Sensus Healthcare, Inc.

Revenue for Q2 2026 was $2.3 million, down from $7.3 million in Q2 2025, with the year-over-year decline driven primarily by lower unit sales. The company sold 11 units in the quarter, including Fair Deal Agreements and rentals, versus 19 units a year ago; Joe Sardano said eight delayed units would have brought Q2 to 19 units and that the related revenue will now be recognized in Q3. Gross profit was approximately $0.8 million versus $2.9 million last year, and gross margin was 34.8% compared with 39.7% a year ago. Adjusted EBITDA was -$3 million versus -$1.8 million, and net loss was $8.7 million, or $0.53 per share, versus a net loss of $1 million, or $0.06 per share. Cash and cash equivalents were $15.2 million at June 30, with no outstanding revolving credit borrowings. For the second half, management said it expects stronger performance, with the delayed eight units already approved and recognized in Q3, and it reiterated confidence that Q3 and Q4 will be stronger than the first half.

Joe Sardano framed the quarter as a transition period where the company spent the first half building awareness around the new dedicated CPT codes and reimbursement environment. He said that work is now translating into stronger commercial momentum, with a broader pipeline, more inbound interest, and more engagement from larger organizations that could adopt SRT across multiple locations. His tone was upbeat but execution-focused, repeatedly emphasizing conversion of pipeline into revenue and saying the second half should be stronger than the first.

Javier Rampolla walked through the quarter’s financial deterioration, noting revenue of $2.3 million, gross profit of about $0.8 million, gross margin of 34.8%, adjusted EBITDA of -$3 million, and a net loss of $8.7 million or $0.53 per share. He attributed the lower gross margin mainly to product mix, including a higher proportion of lower-ASP international shipments, and costs tied to the new Fair Deal Agreement placement. On the balance sheet, he said cash was $15.2 million at June 30, down from $18.3 million at March 31, inventory was $18.4 million, and the company had no outstanding revolver borrowings; he said inventory supports both direct sales and continued placements as the pipeline converts.

Analyst questions focused on the delayed eight units, whether they were part of a larger sequential unit ramp, the split between direct sales and recurring/Fair Deal activity, Sensus Link adoption, and reimbursement changes. Management clarified that the 19-unit Q2 expectation included the eight delayed units, that those units were all SRT-100s with an expected ASP closer to $250,000, and that six of the 11 Q2 units were direct sales. They also said they expect sequential unit growth through the year, that Sensus Link is being bundled into nearly every new customer deal and is being pushed to existing customers, and that the physician fee schedule for level-one radiation is proposed to increase 26% while they see no dermatology reimbursement issue from the new code rollout.