Sensus Healthcare, Inc. reported significant financial growth in its 2024 fiscal year, with revenues reaching $41.8 million, a 71% increase from $24.4 million in 2023. This growth was primarily driven by the sale of 115 units of its SRT-100 product line, compared to 67 units sold in the previous year. The company's gross profit also saw a substantial rise, totaling $24.4 million, or 58.4% of revenue, up from $14.1 million, or 57.8% of revenue, in 2023. Sensus achieved a net income of $6.6 million, a notable increase from $485,000 in the prior year, marking its continued profitability since 2021.
Operationally, Sensus Healthcare made strategic advancements, including the formation of a new wholly-owned subsidiary, Sensus Healthcare Services, LLC, in February 2024. This subsidiary aims to provide operational healthcare services to dermatology clinics, further expanding the company's service offerings. The company also reported an increase in accounts receivable, which rose to $19.7 million, reflecting a higher volume of sales, particularly to its primary customer, who accounted for 73% of total revenue in 2024.
The company’s total operating expenses increased to $16.3 million in 2024, up from $14.4 million in 2023, driven by higher general and administrative costs, which rose by 37% to $7.1 million. However, selling and marketing expenses decreased by 11% to $5.0 million, attributed to reduced marketing agency costs and lower travel expenses. Research and development expenses also increased by 14% to $4.2 million, reflecting ongoing investments in product development.
Sensus Healthcare continues to face challenges, including inflationary pressures and potential changes in reimbursement policies that could impact sales. The company remains focused on maintaining profitability and plans to invest in marketing initiatives and research and development to support future growth. The management expressed optimism about sustaining its financial performance in 2025, despite the uncertainties in the market. As of December 31, 2024, Sensus had cash and cash equivalents of $22.1 million, indicating a solid liquidity position to support its operations and growth initiatives.
About Sensus Healthcare, Inc.
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