Sensus Healthcare Inc. (NASDAQ:SRTS) is a pioneering medical device company that specializes in the development and commercialization of non-invasive and minimally invasive treatments for skin cancer and other dermatological conditions. Founded with a vision to transform patient care through advanced radiotherapy technology, Sensus has become a global leader in superficial radiotherapy (SRT) systems — innovative devices that allow dermatologists and oncologists to treat non-melanoma skin cancers and keloids without the need for surgery, anesthesia, or prolonged recovery time. Headquartered in Boca Raton, Florida, the company is committed to delivering cutting-edge medical technologies that enhance patient outcomes while reducing the cost and complexity of care.
At the heart of Sensus Healthcare’s product portfolio is the SRT-100™ platform, a family of FDA-cleared devices designed to provide safe, effective, and cosmetically superior outcomes for patients with basal cell and squamous cell carcinomas. The SRT-100 Vision™, one of the company’s most advanced systems, integrates high-frequency ultrasound imaging with low-energy radiotherapy, giving physicians precise visualization and targeted treatment capabilities. This combination of imaging and therapy sets Sensus apart in the field of skin oncology, allowing doctors to accurately determine lesion depth, monitor treatment progress, and minimize damage to surrounding healthy tissue. Over the years, Sensus has expanded the use of its technology beyond oncology into aesthetic dermatology, keloid scar management, and other non-invasive therapeutic areas, demonstrating its versatility and scalability across multiple clinical applications.
Sensus Healthcare’s business model is anchored in innovation, clinical efficacy, and accessibility. By providing an alternative to surgical excision and Mohs surgery, the company’s SRT devices address a significant unmet need in dermatologic oncology — offering a less invasive, cost-effective solution with superior cosmetic results. Non-melanoma skin cancer is one of the most common malignancies in the world, with millions of new cases diagnosed annually. As the population ages and awareness of skin health grows, the demand for non-invasive treatments continues to rise. Sensus Healthcare has positioned itself at the forefront of this market by enabling dermatology clinics, hospitals, and outpatient centers to expand their treatment capabilities and improve patient satisfaction through the integration of SRT technology.
Beyond its flagship SRT devices, Sensus Healthcare continues to advance its product pipeline with new technologies designed to expand its market reach and address additional clinical needs. The company’s upcoming TDI system, currently under FDA review, aims to bring new levels of precision and depth to radiotherapy applications, enabling the treatment of deeper or more complex lesions while maintaining safety and accuracy. In addition to its innovation in radiotherapy, Sensus has launched the Fair Deal Agreement (FDA) program, a strategic initiative that allows healthcare providers to acquire and utilize SRT systems through flexible financing and revenue-sharing models. This approach not only reduces upfront costs for medical practices but also ensures recurring revenue streams for Sensus, strengthening its long-term financial sustainability.
Sensus Healthcare’s growth is also supported by its international expansion strategy and strong relationships with healthcare providers worldwide. The company’s products are now distributed in multiple countries across North America, Europe, Asia, and Latin America, supported by regulatory certifications including the Medical Device Single Audit Program (MDSAP). Its expanding global installed base — which surpassed 880 systems in early 2025 and is projected to reach 1,000 within a year — underscores the increasing acceptance of SRT technology as a preferred treatment option for skin cancer and related conditions. Through its international partnerships and training programs, Sensus is helping physicians around the world adopt modern, non-invasive approaches to patient care.
Under the leadership of Joe Sardano, President and Chief Executive Officer, Sensus Healthcare has built a reputation for excellence in medical device innovation and execution. Sardano’s vision for the company centers on delivering safer, simpler, and more effective alternatives to surgery while maintaining a strong commitment to physician education and patient advocacy. This strategy has not only established Sensus as a trusted name in the dermatology and oncology communities but has also laid the foundation for sustained long-term growth.
Financially, Sensus Healthcare remains well-positioned for continued expansion, supported by a solid balance sheet with no debt and ample cash reserves. The company’s recurring revenue model, bolstered by service contracts, Fair Deal Agreement partnerships, and consumable sales, provides predictable income and scalability. As it continues to invest in research and development, Sensus aims to expand its clinical indications and deepen its presence in both established and emerging healthcare markets.
Today, Sensus Healthcare represents the future of non-invasive cancer care — a company where technology, precision, and compassion converge to redefine how skin cancer and dermatological conditions are treated. By pioneering safe, effective, and patient-friendly alternatives to traditional surgery, Sensus is not only improving outcomes but also shaping a new standard in medical innovation. As global healthcare systems move toward value-based care and minimally invasive solutions, Sensus Healthcare stands out as a company uniquely positioned to meet this evolving demand and deliver meaningful, lasting impact for patients and practitioners alike.
Expanding Leadership in Non-Invasive Skin Cancer Treatment Technology
Sensus Healthcare Inc. (NASDAQ:SRTS) continues to strengthen its leadership in the field of superficial radiotherapy (SRT) — a non-invasive technology designed to treat non-melanoma skin cancer and keloids without surgery or anesthesia. As global demand for non-surgical skin cancer treatment devices grows, Sensus stands out as one of the few companies combining innovation, affordability, and proven clinical outcomes. With its flagship SRT-100 Vision™ and upcoming TDI system, Sensus is redefining how dermatologists, oncologists, and outpatient clinics manage cancer care and aesthetic procedures.
The company’s first-quarter 2025 results demonstrated that while revenue softness persisted, the strategic groundwork for a multi-quarter rebound has been firmly established. Through strong adoption of its Fair Deal Agreement (FDA) program, record system shipments, and steady expansion in installed systems, Sensus Healthcare is positioning itself for accelerated profitability and long-term shareholder value.
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Revenue Acceleration and Expanding Installed Base
For the first quarter of 2025, Sensus Healthcare reported $8.3 million in revenue, compared to $10.7 million during the same quarter in 2024. Although this reflected a temporary slowdown due to lower unit sales from its largest customer, the company’s operational progress paints a much more promising long-term picture. Sensus successfully shipped 21 SRT systems during the quarter, expanding its global installed base to over 880 units. Management projects that it will surpass 1,000 installed systems within the next 12 months—a critical milestone reflecting the company’s dominance in the SRT segment.
This growing installed base provides Sensus with recurring revenue opportunities from service contracts, training, and consumables, creating a foundation for predictable cash flow. Furthermore, Sensus’ expanding footprint enables more clinics to adopt its Fair Deal Agreement (FDA) model, which aligns long-term clinic performance with recurring patient treatment revenue.
Fair Deal Agreement Program: A Catalyst for Recurring Revenue
One of Sensus Healthcare’s most compelling catalysts for growth is its Fair Deal Agreement program—a model that allows clinics to lease SRT systems and share in revenue from patient treatments. This strategy significantly reduces upfront costs for healthcare providers while enabling Sensus to capture ongoing treatment-based income.
In Q1 2025, the Fair Deal Agreement program experienced a 65% increase in patient treatments compared to Q4 2024, reflecting accelerating adoption among dermatology practices and outpatient clinics. CEO Joe Sardano emphasized that the program’s contribution will become material in the second half of 2025, with each subsequent quarter expected to return to profitability driven by FDA-related revenues and direct product sales.
As smaller and mid-sized dermatology networks increasingly recognize the value of non-invasive radiotherapy, Sensus is gaining traction with multi-site operators. The company expects to sign three to five additional multi-site Fair Deal customers this year, which could exponentially grow recurring treatment volumes and elevate overall profitability in 2026.
Strong Balance Sheet and Financial Resilience
Sensus Healthcare remains in a financially sound position with $19.1 million in cash and no debt, providing the liquidity needed to sustain R&D initiatives and marketing expansion. While the company reported a net loss of $2.6 million in Q1 2025 compared to a net income of $2.3 million in the prior-year quarter, the increase in operating expenses was strategically driven by growth investments—particularly in marketing, product innovation, and Fair Deal infrastructure.
Operating expenses rose due to higher professional fees, compensation, and R&D spending, which reached $2.6 million compared to $0.9 million last year. This increase signals the company’s commitment to advancing its product pipeline and strengthening its brand presence at major medical and industry events. Importantly, management reaffirmed that the company remains on track to achieve profitability within the next three quarters and for the full fiscal year 2025.
Innovation Pipeline: TDI System and FDA Approval Momentum
Sensus Healthcare’s innovation engine continues to drive excitement within the medical technology sector. The company’s highly anticipated TDI system, designed for deeper and more targeted tissue treatment, is currently under 510(k) review by the FDA. According to CEO Joe Sardano, no follow-up questions have been received from regulators since submission—an encouraging sign suggesting the review is progressing smoothly. The company expects a final determination by the end of 2025, potentially unlocking a new chapter of growth across oncology and aesthetic applications.
This innovation pipeline reinforces Sensus’ reputation as a pioneer in radiation-based skin cancer treatment. With patents protecting its core technology and clinical validation supporting superior patient outcomes, Sensus Healthcare stands well ahead of potential competitors seeking FDA clearance for similar devices.
Marketing Expansion and Brand Visibility Across the U.S.
Sensus Healthcare’s management team has aggressively expanded marketing and educational outreach efforts to promote the benefits of superficial radiotherapy. The company’s participation in top dermatology and oncology conferences, as well as strategic digital marketing and social media campaigns, has significantly enhanced brand visibility.
These efforts not only generate new leads for device sales and Fair Deal partnerships but also strengthen patient awareness of non-surgical skin cancer treatment alternatives. As the company continues to educate both practitioners and patients, adoption rates for SRT systems are expected to accelerate—especially as public preference shifts toward minimally invasive treatment options.
Global Growth Opportunities and Diversified Revenue Base
In addition to its domestic success, Sensus Healthcare has begun expanding into international markets where demand for cost-effective, outpatient skin cancer solutions is growing rapidly. Emerging markets such as China, Brazil, and Australia represent untapped opportunities for Sensus’ SRT-100 Vision™ technology. With its regulatory clearances, distribution partnerships, and MDSAP certification, the company is poised to scale its global installed base and drive a new wave of international growth.
Sensus’ business model—combining one-time equipment sales with long-term recurring revenues from service and treatment-sharing agreements—provides diversified revenue streams that enhance financial stability and scalability. This hybrid approach could transform Sensus Healthcare into a leading international brand in radiation-based skin oncology within the next five years.
Profitability Outlook and Investor Sentiment
Management remains confident that each remaining quarter of 2025 will be profitable, supported by the growing contribution of the Fair Deal Agreement program, steady device shipments, and new product introductions. The combination of strong balance sheet fundamentals, recurring treatment revenue, and scalable operating leverage positions Sensus Healthcare for a multi-quarter earnings recovery through 2026.
Analysts covering SRTS stock recognize the potential for a significant re-rating if execution aligns with guidance. With a relatively small market capitalization and no debt, Sensus Healthcare’s valuation could quickly expand as the company transitions from a turnaround story to a profitable growth narrative.
Conclusion: Why Sensus Healthcare (NASDAQ: SRTS) Is a Compelling Growth Play
Sensus Healthcare is entering a pivotal phase in its corporate evolution. The company’s commitment to innovation, recurring revenue through the Fair Deal Agreement model, and expansion into new markets creates a solid foundation for sustainable growth. With the AYON-like shift seen in aesthetics now happening in oncology through SRT, Sensus is poised to capture a major share of the non-invasive radiotherapy market.
As profitability returns and the installed base surpasses 1,000 systems, Sensus Healthcare could emerge as one of the most undervalued small-cap medical technology stocks of 2025. For investors seeking exposure to a debt-free, cash-strong, innovation-led company with expanding recurring revenue streams, SRTS stock represents a high-upside play on the future of non-invasive cancer treatment.
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