SRTS...The news I was waiting for..."Filed a 510(k) application with the U.S. Food and Drug Administration (FDA) for intra-operative radiation therapy (IORT) for the treatment of breast and other cancers.
"Our research and development team has developed new applications, products and upgrades to our offerings that are expected to support revenue growth for the foreseeable future. Of note, we filed a 510(k) application with the FDA covering the use of our new SRT system for Intraoperative Radiation Therapy (IORT) for breast and other cancers.We also plan to introduce new products during the year that will allow our sales and marketing professionals to further leverage our installed base of dermatologist customers. Our step up in R&D expense in the fourth quarter reflects this investment and we expect similar spending levels during 2018. To protect our proprietary technology we now have four patents issued and 14 pending."
Management is expecting to get IORT approval by mid-year!!!!!!!. IORT will gain a LOT of traction over the next couple years. EXCELLENT management team!! And there is SO MUCH MORE to this company than this. Do some DD and keep SRTS on the watch list. Market cap = 74.5M. Share price has been holding strong above $5. Current price $5.52. (I'll post more notes from the cc later when the transcript is available.)
Sensus Healthcare Reports Record Revenue for 2017 Fourth Quarter and Full Year
Ninth consecutive quarter of double-digit year-over-year revenue growth
BOCA RATON, Fla., Feb. 1, 2018 /PRNewswire/ -- Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in the non-invasive treatment of non-melanoma skin cancers and keloids with superficial radiation therapy (SRT), announces financial results for the three and 12 months ended December 31, 2017.
Highlights from the fourth quarter of 2017 and recent weeks include:
Reported ninth consecutive quarter of double-digit revenue growth Achieved record revenues of $6.5 million, compared with $4.9 million for the fourth quarter of 2016 Shipped 23 systems including 11 SRT-100 Vision™ systems, bringing the worldwide installed base to 334 units; more than 70 centers are using systems to treat keloid scars in addition to skin cancer Presented an abstract at the American Society for Dermatologic Surgery (ASDS) Annual Meeting illustrating the low recurrence rate of keloids post-keloidectomy using SRT Launched the SRT-100™ in China for the treatment and prevention of keloids at the Dermatologic & Aesthetic Surgery International League (DASIL) in Shanghai, and shipped three units to Chindex Medical Limited Received regulatory clearance in Mexico for the SRT-100 for the treatment of non-melanoma skin cancer and keloids Filed a 510(k) application with the U.S. Food and Drug Administration (FDA) for intra-operative radiation therapy (IORT) for the treatment of breast and other cancers Increased its line of credit with Silicon Valley Bank to $5.0 million from $2.0 million Management Commentary
"I am very pleased with our 2017 financial results and with the momentum that led to a record fourth quarter, our ninth consecutive quarter of double-digit revenue growth," said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. "We exceeded $20 million in revenues for the year, an increase of 39% over 2016. This growth demonstrates the success of our sales and marketing team in expanding awareness of the advantages of treating non-melanoma skin cancer and keloids with SRT. In 2017 we shipped 68 SRT-100 units, half of which were SRT-100 Vision™ systems. The increased contribution of SRT- 100 Vision™ systems has supported our excellent gross margins, which reached 67% for the year.
"Our research and development team has developed new applications, products and upgrades to our offerings that are expected to support revenue growth for the foreseeable future. Of note, we filed a 510(k) application with the FDA covering the use of our new SRT system for Intraoperative Radiation Therapy (IORT) for breast and other cancers. We also plan to introduce new products during the year that will allow our sales and marketing professionals to further leverage our installed base of dermatologist customers. Our step up in R&D expense in the fourth quarter reflects this investment and we expect similar spending levels during 2018. To protect our proprietary technology we now have four patents issued and 14 pending."
Mr. Sardano continued, "Following the recent launch of the SRT-100 in China for the treatment and prevention of keloids, we are off to a great start with three units already sold to our partner Chindex Medical in the fourth quarter. As a reminder, this is in addition to our previous launch in China for non-melanoma skin cancer. We are excited about the growth opportunity this new indication represents, as the keloid population in China is very large. We are also planning to expand our presence in Israel as part of an enhanced international strategy.
"Looking forward to 2018, we expect our installed base of SRT systems to increase to over 400 and we are planning to make modest increases to our sales and marketing team throughout the year," he added. "While we are open to acquisitions that could provide critical mass and are actively pursuing this avenue, we are also focused on developing our own products to bring Sensus to the next level."
Financial Results for the Three Months Ended December 31, 2017
Revenues for the fourth quarter of 2017 increased 33% to $6.5 million, compared with $4.9 million for the fourth quarter of 2016. The increase is attributable to a higher number of units sold, in particular the SRT-100 Vision™, which has a higher average selling price.
Gross profit for the fourth quarter of 2017 was $4.3 million, or 66.7% of revenue, compared with $3.3 million, or 68.5% of revenue, for the fourth quarter of 2016.
Selling and marketing expense for the fourth quarter of 2017 was $2.1 million, compared with $1.7 million for the fourth quarter of 2016. The increase was primarily attributable to higher sales headcount, increased participation in tradeshows and other marketing activities.
General and administrative expense for the fourth quarter of 2017 was $0.9 million in both the fourth quarter of 2017 and 2016.
Research and development expense for the fourth quarter of 2017 was $1.7 million, compared with $0.7 million for the fourth quarter of 2016. The increase was attributable to research projects that were accelerated in the fourth quarter of 2017.
The net loss for the fourth quarter of 2017 was $0.4 million, or $0.03 per share, compared with net income of $0.03 million, or $0.00 per share, for the fourth quarter of 2016.
Adjusted EBITDA for the fourth quarter of 2017 was $(0.2) million, compared with $0.2 million for the fourth quarter of 2016. Adjusted EBITDA is defined as earnings before depreciation and amortization, income taxes, interest and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the specific reasons these non-GAAP financial measures are provided.
Cash, cash equivalents and investments were $11.2 million as of December 31, 2017, compared with $12.6 million at December 31, 2016.
Borrowings under the revolving line of credit were $2.2 million as of December 31, 2017. On October 31, 2017, the Company increased its line of credit to $5.0 million from $2.0 million. This new line includes a $2.5 million "non-formula" sublimit that is available even without a borrowing base from eligible accounts receivable and will support the Company's continued growth.
Financial Results for the 12 Months Ended December 31, 2017
Revenues for 2017 increased 39% to $20.6 million, compared with $14.8 million for 2016. Gross profit for the year was $13.8 million, or 67.0% of revenue, compared with $9.8 million, or 66.5% of revenue, for 2016. Selling and marketing expense for 2017 was $8.3 million, compared with $4.9 million for 2016. General and administrative expense was $3.7 million for 2017, compared with $3.5 million for 2016. Research and development expense for 2017 was $5.5 million, compared with $1.8 million for 2016. The net loss for 2017 was $3.7 million, or $0.28 per share, compared with a net loss for 2016 of $0.3 million, or $0.03 per share.
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