Sensus Healthcare (SRTS) Q1 2026 earnings summary

Executive summary

• Transitioned to a new reimbursement environment with dedicated CPT codes for superficial radiotherapy effective January 1, 2026, fundamentally changing business dynamics and improving reimbursement clarity.

• Focused on five strategic priorities: market education, customer adoption, recurring revenue growth, commercial model diversification, and sustainable profitability.

• Saw increased customer inquiries, pipeline growth, and broader engagement from dermatology practices and hospital systems.

• Shipped 14 SRT systems in Q1 2026 (10 direct, 4 under Fair Deal/rental), matching Q4 shipments but down from 30 in Q1 2025; none of the direct sales were to the largest customer.

• Ended the quarter with $18.3 million in cash and no debt.

Financial highlights

• Q1 2026 revenue was $3.4 million, down from $8.3 million in Q1 2025, mainly due to no sales to the historically largest customer and fewer units shipped.

• Excluding sales to the largest customer, revenue increased from $2.7 million to $3.4 million, reflecting underlying growth and diversification.

• Gross profit was $1 million (29.2% margin) versus $4.4 million (52.2% margin) in Q1 2025, with margin decline driven by product mix, more Fair Deal placements, and higher international shipments.

• Adjusted EBITDA was negative $4.2 million, compared to negative $2.5 million in Q1 2025.

• Net loss was $2.6 million or $0.16 per share, unchanged from the prior year.

Outlook and guidance

• Q2 2026 revenue expected to be higher than Q1, with second half revenue projected to exceed the first half as pipeline momentum builds.

• Profitability targeted for full-year 2026, with each quarter expected to improve sequentially.

• Revenue from recurring streams, including FDA, service, and software, anticipated to represent a growing share of total revenue.

• Management is focused on education, accelerating adoption, expanding recurring revenue, broadening commercial reach, and driving toward profitability in 2026.

• New CPT Codes are expected to improve sales pipeline quality, customer engagement, and decision-making speed.