- Fourth quarter revenues of
$12.6 million up three-fold sequentially, reflect ongoing customer adjustment to macroeconomic conditions - Introduces recurring revenue model for the SRT-100 Vision™ (IG-SRT) to address dermatologist demand
Conference call begins at
Highlights from the fourth quarter of 2023 and recent weeks include the following:
- Revenues were
$12.6 million , compared with$13.1 million in the prior-year fourth quarter and$3.9 million in the third quarter of 2023, reflecting higher superficial radiotherapy (SRT and IG-SRT) unit sales sequentially as customers adjust to macroeconomic conditions - Shipped 33 SRT systems in the fourth quarter, bringing the total number of units shipped in 2023 to 66
- Net income was
$4.2 million , or$0.26 per diluted share, compared with net income of$2.8 million , or$0.17 per diluted share, for the prior-year quarter and earnings per diluted share for 2023 of$0.03 - Ended the year with
$23.1 million in cash and cash equivalents, and no debt - Increased finished goods inventory in preparation for anticipated continued growth in 2024
- Placed the first SRT-100 Vision under a recurring revenue model
- Appointed President and General Counsel
Michael Sardano to the Company’s Board of Directors - Showcased the full line of SRT systems for treating non-melanoma skin cancer at the Fall Clinical 2023 dermatology conference; preparing to showcase all products and services including the recurring revenue model at the Winter Clinical and South Beach Symposium in February, and at the
American Academy of Dermatology Annual Meeting in March - Engaged CureRays to provide oversight and supervision for Sensus’ dermatology customers involved with the recurring revenue model and to ensure patient safety; CureRays will also conduct clinical studies to expand indications for SRT, beginning with inflammatory diseases
Management Commentary
“The strength of our fourth quarter resulted in positive net income not only for the quarter, but also for the full year. This performance reflects the practice benefits of SRT to our customers and the treatment benefits to their patients, as well as our customers’ ongoing adjustment to prolonged higher inflation,” said
“During 2023 we embarked on several important initiatives to position Sensus for long-term growth,” he continued. “We built inventory throughout the year and used cash judiciously to ensure sufficient resources to offer the SRT-100 Vision (IG-SRT) under a recurring revenue model. For years our customers and prospects alike have been asking for new ways to add SRT to their practices, and we’re delighted to meet their needs with a highly-competitive offering that makes the most economic sense for them. This new option complements our capital equipment sales and fair market value lease models, provides recurring revenue to Sensus and expands our market as utilization of SRT to treat non-melanoma skin cancer continues to increase. During the fourth quarter we made our first placement under this model and have several more in the pipeline.”
“During the quarter we continued to focus on international opportunities as we sold three SRT systems outside the
Fourth Quarter Financial Results
Revenues for the fourth quarter of 2023 were
Cost of sales was
Gross profit for the fourth quarter of 2023 was
Selling and marketing expense was
General and administrative expense was
Research and development expense was
Other income of
Net income for the fourth quarter of 2023 was
Adjusted EBITDA for the fourth quarter of 2023 was
Cash and cash equivalents were
Full-Year Financial Results
Revenues for 2023 were
Cost of sales was
Gross profit was
Selling and marketing expense was
General and administrative expense for 2023 was
Research and development expense was
Other income, net of
Net income for 2023 was
Adjusted EBITDA for 2023 was
Use of Non-GAAP Financial Information
GAAP TO NON-GAAP RECONCILIATION | |||||||||||||||
(unaudited) | |||||||||||||||
For the Three Months Ended | For the Years Ended | ||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
Net income, as reported | $ | 4,210 | $ | 2,831 | $ | 485 | $ | 24,244 | |||||||
Add: | |||||||||||||||
Depreciation and amortization | 60 | 71 | 275 | 316 | |||||||||||
Stock compensation expense | 52 | 50 | 328 | 188 | |||||||||||
Income tax expense | 1,595 | 1,577 | 167 | 3,746 | |||||||||||
Interest income, net | (228 | ) | (235 | ) | (992 | ) | (380 | ) | |||||||
Adjusted EBITDA, non GAAP | $ | 5,689 | $ | 4,294 | $ | 263 | $ | 28,114 | |||||||
This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in
Conference Call and Webcast
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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 | For the Years Ended | |||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Revenues | $ | 12,566 | $ | 13,105 | $ | 24,405 | $ | 44,532 | ||||||||
Cost of sales | 4,737 | 4,754 | 10,345 | 14,904 | ||||||||||||
Gross profit | 7,829 | 8,351 | 14,060 | 29,628 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling and marketing | 625 | 1,576 | 5,608 | 6,329 | ||||||||||||
General and administrative | 949 | 1,444 | 5,156 | 5,008 | ||||||||||||
Research and development | 678 | 1,158 | 3,678 | 3,460 | ||||||||||||
Total operating expenses | 2,252 | 4,178 | 14,442 | 14,797 | ||||||||||||
Income (loss) from operations | 5,577 | 4,173 | (382 | ) | 14,831 | |||||||||||
Other income: | ||||||||||||||||
Gain on sale of assets | - | - | 42 | 12,779 | ||||||||||||
Interest income, net | 228 | 235 | 992 | 380 | ||||||||||||
Other income, net | 228 | 235 | 1,034 | 13,159 | ||||||||||||
Net Income before income tax | 5,805 | 4,408 | 652 | 27,990 | ||||||||||||
Provision for income tax | 1,595 | 1,577 | 167 | 3,746 | ||||||||||||
Net Income | $ | 4,210 | $ | 2,831 | $ | 485 | $ | 24,244 | ||||||||
Net income per share – basic | $ | 0.26 | $ | 0.17 | $ | 0.03 | $ | 1.47 | ||||||||
– diluted | $ | 0.26 | $ | 0.17 | $ | 0.03 | $ | 1.46 | ||||||||
Weighted average number of shares used in computing net income per share – basic | 16,271,097 | 16,474,739 | 16,259,254 | 16,480,991 | ||||||||||||
– diluted | 16,271,097 | 16,577,055 | 16,266,139 | 16,618,214 | ||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
As of | As of | ||||||
(in thousands, except shares and per share data) | 2023 | 2022 | |||||
(unaudited) | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 23,148 | $ | 25,520 | |||
Accounts receivable, net | 10,645 | 17,299 | |||||
Inventories | 11,861 | 3,501 | |||||
Prepaid inventory | 2,986 | 6,261 | |||||
Other current assets | 888 | 660 | |||||
Total current assets | 49,528 | 53,241 | |||||
Property and equipment, net | 464 | 243 | |||||
Deferred tax asset | 2,140 | 1,713 | |||||
Operating lease right-of-use assets, net | 774 | 996 | |||||
Other noncurrent assets | 804 | 542 | |||||
Total assets | $ | 53,710 | $ | 56,735 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities | |||||||
Accounts payable and accrued expenses | $ | 2,793 | $ | 5,521 | |||
Product warranties | 538 | 403 | |||||
Operating lease liabilities, current portion | 187 | 190 | |||||
Income tax payable | 37 | 890 | |||||
Deferred revenue, current portion | 657 | 693 | |||||
Total current Liabilities | 4,212 | 7,697 | |||||
Operating lease liabilities, net of current portion | 596 | 830 | |||||
Deferred revenue, net of current portion | 60 | 139 | |||||
Total liabilities | 4,868 | 8,666 | |||||
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 | 45,405 | 45,031 | |||||
(3,519 | ) | (3,433 | ) | ||||
Retained earnings | 6,787 | 6,302 | |||||
Total stockholders' equity | 48,842 | 48,069 | |||||
Total liabilities and stockholders' equity | $ | 53,710 | $ | 56,735 | |||
Source:
2024 GlobeNewswire, Inc., source