, compared with $5.4 million for the second quarter of 2021. The 124% increase was primarily driven by a higher number of units sold, increased service revenue and the impact of COVID-19 on second quarter 2021 results.
Cost of sales for the second quarter of 2022 was $3.8 million, compared with $2.1 million for the prior-year quarter. The increase was due to higher sales in the 2022 period.
Gross profit for the second quarter of 2022 was $8.3 million, or 68.6% of revenues, compared with $3.3 million, or 61.1% of revenues, for the second quarter of 2021. The increases were primarily driven by a higher number of units sold in 2022, service revenue on installed units, and the impact of COVID-19 on second quarter 2021 results.
Selling and marketing expense for the second quarter of 2022 was $1.7 million, compared with $1.3 million for the second quarter of 2021. The increase was primarily attributable to higher tradeshow expense and, advertising expense and commissions, offset by a decline in other marketing expenses.
General and administrative expense for the second quarter of 2022 was $1.1 million, compared with $1.4 million for the second quarter of 2021. The decrease was primarily due to higher legal and professional fees in 2021.
Research and development expense for the second quarter of 2022 was $0.8 million, compared with $0.9 million for the prior-year second quarter.
Provision for income taxes was $1.1 million for the second quarter of 2022, compared with no income tax provision for the prior-year second quarter.
Net income for the second quarter of 2022 was $3.5 million, or $0.21 per diluted share, compared with a net loss of $(0.3) million, or $(0.02) per share, for the second quarter of 2021.
Adjusted EBITDA for the second quarter of 2022 was $4.7 million, compared with $(0.1) million for the second quarter of 2021. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the specific reasons these non-GAAP financial measures are provided.
Cash and cash equivalent were $33.7 million as of June 30, 2022, compared with $14.5 million as of December 31, 2021. The company had no outstanding borrowings under its revolving line of credit as of June 30, 2022 or December 31, 2021.
During the second quarter of 2022, the Company repurchased 126,523 shares of common stock at prices ranging from $7.46 to $8.36, for a total of $1.0 million.
Six Month Financial Results
Revenues for the first half of 2022 were $22.4 million, compared with $8.5 million for the first half of 2021. The 164% increase was primarily driven by a higher number of units sold in 2021, service revenue on installed units, and the impact of COVID-19 on first half 2021 results.
Cost of sales was $7.0 million for the first half of 2022, compared with $3.6 million for the first half of 2021. The increase was commensurate with higher sales in the 2022 period.
Gross profit for the first half of 2022 was $15.4 million, or 68.8% of revenue, compared with $4.9 million, or 57.6% of revenue, for the first half of 2021. The increases were primarily driven by a higher number of units sold in 2022, service revenue on installed units, and the impact of COVID-19 on first half 2021 results.
Selling and marketing expense was $2.9 million for the first half of 2022, compared with $2.3 million for the first half of 2021. The increase was primarily attributable to higher tradeshow expense and, advertising expense and commissions, offset by a decline in other marketing expenses.
General and administrative expense was $2.4 million for the first half of 2022, unchanged from the prior-year period.
Research and development expense for the first half of 2022 was $1.6 million, unchanged from the first half of 2021.
Net income for the first half of 2022 was $19.6 million, or $1.17 per diluted share, compared with a net loss of $(1.4) million, or $(0.08) per share, for the first half of 2021. Net income for the 2022 period includes a $12.8 million gain on the sale of a non-core asset during the first quarter of 2022.
Adjusted EBITDA for the first half of 2022 was $21.5 million, compared with $(0.9) million for the first half of 2021.
Use of Non-GAAP Financial Information
This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.
| SENSUS HEALTHCARE, INC. | |||||||||||||||||||
| GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||||||
| (unaudited) | |||||||||||||||||||
| For the Three Months Ended | For the Six MOnths Ended | ||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||
| (in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
| Net income (loss), as reported | $ | 3,524 | $ | (279 | ) | $ | 19,586 | $ | (1,394 | ) | |||||||||
| Add: | |||||||||||||||||||
| Depreciation and amortization | 74 | 136 | 166 | 345 | |||||||||||||||
| Stock compensation expense | 40 | 59 | 97 | 120 | |||||||||||||||
| Income Tax | 1,070 | - | 1,718 | - | |||||||||||||||
| Interest, net | (24 | ) | - | (27 | ) | - | |||||||||||||
| Adjusted EBITDA, non GAAP | $ | 4,684 | $ | (84 | ) | $ | 21,540 | $ | (929 | ) | |||||||||
Conference Call and Webcast
Sensus Healthcare will host an investment community conference call today beginning at 4:30 p.m. Eastern time, during which management will discuss financial results for the second quarter of 2022, provide a business update and answer questions. To access the conference call, please dial 888-390-3967 (U.S. and Canada) or 862-298-0702 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed at the following link, which also may be found in the Investor Relations section of the Company's website at www.sensushealthcare.com.
Following the conclusion of the conference call, a replay will be available by dialing 888-539-4649 (U.S. and Canada Toll Free) or 754-333-7735 (International). At the system prompt, dial the replay code 157325 followed by the # sign. Playback will begin automatically. An archived webcast of the call will also be available in the Investor Relations section of the Company's website for a period of time.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
At the present time, we do not expect that the Russian invasion of Ukraine and global geopolitical uncertainty will have any particular impact on our business, but we continue to monitor developments and will address them in future disclosures, if applicable.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
(Tables to follow)
| SENSUS HEALTHCARE, INC. | ||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||
| (in thousands, except share and per share data) | June 30, | June 30, | ||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||
| Revenues | $ | 12,080 | $ | 5,422 | $ | 22,417 | $ | 8,492 | ||||||||||||
| Cost of sales | 3,824 | 2,077 | 7,013 | 3,561 | ||||||||||||||||
| Gross profit | 8,256 | 3,345 | 15,404 | 4,931 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Selling and marketing | 1,728 | 1,254 | 2,946 | 2,322 | ||||||||||||||||
| General and administrative | 1,131 | 1,445 | 2,404 | 2,417 | ||||||||||||||||
| Research and development | 827 | 925 | 1,556 | 1,586 | ||||||||||||||||
| Total operating expenses | 3,686 | 3,624 | 6,906 | 6,325 | ||||||||||||||||
| Income (loss) from operations | 4,570 | (279 | ) | 8,498 | (1,394 | ) | ||||||||||||||
| Other income (expense): | ||||||||||||||||||||
| Gain on asset sale | - | - | 12,779 | - | ||||||||||||||||
| Interest income | 25 | - | 28 | 1 | ||||||||||||||||
| Interest expense | (1 | ) | - | (1 | ) | (1 | ) | |||||||||||||
| Other income (expense), net | 24 | - | 12,806 | - | ||||||||||||||||
| Net Income (loss) before income tax | 4,594 | (279 | ) | 21,304 | (1,394 | ) | ||||||||||||||
| Provision for income tax | 1,070 | - | 1,718 | - | ||||||||||||||||
| Net income (loss) | 3,524 | (279 | ) | 19,586 | (1,394 | ) | ||||||||||||||
| Net income (loss) per share - basic | $ | 0.21 | $ | (0.02 | ) | $ | 1.19 | $ | (0.08 | ) | ||||||||||
| - diluted | $ | 0.21 | $ | (0.02 | ) | $ | 1.17 | $ | (0.08 | ) | ||||||||||
| Weighted average number of shares used in computing net income (loss) per share - basic | 16,495,043 | 16,453,603 | 16,508,629 | 16,463,092 | ||||||||||||||||
| - diluted | 16,635,124 | 16,453,603 | 16,713,250 | 16,463,092 | ||||||||||||||||
| SENSUS HEALTHCARE, INC. | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
| As of June 31, | As of December 31, | |||||||||
| (in thousands, except shares and per share data) | 2022 | 2021 | ||||||||
| (unaudited) | ||||||||||
| Assets | ||||||||||
| Current assets | ||||||||||
| Cash and cash equivalents | $ | 33,703 | $ | 14,519 | ||||||
| Accounts receivable, net | 10,311 | 12,130 | ||||||||
| Inventories | 1,685 | 1,759 | ||||||||
| Prepaid and other current assets | 5,266 | 2,837 | ||||||||
| Total current assets | 50,965 | 31,245 | ||||||||
| Property and equipment, net | 420 | 605 | ||||||||
| Intangibles, net | 98 | 146 | ||||||||
| Deposits | 35 | 75 | ||||||||
| Deferred tax asset | 3,744 | - | ||||||||
| Operating lease right-of-use assets, net | 1,087 | 169 | ||||||||
| Total assets | $ | 56,349 | $ | 32,240 | ||||||
| Liabilities and stockholders' equity | ||||||||||
| Current liabilities | ||||||||||
| Accounts payable and accrued expenses | $ | 4,812 | $ | 4,058 | ||||||
| Product warranties | 315 | 508 | ||||||||
| Operating lease liabilities, current portion | 183 | 174 | ||||||||
| Loan payable | - | 51 | ||||||||
| Income tax payable | 3,690 | - | ||||||||
| Deferred revenue, current portion | 1,178 | 1,172 | ||||||||
| Total current Liabilities | 10,178 | 5,963 | ||||||||
| Operating lease liabilities, net of current portion | 940 | - | ||||||||
| Deferred revenue, net of current portion | 186 | 262 | ||||||||
| Total liabilities | 11,304 | 6,225 | ||||||||
| Commitments and contingencies | ||||||||||
| Stockholders' equity | ||||||||||
| Preferred stock, 5,000,000 shares authorized and none issued and outstanding | - | - | ||||||||
| Common stock, $0.01 par value - 50,000,000 authorized; 16,761,811 issued and 16,556,025 outstanding at June 30, 2022; 16,694,311 issued and 16,617,274 outstanding at December 31, 2021 | 168 | 167 | ||||||||
| Additional paid-in capital | 44,586 | 44,115 | ||||||||
| Treasury stock, 205,786 and 77,037 shares at cost, at June 30, 2022 and December 31, 2021, respectively | (1,353 | ) | (325 | ) | ||||||
| Retained earnings (Accumulated deficit) | 1,644 | (17,942 | ) | |||||||
| Total stockholders' equity | 45,045 | 26,015 | ||||||||
| Total liabilities and stockholders' equity | $ | 56,349 | $ | 32,240 | ||||||
BOCA RATON, Fla., July 27, 2022 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for oncological and non-oncological conditions, announces the sale of 10 Transdermal Infusion Systems™ to Hair Enhancement Centers (HEC), a rapidly-growing chain of Texas-based hair loss treatment centers. The Systems will be used to non-invasively deliver U.SK Under Skin's hair-health serum Skin Savers Hair™. U.SK Under Skin is a subsidiary of privately-held EMS Pharma, the largest pharmaceutical company in Brazil and itself a subsidiary of Grupo NC, one of Brazil's largest conglomerates.
Sensus will deliver two Systems during the third quarter of 2022 and the remaining Systems during the fourth quarter.
"The combination of the hair-health serum from U.SK Under Skin and the state-of-the-art Sensus TransDermal Infusion System ensures that serum is delivered painlessly and quickly deep into the hair follicle," commented Paul Herchman, chief executive officer of Hair Enhancement Centers. "While HEC executives have more than 35 years of experience in introducing new medical technologies into the global medical marketplace, we rely on a clinical advisory board of leading physicians to evaluate and ultimately recommend the technologies we include in our hair enhancement product offering. I speak for all of us when I say we are very excited to introduce this option for our customers."
Andre Freund, chief executive officer of U.SK Under Skin USA, said, "The Sensus TransDermal Infusion System is a Class II FDA-cleared biophysical alternative to infuse high molecular weight modalities into the dermis for medical and aesthetic purposes without needles, pain or downtime. When paired with U.SK Under Skin's targeted Skin Saver ampoules, physicians and aesthetics professionals are able to supercharge the treatments they are already performing, enhancing results and increasing patient satisfaction in an affordable, easy-to-use treatment. The device passes a painless microcurrent through the skin, allowing the Skin Savers to penetrate the intercellular water channels without compromising the skin or the solution. TransDermal Infusion can assist molecules up to 2 million Daltons into the skin for increased bioavailability and a difference in treatment results patients can see quickly."
"I am impressed with HEC's progress, expanding from two clinics to nine already so far year to date, with expectations for more clinics over the coming months," said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. "We are delighted to support their future clinic growth with our TransDermal Infusion System to deliver U.SK Under Skin's hair-health serum. Hair growth renewal is an important indication as it impacts about 50 million American men and 30 million American women with male- or female-pattern baldness, according to the Cleveland Clinic."
"In addition, our System can painlessly delivery a multitude of drugs for many different medical uses, such as hyperhidrosis, as well as other aesthetic applications," Mr. Sardano added. "Anytime you can eliminate pain from a procedure, the patients and their doctors gain so much from the application," continued Mr. Sardano.
About the TransDermal Infusion System
The TransDermal Infusion System is FDA-cleared for use on any part of the body currently treated with needle injections. This permits various fillers and other injectables to be administered without pain and without patient downtime. Faster than traditional iontophoresis, the TransDermal Infusion System allows delivery of drugs that are otherwise not able to be absorbed including Botox®, hyaluronic acid, lidocaine, collagen and others typically used in aesthetic procedures.
About Hair Enhancement Centers
Hair Enhancement Centers was founded on the premise that hair loss is a treatable medical condition. HEC believes its medically supervised clinical hair growth treatments and hair transplant procedures are the best-in-class minimally invasive solutions and options to treat hair loss in men and women of all ages. Hair Enhancement Centers use only FDA-cleared devices and collaborates with respected, national and local physicians to offer breakthrough treatments to their patients. The new line of medical grade hair regrowth products branded as Get Hair™ are designed to enhance the results of its laser and transdermal infusion treatments.
Hair Enhancement Centers has grown this year from a single location in Southlake, Texas one year ago to nine locations, and more to come, providing service to patients across the Dallas/Ft. Worth metroplex. For more information please visit www.hec-usa.com
About U.SK Under Skin
U.SK Under Skin is a premium dermocosmetics brand that combines science and effectiveness with sophistication and luxury. Founded in 2015, Under Skin brings a new concept to the dermocosmetic market: SCIENCE BEHIND THE BEAUTY. Our products carry the signature of Skin Care High Performance and were developed with the tutelage of the most renowned dermatologists, along with the expertise of the Italian research and development laboratory Monteresearch®, based in Milan. Under Skin combines innovative solutions for all skin types along with the latest scientific discoveries to ensure the most efficient products with proven results.
The mission of Under Skin is to introduce innovative, high-performance products and technology to dermatologists through international science and design, allied with luxurious sensory experiences to provide enhanced health, beauty and lifestyle to our consumers. Owned by the Brazilian company Grupo NC, Under Skin is part of one of the world's largest pharmaceutical companies, EMS Pharma. For more information, please visit www.underskin.com.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world. For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact: LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
BOCA RATON, Fla., July 26, 2022 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive treatments for both oncological and non-oncological conditions, announces that management will hold a conference call on Thursday, August 4, 2022 at 4:30 p.m. Eastern time to discuss the financial results for the second quarter of 2022. In addition, management will provide a business update and a discussion on recent and upcoming milestones.
To access the conference call, the dial-in numbers are 888-390-3967 (U.S. and Canada Toll Free), 862-298-0702 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed at the following link, which also may be found in the Investor Relations section of the Company's website at www.sensushealthcare.com.
Following the conclusion of the conference call, a replay will be available until September 3rd, and can be accessed by dialing 888-539-4649 (U.S. and Canada Toll Free), or 754-333-7735 (International). At the system prompt, dial the replay code - 157325 followed by the # sign. Playback will automatically begin. An archived webcast of the call will also be available in the Investor Relations section of the Company's website for a period of time.
About Sensus Healthcare, Inc.
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
Researchers at the Johnson Family Equine Hospital to study superficial radiation therapy in horses following the University's successful use in companion animals
BOCA RATON, Fla., July 20, 2022 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for oncological and non-oncological conditions, announces the expansion of its relationship with Colorado State University (CSU) College of Veterinary Medicine and Biomedical Studies with the acquisition of a second SRT-100™ system by CSU. Studies at CSU's new Johnson Family Equine Hospital in Fort Collins are expected to be conducted primarily in ophthalmic indications.
Previously, CSU researchers treated a bulldog and a matamata turtle with an SRT-100 system at the Flint Animal Cancer Center at the Colorado State James L. Voss Veterinary Teaching Hospital.
"We are excited to continue our relationship with Sensus Healthcare and look forward to expanding our work to include horses," said Kathryn L. Wotman, DVM, DACVIM (Large Animal), DACVO, Assistant Professor, Comparative Ophthalmology, Department of Clinical Sciences, College of Veterinary Medicine and Biomedical Sciences, Colorado State University Johnson Family Equine Hospital. "CSU researchers have generated compelling results with SRT in a variety of tumor types and we believe the technology warrants further study. Receipt of an SRT system dedicated to our new equine facility supports our commitment to improve animal health. We hope to publish data on the treatment of horses next year."
Commenting on the agreement, John Heinrich, Ph.D., member of the Sensus Healthcare board of directors and the key relationship contact with CSU, added, "We are delighted to expand our relationship with the Colorado State School of Veterinary Medicine with a second SRT system. The recent dedication of the Johnson Family Equine Hospital provides an ideal environment for the cooperative implementation and validation of equine oncological applications of our technology."
Sensus notes that should the research from CSU continue to show beneficial clinical outcomes, veterinary medicine could be an important new market for its superficial radiation therapy systems, with approximately 30,000 veterinary practices in the U.S.
About the Johnson Family Equine Hospital
Colorado State University initiated its new, state-of-the-art equine hospital in November 2021. The hospital provides more than 25 equine clinicians to care for up to 4,000 equine patients annually. Additionally, veterinary students (approximately 550 at a time) in the CSU Doctor of Veterinary Medicine Program will benefit from the facility and its many up-to-date research and treatment methods.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, 'forward-looking statements.' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact: LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #
BOCA RATON, Fla, May 23, 2022 -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for oncological and non-oncological conditions, announces that management will be participating in the H.C. Wainwright Global Investment Conference taking place virtually and in-person at the Fontainebleau Miami Beach May 23-26, 2022.
Sensus management will deliver a corporate presentation on May 24 at 9:30 a.m. Eastern time, and the live and archived presentation will be available on the Company's website here. In addition, Michael Sardano, president and general counsel, and Javier Rampolla, chief financial officer, will be holding one-on-one meetings with the investment community both virtually and in-person at the conference.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Contact: LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
# # #