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Sensus Healthcare Reports Record Sales and Earnings for the 2021 Fourth Quarter

4Q21 diluted EPS of $0.32 on revenues of $13.0 million up 433% and 156%, respectively

Affirms expectations for 1Q22 continued growth and full-year 2022 profitability

 

Conference call begins at 4:30 p.m. Eastern time today

 

BOCA RATON, Fla. (February 10, 2022) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive, and cost-effective treatments for oncological and non-oncological conditions, announces financial results for the three and 12 months ended December 31, 2021.

Highlights from the fourth quarter of 2021 and recent weeks include the following (all comparisons are with the fourth quarter of 2020, unless otherwise indicated):

  • Revenues were $13.0 million, up 156%
  • Net income was $5.3 million, or $0.32 per diluted share, compared with net income of $1.0 million, or $0.06 per diluted share
  • Adjusted EBITDA, a non-GAAP financial measure, was $5.6 million, compared with $1.3 million
  • Shipped a record 35 systems including three SRT-100 systems to China
  • Revenues for 2021 were $27.0 million, up 182% over 2020
  • Earnings per diluted share for 2021 were $0.25, compared with a loss per share of $0.42 for 2020
  • Affirms expectations for 2022 first quarter and full year profitability
  • Signed exclusive U.S. distribution agreement for TransDermal Infusion System™ for needle-less delivery of aesthetic compounds
  • Prepared for future growth with key promotions, including Vice President & General Counsel Michael J. Sardano to President & General Counsel
  • Received a five-year license renewal for the SRT-100™ from the Ministry of Health of the People’s Republic of China
  • Garnered robust customer leads from demonstrations and presentations at first in-person medical conferences since the start of the pandemic

 

Management Commentary

“Record revenues for the fourth quarter were significantly higher than for any quarter in the company’s history, and I congratulate the Sensus team on outstanding Q4 and full-year financial results,” said Joe Sardano, chairman and chief executive officer of Sensus Healthcare.  “We are comfortable that this momentum will continue through 2022 as so many of our initiatives are being very well-executed.

“We shipped a record 35 systems during the fourth quarter, including three systems to China, where we resumed active sales this year following the pandemic. China is an important market for us, and we were delighted to receive a license renewal from their Ministry of Health to market the SRT-100Ô system.  This new license runs through December 2026 and covers the sale of our superficial radiation therapy to treat non-melanoma skin cancer and keloids.”

“Our domestic sales were positively impacted by our team’s broad and consistent communication that the Centers for Medicare and Medicaid Services had revalued procedure codes upward, with a meaningful increase in reimbursement for a course of superficial radiation treatment for non-melanoma skin cancer.  This revaluation has had a significant impact on customer ROI.  In addition, we successfully demonstrated to physicians that SRT is a patient-friendly treatment paradigm, especially important during COVID-19, and provided numerous studies along with support from important medical societies showing cure rates as good as or better than Mohs surgery.”

Mr. Sardano added, “We are highly encouraged by the reception our new fair-market-leasing program has enjoyed to date.  Launched in January 2021 in conjunction with improved reimbursement, this program allows physicians to acquire our feature-rich, premium SRT-100 VisionÔ system with a positive ROI from treating just two patients per month.  We expect the leasing program will support further sales growth.”

“During the fourth quarter we entered into an exclusive U.S. distribution agreement with Mattioli Eng. Italia for its TransDermal Infusion System™ for non-invasive drug delivery.  We began marketing this FDA-cleared system for skin rejuvenation treatments, pre-laser treatments, pre- and post-plastic surgery, and other applications, and were delighted that it was highlighted at the Winter Clinical Dermatology Conference in Hawaii.  We are pleased with the number and caliber of leads generated at the conference, and look forward to demonstrating the system at the American Academy of Dermatology meeting in Boston at the end of March.

Mr. Sardano concluded, “We are confident that our sales and earnings trajectory will continue, and with a view toward long-term success we recently announced key executive appointments.  We promoted two sales managers to regional vice president positions and promoted Vice President & General Counsel Michael J. Sardano to President & General Counsel.  These promotions, along with the market reception to our products, support my optimism for the future of Sensus.”

Fourth Quarter Financial Results

Revenues for the fourth quarter of 2021 were $13.0 million, compared with $5.1 million for the fourth quarter of 2020. The 156% increase was primarily driven by a higher number of units sold as the market continued to reopen.

Cost of sales for the fourth quarter of 2021 was $4.2 million, compared with $1.9 million for the prior-year quarter. The increase was due to higher sales in the 2021 period.

Gross profit for the fourth quarter of 2021 was $8.9 million, or 68.0% of revenues, compared with $3.2 million, or 63.4% of revenues, for the fourth quarter of 2020. The increases were primarily driven by the higher number of units sold in 2021, service revenue on installed units, and the impact of COVID-19 on the 2020 quarter.

Selling and marketing expense for the fourth quarter of 2021 was $1.3 million, unchanged from the fourth quarter of 2020.

General and administrative expense for the fourth quarter of 2021 was $1.1 million, compared with $0.8 million for the fourth quarter of 2020. The increase was primarily due to higher compensation and bad debt expense.

Research and development expense for the fourth quarter of 2021 was $1.1 million, compared with $0.8 million for the prior-year quarter. The increase was mainly due to higher regulatory expenses.

Net income for the fourth quarter of 2021 was $5.3 million, or $0.32 per diluted share, compared with net income of $1.0 million, or $0.06 per diluted share, for the fourth quarter of 2020.

Adjusted EBITDA for the fourth quarter of 2021 was $5.6 million, compared with $1.3 million for the fourth quarter of 2020. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the specific reasons these non-GAAP financial measures are provided.

Cash and investments were $14.5 million as of December 31, 2021, compared with $14.9 million as of December 31, 2020. The company had no outstanding borrowings under its revolving line of credit both during 2020 and as of December 31, 2021.

Full Year Financial Results

Revenues for 2021 of $27.0 million increased 182% from $9.6 million for 2020, primarily reflecting a higher number of units sold as the market began to reopen. During 2020 the Company was unable to sell effectively due to COVID-19 related travel restrictions and other factors. Sensus believes these factors are gradually subsiding as the healthcare industry has developed and continues to develop effective vaccines and treatments, and as local, state and federal governments ease restrictions. Additionally, technology that enables the global business community to communicate effectively without the need for close proximity is expected to help the Company continue to reach potential clients.

Cost of sales for 2021 were $10.1 million, compared with $4.3 million for 2020, reflecting the higher number of units sold.

Gross profit for 2021 increased 224% to $17.0 million, or 68.2% of revenues, from $5.2 million, or 54.8% of revenues, for 2020. Maintaining this level of gross profit and gross margin in 2022 is largely dependent upon the market’s response to the ongoing COVID-19 pandemic.

Selling and marketing expense for 2021 was $4.8 million, compared with $5.3 million in 2020, primarily attributable reduced spending on marketing activities and headcount.

General and administrative expense for 2021 was $4.6 million, compared with $4.0 million in 2020, due primarily to higher insurance expense and professional fees.

Research and development expense for 2021 decreased to $3.4 million from $4.2 million in 2020, reflecting lower spending as the Sculptura™ project entered the production phase.

No other income was reported for 2021. Other income, net of $1.4 million for 2020 is primarily attributable to the forgiveness of $757,782 of a loan under the Small Business Administration Paycheck Protection Program and a bargain purchase gain of $588,011 that was recorded as a result of acquisitions.

Net income for 2021 was $4.1 million, or $0.25 per diluted share, compared with a net loss of $(6.8) million, or $(0.42) per share, for 2020.

Adjusted EBITDA for 2021 was $5.1 million, compared with $(5.8) million for 2020.

Use of Non-GAAP Financial Information

This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP).  Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP.  Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare.  Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability.  A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.

 

SENSUS HEALTHCARE, INC.
GAAP TO NON-GAAP RECONCILIATION
(unaudited)
For the Three Months EndedFor the Years Ended
December 31,December 31,
(in thousands) 2021 20202021 2020
  
Net income (loss), as reported  $     5,318 $        1,018 $    4,119 $  (6,836)
 Add:
Depreciation and amortization           140              238          613          722
Stock-compensation expense             91                63          416          386
Interest, net               1                 (3)              1          (53)
Adjusted EBITDA, non-GAAP  $     5,550 $        1,316 $    5,149 $  (5,781)

 

Conference Call and Webcast

Sensus Healthcare will host an investment community conference call today beginning at 4:30 p.m. Eastern time, during which management will discuss financial results for the 2021 fourth quarter and full year, provide a business update and answer questions. To access the conference call the dial-in numbers are 888-390-3967 (U.S. and Canada) or 862-298-0702 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed at the following link, which also may be found in the Investor Relations section of the Company’s website at www.sensushealthcare.com.

Following the conclusion of the conference call, a replay will be available and can be accessed by dialing 888-539-4649 (U.S. and Canada) or 754-333-7735 (International).  At the system prompt, dial the replay code 156817 followed by the # sign. Playback will automatically begin. An archived webcast of the call will also be available in the Investor Relations section of the Company’s website for a period of time.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The Sculptura™ modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Forward-Looking Statements

This press release 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,” "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 because they relate to events, developments, and circumstances relating to Sensus, 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. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, 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 press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; 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; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action , that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.

Contact:
LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

Michael J. Sardano named President, Christopher Machuzak and Jeffrey Starling named Regional Vice Presidents of Sales

BOCA RATON, Fla. (January 31, 2022) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive treatments for both oncological and non-oncological conditions, announces the following promotions, all effective immediately:

  • Vice President and General Counsel Michael J. Sardano has been promoted to President and General Counsel
  • Sales Manager Christopher Machuzak has been promoted to Vice President of Sales for the West Coast
  • Southeast Regional Sales Manager Jeffrey Starling has been promoted to Vice President of Sales for the East Coast

In addition, the Company announces the retirement of Steve Cohen, Executive Vice President and Co-founder, also effective immediately.

“We are making these executive changes to prepare Sensus Healthcare for sustained long-term growth and business success.  It is a testament to our organization that we have such exceptional talent within our ranks, and are able to promote from within to create a winning management team,” said Joe Sardano, chairman and chief executive officer of Sensus.

Michael Sardano joined Sensus in 2013 as Corporate Counsel for Regulatory Affairs and Manager of Compliance.  He added Corporate Governance to his responsibilities in 2016, was promoted to General Counsel in 2017 and to Vice President and General Counsel in 2019.  He previously served as a Legal Intern in the Office of Appeals for the Massachusetts Department of Revenue and as a Senate Intern for the Committee on Rules and Administration in the office of Senator Lamar Alexander.  Mr. Sardano received a J.D. from New England Law and a B.S. in Management and Finance from Bentley University. He was admitted to the Florida Bar in 2014.

“Michael’s performance on behalf of Sensus Healthcare has been consistently exceptional,” commented Mr. Sardano.  “He was instrumental in the favorable revaluation of the reimbursement codes for superficial radiation therapy from the Centers for Medicare and Medicaid Services in January 2021, which has been contributing to our sales growth ever since.  He has worked tirelessly on regulatory matters, adding licenses for radiation therapy from a growing number of states.  I am very pleased that Sensus Healthcare’s board of directors has identified Michael for this senior executive leadership position and am duly proud of my son.”

Christopher Machuzak joined Sensus in 2012 as an Account Executive and was promoted to Sales Manager in 2017.  He was previously a Territory Manager at Dermpath Diagnostics.  Mr. Machuzak received a B.S. in Education from Mansfield University of Pennsylvania.

Jeffrey Starling was hired by Sensus as Southwest Account Executive in 2016 and was promoted to Southeast Regional Manager in 2020.  He previously served as Director of Business Development at Fallene Cosmeceutical, Ltd. and in various sales and business development positions at Biopelle, Inc. He holds a B.A. in Marketing Communications from Southern Methodist University.

“On behalf of the Sensus board of directors, I extend congratulations to Chris and Jeff on their well-deserved promotions,” continued Mr. Sardano.  “Both have played important roles in the resumption of robust sales growth, maintaining customer relationships during the COVID-19 pandemic and growing the customer base throughout 2021.  We look forward to their continued sales leadership.”

Commenting on the departure of Steve Cohen, Mr. Sardano added, “Along with the entire team at Sensus, I wish Steve all the best in his retirement.  Steve and I co-founded Sensus more than a decade ago, having worked together previously. We are grateful to Steve for adeptly leading the sales and marketing functions and creating the sales organization we have today, which holds such tremendous promise. On a personal note, Steve has been a friend and a trusted colleague for many years, and I will miss him greatly.”

About Sensus Healthcare, Inc.

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The Sculptura™ modulated robotic brachytherapy radiation oncology system provides targeted Directional Anisotropic Radiation Therapy (ART) and Brachytherapy utilizing our proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Forward-Looking Statements

This press release 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,” "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 because they relate to events, developments, and circumstances relating to Sensus, 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 than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, 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 press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; 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; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action , that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.

Contact:
LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

BOCA RATON, Fla. (January 26, 2022) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive treatments for both oncological and non-oncological conditions, announces that management will hold a conference call on Thursday, February 10, 2022 at 4:30 p.m. Eastern time to discuss the financial results for the fourth quarter and full year 2021. In addition, management will provide a business update and a discussion on recent and upcoming milestones.

To access the conference call, the dial-in numbers are 888-390-3967 (U.S. and Canada Toll Free), 862-298-0702 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed at the following link, which also may be found in the Investor Relations section of the Company’s website at www.sensushealthcare.com.

Following the conclusion of the conference call, a replay will be available and can be accessed by dialing 888-539-4649 (U.S. and Canada Toll Free), or 754-333-7735 (International).  At the system prompt, dial the replay code – 156817 followed by the # sign. Playback will automatically begin. An archived webcast of the call will also be available in the Investor Relations section of the Company’s website for a period of time.

About Sensus Healthcare, Inc.

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The Sculptura™ modulated robotic brachytherapy radiation oncology system provides targeted Directional Anisotropic Radiation Therapy (ART) and Brachytherapy utilizing our proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Contact:
LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

Company Management Available for 1x1 Meetings Concurrent with the 40th Annual J.P. Morgan Healthcare Conference January 10-14

 

BOCA RATON, Fla. (January 6, 2022) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces that Joe Sardano, chairman and chief executive officer, will present at the H.C. Wainwright BioConnect Virtual Conference being held January 10-13, 2022. A pre-recorded presentation will be available on demand beginning Monday, January 10 at 7:00 a.m. Eastern time. Interested parties can access the presentation on the investor relations section of the Company’s website and at this link.

Also, Sensus management is holding virtual 1x1 meetings with members of the investment community concurrent with the 40th Annual J.P. Morgan Healthcare Conference January 10-14, 2022. Please email [email protected] to schedule a meeting.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The SculpturaTM modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam SculptingTM to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non- melanoma skin cancers and keloids with its SRT-100TM, SRT-100+TM and SRT-100 VisionTM systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Contact:

LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

Expects profitability for the 2021 fourth quarter and full year
Physician KOL presentation at the Winter Clinical to highlight the TransDermal Infusion SystemTM

BOCA RATON, Fla. (January 5, 2022) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces that it expects record sales for the fourth quarter of 2021, resulting in over $25 million in sales for the year, and positive EBITDA and net income for both the fourth quarter and full year. Fourth quarter sales include the shipment of three SRT Systems to China. Based upon expectations for shipments during the current quarter, the company also expects to be profitable for the first quarter of 2022. Sensus expects to report 2021 financial results and hold an investment community conference call in February.

“I am very proud of our sales performance during 2021, and especially during the fourth quarter as our hard work to position the company to recover from the Covid-19 pandemic contributed to our success,” said Joe Sardano, chairman and CEO of Sensus Healthcare. “I congratulate everyone at Sensus Healthcare and note that our exceptional team performed well above expectations as we look forward to another profitable quarter to kick off 2022.”

Sensus also announces that its TransDermal Infusion SystemTM non-invasive drug delivery system for cosmetic and other dermatology applications will be featured at the 2022 Winter Clinical Dermatology Conference - Hawaii®. Mark S. Nestor, M.D., Ph.D., Director of the Center for Clinical and Cosmetic ResearchTM and the Center for Cosmetic Enhancement® in Aventura, Florida, and current President of the American Cutaneous Oncology Society, will discuss the system on Saturday, January 15th at 2:30 p.m. local time during a session titled “Integrating Aesthetics into Your Dermatology Practice.”

Mr. Sardano added, “We are excited that our TransDermal Infusion System will be highlighted by Dr. Nestor at the Winter Dermatology Clinical. Gaining visibility at this important conference helps broaden awareness and build support for our patient-friendly, needle-free method of delivering aesthetic medicines. It has been only one month since we began our exclusive U.S. distribution of this FDA-cleared product and we are encouraged by physician interest in its ability to deliver drugs that are otherwise not able to be absorbed, including Botox®, hyaluronic acid, lidocaine, collagen and others typically used in aesthetic procedures.”

Dr. Nestor will present the TransDermal Infusion System to more than 400 registered attendees at the Grand Hyatt in Kauai, and will discuss the patient benefits of incorporating the system into dermatology practices. He recently presented data at the 2021 Fall Clinical Dermatology Conference showing a more than 80% reduction in sweat 30 days after a single topical infusion of 50 units of onabotulinum toxin in the axilla, and has previously noted that studies have shown significant cosmetic improvement with topically applied hyaluronic acid filler using Sensus’ TransDermal Infusion System.

About the Winter Clinical

The annual Winter Clinical Dermatology Conference® is a four-day accredited CME course that provides a comprehensive update on the diagnosis and treatment of a variety of conditions related to medical, surgical and cosmetic dermatology.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The SculpturaTM modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam SculptingTM to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non- melanoma skin cancers and keloids with its SRT-100TM, SRT-100+TM and SRT-100 VisionTM systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Forward-Looking Statements

This press release 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,” "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 because they relate to events, developments, and circumstances relating to Sensus, 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 than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, 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 press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; 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; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action , that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the

Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

In addition, even if future events, developments, and circumstances are consistent with the forward- looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.

Contact:

LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

Sensus to Bring FDA-cleared Non-invasive Drug-delivery System and Treatment Alternative to Needles to Dermatologists Beginning [Immediately/Date] 

BOCA RATON, Fla. (December 1, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces the signing of an exclusive U.S. distribution agreement with Mattioli Eng. Italia S.P.A. for its TransDermal Infusion System non-invasive drug delivery system.  Sensus plans to begin marketing this System to dermatologists nationwide beginning immediately.

The TransDermal Infusion System is cleared by the U.S. Food and Drug Administration (FDA) for the local administration of ionic drug solutions into the body for medical purposes, and can be used as an alternative to injections.  Sensus’ sales organization will market the system to dermatologists for skin rejuvenation treatments, pre-laser treatments, pre- and post-plastic surgery and other applications.  In addition, Sensus plans to make rental programs and leasing facilities available, similar to current programs for its superficial radiation therapy and aesthetic lasers.

The System allows drugs to penetrate the skin’s innermost, hypodermic layer by increasing permeability. Faster than traditional iontophoresis, the TransDermal Infusion System allows delivery of drugs that are otherwise not able to be absorbed including Botox®, hyaluronic acid, lidocaine, collagen and others typically used in aesthetic procedures. 

“We are delighted to collaborate with such a globally recognized and highly respected firm as Mattioli Eng. Italia,” said Joe Sardano, chairman and CEO of Sensus Healthcare. “Their device, which we intend to trademark as ‘TransDermal Infusion’ under the Sensus brand, is FDA-cleared for use on any part of the body currently treated with needle injections. This permits various fillers and other injectables to be administered without pain and without patient downtime. We believe this needle-free treatment will be embraced by aesthetic dermatology clinics as a competitive advantage and an advance in patient care.”

Commenting on the agreement, Gian Franco Bernabei, CEO of Mattioli Eng. Italia S.P.A., said, “I am very excited to begin this new collaboration with Sensus.  They have a tremendous commercial network, compelling products and, most importantly, exceptional respect among the dermatology community. We look forward to a productive relationship as the Sensus team brings our technology to dermatologists across the U.S.”

Mark S. Nestor, M.D., Ph.D., Director of the Center for Clinical and Cosmetic Research™ and the Center for Cosmetic Enhancement® in Aventura, Florida, and the current President of the American Cutaneous Oncology Society, said, “The clinical and aesthetic dermatology community is excited for the potential of the newest innovative device from Sensus Healthcare. The ‘Transdermal Infusion’ system has been shown to be very effective at transferring topically applied medications, botulinum toxins and hyaluronic acid fillers (HA) into the skin without the need for any cutaneous disruption. Our pilot study presented at the Fall Clinical Dermatology Conference[1] showed over an 80% reduction in sweat 30 days after a single topical infusion of 50 units of onabotulinum toxin in the axilla. Additional studies have shown significant cosmetic improvement with topically applied HA. We also look forward to future applications for both clinical and aesthetic Dermatology.”

About Mattioli Eng. Italia S.P.A.

Mattioli Engineering has more than 15 years of commercial success.  Its mission is to be fully dedicated to providing new devices and new technologies to the medical community, with a particular focus on dermatology, skin care, cosmetic surgery, plastic surgery and general surgery, and to create a worldwide network of customers experienced in using its devices and relevant techniques successfully.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The Sculptura™ modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Forward-Looking Statements

This press release 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,” "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 because they relate to events, developments, and circumstances relating to Sensus, 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 than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, 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 press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; 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; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action , that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.

Contact:
LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

[1] Nestor MS, Dunn A, Han H, Gade A, Ceci F, Lawson A: A Pilot Study to Evaluate the Safety and Efficacy of Topically Applied Onabotulinum Toxin A Delivered through a Novel Iontophoresis Device in Subjects with Axillary Hyperhidrosis. Poster, Fall Clinical Dermatology Conference, Las Vegas NV October 2021.

Achieves profitability on revenues of $5.5 million, up sharply from $1.6 million a year ago
Affirms expectations for continued growth in 4Q and full-year profitability
Conference call begins at 4:30 p.m. Eastern time today

 

BOCA RATON, Fla. (November 4, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces financial results for the three and nine months ended September 30, 2021.

Highlights from the third quarter of 2021 and recent weeks include the following (all comparisons are with the third quarter of 2020, unless otherwise indicated):

  • Revenues were $5.5 million, up 244%
  • Net income was $0.2 million, or $0.01 per diluted share, compared with a net loss of $(1.7) million, or $(0.10) per share
  • Adjusted EBITDA, a non-GAAP financial measure, was a positive $0.5 million, compared with a negative $(1.5) million
  • Shipped 14 systems including eight SRT-100 Vision systems, and one SRT-100 system shipped to China
  • Affirms expectations for fourth quarter and full year 2021 profitability
  • Received a five-year license renewal for the SRT-100™ from the Chinese Health Authority

 

Management Commentary

“The third quarter and subsequent weeks featured several encouraging events that bode well for continued sales growth, not only in the fourth quarter but through 2022,” said Joe Sardano, chairman and chief executive officer of Sensus Healthcare.  “We reported our first profitable third quarter in our company’s history, and based on a robust backlog of orders we believe Sensus will report positive net income for 2021.

“Our domestic business is significantly improved compared with the pandemic-impacted third quarter of 2020, with 14 systems shipped including eight premium SRT-100 Vision™ systems.  We are highly encouraged by the reception our new fair-market-leasing program has received to date.  Our physician customers are beginning to take advantage of this offering and its ability to provide a positive ROI for the SRT-100 Vision by treating just two patients per month.  In addition, our organization has done an excellent job in articulating the improved CMS reimbursement rates that went into effect at the start of the year, along with the benefits of SRT to a growing number of physicians.  This has led to improved patient volumes at customer sites, as well.

“Our SRT systems were well received at last month’s Fall Clinical held live in Las Vegas and virtually.  This conference provided the opportunity for us to demonstrate our technology in person for the first time in more than 18 months, and interest in our products and the number of new sales leads both were strong.  In addition, conference presentations on the safety and efficacy of SRT, and discussions of improved reimbursement by key opinion leaders supported our presence.”

Mr. Sardano continued, “International sales continue to be promising, in particular in China where we engaged a new distribution partner, Ekpac Healthcare, late last year. During the third quarter we sold an SRT-100 system in China, our sixth of the year.  We expect to sell additional systems in China in the coming months.  Importantly, the Chinese Health Authority renewed our license to market the SRT-100 system for an additional five years.  This new license runs through December 2026 and covers the sale of the Company’s superficial radiation therapy to treat non-melanoma skin cancer and keloids.

“Our acquisition of mobile aesthetic laser companies in Florida last year and the formation of Sensus Laser Aesthetic Solutions (SLAS) were smart steps to increase our customer base, provide a beachhead for further acquisitions and improve access to laser technology.  The integration of our Sentinel™ IT Solutions software into our proprietary lasers is complete, and these lasers are now available through SLAS.  We implemented creative leasing options for our lasers and believe the combination of Sentinel technology – which provides asset management and HIPAA-compliant patient data and storage capability, and also contains the software to support shared service models including direct patient billing – is an important avenue for growth.”

Mr. Sardano concluded, “The resumption of significant sales following peak pandemic months, along with a keen focus on expenses position Sensus for a profitable fourth quarter and full year.”

Third Quarter Financial Results

Revenues for the third quarter of 2021 were $5.5 million compared with $1.6 million for the third quarter of 2020. The 244% increase was primarily driven by a higher number of units sold in 2021, service revenue on installed units and the impact of COVID-19 on the third quarter of 2020.

Cost of sales for the third quarter of 2021 was $2.3 million compared with $0.9 million for the prior-year quarter. The increase was due to higher sales in the 2021 period.

Gross profit for the third quarter of 2021 was $3.2 million, or 57.9% of revenues, compared with $0.7 million, or 41.5% of revenues, for the third quarter of 2020. The increase in gross profit was primarily driven by the higher number of units sold in 2021, service revenue on installed units and the impact of COVID-19 on the 2020 quarter.

Selling and marketing expense for the third quarter of 2021 was $1.2 million compared with $1.0 million for the third quarter of 2020.  The increase was primarily due to higher commission expense.

General and administrative expense for the third quarter of 2021 was $1.1 million compared with $1.0 million for the third quarter of 2020. The increase was primarily due to higher stock-compensation expense.

Research and development expense for the third quarter of 2021 was $0.7 million compared with $0.9 million for the prior-year quarter. The decrease was due to lower spending as the Sculptura™ project entered the production phase during 2020.

No other income was reported for the third quarter of 2021 compared with other income of $0.6 million for the third quarter of 2020, which was attributable to a bargain purchase gain recorded as a result of an acquisition.

Net income for the third quarter of 2021 was $0.2 million, or $0.01 per diluted share, compared with a net loss of $(1.7) million, or $(0.10) per share, for the third quarter of 2020.

Adjusted EBITDA for the third quarter of 2021 was $0.5 million compared with $(1.5) million in the third quarter of 2020. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the specific reasons these non-GAAP financial measures are provided.

Cash and cash equivalents were $16.4 million as of September 30, 2021 compared with $14.9 million as of December 31, 2020. The company had no long-term debt and $0.1 million in outstanding borrowings under the COVID-19 Paycheck Protection Program as of September 30, 2021.

Nine Month Financial Results

Revenues for the first nine months of 2021 were $14.0 million compared with $4.5 million for the first nine months of 2020. The 211% increase was primarily driven by the higher number of units sold in 2021, service revenue on installed units and the impact of COVID-19 in the first nine months of 2020.

Cost of sales was $5.9 million for the first nine months of 2021 compared with $2.5 million for the first nine months of 2020. The increase was due to higher sales in the 2021 period.

Gross profit for the first nine months of 2021 was $8.1 million, or 58.0% of revenues, compared with $2.0 million, or 45.1% of revenues, for the first nine months of 2020. The increase in gross profit was primarily driven by the higher number of units sold in 2021, service revenue on installed units and the impact of COVID-19 in the first nine months of 2020.

Selling and marketing expense was $3.5 million for the first nine months of 2021 compared with $4.0 million for the first nine months of 2020. The decrease was primarily attributable to lower tradeshow expense due to cancellations related to COVID-19, reduced marketing activities including travel and lower salary and benefit expenses due to reduced headcount, partially offset by an in increase in commission expense.

General and administrative expense was $3.5 million year-to-date, compared with $3.2 million for the prior-year period. The increase was primarily due to higher legal and professional fees, public company expenses and insurance premium costs.
Research and development expense for the first nine months of 2021 was $2.3 million compared with $3.3 million for the first nine months of 2020. The decrease reflected lower spending as the Sculptura project entered production phase during 2020.

No other income was reported for the first nine months of 2021 compared with other income of $0.6 million for the first nine months of 2020, which was attributable to a bargain purchase gain recorded as a result of an acquisition.

Net loss for the first nine months of 2021 was $(1.2) million, or $(0.07) per share, compared with a net loss of $(7.9) million, or $(0.48) per share, for the first nine months of 2020.

Adjusted EBITDA for the first nine months of 2021 was $(0.4) million compared with $(7.1) million for the first nine months of 2020.

Use of Non-GAAP Financial Information

This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP).  Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP.  Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare.  Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability.  A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.

reconciliation

 

Conference Call and Webcast

Sensus Healthcare will host an investment community conference call today beginning at 4:30 p.m. Eastern time, during which management will discuss financial results for the 2021 third quarter and year-to-date, provide a business update and answer questions. To access the conference call the dial-in numbers are 800-285-6670 (U.S. and Canada) or 832-553-9661 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed at the following link, which also may be found in the Investor Relations section of the Company’s website at www.sensushealthcare.com.

Following the conclusion of the conference call, a replay will be available and can be accessed by dialing 888-539-4649 (U.S. and Canada) or 754-333-7735 (International).  At the system prompt, dial the replay code 156495 followed by the # sign. Playback will automatically begin. An archived webcast of the call will also be available in the Investor Relations section of the Company’s website for a period of time.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The Sculptura™ modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Forward-Looking Statements

This press release 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,” "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 because they relate to events, developments, and circumstances relating to Sensus, 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 than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, 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 press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; 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; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action , that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.

 

Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]

 

(Tables to follow)

balance sheet

statements of operations

BOCA RATON, Fla. (October 20, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive treatments for both oncological and non- oncological conditions, announces that management will hold a conference call on Thursday, November 4, 2021 at 4:30 p.m. Eastern time to discuss the financial results for the third quarter of 2021. In addition, management will provide a business update and a discussion on recent and upcoming milestones.

To access the conference call, the dial-in numbers are 800-285-6670 (U.S. and Canada Toll Free), 832-553- 9961 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed at the following link, which also may be found in the Investor Relations section of the Company’s website at www.sensushealthcare.com.

Following the conclusion of the conference call, a replay will be available and can be accessed by dialing 888-539-4649 (U.S. and Canada Toll Free), or 754-333-7735 (International). At the system prompt, dial the replay code – 156495 followed by the # sign. Playback will automatically begin. An archived webcast of the call will also be available in the Investor Relations section of the Company’s website for a period of time.

About Sensus Healthcare, Inc.

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The SculpturaTM modulated robotic brachytherapy radiation oncology system provides targeted Directional Anisotropic Radiation Therapy (ART) and Brachytherapy utilizing our proprietary, state-of-the-art 3D Beam SculptingTM to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100TM, SRT-100+TM and SRT-100 VisionTM systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Contact:

LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

Fireside Chat with CEO Joe Sardano and CFO Javier Rampolla will be held October 19, 2021 at 11:00 a.m. ET

 BOCA RATON, Fla. (October 15, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces that Joseph Sardano, Chairman and Chief Executive Officer and Javier Rampolla, Chief Financial Officer of Sensus Healthcare will participate in a virtual fireside chat hosted by Maxim Group LLC and M-Vest being held Tuesday, October 19, 2021 at 11:00 a.m. Eastern time.

Professional investors are invited to register here in advance of the event.   A replay of the virtual fireside chat will be available for professional investors for 48 hours beginning shortly after the live program in the Investors section of Sensus Healthcare’s website.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The Sculptura™ modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Contact:
LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

Third Renewal for System to Treat Non-melanoma Skin Cancer and Keloids Across Greater China

 BOCA RATON, Fla. (October 12, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces that the Chinese Health Authority has renewed Sensus’ license to market the SRT-100™ system in Greater China for an additional five years.  This new license expires in December 2026 and covers the sale of the Company’s superficial radiation therapy to treat non-melanoma skin cancer and keloids in Mainland China.

The Chinese Health Authority approved the SRT-100 for the treatment of non-melanoma skin cancer and the prevention of scars following keloidectomy in 2014 and 2017, respectively. Currently there are 46 SRT-100 units installed throughout China in public and private hospitals, as well as in private medical clinics.

“China has approximately 20% of the world’s population and we are delighted to receive this vote of confidence in our efficacious and non-invasive treatment option,” said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. “We are very pleased with the reception to our SRT-100 system in China to date, and post-pandemic sales have rebounded nicely throughout 2021 under the leadership of Benson Suen, Vice President of International Sales, along with the exclusive distribution agreement we signed last year with Ekpac Healthcare.”

Separately, the Company expects to receive Chinese marketing authorization for its Sculptura™ radiation oncology system in the later part of 2022. This modulated robotic system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, quickly and efficiently.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The Sculptura™ modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Forward-Looking Statements

This press release 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,” "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 because they relate to events, developments, and circumstances relating to Sensus, 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 than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, 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 press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; 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; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action, that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.

Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]

 

#  #  #

Premier gathering expected to host more than 1,200 physicians with 500 virtual participants is the first in-person dermatology medical conference in 18 months

Multiple tailwinds combine to support Sensus’ expectations for strong sales in 2H 2021 

BOCA RATON, Fla. (October 7, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces the company will be featuring its SRT-100 Vision™ system live at the 2021 Fall Clinical Conference being held in Las Vegas, Nev. from October 21 to 24.  More than 1,200 practitioners have already registered to attend this conference in person, while more than 500 are registered to participate virtually.

In addition, key opinion leaders Brian Berman, M.D., Ph.D., Professor Emeritus of Dermatology and Dermatologic Surgery at The University of Miami Miller School of Medicine, and Mark Nestor, M.D., Ph.D., Director of the Center for Clinical and Cosmetic Research™ and the Center for Cosmetic Enhancement® in Aventura, Fla., will be delivering presentations on the safety and efficacy of superficial radiation therapy (SRT) for the treatment of non-melanoma skin cancer and keloids during a session titled “New and Future Innovations in Dermatologic Care.”  The session is being held on October 21 at 10:20 a.m. local time.

Dr. Nestor commented, “We are very excited to kick-off the Fall Clinical by presenting new and updated data on the safety and efficacy of superficial radiation therapy as well as image-guided SRT. This conference is one of the most prestigious events in dermatology and is the ideal venue to present these new and exciting findings for the benefit of clinical dermatologists.”

“The Fall Clinical is among the most important tradeshows for showcasing our products and we are thrilled to participate this year in person.  Indeed, this is the first major dermatology-focused medical conference with onsite participation in about 18 months, and we eagerly look forward to renewing existing relationships and establishing new ones,” said Joe Sardano, chairman and chief executive officer of Sensus Healthcare.  “The excitement at Sensus is palpable as we believe the worst of the impact of COVID-19 is behind us, there is a great deal of interest in our products within the dermatology community and we have a robust backlog of orders.  We anticipate excellent foot traffic at our booth on the tradeshow floor.

“Perhaps most importantly, we enter the Fall Clinical with strong business momentum and confidence as several recent, favorable events are coming together to create a tailwind for our business,” Mr. Sardano continued.  “Procedures utilizing our systems have new and more favorable reimbursement from the Centers for Medicare and Medicaid Services as of this past January, the American Society for Radiation Oncology is increasingly recognizing the role of SRT for treating non-melanoma skin cancer and keloids, we have brought our salesforce back to pre-pandemic levels and we are enjoying success with a new fair-market-value leasing offering that brings the ROI for our premium SRT-100 Vision™ system to just two patients per month.

“Taken together, we expect strong sales for the second half of the year driven by existing orders for SRT-100 Vision™ systems, with most being sold by year-end,” he added.  “With our hard and thoughtful work and judicious attention to expenses throughout the COVID-19 pandemic and recovery, we believe Sensus will achieve profitability for 2021.”

About the Fall Clinical 

The annual Fall Clinical Dermatology Conference® is a four-day accredited CME course that provides a comprehensive update on the diagnosis and treatment of a variety of conditions related to medical, surgical and cosmetic dermatology.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The Sculptura™ modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Forward-Looking Statements

This press release 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,” "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 because they relate to events, developments, and circumstances relating to Sensus, 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 than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, 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 press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; 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; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action, that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.

Contact:
LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

BOCA RATON, Fla. (September 8, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announced that Joe Sardano, chairman and chief executive officer, will present at the H.C. Wainwright 23rd Annual Global Investment Conference to be held virtually from September 13 – 15, 2021.

A webcast of the virtual presentation will be available starting at 7:00 am (EST) on Monday, September 13, 2021, and can be accessed through the Investors Relations section of Sensus Healthcare’s website at www.sensushealthcare.com or directly through the webcast link. An archived replay of the webcast will be available on the Company’s website after the conference.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The SculpturaTM modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam SculptingTM to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non- melanoma skin cancers and keloids with its SRT-100TM, SRT-100+TM and SRT-100 VisionTM systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]

###

BOCA RATON, Fla. (August 5, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces financial results for the three and six months ended June 30, 2021.

Highlights from the second quarter of 2021 and recent weeks include the following (all comparisons are with the second quarter of 2020, unless otherwise indicated):

  • Shipped 17 systems during the quarter, including four to China and 13 domestic
  • Worldwide installed base of SRT systems as of June 30, 2021 was 515 systems
  • Revenues were $5.4 million, up 358% over the second quarter of 2020 and up 77% over the first quarter of 2021
  • Net loss narrowed to $(0.3) million, or $(0.02) per share, from a net loss of $(2.6) million, or $(0.16) per share
  • Adjusted EBITDA, a non-GAAP financial measure, narrowed to $(0.1) million from $(2.3) million
  • Cash and cash equivalents were $15.2 million as of June 30, 2021 compared with $14.9 million as of December 31, 2020 due in part to a reduction in expenses
  • Sales team almost back to full force as we continue to add headcount anticipating second half growth 

Management Commentary

“Our second quarter financial results reflect significant improvement following the impact of COVID-19 on the business during 2020, in particular last year’s second quarter, as overall market conditions continued to improve toward pre-pandemic levels,” said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. “Our business gained momentum throughout the first half of the year and we are cautiously optimistic about sequential quarterly growth for the rest of 2021. We shipped 17 systems during the second quarter, including seven SRT-100 Vision systems. We sold six SRT-100 Visions to our Corporate Account and 11 SRT Systems directly to customers. New CMS reimbursement schedules for SRT treatments along with new Leasing options provides for a better ROI for our customers as patients continue to request a non-invasive approach to treating their skin cancer.

“Volumes for SRT Systems installed at customer sites have continued to improve since the Centers for Medicare & Medicaid Services revalued our main procedure and other codes upward effective January 1st of this year. In addition, various medical associations such as the American Academy of Dermatology and the American Society for Radiation Oncology have increased their support for the safety and efficacy of

SRT to treat non-melanoma skin cancer and keloids via conference presentations and papers, and we believe this support is resonating with physicians. The combination of backing by key opinion leaders and our presence at important trade shows such as the Fall Clinical has generated a solid list of leads that we expect to convert to sales during the third quarter and beyond. We look forward to attending the Fall Clinical in Las Vegas in October, which will be held both live and virtually this year.

“We are very pleased with the continued success of our international business,” Mr. Sardano added. “Our new distributor for China (Asia) and Hong Kong has developed an extensive network of prospects that are converting to sales, with four more systems shipped to China during the second quarter. To date in 2021 we sold five systems to China, in addition to four sold during the fourth quarter of 2020. We are now expanding our focus to India for further international growth and are hopeful to record our first sale there later this year.

“The integration of our SentinelTM IT Solutions software into our proprietary lasers is complete and these lasers are now available through Sensus Laser Aesthetic Solutions (SLAS), our mobile aesthetic laser division serving dermatologists throughout Florida with plans to expand beyond. SLAS offers multiple lasers with custom rental options. Sentinel provides asset management and HIPAA-compliant patient data and storage capability, and also contains the software necessary to support shared service models including direct patient billing. We have been actively evaluating an expansion to our mobile aesthetic laser business beyond Florida via strategic transactions in geographies where we have an existing SRT customer base.

“Barring any new economic restrictions related to COVID-19 or inflation in the U.S., we are confident we will deliver higher revenues as well as Adjusted EBITDA throughout the balance of the year,” Mr. Sardano concluded. We are clearly on track to profitability. The entire Sensus Team is committed to realizing this goal!”

Second Quarter Financial Results

Revenues for the second quarter of 2021 were $5.4 million compared with $1.2 million for the second quarter of 2020. The 358% increase was primarily driven by a higher number of units sold in 2021, service revenue on installed units and the impact of COVID-19 on the second quarter of 2020.

Cost of sales for the second quarter of 2021 was $2.1 million compared with $0.5 million for the prior- year quarter. The increase was due to higher sales in the 2021 period.

Gross profit for the second quarter of 2021 was $3.3 million compared with $0.6 million for the second quarter of 2020. Gross margin for the second quarter of 2021 was 61.7% compared with 54.1% for the prior-year quarter. The increase in gross margin was primarily driven by the higher number of units sold in 2021, service revenue on installed units and the impact of COVID-19 on the 2020 quarter

Selling and marketing expense for the second quarter of 2021 was $1.3 million compared with $1.2 million for the second quarter of 2020. The increase was primarily due to higher commission expense offset by a reduction in headcount.

General and administrative expense for the second quarter of 2021 was $1.4 million compared with $0.9 million for the second quarter of 2020. The increase was primarily due to higher legal and professional fees, public company expenses and insurance costs.

Research and development expense for the second quarter of 2021 was $0.9 million compared with $1.1 million for the prior-year quarter. The decrease was due to lower spending as the SculpturaTM project entered the production phase during 2020.

Net loss for the second quarter of 2021 was $(0.3) million, or $(0.02) per share, compared with a net loss of $(2.6) million, or $(0.16) per share, for the second quarter of 2020.

Adjusted EBITDA for the second quarter of 2021 was $(0.1) million compared with $(2.3) million in the second quarter of 2020. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the specific reasons these non-GAAP financial measures are provided.

Cash and cash equivalents were $15.2 million as of June 30, 2021, compared with $14.9 million as of December 31, 2020. The company had no long-term debt and no outstanding borrowings under its revolving line of credit as of June 30, 2021.

Six Month Financial Results

Revenues for the first half of 2021 were $8.5 million compared with $2.9 million for the first half of 2020. The 197% increase was primarily driven by the higher number of units sold in 2021, service revenue on installed units and the impact of COVID-19 in the six months of 2020.

Cost of sales was 3.6 million for the first half of 2021, compared to $1.5 million for the six months ended June 30, 2020. The increase was due to higher sales in the 2021 period.

Gross profit for the first half of 2021 was $4.9 million, or 58.1% of revenue, compared with $1.3 million, or 47.1% of revenue, for the first half of 2020. The increase in gross profit was primarily driven by the higher number of units sold in 2021, service revenue on installed units and the impact of COVID-19 in the six months ended June 30, 2020.

Selling and marketing expense was $2.3 million for the first half of 2021 compared with $3.0 million for the first half of 2020. The decrease was primarily attributable to a decrease in tradeshows expense due to cancellations related to COVID-19, reduced marketing activities including travel and salary and benefit expenses due to reduced headcount.

General and administrative expense was $2.4 million year-to-date compared with $2.2 million for the prior-year period. The increase in general and administrative expense was primarily due to higher legal and professional fees, public company expenses and insurance premium costs.

Research and development expense for the first half of 2021 was $1.6 million compared with $2.4 million for the first half of 2020. The decrease in research and development spending reflected lower spending as the Sculptura project entered production phase during 2020.

Net loss for the first half of 2021 was $(1.4) million, or $(0.08) per share, compared with a net loss of $(6.2) million, or $(0.38) per share, for the first half of 2020.

Adjusted EBITDA for the first half of 2021 was $(0.9) million compared with $(5.6) million in the first half of 2020.

Use of Non-GAAP Financial Information

This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures nor should it be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.

Conference Call and Webcast

The Company will host an investment community conference call today beginning at 4:30 p.m. Eastern time, during which management will discuss financial results for the 2021 second quarter and year-to- date, provide a business update and answer questions. To access the conference call, the dial-in numbers are (888) 390-3967 (U.S. and Canada) or 862-298-0702 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed here or in the Investors section of the Company’s website here.

Following the conclusion of the conference call, a replay will be available and can be accessed by dialing 888-539-4649 (U.S. and Canada) or 754-333-7735 (International). At the prompt, enter replay code 155912 followed by the # sign. An archived webcast of the call will also be available in the Investors section of the Company’s website for a period of time.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The

SculpturaTM modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam SculptingTM to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non- melanoma skin cancers and keloids with its SRT-100TM, SRT-100+TM and SRT-100 VisionTM systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Forward-Looking Statements

This press release 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,” "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 because they relate to events, developments, and circumstances relating to Sensus, 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 than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, 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 press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; 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; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action , that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

In addition, even if future events, developments, and circumstances are consistent with the forward- looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.

Contact:

LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]

 

###

BOCA RATON, Fla. (July 29, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive treatments for both oncological and non-oncological conditions, announces that management will hold a conference call on Thursday, August 5, 2021 at 4:30 p.m. Eastern time to discuss the financial results for the second quarter of 2021. In addition, management will provide a business update and a discussion on recent and upcoming milestones.

To access the conference call, the dial-in numbers are 888-390-3967 (U.S. and Canada Toll Free), 862-298- 0702 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed at the following link, which also may be found in the Investor Relations section of the Company’s website at www.sensushealthcare.com.

Following the conclusion of the conference call, a replay will be available and can be accessed by dialing 888-539-4649 (U.S. and Canada Toll Free), or 754-333-7735 (International). At the system prompt, dial the replay code – 155912 followed by the # sign. Playback will automatically begin. An archived webcast of the call will also be available in the Investor Relations section of the Company’s website for a period of time.

About Sensus Healthcare, Inc.

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The Sculptura™ modulated robotic brachytherapy radiation oncology system provides targeted Directional Anisotropic Radiation Therapy (ART) and Brachytherapy utilizing our proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Contact:

LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]

###

BOCA RATON, Fla. (July 22, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, today announced that management will participate in A.G.P.’s Virtual MedTech Summer Conference on Thursday, July 29, 2021.

The event will consist of one-on-one virtual investor meetings. Investors participating in the virtual conference who are interested in meeting with members of Sensus Healthcare’s management team should contact their A.G.P. representative. 

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The Sculptura™ modulated robotic brachytherapy radiation oncology system provides targeted Directional Anisotropic Radiation Therapy (ART) and Brachytherapy utilizing our proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Contact:

LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

 

#   #   #

Sensus Healthcare to Host First Quarter 2021 Financial Results and Business Update Conference Call on May 6, 2021

BOCA RATON, Fla. (April 29, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive treatments for both oncological and non-oncological conditions, announces that management will hold a conference call on Thursday, May 6, 2021 at 4:30 p.m. Eastern time to discuss the financial results for the first quarter of 2021. In addition, management will provide a business update and a discussion on recent and upcoming milestones.

To access the conference call, the dial-in numbers are 888-390-3967 (U.S. and Canada Toll Free), 862-298- 0702 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed at the following link, which also may be found in the Investor Relations section of the Company’s website at www.sensushealthcare.com.

Following the conclusion of the conference call, a replay will be available and can be accessed by dialing 888-539-4649 (U.S. and Canada Toll Free), or 754-333-7735 (International). At the system prompt, dial the replay code – 155558 followed by the # sign. Playback will automatically begin. An archived webcast of the call will also be available in the Investor Relations section of the Company’s website for a period of time.

About Sensus Healthcare, Inc.

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The SculpturaTM modulated robotic brachytherapy radiation oncology system provides targeted Directional Anisotropic Radiation Therapy (ART) and Brachytherapy utilizing our proprietary, state-of-the-art 3D Beam SculptingTM to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100TM, SRT-100+TM and SRT-100 VisionTM systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Contact:

LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

Mid-Atlantic Skin Surgery Institute in Maryland acquires a second SRT system

BOCA RATON, Fla. (April 13, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, today announced the installation of its 500th unit, achieving a key milestone set forth when the Company began operations in February 2011.  This milestone was met on April 5, 2021 when an SRT-100™ system was shipped to the Mid-Atlantic Skin Surgery Institute, led by George Verghese, M.D. who is opening his second office office in Maryland.

Dr. Verghese is a board-certified dermatologist who, in addition to maintaining his private practice, is an Assistant Clinical Professor of Dermatology at Howard University College of Medicine and former Mohs surgeon for the Veterans Affairs Medical Center in Washington, DC.  This SRT (superficial radiation therapy) system is the second Dr. Verghese has purchased, for a new office in his growing practice. He purchased his first Sensus SRT system in 2014, seven years ago.

“We are delighted to count Dr. Verghese among the growing number of distinguished clinicians who continues to see the SRT technology as an integral part of his growing practice,” said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. “We pride ourselves in being associated with physicians who put their patients first and make SRT available to those with non-melanoma skin cancer or keloids.  SRT is extremely efficacious, safe and non-invasive, making it a highly attractive treatment option for many patients.

“At the outset, our goal was to have 500 systems installed. In reaching this milestone, we feel we can add the next 500 units in half that time,” Mr. Sardano continued.  “Given growing awareness among clinicians as well as patients of the important features and benefits of our products, along with improved Medicare reimbursement for SRT treatments, we are optimistic this goal will be achieved.”

“SRT treatments have revolutionized the way that we offer patient solutions regarding skin cancer diagnosis,” commented Dr. Verghese. “Mid-Atlantic Skin is thrilled about acquiring our second SRT-100 device and Sensus's 500th worldwide offering skin cancer superficial radiation therapy to our Southern Maryland patient community.

“Patients desire options and many are surprised to learn that a non-surgical option for skin cancer is available, especially if the patient comes from another dermatology practice without SRT. In our experience, this innovation demonstrates excellent patient outcomes and we highly recommend Sensus as a preferred partner,” Dr. Verghese added.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The Sculptura™ modulated robotic brachytherapy radiation oncology system provides targeted Directional Anisotropic Radiation Therapy (ART) and Brachytherapy utilizing our proprietary, state-of-the-art 3D Beam Sculpting™ to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Forward-Looking Statements

This press release includes statements that are, or may be deemed, ''forward-looking statements.'' In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or, in each case, their negative or other variations thereon or comparable terminology, although not all forward-looking statements contain these words.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics, and healthcare, regulatory and scientific developments and depend on the economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance and that 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 press release, as a result of, among other factors:  our ability to achieve and sustain profitability; market acceptance of our product lines; our ability to successfully commercialize our products; our ability to compete effectively in selling our products and services, including responding to technological change and cost containment efforts of our customers; our need and ability to obtain additional financing in the future; our ability to expand, manage and maintain our direct sales and marketing organizations; our ability to obtain and maintain intellectual property of sufficient scope to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the willingness of healthcare providers to purchase our products if coverage, reimbursement and pricing from third party payors for procedures using our products declines; the level and availability of government and third party payor reimbursement for clinical procedures using our products; our ability to effectively manage our anticipated growth, including hiring and retaining qualified personnel; the regulatory requirements applicable to us and our competitors; our ability to manufacture our products to meet demand; our current reliance on third party manufacturers and sole- or single-source suppliers, as well as our ability to successfully transition manufacturing of our products in-house; our ability to reduce the per unit manufacturing costs; our ability to efficiently manage our manufacturing processes; the regulatory and legal risks, and certain operating risks, that our international operations subject us to; the fact that product quality issues or product defects may harm our business; the accuracy of our financial statements and accounting estimates, including allowances for accounts receivable and inventory obsolescence; any product liability claims; new legislation, administrative rules, or executive orders, including those that impact taxes and international trade regulation; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in Sensus Healthcare's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.

Contact:

LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

Effectiveness and Utility of SRT-100TM Demonstrated in the Companion-Animal Market

Best-in-class localization features of SRT-100 enable new radiation therapy options in veterinary settings

BOCA RATON, Fla. (March 16, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announced today that the first canine patient was successfully treated with the company’s SRT-100TM system. SRT-100 systems utilize Sensus Healthcare’s proprietary low-energy x-ray technology known as superficial radiation therapy (SRT) that enables radiation therapy to target harder-to-reach lesions, such as those often found in animal patients.

The canine, an American bulldog, named Daisy, was treated at Flint Animal Cancer Center at the Colorado State University (CSU) James L. Voss Veterinary Teaching Hospital. Daisy was the first canine patient anywhere to be treated with the SRT-100. The agreement with the school calls for the development of protocols for SRT use and the publishing of clinical data.

Daisy was diagnosed with two small mast cell tumors, one on her muzzle and the other on her lower eyelid. Following six treatments supported by SRT-100, there was a reduction in the size of both masses, negating the need for surgery, with hair loss being the only notable side effect.

“This was the first opportunity we had to employ the Sensus Healthcare device. In the past, we have been limited with our treatment options, especially when the tumors were too small or unreachable for traditional radiation therapies, as was the case with Daisy,” said Dr. Tiffany Martin, radiation oncologist at the Flint Animal Cancer Center. “We expect to see a growing use of this technology to treat other superficial skin or oral cancers, potentially alongside intraoperative surgery to treat questionable surgical margins.”

John Heinrich, Ph.D., a member of the Sensus Healthcare board of directors and the key relationship contact with CSU, added, “We are pleased to hear of Daisy’s recovery and of the groundbreaking work by the team of oncologists and veterinarians at Colorado State University Veterinary Teaching Hospital. Their work affirms the importance of our partnerships and how they continually expand our application potential and demonstrate the critical role of the SRT-100 in the treatment landscape.”

SRT-100 is used by dermatologists in human medicine to treat non-melanoma skin lesions, including basal cell and squamous cell carcinomas. The SRT-100 from Sensus Healthcare is being used to explore possible applications in veterinary medicine, which represents a potential new market for Sensus.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The SculpturaTM modulated robotic brachytherapy radiation oncology system provides targeted Directional Anisotropic Radiation Therapy (ART) and Brachytherapy utilizing our proprietary, state-of- the-art 3D Beam SculptingTM to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100TM, SRT-100+TM and SRT- 100 VisionTM systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Forward-Looking Statements

This press release includes statements that are, or may be deemed, ''forward-looking statements.'' In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or, in each case, their negative or other variations thereon or comparable terminology, although not all forward-looking statements contain these words.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics, and healthcare, regulatory and scientific developments and depend on the economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. Although we believe that we have a reasonable basis for each forward- looking statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance and that 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 press release, as a result of, among other factors: our ability to achieve and sustain profitability; market acceptance of our product lines; our ability to successfully commercialize our products; our ability to compete effectively in selling our products and services, including responding to technological change and cost containment efforts of our customers; our need and ability to obtain additional financing in the future; our ability to expand, manage and maintain our direct sales and marketing organizations; our ability to obtain and maintain intellectual property of sufficient scope to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; the willingness of healthcare providers to purchase our products if coverage, reimbursement and pricing from third party payors for procedures using our products declines; the level and availability of government and third party payor reimbursement for clinical procedures using our products; our ability to effectively manage our anticipated growth, including hiring and retaining qualified personnel; the regulatory requirements applicable to us and our competitors; our ability to manufacture our products to meet demand; our current reliance on third party manufacturers and sole- or single-source suppliers, as well as our ability to successfully transition manufacturing of our products in-house; our ability to reduce the per unit manufacturing costs; our ability to efficiently manage our manufacturing processes; the regulatory and legal risks, and certain operating risks, that our international operations subject us to; the fact that

product quality issues or product defects may harm our business; the accuracy of our financial statements and accounting estimates, including allowances for accounts receivable and inventory obsolescence; any product liability claims; new legislation, administrative rules, or executive orders, including those that impact taxes and international trade regulation; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in Sensus Healthcare's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward- looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.

Contact:

LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

BOCA RATON, Fla., (March 8, 2021) – Sensus Healthcare, Inc. (NASDAQ: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost- effective treatments for oncological and non-oncological conditions, today announced that Joe Sardano, Chairman and Chief Executive Officer, will participate in three virtual investment conferences during the month of March, as follows:

  • The H.C. Wainwright Global Life Sciences Virtual Conference with one-on-one meetings being held March 9-10, 2021
  • The Virtual 33rd Annual Roth Conference with one-on-one meetings being held March 15- 17, 2021 in a live panel discussion titled, “Flipping the Switch to Profitability” to be held on March 16 at 10:00 a.m. Eastern time
  • The Maxim Group Emerging Growth Virtual Conference being held March 17-18, 2021 with one-on-one meetings scheduled after the event

 
A link to the H.C. Wainwright Conference will be available on the Company’s website at the conclusion of the conference. A link to the Roth Capital Partners panel discussion will be available in the Investors section of the Company’s website at panel start time. Institutional and other investors interested in scheduling a one-on-one meeting with Sensus Healthcare during any of these conferences should contact their sales representative at the sponsoring investment bank.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non- invasive, minimally-invasive and cost-effective treatments for both oncological and non- oncological conditions. The SculpturaTM modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam SculptingTM to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non- melanoma skin cancers and keloids with its SRT-100TM, SRT-100+TM and SRT-100 VisionTM systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Contact information

LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

Achieves fourth quarter net income of $1.0 million on revenues of $5.1 million

Conference call begins at 4:30 p.m. Eastern time today

 

BOCA RATON, Fla. (February 25, 2021) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces financial results for the three and 12 months ended December 31, 2020.

Highlights from the fourth quarter of 2020 and recent weeks include the following (all comparisons are with the fourth quarter of 2019, unless otherwise indicated):

  • Shipped 18 systems during the quarter, including 12 domestic direct sales and three systems to China
  • Shipped a system to Holy Name Medical Center in Teaneck, New Jersey to deliver superficial radiation therapy (SRT) to the lungs of COVID-19 patients with pneumonia
  • The Centers for Medicare and Medicaid Services (CMS) significantly increased reimbursement for the main SRT code along with meaningful increases in Evaluation & Management (E/M) codes
  • The Journal of Clinical and Aesthetic Dermatology published a retrospective study showing keloidectomy followed by SRT had an approximate 10% recurrence rate, compared with an expected recurrence rate of more than 80% following surgical excision alone
  • Maintained customer support during the COVID-19 pandemic via frequent direct outreach and a series of online programs highlighting the benefits of SRT to treat non-melanoma skin cancer
  • Launched new FDA-cleared aesthetic lasers via Sensus Laser Aesthetic Services (SLAS), the company’s mobile aesthetic laser business
  • Continued generating recurring revenue via the SentinelTM IT Solutions package, now included in just-launched aesthetic lasers as well as SRT-100 VisionTM systems
  • Revenues were $5.1 million, compared with $8.5 million a year ago and up from $1.6 million in the third quarter of 2020
  • Net income was $1.0 million, or $0.06 per diluted share, unchanged from the prior year
  • Adjusted EBITDA, a non-GAAP financial measure, was $1.3 million for both fourth quarter of 2020 and 2019

 

Management Commentary

“Revenues improved significantly during the fourth quarter compared with the first three quarters of the year. Reflecting our keen attention to operating expenses. We generated net income of $1.0 million for the quarter, a positive finish to a very challenging year,” said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. “While our business continues to be impacted by the pandemic, the cautious reopening of regional economies across the U.S. allowed Sensus to resume sales. We were delighted to

ship 18 SRT systems during the quarter, including 12 domestic direct sales and three to China. We are cautiously optimistic that markets will recover during the coming year, and plan to step up select hiring in our sales organization.

“During the fourth quarter, two clinical studies on the use of SRT for the prevention of keloid recurrence were published. One showed keloidectomy followed by SRT had an approximate 10% recurrence rate, compared with an expected recurrence rate of more than 80% following surgical excision alone. The other showed that a single low dose of SRT following excision of 14 keloids had an approximate 6.25% recurrence rate at six months, and for the 10 patients available for follow-up at 24 months none of the keloids had recurred.

“We were delighted that CMS revalued our main code following years of lobbying, issuing a new, final reimbursement amount for CPT® code 77401 of approximately $44 per treatment, effective January 1, 2021. In addition, E/M codes that CMS directs users of SRT to utilize have increased by 30%. Other codes were revalued upward for the ultrasound capability in our SRT-100 Vision systems. Zoom Meetings to present these new coding values have been scheduled, hosted by Dr. Mark Nestor, President of the American Cutaneous Oncology Society (ACOS). We are pleased our physician customers will now be provided with a more fair and equitable reimbursement for a procedure with favorable outcomes without the potential complications. While in the midst of peak Covid – 19 conditions, SRT was proven a valuable tool for our physicians and their patients and should become part of “best practices” procedure in the new normal post Covid-19 as well. We believe new reimbursement amounts will catalyze additional physician interest in adding SRT to their treatment armamentarium.

“Although COVID-19 impacted sales, it also presented an opportunity for Sensus to offer a treatment for pneumonia in COVID-19 patients by delivering superficial radiation to the lung. We shipped an SRT system to Holy Name Hospital in Teaneck, New Jersey, a hospital on the forefront of COVID-19 therapy. We expect to receive data on the efficacy of our system for this use during the next weeks and note that preliminary data suggest a positive therapeutic effect. Our SRT systems are well-suited for COVID-19 as they are portable and allow for bedside treatment in the intensive care unit, rather than transporting patients to a cancer treatment center for radiation therapy and possibly exposing vulnerable patients to the virus.”

Mr. Sardano added, “We have 510(k) clearance for four aesthetic lasers equipped with our SentinelTM IT Solutions software to be introduced by the end of the first quarter 2021. Sentinel provides asset management and HIPAA-compliant patient data and storage capability, and also contains the software necessary to support shared service models including direct patient billing. We have integrated these lasers into SLAS, our mobile aesthetic laser division that we expect will become a meaningful source of revenue growth, in particular as we roll out two disruptive rental strategies during the first quarter of 2021. These strategies are designed to generate consistent revenue for Sensus, while providing physician customer with access to multiple lasers. We are also looking at expanding our mobile aesthetic laser business beyond Florida via strategic transactions.

“Business in China picked up during the fourth quarter with the sale of three systems. Plus, as of January 1, 2021 we have a new distribution partner for China and Hong Kong. Our new VP of international sales has developed an extensive network of prospects in China, and we are optimistic that China represents an excellent growth opportunity. In addition, we are finalizing a new distributor in Taiwan and are preparing SculpturaTM for the regulatory process in China. Sculptura is our Anisotropic Radiation Therapy with Beam SculptingTM capabilities and Robotic Respiratory Tracking for up to 17 different indications.

“I am so very proud of our staff and the way we kept our focus on customers and patients throughout the pandemic. We believe the worst is behind us and that we are well positioned to resume the growth trajectory that was interrupted almost exactly one year ago,” concluded Mr. Sardano.

Fourth Quarter Financial Results

Revenues for the fourth quarter of 2020 were $5.1 million, compared with $8.5 million for the fourth quarter of 2019. The decrease was due to lower number of units sold as a result of COVID-19.

Gross profit for the fourth quarter of 2020 was $3.2 million, or 63.4% of revenues, compared with $5.5 million, or 64.1 % of revenues, for the fourth quarter of 2019.

Selling and marketing expense for the fourth quarter of 2020 was $1.3 million, compared with $2.5 million for the fourth quarter of 2019. The decrease was primarily due to a reduction in tradeshow expense and sales commissions.

General and administrative expense for the fourth quarter of 2020 was $0.8 million, compared with $1.1 million for the fourth quarter of 2019. The decrease primarily reflects the impact of bad debt expense in 2019.

Research and development expense for the fourth quarter of 2020 was $0.8 million, compared with $0.9 million for the fourth quarter of 2019. The decrease was mainly due to lower expenses related to Sculptura development, as commercial production started.

Net income for both the fourth quarter of 2020 and 2019 was $1.0 million, or $0.06 per diluted share.

Adjusted EBITDA for both the fourth quarter of 2020 and 2019 were $1.3 million. Adjusted EBITDA a non- GAAP financial measure, is defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the specific reasons these non-GAAP financial measures are provided.

Cash and investments were $14.9 million as of December 31, 2020, compared with $15.5 million as of December 31, 2019. The company had a small long-term debt and no outstanding borrowings under its revolving line of credit both during 2020 and as of December 31, 2020.

Full Year 2020 Financial Results

Total revenues for 2020 were $9.6 million, compared with $27.3 million for 2019. Gross profit for 2020 was $5.2 million, or 54.8% of revenue, compared with $17.6 million, or 64.4% of revenue, for 2019. The decrease in revenue, gross profit and gross margin is primarily due to the lower number of units sold, reflecting the impact of COVID-19.

Selling and marketing expense decreased to $5.3 million for 2020 from $9.1 million in the prior year, primarily due to cancellations of trade shows due to COVID-19, a decrease in commission expense due to lower sales, and reduced spending on marketing activities. General and administrative expense was unchanged at $4.0 million for both years. Research and development expense was $4.2 million for 2020, compared with $6.4 million for 2019. The decrease was primarily due to lower spending as the Sculptura project entered commercial production during 2020.

The net loss for 2020 was $(6.8) million, or $(0.42) per share, compared with a net loss of $(1.7) million, or $(0.10) per share, for 2019.

Adjusted EBITDA for 2020 was $(5.8) million, compared with $(0.8) million for 2019.

Use of Non-GAAP Financial Information

This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures nor should it be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.

 

Conference Call and Webcast

The Company will host an investment community conference call today beginning at 4:30 p.m. Eastern time, during which management will discuss financial results for the 2020 fourth quarter, provide a business update and answer questions. To access the conference call, the dial-in numbers are 888-390- 3967 (U.S. and Canada) or 862-298-0702 (International). Please direct the operator to be connected to the Sensus Healthcare conference call. The call will be webcast live and can be accessed here or in the Investors section of the Company’s website here.

Following the conclusion of the conference call, a replay will be available and can be accessed by dialing 888-539-4649 (U.S. and Canada) or 754-333-7735 (International). At the prompt, enter replay code

155222 followed by the # sign. An archived webcast of the call will also be available in the Investors section of the Company’s website for a period of time.

About Sensus Healthcare

Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for both oncological and non-oncological conditions. The SculpturaTM modulated robotic brachytherapy radiation oncology system provides targeted directional anisotropic radiation therapy (ART) and brachytherapy utilizing our proprietary, state-of-the-art 3D Beam SculptingTM to treat patients undergoing cancer treatment during surgery, or at the tumor site, fast and efficiently. Sensus also offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non- melanoma skin cancers and keloids with its SRT-100TM, SRT-100+TM and SRT-100 VisionTM systems. With its portfolio of innovative medical device products, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.

For more information, visit www.sensushealthcare.com.

Forward-Looking Statements

This press release 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,” "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 because they relate to events, developments, and circumstances relating to Sensus, 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 than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, 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 press release, as a result of the following factors, among others: the continuation and severity of the COVID-19 pandemic, including its impact on sales and marketing; our ability to achieve profitability; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; 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; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from our international operations; legislation, regulation, or other governmental action , that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

In addition, even if future events, developments, and circumstances are consistent with the forward- looking statements contained in this press release, they may not be predictive of results or developments

in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Cautionary Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.

Click here for full press release including tables.

Contact:
LHA Investor Relations

Kim Sutton Golodetz

212-838-3777

[email protected]

 

 

 

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