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Here are 1-3 brief analogies for Sensus Healthcare (SRTS):

• Varian Medical Systems for superficial skin cancer treatment.
• Hologic for skin radiation therapy devices.
• ResMed for superficial radiation therapy devices.

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• SRT Systems (SRT-100, SRT-100+, SRT-100 Vision, SRT-200, SRT-XL): These are medical devices designed to deliver low-energy superficial radiation therapy for the non-surgical treatment of non-melanoma skin cancers, keloids, and other dermatological conditions.
• TransDermal Infusion System (TDS): A medical device for needle-free, topical delivery of therapeutics, cosmeceuticals, and biologics for various dermatological and aesthetic applications.

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Sensus Healthcare (SRTS) primarily sells its specialized Superficial Radiation Therapy (SRT) systems to other companies within the healthcare sector.

However, due to the nature of its business—selling high-value medical devices to a broad and fragmented market of individual medical practices, clinics, and departments within larger healthcare systems—Sensus Healthcare does not typically disclose or have a few named "major customer companies" (e.g., a specific hospital chain or clinic group) that account for a significant portion of its revenue. Their sales are distributed across numerous medical professionals and facilities.

Therefore, while specific customer company names with stock symbols cannot be provided, the primary types of customer companies that acquire Sensus Healthcare's products are:

• Dermatology clinics and private practices
• Radiation oncology centers and departments
• Plastic surgery clinics and practices

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• Dunlee (a division of Royal Philips, NYSE: PHG)

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Joseph C. Sardano, Co-Founder, Chairman & CEO

Joseph C. Sardano co-founded Sensus Healthcare in 2010 and has served as its CEO and Chairman since its inception. He brings over 40 years of experience in the healthcare industry, with a background spanning leadership roles in sales, marketing, and commercialization of medical technologies. Prior to Sensus Healthcare, he held leadership and management positions at various major healthcare companies, including CTI Molecular Imaging, GE Medical Systems, Siemens Medical Systems, Elscint Inc., and Toshiba America Medical Systems. His leadership was instrumental in the company's initial public offering in June 2016.

Javier Rampolla, Chief Financial Officer

Javier Rampolla was promoted to Chief Financial Officer in January 2020, having served as director of accounting and reporting/controller at Sensus Healthcare since 2015. He possesses over 20 years of financial experience, holding positions of increasing responsibility at both public and private companies. He played a significant role in managing Sensus Healthcare's initial public offering in June 2016 and was involved in applying new U.S. GAAP guidelines for revenue recognition and leases. Before joining Sensus, he spent three years as the assistant controller for Latin America at Stanley Black & Decker, where he centralized accounting functions and implemented Sarbanes-Oxley financial controls.

Michael Sardano, President & General Counsel

Michael Sardano has served in various capacities at Sensus Healthcare since 2013 and was promoted to President in January 2022. As President & General Counsel, he handles a range of issues including State and Federal Regulatory Matters, Government Affairs, and SEC Compliance. He is a licensed attorney in Florida and holds a Bachelor of Science in Management & Finance from Bentley University and a Juris Doctor from New England School of Law.

Magdalena Martinez, Chief Operating Officer

Magdalena Martinez serves as the Chief Operating Officer at Sensus Healthcare. She holds a B.B.A. in Business Administration from Stetson University.

Carlton Chow, Chief Technology Officer

Carlton Chow is the Chief Technology Officer at Sensus Healthcare, joining the company in 2018 as an R&D Engineer. He has over a decade of experience in electronics and firmware engineering within the medical device industry. Throughout his career, Mr. Chow has contributed to the development of various medical technologies, including drug delivery systems, diaphragm pacemakers, and cardiac imaging software.

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The key risks to Sensus Healthcare (SRTS) include significant customer concentration, ongoing reimbursement and regulatory challenges, and competitive pressures combined with reliance on a single product line and supplier.

1. Customer Concentration: Sensus Healthcare faces a substantial risk due to its high dependence on a limited number of customers. For instance, one U.S. customer accounted for a significant portion of the company's revenue, representing 83% and 46% for the three months ended June 30, 2024 and 2023, respectively. This same customer also comprised 92% and 85% of accounts receivable as of June 30, 2024 and December 31, 2023, respectively. This concentration exposes Sensus Healthcare to considerable financial vulnerability should this relationship deteriorate or if the customer's purchasing patterns change.
2. Reimbursement and Regulatory Risks: Operating within the medical device industry, Sensus Healthcare is subject to extensive government and third-party payor regulations. Changes in reimbursement policies, such as those from the Centers for Medicare & Medicaid Services (CMS), or a decline in coverage, could significantly impact the market acceptance and profitability of Sensus Healthcare's products. The company also faces regulatory hurdles and political risks associated with its international operations, particularly in China.
3. Competition, Product Dependence, and Supply Chain Vulnerability: The medical device sector is highly competitive and characterized by rapid technological advancements. Sensus Healthcare's current and future products must effectively compete against alternative treatment methods and new introductions from other companies. Furthermore, the company's revenue is heavily reliant on its Superficial Radiation Therapy (SRT-100) product line. This dependence is compounded by a reliance on a single preferred supplier for critical components like x-ray tubes, which could lead to operational disruptions if the supply is interrupted.

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The addressable market for Sensus Healthcare's main products, which are Superficial Radiation Therapy (SRT) devices, is the global Superficial X-Ray Therapy System Market. Sensus Healthcare specializes in these devices, including the SRT-100, SRT-100+, and SRT-100 Vision systems, which utilize low-energy X-rays to treat non-melanoma skin cancers and keloids.

The global Superficial X-Ray Therapy System Market is estimated to be valued at approximately USD 500 million in 2025. This market is projected to grow to about USD 950 million by 2033.

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Sensus Healthcare (SRTS) anticipates several key drivers to fuel its revenue growth over the next two to three years:

• Introduction of New CPT Codes: The publication of the first-ever dedicated CPT codes for superficial radiotherapy (SRT) by the Centers for Medicare & Medicaid Services (CMS) is expected to significantly boost demand for SRT systems. These new codes are projected to increase reimbursement per fraction by over 300%, enhancing economic benefits and reimbursement predictability, thereby promoting broader adoption of SRT technology.
• International Market Expansion: Sensus Healthcare is strategically expanding its global footprint, targeting markets such as China, Japan, Canada, Brazil, and Australia. The company has already shipped SRT systems to China and obtained MDSAP certification, which facilitates regulatory access and commercial expansion in these international regions. This international focus is a key part of their goal to reach 1,000 systems sold globally by 2026.
• Growth of Recently Launched Products and Services (Fair Deal Agreement Program): The company's "Fair Deal Agreement" (FDA) program is contributing to revenue growth, particularly through an increase in recurring revenue. This program is seen as driving increased efficiency and adoption of SRT treatments.
• Launch of New Products: Sensus Healthcare is developing new products, including a next-generation Trans-Barrier Isotope (TBI) platform. While the 510(k) resubmission for this platform is currently under FDA review, the company is preparing for its commercial deployment, indicating potential future revenue contributions from new offerings.

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Share Repurchases

• Sensus Healthcare has a $3.0 million share repurchase program, approved in August 2023, under which it resumed purchasing shares in February 2025.
• Prior to the resumption of the program in February 2025, 9,427 shares had been repurchased.
• The company completed a similar $3 million share repurchase program in 2022.

Share Issuance

No significant share issuances were explicitly reported within the last 3-5 years (2020-2025).

Inbound Investments

• Institutional investors collectively own approximately 25.3% of Sensus Healthcare's stock as of November 2025.
• Divisadero Street Capital Management LP boosted its position in Sensus Healthcare by 459.4% in Q2 2025, acquiring 324,673 shares valued at $1,539,000.
• Acadian Asset Management LLC increased its stake by 35.3% in Q1 2025, holding 470,713 shares valued at $2,225,000.

Capital Expenditures

• Research and development expenses were $4.2 million for the year ended December 31, 2024, and $3.7 million for the year ended December 31, 2023.
• In Q1 2025, research and development expenses increased to $2.6 million from $0.9 million in Q1 2024, indicating continued investment in product innovation.
• The company expects research and development expenses in 2025 to be generally consistent with those in 2024, primarily focused on its superficial radiation therapy (SRT) technology and treatment devices.