Sensus Healthcare Files 10-Q for Period Ended March 31, 2024

TL;DR

<b>Sensus Healthcare, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial status and operations.</b>

AI Summary

Sensus Healthcare, Inc. (SRTS) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Sensus Healthcare, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The company is incorporated in Delaware and its fiscal year ends on December 31. Its principal executive offices are located at 851 Broken Sound Parkway NW, Suite 215, Boca Raton, Florida. Sensus Healthcare's common stock trades on The NASDAQ Stock Market, LLC under the symbol SRTS. The company has confirmed it has filed all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking Sensus Healthcare, Inc., this filing contains several important signals. This filing provides investors with an update on Sensus Healthcare's financial performance and operational status for the first quarter of 2024. As a smaller reporting company, this 10-Q is crucial for understanding the company's current financial health and its compliance with SEC regulations.

Risk Assessment

Risk Level: low — Sensus Healthcare, Inc. shows low risk based on this filing. The risk is low as this is a standard quarterly filing and no immediate red flags are apparent from the header information.

Analyst Insight

Monitor future filings for detailed financial results and management's discussion and analysis to assess performance trends.

Key Numbers

• 2024-03-31 — Quarterly Period End Date (The report covers the period ending on this date.)
• 2024-05-10 — Filing Date (The date the 10-Q was filed with the SEC.)
• 001-37714 — Commission File Number (SEC identifier for the company.)
• SRTS — Trading Symbol (Symbol for Sensus Healthcare's common stock.)

Key Players & Entities

• Sensus Healthcare, Inc. (company) — Registrant name
• March 31, 2024 (date) — Quarterly period ended
• 001-37714 (other) — Commission File Number
• SRTS (ticker) — Trading symbol
• The NASDAQ Stock Market, LLC (company) — Exchange where common stock is registered
• Boca Raton, Florida (location) — Address of principal executive office
• 561-922-5808 (phone) — Registrant's telephone number
• 27-1647271 (other) — I.R.S. Employer Identification No.

FAQ

Industry Context

Sensus Healthcare operates in the medical instruments and apparatus industry, specifically focusing on surgical and medical devices.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including quarterly filings (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and Management's Discussion and Analysis.
2. Analyze the company's operational segments and any disclosed risks or forward-looking statements.
3. Compare the reported quarter's performance against previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q.
• 2024-05-10: Filing Date — The date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the 2024 fiscal year, providing the first look at the company's performance in the current year.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share SRTS The NASDAQ Stock Market,

Filing Documents

• ea0205464-10q_sensus.htm (10-Q) — 431KB
• ea020546401ex31-1_sensus.htm (EX-31.1) — 9KB
• ea020546401ex31-2_sensus.htm (EX-31.2) — 9KB
• ea020546401ex32-1_sensus.htm (EX-32.1) — 4KB
• ea020546401ex32-2_sensus.htm (EX-32.2) — 4KB
• 0001213900-24-041605.txt (&nbsp;) — 3752KB
• srts-20240331.xsd (EX-101.SCH) — 34KB
• srts-20240331_cal.xml (EX-101.CAL) — 35KB
• srts-20240331_def.xml (EX-101.DEF) — 196KB
• srts-20240331_lab.xml (EX-101.LAB) — 351KB
• srts-20240331_pre.xml (EX-101.PRE) — 195KB
• ea0205464-10q_sensus_htm.xml (XML) — 358KB

– Financial Information

PART I – Financial Information 1 Item 1. Condensed Consolidated Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets (unau dited) 1 Condensed Consolidated 2 Condensed Consolidated Statements of Stockholders' Equity (unaudited) 3 Condensed Consolidated Statements of Cash Flows (unaudited) 4 Notes to the Condensed Consolidated

Financial Statements (unaudited)

Financial Statements (unaudited) 5 Item 2.

Management's Discussion and Analysis of Financial Condition

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 18 Item 4. Controls and Procedur es 18

– Other Information

PART II – Other Information 19 Item 1. Legal Proceedin gs 19 Item 1A. Risk Factor s 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 3. Defaults Upon Senior Securi ties 19 Item 4. Mine Safety Disclosu re 19 Item 5. Other Informatio n 19 Item 6. Exhibit s 20

Signatures

Signatures 21 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

Forward-looking statements involve risks and

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 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

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SENSUS HEALTHCARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, As of December 31, (in thousands, except shares and per share data) 2024 2023 (unaudited) Assets Current assets Cash and cash equivalents $ 14,728 $ 23,148 Accounts receivable, net 19,625 10,645 Inventories 14,720 11,861 Prepaid inventory 3,671 2,986 Other current assets 1,169 888 Total current assets 53,913 49,528 Property and equipment, net 633 464 Deferred tax asset 1,313 2,140 Operating lease right-of-use asset, net 726 774 Other noncurrent assets 688 804 Total assets $ 57,273 $ 53,710 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued expenses $ 3,703 $ 2,793 Product warranties 594 538 Operating lease liability, current portion 191 187 Income tax payable 37 37 Deferred revenue, current portion 948 657 Total current liabilities 5,473 4,212 Operating lease liability 553 596 Deferred revenue, net of current portion 40 60 Total liabilities 6,066 4,868 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; 16,925,595 issued and 16,392,671 outstanding at March 31, 2024; 16,907,095 issued and 16,374,171 outstanding at December 31, 2023 169 169 Additional paid-in capital 45,496 45,405 Treasury stock, 532,924 shares at cost, at March 31, 2024 and December 31, 2023 ( 3,519 ) ( 3,519 ) Retained earnings 9,061 6,787 Total stockholders' equity 51,207 48,842 Total liabilities and stockholders' equity $ 57,273 $ 53,710 See accompanying notes to the condensed consolidated

financial statements (unaudited)

financial statements (unaudited). 1 SENSUS HEALTHCARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited) For the Three Months Ended March 31, (in thousands, except shares and per share data) 2024 2023 Revenues $ 10,663 $ 3,414 Cost of sales 4,001 1,792 Gross profit 6,662 1,622 Operating expenses Selling and marketing 1,270 2,099 General and administrative 1,579 1,364 Research and development 926 1,098 Total operating expenses 3,775 4,561 Income (loss) from operations 2,887 ( 2,939 ) Other income: Interest income, net 214 243 Other income, net 214 243 Income (loss) before income tax 3,101 ( 2,696 ) Provision for (benefit from) income taxes 827 ( 802 ) Net income (loss) $ 2,274 $ ( 1,894 ) Net income (loss) per share – basic $ 0.14 $ ( 0.12 ) diluted $ 0.14 $ ( 0.12 ) Weighted average number of shares used in computing net income (loss) per share – basic 16,294,970 16,245,343 diluted 16,318,047 16,245,343 See accompanying notes to the condensed consolidated

financial statements (unaudited)

financial statements (unaudited). 2 SENSUS HEALTHCARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) Common Stock Additional Paid-In Treasury Stock Retained (in thousands, except shares) Shares Amount Capital Shares Amount Earnings Total December 31, 2022 16,902,761 $ 169 $ 45,031 ( 512,342 ) $ ( 3,433 ) $ 6,302 $ 48,069 Stock-based compensation 10,000 - 161 - - - 161 Exercise of stock options 8,334 - 46 - - - 46 Forfeiture of restricted stock units ( 7,500 ) - ( 18 ) - - - ( 18 ) Surrender of shares for tax withholding on stock-based compensation - - - ( 4,487 ) ( 40 ) - ( 40 ) Net loss - - - - - ( 1,894 ) ( 1,894 ) March 31, 2023 16,913,595 $ 169 $ 45,220 ( 516,829 ) $ ( 3,473 ) $ 4,408 $ 46,324 December 31, 2023 16,907,095 $ 169 $ 45,405 ( 532,924 ) $ ( 3,519 ) $ 6,787 $ 48,842 Stock-based compensation 20,000 - 92 - - - 92 Forfeiture of restricted stock units ( 1,500 ) - ( 1 ) - - - ( 1 ) Net income - - - - - 2,274 2,274 March 31, 2024 16,925,595 $ 169 $ 45,496 ( 532,924 ) $ ( 3,519 ) $ 9,061 $ 51,207 See accompanying notes to the condensed consolidated financial statements (unaudited). 3 SENSUS HEALTHCARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) For the Three Months Ended March 31, (in thousands) 2024 2023 Cash flows from operating activities Net income (loss) $ 2,274 $ ( 1,894 ) Adjustments to reconcile net income (loss) to net cash and cash equivalents used in operating activities: Depreciation and amortization 70 73 Amortization of right-of-use asset 48 48 Provision for product warranties 150 163 Stock-based compensation 91 143 Deferred income taxes 827 ( 802 ) Decrease (increase) in: Accounts receivable ( 8,980 ) 4,566 Inventories ( 2,865 ) ( 2,855 ) Prepaid inventory ( 685 ) ( 3,370 ) Other current assets ( 281 ) ( 3

financial statements (unaudited)

financial statements (unaudited). 4 SENSUS HEALTHCARE, INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1 — Organization and Summary of Significant Accounting Policies Description of the Business Sensus Healthcare, Inc. (together, with its subsidiaries, unless the context otherwise indicates, "Sensus" or the "Company") is a manufacturer of radiation therapy devices sold to healthcare providers globally through its distribution and marketing network. The Company operates 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 in the form of radiation oncology and physics oversight, including radiotherapy technologists for dermatology clinics. The Company has signed contracts that have not commenced as of March 31, 2024, and expenses incurred related to these contracts are de minimis. Basis of Presentation and Principles of Consolidation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of the Company and its subsidiaries. Accounts and transactions between condensed consolidated entities have been eliminated. These financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. They do not include all of the information and notes required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the results have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other period. The co

financial statements only if that position is more likely than not to be sustained upon exam

financial statements only if that position is more likely than not to be sustained upon exam

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