After U.S. markets closed for trading yesterday, medical device company Sensus Healthcare Inc. (SRTS:NASDAQ), which manufactures and sells equipment used for carrying out cost-effective, non-invasive, and minimally-invasive superficial radiation therapy (SRT) treatments for oncological and other non-oncological skin conditions, announced financial results for Q2/22 and H1/22 ended June 30, 2022.
Sensus Healthcare reported that during Q2/22 revenues increased by 124% to $12.1 million, compared to $5.4 million in Q2/21. The firm noted that the increase in revenues was driven by higher unit sales, higher services revenue, and lower comps for Q1/21 due to impacts from COVID-19.
The company advised that in Q2/22 it posted a net income of $3.5 million, or $0.21 per diluted share, versus a net loss of $0.3 million, or $0.02 per diluted share in Q2/21.
The firm added that for Q2/22, adjusted EBITDA came in at $4.7 million, compared to adjusted EBITDA of $(0.1) million in the prior year's corresponding quarter.
Sensus indicated that at the end of the latest quarter it held cash and cash equivalents of $33.7 million on its balance sheet and had no outstanding borrowings under its revolving credit line.
The company advised that it expects growth to continue in Q3/22 and affirmed its expectations for profitability in FY/22.
The firm commented on a few recent business activities and stated that in Q2/22 it received orders for ten TransDermal Infusion Systems™ from Hair Enhancement Centers, shipped five units to Asia, and delivered a second SRT System to the College of Veterinary Medicine and Biomedical Sciences at Colorado State University.
The company's Chairman and CEO Joe Sardano commented, "I'm delighted with our continued strong financial performance ... 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."
Sardano continued, "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," Sardano added.
The firm advised that revenues in H1/22 were up 164% year-over-year at $22.4 million, compared to $8.5 million in H1/21. Sensus attributed the increase primarily to higher unit sales, which in turn helped generate additional service revenue from installed units.
The company stated for H1/22 it recorded a net income of $19.6 million, or $1.17 per diluted share, versus a net loss of $1.4 million, or a loss of $0.08 per share in H1/21. The firm indicated that in Q1/22 it registered a $12.8 million gain from the sale of a non-core asset.
Sensus Healthcare is a medical device company based in Boca Raton, Fla. that manufactures and sells radiation therapy devices to healthcare providers worldwide. The firm's devices are used to conduct non-invasive and minimally invasive procedures for both oncological and non-oncological conditions. The company's products employ low-energy X-ray technology called superficial radiation therapy (SRT) to treat non-melanoma skin cancers and keloids. The firm's medical device products include its needleless TransDermal Infusion System™ and several aesthetic lasers including its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems.
Sensus Healthcare Inc. began the day with a market cap of around $185.63 million with approximately 16.68 million shares outstanding and a short interest of about 2.37%. SRTS shares opened 13% higher today at $12.58 (+$1.45, +13.03%) over yesterday's $11.13 closing price and reached a new 52-week high price this afternoon of $14.82. The stock has traded today between $12.0252 and $14.82 per share and is currently trading at $14.68 (+$3.55, +31.90%).
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