Sensus Healthcare, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sensus Healthcare, Inc. has filed its 2023 Form 10-K, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Sensus Healthcare, Inc. (SRTS) filed a Annual Report (10-K) with the SEC on March 15, 2024. Sensus Healthcare, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and its principal executive office is located in Boca Raton, Florida. Sensus Healthcare's common stock trades on The NASDAQ Stock Market, LLC under the symbol SRTS. The company has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days. Sensus Healthcare has submitted electronically every Interactive Data File required during the preceding 12 months.

Why It Matters

For investors and stakeholders tracking Sensus Healthcare, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Sensus Healthcare's financial health, operational activities, and strategic direction for the past fiscal year, crucial for investors to assess performance and future prospects. As a publicly traded company, Sensus Healthcare's adherence to SEC filing requirements, including this 10-K, ensures transparency and regulatory compliance, which is vital for maintaining investor confidence and market integrity.

Risk Assessment

Risk Level: low — Sensus Healthcare, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure process.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management's discussion and analysis to form an informed opinion on Sensus Healthcare's current standing and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K report.)
• 2024-03-15 — Filing Date (The date the 10-K was filed with the SEC.)
• 001-37714 — Commission File Number (SEC identifier for the company.)
• SRTS — Trading Symbol (Symbol under which Sensus Healthcare's common stock is traded.)

Key Players & Entities

• Sensus Healthcare, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• December 31 (date) — Fiscal year end
• 2024-03-15 (date) — Filing date
• SRTS (ticker) — Trading symbol
• NASDAQ (company) — Exchange where SRTS is traded
• Delaware (jurisdiction) — State of incorporation
• Boca Raton, Florida (location) — Principal executive office address

FAQ

Industry Context

Sensus Healthcare operates in the medical device industry, specifically focusing on technologies for cancer treatment and diagnostic imaging.

Regulatory Implications

As a publicly traded company, Sensus Healthcare is subject to the reporting requirements of the Securities Exchange Act of 1934, including the annual filing of a Form 10-K.

What Investors Should Do

1. Review the 'Business' section of the 10-K to understand Sensus Healthcare's products, services, and market position.
2. Analyze the 'Risk Factors' section to identify potential challenges and threats to the company's operations and financial performance.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into the company's financial trends and strategic decisions.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-15: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023. Previous filings would be for earlier periods.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share SRTS The NASDAQ Stock Market,
• $3.15 — 722,493 , based on the closing price of $3.15 per share of common stock on the Nasdaq
• $1.4 million — ber 31, 2023, we incurred approximately $1.4 million in expenses related to regulatory compl

Filing Documents

• ea0201582-10k_sensus.htm (10-K) — 745KB
• ea020158201ex23-1_sensus.htm (EX-23.1) — 2KB
• ea020158201ex31-1_sensus.htm (EX-31.1) — 10KB
• ea020158201ex31-2_sensus.htm (EX-31.2) — 10KB
• ea020158201ex32-1_sensus.htm (EX-32.1) — 4KB
• ea020158201ex32-2_sensus.htm (EX-32.2) — 4KB
• ea020158201ex97-1_sensus.htm (EX-97.1) — 37KB
• image_001.jpg (GRAPHIC) — 13KB
• image_002.jpg (GRAPHIC) — 4KB
• ex23-1_001.jpg (GRAPHIC) — 6KB
• ex23-1_002.jpg (GRAPHIC) — 2KB
• 0001213900-24-023093.txt (&nbsp;) — 4889KB
• srts-20231231.xsd (EX-101.SCH) — 40KB
• srts-20231231_cal.xml (EX-101.CAL) — 50KB
• srts-20231231_def.xml (EX-101.DEF) — 234KB
• srts-20231231_lab.xml (EX-101.LAB) — 427KB
• srts-20231231_pre.xml (EX-101.PRE) — 232KB
• ea0201582-10k_sensus_htm.xml (XML) — 467KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosure 20 PART II 21 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. Reserved 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 26 Item 9A.

Controls and Procedures

Controls and Procedures 26 Item 9B. Other Information 26 Item 9C. Disclosures Regarding Foreign Jurisdiction that Prevent Inspections 26 PART III 27 Item 10. Directors, Executive Officers and Corporate Governance 27 Item 11.

Executive Compensation

Executive Compensation 27 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 27 Item 13. Certain Relationships and Related Transactions, and Director Independence 27 Item 14. Principal Accountant Fees and Services 27 PART IV 28 Item 15. Exhibits and Financial Statement Schedules 28 Item 16 Form 10-K Summary 28

Signatures

Signatures 31 i INTRODUCTORY NOTE

Forward-Looking Statements

Forward-Looking Statements This report 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," or "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

Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus Healthcare, Inc., 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. In addition, even if future events, developments and circumstances are consistent with the forward-looking statements contained in this report, they may not be predictive of results or developments in future periods. Although we believe that we have a reasonable basis for each forward-looking statement contained in this report, 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 report as a result of the following factors, among others: 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; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S; the development by others of new products, treatments, or technologies that render our technology partially or wholly obsolete; 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; the performance of the Company's information technology systems and its ability to maintain data security; our ability to ob

BUSINESS

Item 1. BUSINESS Overview Sensus Healthcare, Inc. (together, with its subsidiaries, Sensus Medical Devices Ltd. and Sensus Healthcare Services, LLC, unless the context otherwise indicates, "Sensus," "we," "us," "our," or the "Company") is a medical device company committed to providing highly effective, non-invasive, and cost-effective treatments for both oncological and non-oncological skin conditions. The Company uses a proprietary low-energy X-ray technology known as superficial radiation therapy ("SRT"), which is based on over a decade of dedicated research and development, and has successfully incorporated SRT into a portfolio of treatment devices: the SRT-100 TM , SRT-100+ TM and SRT-100 Vision TM . To date, SRT technology has been used to effectively and safely treat oncological and non-oncological skin conditions in hundreds of thousands of patients around the world. Our business was organized in 2010 and the Company, incorporated in Delaware, completed its initial public offering in 2016. The Company operates as one segment from its corporate headquarters located in Boca Raton, Florida. In February 2024, the Company formed Sensus Healthcare Services, LLC, a wholly-owned subsidiary that provides operational healthcare services to dermatology clinics. For further information see Note 1, Description of the Business , in the notes to the consolidated financial statements in Part II, Item 8. Our Products and Services SRT is the Company's core technology. As of December 31, 2023, the Company had installed 752 units in 21 countries, primarily in the United States. SRT-100 The SRT-100 is a photon x-ray low energy SRT system that provides patients an alternative to surgery for treating non-melanoma skin cancers, including basal cell and squamous cell skin cancers and other skin conditions such as keloids. The SRT-100 is especially effective in treating primary lesions that would otherwise be difficult to treat or require extensive surgery involving sensit

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View this 10-K filing on SEC EDGAR