- Revenues of
$10.7 million , compared with$3.4 million in the prior-year quarter; Adjusted EBITDA (a non-GAAP measure) of$3.0 million , compared with negative$2.7 million in the prior-year quarter - Launched the “Fair Deal Agreement” recurring revenue program to provide an equipment placement option and complement the fair market value lease program for SRT systems
Conference call begins at
Highlights from the first quarter of 2024 and recent weeks include the following (all comparisons are with the first quarter of 2023, unless otherwise noted):
- Revenues were
$10.7 million , compared with$3.4 million , an increase of 214%, reflecting higher superficial radiotherapy (SRT and IG-SRT) unit sales - Shipped 26 systems, compared with 10 systems
- Net income was
$2.3 million , or$0.14 per diluted share, compared with a net loss of$1.9 million , or$0.12 per share - Ended the quarter with
$14.7 million in cash and cash equivalents, and no debt - Accounts receivable as of
March 31, 2024 were$19.6 million , compared with$10.6 million as ofDecember 31, 2023 - Continued to build inventories to prepare for anticipated customer demand
- Launched “Fair Deal Agreement” recurring revenue program for the SRT-100 Vision™ (IG-SRT)
- Showcased all products and services at the Winter Clinical and South Beach Symposium, and at the
American Academy of Dermatology Annual Meeting - Engaged CureRays to provide oversight and supervision for customers involved with the recurring revenue program and to enhance patient safety; CureRays will also conduct clinical studies to expand indications for SRT, beginning with inflammatory diseases
- Issued a
U.S. patent for SRT-100 Vision System (IG-SRT) treatment planning capabilities - Sold first SRT-100 Vision System (IG-SRT) in
Asia , toFar Eastern Memorial Hospital inTaiwan - Made first commercial sale of an SRT-100 for veterinary use outside the
U.S. , to Chavat Da’at, theVeterinary Specialist Referral Center Knowledge Farm atBeit Verl College inTel Aviv , to provide a gentler radiotherapy option to treat tumors in dogs and cats
Management Commentary
“Our first quarter financial results were strong as we more than tripled revenues compared with the 2023 quarter and achieved a substantial profit, reversing last year’s net loss as customers adjust to macroeconomic conditions,” said
“We showcased our Fair Deal Agreement program at three important trade conferences during the quarter, including the Winter Clinical and South Beach Symposium, and the
“Between interest in the new technology and our new sales offering, we have assembled a significant pipeline of potential customers, so much so that we built further inventory to satisfy anticipated demand,”
“Our goal is to make SRT the standard of care for treating non-melanoma skin cancer and keloids. We believe we have barely penetrated this market and see plenty of room for growth, both in the
First Quarter Financial Results
Revenues for the first quarter of 2024 were
Cost of sales was
Gross profit for the first quarter of 2024 was
Selling and marketing expense was
General and administrative expense was
Research and development expense was
Other income of
Net income for the first quarter of 2024 was
Adjusted EBITDA for the first quarter of 2024 was
Cash and cash equivalents were
Use of Non-GAAP Financial Information
This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in
GAAP TO NON-GAAP RECONCILIATION | ||||||||
(unaudited) | ||||||||
For the Three Months Ended | ||||||||
(in thousands) | 2024 | 2023 | ||||||
Net income (loss), as reported | $ | 2,274 | $ | (1,894 | ) | |||
Add: | ||||||||
Depreciation and amortization | 70 | 72 | ||||||
Stock compensation expense | 91 | 143 | ||||||
Income tax expense (benefit) | 827 | (802 | ) | |||||
Interest income, net | (214 | ) | (243 | ) | ||||
Adjusted EBITDA, non GAAP | $ | 3,048 | $ | (2,724 | ) | |||
Conference Call and Webcast
Following the conclusion of the conference call, a replay will be available until
About
Forward-Looking Statements
This press release includes statements that are, or may be deemed, ''forward-looking statements.'' In some cases, these statements can be identified by the use of forward-looking terminology such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," “approximately,” "potential" or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: our ability to maintain profitability; our ability to sell the number of SRT units we anticipate for the balance of 2024; the possibility that inflationary pressures continue to impact our sales; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in
To date, we do not expect that the
Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our "Introductory Note Regarding Forward-Looking Information" and the factors described in the "Risk Factors" section of our periodic reports filed with the
Contact:
LHA Investor Relations
212-838-3777
kgolodetz@lhai.com
(Tables to follow)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
For the Three Months Ended | |||||||||
(in thousands, except share and per share data) | 2024 | 2023 | |||||||
(unaudited) | (unaudited) | ||||||||
Revenues | $ | 10,663 | $ | 3,414 | |||||
Cost of sales | 4,001 | 1,792 | |||||||
Gross profit | 6,662 | 1,622 | |||||||
Operating expenses: | |||||||||
Selling and marketing | 1,270 | 2,099 | |||||||
General and administrative | 1,579 | 1,364 | |||||||
Research and development | 926 | 1,098 | |||||||
Total operating expenses | 3,775 | 4,561 | |||||||
Income (loss) from operations | 2,887 | (2,939 | ) | ||||||
Other income: | |||||||||
Interest income, net | 214 | 243 | |||||||
Other income, net | 214 | 243 | |||||||
Income (loss) before income tax | 3,101 | (2,696 | ) | ||||||
Provision for (benefit from) income tax | 827 | (802 | ) | ||||||
Net Income (loss) | $ | 2,274 | $ | (1,894 | ) | ||||
Net income (loss) per share | – basic | $ | 0.14 | $ | (0.12 | ) | |||
– diluted | $ | 0.14 | $ | (0.12 | ) | ||||
Weighted average number of shares used in computing net income (loss) per share | – basic | 16,294,970 | 16,245,343 | ||||||
– diluted | 16,318,047 | 16,245,343 | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
As of | As of | |||||||
(in thousands, except shares and per share data) | 2024 | 2023 | ||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 14,728 | $ | 23,148 | ||||
Accounts receivable, net | 19,625 | 10,645 | ||||||
Inventories | 14,720 | 11,861 | ||||||
Prepaid inventory | 3,671 | 2,986 | ||||||
Other current assets | 1,169 | 888 | ||||||
Total current assets | 53,913 | 49,528 | ||||||
Property and equipment, net | 633 | 464 | ||||||
Deferred tax asset | 1,313 | 2,140 | ||||||
Operating lease right-of-use assets, net | 726 | 774 | ||||||
Other noncurrent assets | 688 | 804 | ||||||
Total assets | $ | 57,273 | $ | 53,710 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 3,703 | $ | 2,793 | ||||
Product warranties | 594 | 538 | ||||||
Operating lease liabilities, current portion | 191 | 187 | ||||||
Income tax payable | 37 | 37 | ||||||
Deferred revenue, current portion | 948 | 657 | ||||||
Total current Liabilities | 5,473 | 4,212 | ||||||
Operating lease liabilities, net of current portion | 553 | 596 | ||||||
Deferred revenue, net of current portion | 40 | 60 | ||||||
Total liabilities | 6,066 | 4,868 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity | ||||||||
Preferred stock, 5,000,000 shares authorized and none issued and outstanding | - | - | ||||||
Common stock, | 169 | 169 | ||||||
Additional paid-in capital | 45,496 | 45,405 | ||||||
(3,519 | ) | (3,519 | ) | |||||
Retained earnings | 9,061 | 6,787 | ||||||
Total stockholders’ equity | 51,207 | 48,842 | ||||||
Total liabilities and stockholders’ equity | $ | 57,273 | $ | 53,710 | ||||
Source:
2024 GlobeNewswire, Inc., source