Sensus Healthcare, Inc., headquartered in Boca Raton, Florida, is a manufacturer of radiation therapy devices sold globally to healthcare providers. The company has recently formed a new subsidiary, Sensus Healthcare Services, LLC, which will provide operational healthcare services, including leased equipment and radiation oncology oversight.

For the three months ended September 30, 2024, Sensus Healthcare reported total revenue of $8.8 million, a significant increase of 125.6% compared to $3.9 million for the same period in 2023. Product revenue recognized at a point in time was $7.5 million, up from $2.9 million in the prior year. For the nine months ended September 30, 2024, total revenue reached $28.7 million, compared to $11.8 million in 2023, marking a 143.2% increase. The gross profit for the three months ended September 30, 2024, was $5.2 million, representing a gross profit margin of 59.1%, compared to 51.3% in the same period in 2023.

Net income for the three months ended September 30, 2024, was $1.2 million, a turnaround from a net loss of $1.5 million in the same period in 2023. For the nine months ended September 30, 2024, net income was $5.1 million, compared to a loss of $3.7 million in the previous year. Basic and diluted net income per share for the three months ended September 30, 2024, was $0.07, compared to a loss of $0.09 per share in 2023.

The company experienced a concentration of revenue from a single customer, which accounted for 65% of revenue in Q3 2024, up from 52% in Q3 2023. This customer represented 88% of accounts receivable as of September 30, 2024. The allowance for expected credit losses increased to $123,000 as of September 30, 2024, from $0 at the end of 2023.

Operating expenses showed mixed results; selling and marketing expenses remained unchanged at $1.3 million, while general and administrative expenses increased to $1.6 million from $1.5 million in 2023. Research and development expenses decreased to $0.9 million from $1.1 million.

As of September 30, 2024, Sensus Healthcare had a revolving credit facility with Comerica Bank, which was amended in October 2024 to increase maximum borrowings to $15 million. The company reported no borrowings outstanding under its credit facilities as of September 30, 2024.

Management identified deficiencies in disclosure controls and procedures, which were deemed ineffective, although no material misstatements were reported in the financial statements. New controls have been implemented to address these weaknesses, and their effectiveness will continue to be monitored.