Earnings release
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Sensus Healthcare TECHNOLOGY THAT CARES Exhibit 99.1 Sensus Healthcare Reports First Quarter 2021 Financial Results Revenues up 83 % year - over - year Conference call begins at 4:30 p.m. Eastern time today BOCA RATON , Fla . ( May 6 , 2021 ) – Sensus Healthcare , Inc. ( Nasdaq : SRTS ) , a medical device company specializing in highly effective , non - invasive , minimally - invasive and cost - effective treatments for oncological and non - oncological conditions , announces financial results for the three months ended March 31 , 2021 . Highlights from the first quarter of 2021 and recent weeks include the following ( all comparisons are with the first quarter of 2020 , unless otherwise indicated ) : • • Installed the 500th unit since Sensus was founded 10 years ago with the sale of a second unit to Mid - Atlantic Skin Surgery Institute in Maryland Researchers at Colorado State University demonstrated the effectiveness and utility of the SRT - 100TM for the companion - animal market Shipped seven SRT systems during the quarter , including six domestic direct sales and one system to China Holy Name Medical Center in Teaneck , New Jersey delivered superficial radiation therapy ( SRT ) to the lungs of COVID - 19 patients with pneumonia Continued generating recurring revenue via the Sentinel ™ IT Solutions package , which will be included in aesthetic lasers as well as SRT - 100 Vision ™ systems Revenues were $ 3.1 million , compared with $ 1.7 million Net loss narrowed to $ 1.1 million , or $ 0.07 per share , from a net loss of $ 3.6 million , or $ 0.22 per share Adjusted EBITDA , a non - GAAP financial measure , narrowed to $ ( 0.8 ) million from $ ( 3.3 ) million Cash and cash equivalents were $ 13.7 million as of March 31 , 2021 , compared with $ 14.9 million as of December 31 , 2020 Management Commentary " Our business continued to rebound during the first quarter following the severe impact of the COVID - 19 pandemic during most of 2020. Total revenues were significantly higher versus the prior - year quarter and featured both domestic and overseas sales , " said Joe Sardano , chairman and chief executive officer of Sensus Healthcare . " We are cautiously optimistic that the signs of market recovery will allow continued revenue growth as the year progresses , noting our historical seasonality during the summer months . " " Currently , the SRT Systems installed at customer sites are operating with good volumes , likely reflecting not only the safety and efficacy of using SRT to treat non - melanoma skin cancer , but also a fairer reimbursement environment as of January 1 , 2021 , as the Centers for Medicare & Medicaid Services revalued our main procedure and other codes following years of lobbying by Sensus . We believe the higher reimbursement is driving increased interest for our SRT Systems , including interest in shared revenue programs . Customers and prospective customers alike appear to be satisfied with the new reimbursement levels and we anticipate this acceptance will be reflected in our revenue during the second half of this year . " We were delighted to announce the installation of our 500 th system since the formation of Sensus Healthcare a decade ago . The sale was to the Mid - Atlantic Skin Surgery Institute in Maryland , and was the second purchase of an SRT system by this group . We're looking forward to the installation of the next 500 systems , but in half the time as the first 500 , " added Mr. Sardano . " We were pleased to ship another SRT System to China during the quarter , which came on the heels of the sale of three systems to China during the fourth quarter of 2020. Our new distribution partner for China and Hong Kong , along with our new vice president of international sales , have developed an extensive network of prospects , and we expect continued sales there in both the second quarter and the rest of the year . Our preparations for Sculptura entering the regulatory process in China are ongoing . ” " During the first quarter , Sensus was awarded a patent titled ' Three - Dimensional Beam Forming X - Ray Source . ' This patent contains 31 separate claims and describes the method of beam splitting and sculpting found in the Sculptura ™ System , our Anisotropic Radiation Therapy with Beam Sculpting ™ capabilities and Robotic Respiratory Tracking for 17 indications . This new patent covers the delivery of radiation to treat solid tumors of all types . In addition , there may be opportunity to license this technology for devices other than Sculptura . In the meantime , later this year we expect our research partners at the University of Pennsylvania to begin supportive studies in breast and other cancers that have been on pandemic - related hold . " Mr. Sardano added , " We are approaching the launch of our new aesthetic lasers and completion of the integration of our Sentinel ™ IT Solutions software into the lasers is imminent . Sentinel provides asset management and HIPAA - compliant patient data and storage capability , and also contains the software necessary to support shared service models including direct patient billing . We expect the sale of aesthetic lasers will become a meaningful source of revenue , in particular as we roll out two disruptive rental strategies . These strategies are designed to generate consistent revenue for Sensus , while providing physician customers with access to multiple lasers . We are also looking at expanding our mobile aesthetic laser business beyond Florida via strategic transactions . " I continue to voice my appreciation for our staff and the way they have maintained a focus on customers and patients throughout the pandemic . I believe we have further strengthened those relationships and that we are poised to resume meaningful domestic growth with the worst of the pandemic behind us . We look forward to showcasing our SRT systems along with the Sentinel technology at the Fall Clinical Dermatology Conference during October , which is expected to be a live show in Las Vegas , " Mr. Sardano concluded . First Quarter Financial Results Revenues for the first quarter of 2021 were $ 3.1 million compared with $ 1.7 million for the first quarter of 2020. The 83 % increase was primarily driven by a higher number of units sold in 2021 , service revenue on installed units , and the impact of COVID - 19 on the first quarter of 2020 .