olivLaw · US equity research
Sensus Healthcare, Inc. SRTS
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Sensus Healthcare develops and sells superficial radiation therapy systems that use low-energy X-rays to treat non-melanoma skin cancer and keloid scars without surgery. The company entered 2026 after a difficult year, with revenue falling from 41.8 million USD to 27.5 million USD in fiscal 2025, and the new CMS reimbursement codes and the Fair Deal model are the main reasons investors are watching for a recovery.
At the close of 05 Nov 2026, Sensus Healthcare, Inc. (SRTS) stock was 2.92 USD (−10.15% on the day), with market capitalisation 48.1 m USD, beta 0.75, 52-week range 2.69–5.30 USD. Latest reported quarter (Q2 2026): revenue of 2.3 m USD (−68.7% YoY), net income of -8.7 m USD, diluted EPS -0.53 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.5
- neutral
- Bollinger (20, 2)
- 2.58 – 3.17
- in the upper half of the band · %B 0.57 · band width 20.4%
- SMA 50 / 200
- 3.02 / 3.53
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.01 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.7% | −1.1% | −0.6 pp | — |
| 3 months | −2.0% | −0.5% | −1.6 pp | — |
| 6 months | −29.0% | +4.4% | −33.3 pp | — |
| Year to date | −26.6% | +12.3% | −38.9 pp | — |
| 1 year | −20.9% | +13.5% | −34.4 pp | −46.0% |
| 3 years | +30.4% | +76.4% | −46.1 pp | −23.4% |
| 5 years | −29.3% | +63.7% | −93.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.8 m | 13.1 m | 8.3 m | 7.3 m | 6.9 m | 4.9 m | 3.4 m | 2.3 m |
| Cost of revenue | 3.6 m | 6.0 m | 4.0 m | 4.4 m | 4.2 m | 3.0 m | 2.4 m | 1.5 m |
| Gross profit | 5.2 m | 7.1 m | 4.4 m | 2.9 m | 2.7 m | 1.9 m | 991.0 k | 769.0 k |
| Research & development | 863.0 k | 1.6 m | 2.6 m | 1.5 m | 1.8 m | 1.9 m | 1.6 m | 1.1 m |
| SG&A | 1.6 m | 2.4 m | 2.2 m | 2.0 m | 1.9 m | 1.8 m | 2.0 m | 1.8 m |
| Operating income | 1.5 m | 1.7 m | -2.6 m | -1.9 m | -2.6 m | -3.1 m | -4.4 m | -3.2 m |
| Depreciation & amortisation | 53.0 k ≈ | 46.0 k | 86.0 k | 99.0 k | — | — | 96.0 k | 86.0 k |
| Interest expense | — | — | -184.0 k | -183.0 k | — | — | — | — |
| Pre-tax income | 1.8 m | 2.0 m | -2.5 m | -1.8 m | -2.4 m | -3.0 m | -4.2 m | -3.1 m |
| Income tax | 559.0 k | 410.0 k | 110.0 k | -723.0 k | -1.5 m | 174.0 k | -1.6 m | 5.7 m |
| Net income | 1.2 m | 1.5 m | -2.6 m | -1.0 m | -943.0 k | -3.2 m | -2.6 m | -8.7 m |
| Diluted EPS | 0.07 | 0.09 ≈ | -0.16 | -0.06 | -0.06 | -0.19 ≈ | -0.16 | -0.53 |
| Operating cash flow | 4.0 m ≈ | -827.0 k | -2.7 m | 3.1 m ≈ | 2.3 m ≈ | -2.2 m | -3.8 m | -3.1 m ≈ |
| Capex | 337.0 k ≈ | -297.0 k | 7.0 k | 27.0 k ≈ | 4.0 k ≈ | 158.0 k | 3.0 k | 8.0 k ≈ |
| Share repurchases | — | — | 300.0 k | 0 ≈ | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26.4 m | 27.3 m | 9.6 m | 27.0 m | 44.5 m | 24.4 m | 41.8 m | 27.5 m |
| Revenue YoY | +28.4% | +3.2% | — | +182.4% | +64.7% | −45.2% | +71.3% | −34.3% |
| Net income | -2.0 m | -1.7 m | -6.8 m | 4.1 m | 24.2 m | 485.0 k | 6.6 m | -7.7 m |
| Net income YoY | unavailable | unavailable | — | unavailable | +488.6% | −98.0% | +1,270.5% | −216.1% |
| Diluted EPS | unavailable | unavailable | -0.42 | 0.25 | 1.46 | 0.03 | 0.41 | -0.47 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | +484.0% | −97.9% | +1,266.7% | −214.6% |
| net % | -7.7% | -6.2% | -71.4% | 15.2% | 54.4% | 2.0% | 15.9% | -28.1% |
| Free cash flow | unavailable | -2.5 m | -793.0 k | -414.0 k | -1.6 m | -2.4 m | -1.1 m | 332.0 k |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 22.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 48.1 m USD
- Total assets
- 53.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 9.72x
- ROE
- -14.9%
- ROA
- -13.4%
- FCF margin
- 1.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 9.6 m | 27.0 m | 44.5 m | 24.4 m | 41.8 m | 27.5 m | SEC (XBRL)· 04 Mar 2026verified |
| Cost of revenue | 4.3 m | 10.1 m | 14.9 m | 10.3 m | 17.4 m | 15.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Gross profit | 5.2 m | 17.0 m | 29.6 m | 14.1 m | 24.4 m | 11.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Research & development | 4.2 m | 3.4 m | 3.5 m | 3.7 m | 4.2 m | 7.8 m | SEC (XBRL)· 04 Mar 2026verified |
| SG&A | — | — | — | 5.2 m | 7.1 m | 7.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Operating income | -8.2 m | 4.1 m | 14.8 m | -382.0 k | 8.1 m | -10.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Depreciation & amortisation | 722.0 k | 613.0 k | 315.0 k | 275.0 k | 200.0 k | 400.0 k | SEC (XBRL)· 04 Mar 2026verified |
| EBITDA | -7.5 m ≈ | 4.7 m ≈ | 15.1 m ≈ | -107.0 k ≈ | 8.3 m ≈ | -9.9 m ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Interest expense | 14.0 k | 2.0 k | -380.0 k | -992.0 k | -932.0 k | — | SEC (XBRL)· 05 Mar 2025verified |
| Pre-tax income | — | 4.1 m | 28.0 m | 652.0 k | 9.0 m | -9.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Income tax | — | — | 3.7 m | 167.0 k | 2.4 m | -1.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Net income | -6.8 m | 4.1 m | 24.2 m | 485.0 k | 6.6 m | -7.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Diluted EPS | -0.42 | 0.25 | 1.46 | 0.03 | 0.41 | -0.47 | SEC (XBRL)· 04 Mar 2026verified |
| Weighted average diluted shares | 16.4 m | 16.5 m | 16.6 m | 16.3 m | 16.4 m | 16.3 m | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 14.9 m | 14.5 m | 25.5 m | 23.1 m | 22.1 m | 22.1 m | SEC (XBRL)· 04 Mar 2026verified |
| Receivables | 3.8 m | 12.1 m | 17.3 m | 10.6 m | 19.7 m | 6.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Inventories | 4.4 m | 1.8 m | 3.5 m | 11.9 m | 10.1 m | 14.6 m | SEC (XBRL)· 04 Mar 2026verified |
| Current assets | 25.2 m | 31.2 m | 53.2 m | 49.5 m | 56.7 m | 45.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Property, plant & equipment, net | 1.4 m | 605.0 k | 243.0 k | 464.0 k | 2.0 m | 2.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 338.0 k | 146.0 k | 50.0 k | — | — | — | SEC (XBRL)· 23 Mar 2023verified |
| Total assets | 28.0 m | 32.2 m | 56.7 m | 53.7 m | 62.2 m | 53.0 m | SEC (XBRL)· 04 Mar 2026verified |
| Accounts payable | 2.9 m | 4.1 m | 5.5 m | 2.8 m | 4.8 m | 3.3 m | SEC (XBRL)· 04 Mar 2026verified |
| Current liabilities | 4.9 m | 6.0 m | 7.7 m | 4.2 m | 5.9 m | 4.7 m | SEC (XBRL)· 04 Mar 2026verified |
| Total liabilities | 6.5 m | 6.2 m | 8.7 m | 4.9 m | 6.3 m | 4.9 m | SEC (XBRL)· 04 Mar 2026verified |
| Equity | 21.5 m † | 26.0 m † | 48.1 m † | 48.8 m † | 55.8 m † | 48.1 m † | SEC (XBRL)· 04 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -434.0 k | -286.0 k | -1.4 m | -2.1 m | -831.0 k | 528.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Capex | 359.0 k | 128.0 k | 159.0 k | 229.0 k | 276.0 k | 196.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Free cash flow | -793.0 k ≈ | -414.0 k ≈ | -1.6 m ≈ | -2.4 m ≈ | -1.1 m ≈ | 332.0 k ≈ | SEC (XBRL)· 04 Mar 2026derived |
| Investing cash flow | 7.0 m | 129.0 k | 14.8 m | -187.0 k | -276.0 k | -196.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Financing cash flow | 211.0 k | -231.0 k | -2.4 m | -40.0 k | 15.0 k | -305.0 k | SEC (XBRL)· 04 Mar 2026verified |
| Share repurchases | — | — | 3.0 m | 27.0 k | — | 300.0 k | SEC (XBRL)· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 48.1 m USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -88.5% | 30 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -14.9% | 0 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -15.1x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 8.7x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -14.5% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 0.6% | 9 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial30/100 · 1/3 factors with a value
- Returns· partial9/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Sensus Healthcare, Inc. (SRTS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 27.5 m USD in 2025; YoY growth -34.3%; net margin -88.5%; ROE -34.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 8.7x
What contradicts it
- Net margin: -88.5%
- Revenue CAGR 3Y: -14.9%
- Interest coverage: -15.1x
- FCF yield: -14.5%
- Shareholder yield (distributions): 0.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| GMEDGlobus Medical, Inc. | 10.9 bn | 20.8 | 11.8% | 17.0% | +16.7% | −11% / +81% |
| PODDInsulet Corporation | 10.8 bn | 25.4 | 28.9% | 13.4% | +30.7% | −52% / −17% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +33% / −33% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 33.7 | 9.8% | 9.9% | +11.8% | +3% / +25% |
| IRTCiRhythm Holdings, Inc. | 4.3 bn | — | -9.6% | -1.7% | +26.2% | −31% / +53% |
| ICUIIcu Medical Inc | 4.2 bn | 140.0 | 1.4% | 1.4% | −6.3% | +13% / +91% |
| NVCRNovoCure Limited | 1.6 bn | — | -35.2% | -16.8% | +8.3% | +6% / +10% |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −14% / −11% |
| ATECAlphatec Holdings, Inc. | 1.2 bn | — | -1,888.0% | -10.3% | +25.0% | −65% / −34% |
| MDXGMimedx Group, Inc. | 478.6 m | — | -8.5% | -6.3% | +20.0% | −52% / −58% |
| BWAYBrainsway Ltd. | 415.5 m | 212.2 | 5.6% | 7.1% | +29.0% | +21% / +238% |
| SSIISs Innovations International, Inc. | 380.7 m | — | -26.1% | -23.7% | +105.7% | −72% / unavailable |
| CLPTClearPoint Neuro, Inc. | 278.6 m | — | -167.5% | -79.4% | +17.8% | −40% / +51% |
| TMCITreace Medical Concepts, Inc. | 271.8 m | — | -72.0% | -29.0% | +1.6% | +40% / −52% |
| PROFProfound Medical Corp. | 251.3 m | — | -73.5% | -171.6% | +50.7% | +4% / −37% |
| LUCDLucid Diagnostics Inc. | 79.3 m | — | -556.3% | -959.8% | +8.3% | −63% / −74% |
| MBOTMicrobot Medical Inc. | 71.9 m | — | -32.9% | — | unavailable | −56% / −15% |
| LNSRLensar, Inc. | 67.6 m | — | — | 57.6% | +9.2% | −46% / +121% |
1- and 3-year price returns: for SRTS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sensus Healthcare develops and sells superficial radiation therapy systems that use low-energy X-rays to treat non-melanoma skin cancer and keloid scars without surgery. The company entered 2026 after a difficult year, with revenue falling from 41.8 million USD to 27.5 million USD in fiscal 2025 1, and the new CMS reimbursement codes and the Fair Deal model are the main reasons investors are watching for a recovery 123.
SWOT
Strengths
- The SRT technology is protected by patents and supported by a broad installed base across several countries 1.
- The company was profitable from 2021 through 2024 and has a service model that can generate recurring revenue 1.
- The launch of Sensus Link and the financing program extends the offer to existing and new customers 1.
Weaknesses
- Most revenue comes from one product line and a small number of customers, which raises vulnerability 1.
- The company reported net losses in 2025 and in the first half of 2026, and research costs rose sharply 12.
- Reliance on a single preferred supplier for x-ray tubes and other major components creates an operational risk 1.
Opportunities
- New reimbursement codes and a possible finalization of the proposed hospital code increase could accelerate SRT adoption 13.
- Interest from Asia-Pacific markets and rising website activity could support new sales if the trend continues 3.
- The Fair Deal model and bank financing could attract customers who prefer arrangements without large upfront purchases 1.
Risks
- Customer concentrationhigh
A single US customer accounted for a large part of revenue, and the reduction in its orders drove sales lower 12.
- Third-party reimbursementhigh
If Medicare or private insurers stop covering SRT treatments, demand could fall quickly 1.
- Deferred tax asset valuationmedium
A valuation allowance against deferred tax assets increased tax expense in the second quarter of 2026 23.
- Supply chainmedium
A single preferred supplier for critical components could limit production if deliveries are interrupted 1.
- Cybersecuritylow
Security incidents could disrupt operations and bring regulatory consequences, although the company has reported no material impact so far 1.
Investment thesis
What would need to be true (bull case)
- If the new reimbursement codes and the CMS proposal for hospitals are finalized, demand for SRT could increase substantially 13.
- A strengthening commercial pipeline and growing interest from physician groups could turn engagement into sales quickly 3.
- Expansion in Asia-Pacific and the Fair Deal model could build more stable recurring revenue over time 13.
What would break the thesis
What to watch
- Finalization of the CMS proposal for the hospital-based delivery code2026
- Third-quarter revenue, including the eight units whose sale was moved from Q2Q3 2026
- Trend in orders from the large US customer and its share of revenuenext 10-K
- Results of the Fair Deal program and bank financing2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sensus Healthcare, Inc., headquartered in Boca Raton, Florida, is a medical device company that uses its proprietary SRT (superficial radiation therapy) technology in the SRT-100, SRT-100+ and SRT-100 Vision systems 1. The company reports one operating segment and had 955 units installed in 21 countries as of 31 December 2025, primarily in the United States 1. Beyond equipment sales, Sensus offers Fair Deal Agreements, a recurring revenue model in which it receives a share of SRT-related reimbursement collected from payors 1.
Segments
Single segment: SRT systems and related services
The company manages its business as one segment that covers SRT system sales, the Sentinel service program, consumables and operational services for dermatology clinics 1. Revenue to date has come mainly from the SRT-100 line and related products 1.
Fair Deal Agreement and financing
Under the Fair Deal Agreement the customer gets a system, a radiotherapy technologist and physicist oversight, while Sensus receives a contractual percentage of reimbursement 1. In February 2026 the company launched Sensus Healthcare Financial Services, a financing program through third-party banks for outright purchase or leasing 1.
Market context
The company's core markets are private dermatology practices and radiation oncologists in private and hospital settings, and the United States accounts for most of its sales 1. CMS revalued SRT reimbursement codes effective 1 January 2026, and management expects this to increase demand 1. However, a historically large customer significantly reduced orders, which drove revenue declines in 2025 and the first half of 2026 12.
Trends
- New CPT codes and CMS reimbursementtailwind
The CMS revaluation of SRT from 1 January 2026, and the proposed increase for the hospital-based delivery code, could support demand if finalized 13.
- Customer concentrationheadwind
Dependence on one large US customer has caused sharp revenue swings and could continue to affect results if that customer's demand does not recover 12.
- Margin pressure and product mixheadwind
Gross margin fell in late 2025 and in 2026, driven by a higher share of international shipments and upfront costs on Fair Deal placements 23.
- International and digital expansionmixed
Commercial activity in Asia-Pacific and rising website engagement could open new revenue sources if the trend holds 3.
Competitive position
The company says the medical device industry is highly competitive and that patients can receive other treatments, such as surgery, for the same conditions 1. Key competitive factors include clinical outcomes, acceptance by dermatologists and radiation oncologists, price, reimbursement and speed to market 1. Sensus argues that SRT offers radiation oncologists a simpler alternative to linear accelerators 1.
Substitution risk is heightened by new technologies and artificial intelligence, which could make current products less attractive if competitors move faster 1. The sources do not name specific listed competitors, which limits a direct comparison of market share 1.
- Surgical excision for skin cancer
Competition comes from surgery and other methods doctors use for the same conditions, without a named company in the source 1.
- Linear accelerator radiotherapy
Radiation oncologists may use more complex equipment for similar treatments, and SRT is presented as a faster and less costly option 1.
- Other keloid treatments
Alternative methods are used to treat keloid scars, which the source does not name explicitly 1.
- Developers of new radiotherapy technologies
The sources warn that new products from competitors or large customers could take market share 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report14 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report05 Jun 2026Material agreement · Financial statements and exhibits
- Current report02 Jun 2026Shareholder vote
- Quarterly report13 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement29 Apr 2026
- Annual report04 Mar 2026
- Current report12 Feb 2026Results of operations · Financial statements and exhibits
- Current report20 Jan 2026Item 4.01 · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Sensus Healthcare, Inc. · 04 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Sensus Healthcare, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Sensus Healthcare, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.