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    SRTS
    Earnings call· Jun 2026(Q2 FY26)

    Sensus Healthcare Q2 FY26 earnings call SRTS

    Aug 13, 2026 Source

    Executive summary

    Sensus Healthcare Q2 FY26 — Delayed Revenue Recognition, Stronger H2 Outlook

    Sensus Healthcare's second quarter was significantly impacted by the delayed recognition of revenue from eight units, pushing approximately $2 million into Q3. Despite this, the company reports strengthening commercial momentum, a growing pipeline, and increasing interest from larger physician groups and health systems, driven by new CPT codes. Management remains confident in a stronger second half of 2026, focusing on execution and conversion of these opportunities, alongside strategic international expansion and recurring revenue growth.

    Highlights

    5

    • Eight units with $2M revenue (at $250k ASP) delayed from Q2 have since been approved and will be recognized in Q3.

    • Hospital physician fee schedule for SRT (under 150 KV) proposed to increase 26%.

    • Commercial momentum strengthened with growing pipeline and broader customer engagement.

    • Fair Deal Agreement program utilization is increasing, contributing to future recurring revenue.

    • International interest growing, particularly in Asia Pacific, with Australia showing strong engagement.

    Concerns

    5

    • Revenue for the quarter was $2.3 million, a decrease of approximately $5 million compared to $7.3 million in Q2 2025.

    • Net loss for the quarter was $8.7 million, or $0.53 per share, compared to a net loss of $1 million, or $0.06 per share, in Q2 2025.

    • Adjusted EBITDA was negative $3 million, compared to negative $1.8 million in Q2 2025.

    • Gross margin decreased to 34.8% from 39.7% in the prior year period, primarily due to product mix including higher international shipments with lower ASPs.

    • A $5.7 million valuation allowance against net deferred tax assets was included in Q2 2026 results.

    Guidance & targets

    2
    CategoryTargetConfidence
    Second Half Performance
    Stronger performance during the second half of 2026
    high materiality
    High
    Second Half Performance
    Second half of 2026 will be stronger than the first
    high materiality
    High

    Operational metrics

    13
    Adjusted EBITDA
    negative $3 millionvs. negative $1.8 million in Q2 FY25
    Q2 FY26

    Adjusted EBITDA is a non-GAAP financial measure.

    Cash and cash equivalents
    $15.2 millionvs. $18.3 million as of March 31, 2026
    as of June 30, 2026

    Balance sheet item.

    Inventory
    $18.4 millionvs. $16.5 million as of March 31, 2026
    as of June 30, 2026

    Balance sheet item.

    Prepaid inventory
    $0.6 million
    as of June 30, 2026

    Balance sheet item.

    Gross profit
    $0.8 millionvs. $2.9 million in Q2 FY25
    Q2 FY26

    Decrease primarily due to lower units sold.

    Gross margin
    34.8%vs. 39.7% in Q2 FY25
    Q2 FY26

    Impacted by product mix and Fair Deal Agreement placements.

    General and administrative expense
    $1.8 millionvs. $2 million in Q2 FY25
    Q2 FY26

    Operating expense.

    Selling, general and administrative expense
    $1.1 millionvs. $1.4 million in Q2 FY25
    Q2 FY26

    Operating expense.

    Research and development expense
    $1.1 millionvs. $1.5 million in Q2 FY25
    Q2 FY26

    Operating expense.

    Other income
    $0.1 millionvs. $2.2 million in Q2 FY25
    Q2 FY26

    Relates primarily to interest income.

    Units sold
    11 unitsvs. 19 units in Q2 FY25
    Q2 FY26

    Includes Fair Deal Agreements and rentals.

    Average Selling Price (ASP) for SRT-100
    $250,000
    Q3 FY26 (expected)

    Expected ASP for the 8 delayed SRT-100 units recognized in Q3.

    Hospital physician fee schedule increase for SRT
    26%
    Proposed

    Proposed increase for reimbursement affecting SRT.

    Industry KPIs

    6
    MetricValueDetails
    System utilizationincreasing
    Pricing realized pricelower average selling prices
    Installed base system placements11 unitsunits
    Consumables recurring revenue mix50/50 pace
    Sales force commercial capacity buildhired inside salespeople
    Indicated addressable patient populationnearly 70%%

    Risks & headwinds

    6
    Delayed revenue recognition due to third-party financing issuesQ2 FY26 impact, Q3 FY26 recognition

    8 units, approximately $2 million in revenue, delayed from Q2 FY26 to Q3 FY26

    Mitigation: Discontinued relationship with the non-performing bank; secured financing from another bank for the delayed units.

    Lower unit sales year-over-yearQ2 FY26

    11 units sold in Q2 FY26 vs. 19 units in Q2 FY25

    Mitigation: Focus on converting growing pipeline, expanding customer base, and increasing utilization of existing systems.

    Gross margin compression due to product mixQ2 FY26

    Gross margin decreased to 34.8% in Q2 FY26 from 39.7% in Q2 FY25

    Mitigation: Expects Fair Deal Agreement placements to contribute revenue over future periods as utilization increases.

    Significant net loss and negative Adjusted EBITDAQ2 FY26

    Net loss of $8.7 million and Adjusted EBITDA of negative $3 million in Q2 FY26

    Mitigation: Confidence in stronger second half performance driven by execution and conversion of commercial opportunities.

    Valuation allowance against net deferred tax assetsQ2 FY26

    $5.7 million valuation allowance

    Mitigation: Not explicitly stated, but implies a focus on returning to profitability to utilize deferred tax assets.

    Former large customer not purchasing unitsOngoing, not expected in H2 FY26

    No units purchased by former largest customer

    Mitigation: Building a broader, more diversified customer base to reduce reliance on any single customer.

    What to watch in Q3 FY26

    5

    Revenue recognition of delayed units

    Q3 FY26
    Current8 units, ~$2M revenue delayed from Q2
    TargetFull recognition in Q3 FY26

    Why it matters

    This revenue was expected in Q2 and its recognition in Q3 is crucial for H2 performance.

    The good news is that the eight units in question have since been approved and the related revenue will be recognized in the third quarter.

    Q&A highlights

    6

    Clarification on the 8 delayed units, their type, and average selling price (ASP).

    The 8 units were SRT-100s, not Vision systems, and had an expected average selling price of approximately $250,000 each. These units have already been approved and sold in Q3 by a different bank.

    “They were all the – not the visions. They were all the 100s, and we're expecting to have an average selling price of closer to 250.”

    asked by Anthony Vendetti · answered by Joseph Sardano

    2 min read7 chapters

    Detailed Narrative

    01

    Impact of Delayed Financing on Q2 Results

    Sensus Healthcare's Q2 2026 financial results were significantly affected by a third-party financing delay. Eight equipment units, expected to be recognized in Q2, were not approved before June 30th, preventing approximately $2 million in related revenue from being recognized. These units have since been approved and the revenue will be recognized in Q3, leading to the company discontinuing its relationship with the non-performing bank.

    02

    Commercial Momentum and CPT Code Adoption

    The company is experiencing strengthened commercial momentum, attributing it to market education around new CPT codes implemented on January 1st. Physicians now have greater reimbursement clarity, shifting conversations from whether to adopt SRT to how to incorporate it into their practices. This has resulted in a stronger pipeline and increased inbound interest.

    03

    Broadening Customer Base and Market Reach

    Sensus is actively engaging with a broader range of customers, including independent dermatology practices, larger physician groups, and health systems. Opportunities with larger organizations are increasing, representing potential for multiple locations and systems, which is seen as the future for sustainable, predictable growth and a more diversified customer base.

    04

    International Expansion Efforts

    International interest is growing, particularly across Asia Pacific. Michael Sardano spent considerable time in Australia, New Zealand, China, and Hong Kong, developing opportunities. Australia, with nearly 70% of its population developing skin cancer by age 70, is highlighted as a prime market for SRT growth, with active relationship development underway.

    05

    Fair Deal Agreements and Direct Ownership Mix

    The company observes a balanced demand between its Fair Deal Agreement (FDA) program and outright system purchases, with the recurring revenue model maintaining about a 50/50 pace with direct sales. The FDA model remains attractive for larger groups, while direct ownership is chosen by practices understanding the new reimbursement economics. Increased utilization of FDA placements is expected to contribute future revenue.

    06

    CensusLink Activation and Software Strategy

    SensusLink, the company's software offering, is being actively expanded, with new customers adopting it and inside salespeople hired to onboard existing SRT users. While a monthly charge, it offers high margins and aims to enhance the user experience, making SRT devices easier to operate and keeping users engaged through continuous software updates, similar to modern vehicle technology.

    07

    Hospital Reimbursement Increase

    The proposed hospital physician fee schedule indicates a 26% increase for Level 1 radiation, which directly affects SRT (anything under 150 KV). This positive development is expected to further support the adoption and economic viability of SRT procedures within hospital settings.

    AI-generated summary of the company’s earnings call. Not investment advice.