Are the pipeline opportunities early-stage conversations or closer to conversion for H2?

The pipeline is a mix of new customers and those engaged over the last 6-9 months, with strong expectations for conversion in the second half of the year, aligning with previous guidance for sequential improvement. “The pipeline really started from day one of this year when we started going through the education and training process of what the new CPT codes represented. And so it's a combination of of a lot of new customers, but a lot of customers that we've been talking to over the last six to nine months, quite frankly.”

Is the former largest customer purchasing units, and is there an expectation for them to do so in H2?

No units are currently being purchased by that customer, and management does not expect any purchases in H2 2026, as they are still reevaluating their models. “No units are being purchased by them, and I would say that we're not expecting any units to be purchased by them. I think that they're still going through. what they have to discuss amongst themselves to reevaluate their models.”

What is the expected revenue mix between Fair Deal Agreements and outright sales, especially considering international sales are usually direct?

The recurring revenue model (Fair Deal Agreements) is currently at about a 50/50 pace with outright purchases, reflecting demand from both types of customers. “I think we're seeing the recurring revenue model at about a 50 50 pace with outright purchase.”

SRTS

Sensus Healthcare (SRTS) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Health Care· Aug 13, 2026

Source: earnings call transcript

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

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

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

Category	Target	Timeline	Confidence
Second Half Performance	Stronger performance during the second half of 2026 high materiality	H2 FY26	High
Second Half Performance	Second half of 2026 will be stronger than the first high materiality	H2 FY26	High

Risks & headwinds

Delayed revenue recognition due to third-party financing issues Q2 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-year Q2 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 mix Q2 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 EBITDA Q2 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 assets Q2 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 units Ongoing, 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

Revenue recognition of delayed units

Q3 FY26

Current 8 units, ~$2M revenue delayed from Q2

Target Full 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.

Find out whether SRTS delivers this. Inve re-checks your case every morning.

Q&A highlights

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 read 7 chapters

Detailed narrative

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.

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.

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.

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.

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.

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.

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.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.