SRTS stock exploded 37% higher in after-hours trading on February 25, 2021, after the company reported earnings and revenue beats.
Sensus Healthcare reports Q4 EPS of 6c versus the consensus estimate of (11c). The company reports Q4 revenue of $5.09M versus the consensus estimate of $2.53M.
“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.
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 Sentinel™ IT Solutions package, now included in just-launched aesthetic lasers as well as SRT-100 Vision™ 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