• Intuitive Surgical (ISRG) for skin cancer radiation therapy devices.

• Align Technology (ALGN) for non-surgical skin cancer treatment.

• SRT-100: A low-energy X-ray system used for treating non-melanoma skin cancers and other skin conditions.
• SRT-100 Vision: An advanced superficial radiation therapy system that integrates high-frequency ultrasound imaging for tailored treatment planning.
• SRT-100 Plus: Another model in their portfolio of superficial radiation therapy devices.
• Sentinel service program: A service offering protection and maintenance for Sensus Healthcare's systems.
• In-office laser rental services: Services providing rental of medical laser equipment to healthcare providers.
• Disposable medical supplies: Includes items like lead shielding replacements, radiation safety aprons and eye shields, ultrasound probe film, and disposable applicator tips.

Sensus Healthcare (SRTS) primarily sells its radiation therapy devices to healthcare providers worldwide.

These customers are other companies, including but not limited to:

• Dermatology clinics
• Oncology centers
• Hospitals
• Private medical practices

The provided company description does not identify specific named major customer companies (e.g., large hospital chains or clinic groups) nor does it provide their symbols. Sensus Healthcare typically serves a broad and fragmented market of these healthcare entities globally.

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

Mr. Sardano has over 30 years of experience in management and marketing within the healthcare industry. He has a successful track record of introducing and commercializing new technologies and services across various areas, including electronic brachytherapy, PET and PET/CT, SPECT, MRI, lithotripsy, and digital radiography. Prior to co-founding Sensus Healthcare in 2010, he held leadership and management roles at several prominent companies such as CTI Molecular Imaging, GE Medical Systems, Siemens Medical Systems, Elscint Inc, and Toshiba America Medical Systems.

Javier Rampolla, Chief Financial Officer

Mr. Rampolla has served as the Director of Accounting and Reporting/Controller at Sensus Healthcare since 2015. He brings over 20 years of financial experience from positions of increasing responsibility in both public and private companies. Mr. Rampolla played a crucial role in managing Sensus Healthcare's initial public offering in June 2016. His experience also includes three years as the Assistant Controller for Latin America at Stanley Black & Decker, where he centralized accounting functions and achieved cost and headcount reductions.

Michael Sardano, President & General Counsel, Chief Commercial Officer

Mr. Sardano has served in various capacities at Sensus Healthcare since 2013, including Corporate Counsel for Regulatory Affairs and Vice President & General Counsel, becoming President in 2022. He joined Sensus Healthcare in 2010 to help establish the company. In November 2025, he was appointed to the additional role of Chief Commercial Officer, overseeing the company's global sales, marketing, and commercial strategy. His work at Sensus includes State and Federal Regulatory Matters, Government Affairs, and SEC Compliance. Before joining Sensus, he served on the United States Senate Rules & Administration Committee.

Maggie Martinez, Chief Operational Officer

Ms. Martinez has been with Sensus Healthcare since 2013. She was initially hired as a Customer Support Specialist, where she provided real-time technical support and led the team of field service engineers.

Carlton Chow, Chief Technology Officer

Mr. Chow joined Sensus Healthcare in 2018 as an R&D Engineer. He possesses 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 a wide range of medical technologies, including drug delivery systems, diaphragm pacemakers, and cardiac imaging software.

Here are the key risks to Sensus Healthcare's business:

1. Reimbursement Challenges and Regulatory Scrutiny: Sensus Healthcare's financial performance is significantly exposed to changes in reimbursement policies and regulatory decisions. For instance, domestic sales momentum was disrupted in mid-2025 due to a proposed local coverage determination (LCD) that would limit reimbursement for ultrasound use with the SRT-100 Vision systems, necessitating significant lobbying efforts by the company. While the Centers for Medicare & Medicaid Services (CMS) established dedicated CPT codes for Superficial Radiation Therapy (SRT) effective January 1, 2026, which are expected to increase demand and improve reimbursement, the company incurred a net loss in 2025 largely due to lobbying costs associated with securing these codes and lower demand stemming from prior reimbursement uncertainties. Any future unfavorable changes or difficulties in maintaining favorable reimbursement policies could severely impact the company's revenue and profitability.
2. Market Adoption and Intense Competition: The medical device industry, where Sensus Healthcare operates, is highly competitive and characterized by rapid technological advancements. Sensus Healthcare's ability to successfully penetrate and maintain its market share is threatened by competition from other healthcare providers offering alternative treatment methods for non-melanoma skin cancers and keloids. The company's revenue for the first nine months of 2025 decreased by 21.6% compared to the same period in 2024, primarily due to fewer SRT systems being shipped and decreased demand from a historically large customer. This underscores the ongoing challenge of securing and expanding market adoption against competitive pressures.
3. Reliance on a Limited Product Portfolio Centered on SRT Technology: Sensus Healthcare's business is predominantly focused on its Superficial Radiation Therapy (SRT) technology, comprising the SRT-100, SRT-100 Vision, and SRT-100 Plus systems. While SRT offers a non-surgical alternative for treating non-melanoma skin cancers and keloids, this narrow product focus creates a risk. The company's financial performance could be significantly impacted if superior, more effective, or more cost-efficient alternative technologies emerge, or if there is a substantial shift in market preference away from SRT. While Sensus is expanding its reach into hospital-based oncology and international markets, its core offerings remain centered on this specific radiotherapy modality.

Sensus Healthcare (symbol: SRTS) operates in several addressable markets related to its superficial radiation therapy (SRT) devices and associated treatments.

• Superficial Radiation Therapy (SRT) Systems: The global market for Superficial Radiation Therapy Systems was valued at approximately USD 49.50 million in 2025 and is projected to reach USD 64.60 million by 2032, with a Compound Annual Growth Rate (CAGR) of 3.9%. Another estimate places the global market value at US$ 43.3 million in 2022, anticipated to reach US$ 58.2 million by 2030, growing at a CAGR of 3.8%. North America holds a leading share in this market.
• Non-Melanoma Skin Cancer Treatment: The global non-melanoma skin cancer treatment market size was valued at USD 588.8 million in 2024 and is expected to grow to USD 878.0 million by 2033, at a CAGR of 4.31% during the period of 2025-2033. Another report indicates the global non-melanoma skin cancer market size is likely to be US$ 678.6 million in 2025 and is projected to reach US$ 1,036.5 million by 2032, growing at a CAGR of 6.2% from 2025 to 2032. The global market for non-melanoma skin cancer was also valued at US$793.4 million in 2024 and is projected to reach US$1 billion by 2030, with a CAGR of 4.4% from 2024 to 2030. North America dominates the broader skin cancer treatment market, which includes non-melanoma skin cancer.
• Keloid Treatment: The global keloid treatment market size was valued at USD 3.74 billion in 2023 and is projected to reach USD 4.93 billion by 2031, growing at a CAGR of 3.50%. Another analysis estimates the global keloid treatment market size to be valued at US$ 5.3 billion in 2026 and is projected to reach US$ 7.1 billion by 2033, with a CAGR of 4.1% between 2026 and 2033. A separate report values the global keloid treatment market size at USD 3.7 billion in 2024, predicted to reach USD 5.1 billion by 2034, with a 3.4% CAGR during the forecast period of 2025-2034. North America is a leading region in the global keloid treatment market. Radiation therapy is one of the treatment modalities for keloids.

1. New Dedicated CPT Codes for SRT and IG-SRT: The establishment of new, exclusive CPT (Current Procedural Terminology) codes for superficial radiation therapy (SRT) and image-guided superficial radiation therapy (IG-SRT) in 2026 is anticipated to significantly boost revenue. These codes provide clear reimbursement certainty, which management views as a "major, major impact" that will expand adoption pathways for SRT in treating non-melanoma skin cancer and keloids.
2. Expansion of the Fair Deal Agreement (FDA) Program: The company's recurring revenue model, known as the Fair Deal Agreement (FDA) program, is gaining traction. This program offers equipment placement options and flexible financing structures, particularly appealing to small and mid-sized practices. Sensus Healthcare has seen substantial increases in FDA treatment volumes and patient numbers, and expects this program to continue driving growth and serve as a bridge to outright system ownership for customers.
3. International Market Expansion and Diversification: Sensus Healthcare is actively expanding its presence in international markets, with notable demand and system shipments to regions like China. This global commercial momentum, supported by investments in sales capacity, is expected to contribute to revenue growth and reduce reliance on any single geographic market.
4. Launch and Growth of Next-Generation Products and Software Solutions: The company is investing in research and development for next-generation products. A recently introduced cloud-based software and connectivity solution, Sensus Link, aims to enhance the capabilities of the existing SRT-100 installed base, providing improved workflow, operating intelligence, and creating a scalable, recurring-revenue opportunity tied to treatment workflows and oversight services.
5. Diversification of Customer Base: Sensus Healthcare is strategically shifting away from a historical reliance on a single large customer towards a more diversified customer base. This approach, focusing on direct sales and shared service models, is intended to create a more stable and predictable revenue stream and mitigate the risks associated with customer concentration.

Share Repurchases

• Sensus Healthcare announced a $3.0 million share repurchase program approved by its Board of Directors in August 2023.
• The company resumed purchasing shares under the August 2023 program in February 2025, with 9,427 shares previously repurchased.
• A similar $3.0 million share repurchase program was completed in 2022.

Share Issuance

• Sensus Healthcare had 16 million shares outstanding in Q4 2025, which represented a 0.2% increase from the prior quarter.

Outbound Investments

• Sensus Healthcare launched "Sensus Healthcare Financial Services" on February 18, 2026, to facilitate customer acquisition of its SRT and IG-SRT systems through purchase and leasing options.

Capital Expenditures

• Sensus Healthcare reported capital expenditures of $158K in Q4 2025, reflecting a significant increase of 3850.0% from the previous quarter.
• For the past twelve months, capital expenditures were reported as -$38,000 and -$196,000.
• Capital expenditures in 2025 included $50K in Q1, $74K in Q2, -$259K in Q3, and $158K in Q4, primarily for funding long-term assets and infrastructure.