Sensus Healthcare, Inc. (SRTS): History, Ownership, Mission, How It Works & Makes Money

As a financially-literate decision-maker, how should you view Sensus Healthcare, Inc. (SRTS), a medical device company with a market capitalization of just $66.03 million that is challenging surgical norms with its Superficial Radiation Therapy (SRT) systems? The company's core mission to treat non-melanoma skin cancers non-invasively is compelling, but its near-term financials reveal a complex picture, including a net loss of $2.6 million on $8.3 million in revenue for the first quarter of 2025. This is a crucial junction, and with insiders owning a significant 31.37% of the company, you defintely need a deep dive on the history, technology, and revenue streams to assess the real opportunity behind the $4.04 per share price.

Sensus Healthcare, Inc. (SRTS) History

When you look at a company like Sensus Healthcare, Inc. (SRTS) today-a leader in non-invasive skin cancer treatment-it's easy to forget the journey. Their story isn't about a sudden breakthrough, but a deliberate, decade-plus evolution from acquiring a proven technology to fundamentally changing the reimbursement landscape in 2025. It's a classic medical device play: get the tech, get the clearance, then fight for market adoption and payment certainty.

Given Company's Founding Timeline

Year established

Sensus Healthcare, Inc. was initially established as Sensus Healthcare, LLC on May 7, 2010.

Original location

The company was founded and remains headquartered in Boca Raton, Florida.

Founding team members

The founding team included Joseph C. Sardano, Richard Golin, Kalman Fishman, and Stephen Cohen. Joe Sardano, in particular, has been a consistent presence, serving as the current Chairman and Chief Executive Officer.

Initial capital/funding

While the exact initial seed capital isn't public, the company's first major transaction was an acquisition in June 2010. Sensus Healthcare, LLC acquired all the assets associated with their core product, the Superficial Radiation Therapy (SRT-100) system, from Topex, Inc. for $1.3 million. That's a very concrete starting point for their technology base.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory wasn't a straight line; it was shaped by a few major, defintely transformative decisions that changed how they operate and make money.

The first big move was the 2010 acquisition of the SRT-100 technology. That $1.3 million purchase was the entire foundation. Without that proven asset, the company would have faced a much longer, more expensive R&D cycle.

The second was the 2024 launch of their Fair Deal Agreement (FDA) program. This was a smart pivot to recurring revenue, moving beyond just selling a box. Instead of a large upfront capital expenditure, they place the SRT systems in clinics and share in the treatment revenue. This model is working: the FDA treatment volume increased by 20% between Q2 and Q3 of 2025.

The most recent and perhaps most impactful moment, as of November 2025, is the CMS decision to establish dedicated CPT codes for SRT.

• This decision, announced in November 2025, narrows the reimbursement gap between office-based and hospital outpatient rates, which should accelerate adoption.
• The company's total revenue for the first nine months of 2025 was $22.5 million, a decrease from 2024 primarily due to a large customer's unit sales dynamics, but this new reimbursement certainty is a massive tailwind for future growth.
• As of September 30, 2025, Sensus Healthcare held $24.5 million in cash with no debt, giving them a strong balance sheet to capitalize on this new regulatory environment.

This CMS validation is the clear action signal for investors, making the long-term economics of their core business much clearer. Now is the time to check out Breaking Down Sensus Healthcare, Inc. (SRTS) Financial Health: Key Insights for Investors for a deeper dive into the financials.

Sensus Healthcare, Inc. (SRTS) Ownership Structure

Sensus Healthcare, Inc. (SRTS) is a publicly traded medical device company, listed on the Nasdaq Stock Market, with a market capitalization of approximately $66.08 million as of November 2025. [cite: 15 in previous step] The company's ownership structure is characterized by a high percentage of retail and public shareholders, though institutional funds and corporate insiders still hold significant, influential stakes. [cite: 1, 4 in previous step]

Sensus Healthcare's Current Status

The company operates as a medical device firm specializing in Superficial Radiation Therapy (SRT) for non-melanoma skin cancer and keloids. [cite: 6 in current step] Its status as a publicly traded entity on the Nasdaq Stock Market (SRTS) means its governance and financial reporting are subject to Securities and Exchange Commission (SEC) regulations, ensuring a high degree of transparency for investors. [cite: 16 in previous step] As of the end of the third quarter of 2025, the company reported a net loss of $0.9 million, or $0.06 per share, on revenues of $6.9 million, which maps to a challenging, though strategically evolving, fiscal year. [cite: 11 in previous step]

Sensus Healthcare's Ownership Breakdown

The company's decision-making is largely influenced by the collective power of its retail investor base, which holds the majority of the float, but also by the concentrated holdings of key institutional players like Vanguard and Dimensional Fund Advisors. [cite: 1, 3, 6 in current step]

The relatively high retail ownership means stock price movements can be more volatile, but the recent insider buying, totaling 36,500 shares over the last three months, shows a clear vote of confidence from the leadership team. [cite: 1, 4 in current step]

Sensus Healthcare's Leadership

The organization is steered by a small, focused executive team and an engaged board, with the Sardano family playing a central role in both management and ownership. [cite: 1 in previous step, 7 in current step] This tight control can defintely streamline strategic decisions, especially around product development like the SRT-100 Vision and international expansion. [cite: 6 in current step]

• Joseph Sardano: Co-Founder, Chairman, and Chief Executive Officer (CEO). He is the largest individual shareholder, owning 1,200,293 shares as of November 2025. [cite: 1 in previous step, 7 in current step]
• Michael Sardano: President and Chief Commercial Officer (CCO). His expanded role, announced in November 2025, focuses on directing global sales and commercial strategy, particularly following favorable Centers for Medicare & Medicaid Services (CMS) reimbursement developments. [cite: 1 in previous step, 8 in current step]
• Javier Rampolla: Chief Financial Officer (CFO). [cite: 14 in previous step]
• Eric Sachetta: Appointed to the Board of Directors in November 2025, bringing new financial and wealth management expertise to the governance structure. [cite: 8 in current step]

To understand the core philosophy driving this leadership, you should review the Mission Statement, Vision, & Core Values of Sensus Healthcare, Inc. (SRTS).

Sensus Healthcare, Inc. (SRTS) Mission and Values

Sensus Healthcare, Inc. is fundamentally driven by a commitment to patient well-being, focusing its entire operation on pioneering non-invasive, cost-effective alternatives to surgery for common skin conditions. This core purpose, rooted in providing a highly effective, patient-centric treatment platform, is what guides their strategic and product development decisions, like the rollout of their Superficial Radiation Therapy (SRT) technology.

You can see this dedication in their financial moves, too. For instance, the company reported a year-to-date 2025 Gross Profit of around $10 million, which represents a 44.4% gross margin on revenues. This shows they are managing costs while expanding access to their specialized technology, even as they navigate the complexities of reimbursement, which led to a Q3 2025 Net Loss of $0.9 million.

Given Company's Core Purpose

The company's cultural DNA is built around innovation in radiation oncology and expanding patient choice. They are defintely a medical device company, but their mission is a humanitarian one at its heart: to improve the quality of life for skin cancer and keloid patients.

Official mission statement

The mission is to be the global pioneer in the development and delivery of non-invasive, highly effective, and cost-effective treatments for oncological and non-oncological skin conditions, specifically non-melanoma skin cancer and keloids, through proprietary superficial radiation therapy (SRT) technology.

• Enable non-invasive treatment for skin cancer and keloids.
• Provide a patient-centric treatment platform.
• Drive innovation in radiation oncology.
• Expand access to safe, effective treatment options.

Vision statement

The long-term vision for Sensus Healthcare, Inc. is to establish Superficial Radiation Therapy (SRT) as the standard of care for non-melanoma skin cancer and keloids, ensuring their technology is safe, precise, and adaptable across a variety of clinical settings globally. They aim to solidify the value of their technology, evidenced by the recent CMS coding validation, which is expected to favorably impact adoption. You should check out Breaking Down Sensus Healthcare, Inc. (SRTS) Financial Health: Key Insights for Investors for a deeper dive into the financial implications of this regulatory progress.

Given Company slogan/tagline

While the company doesn't use a short, catchy slogan in their official releases, their actions and product descriptions consistently point to a clear, patient-focused message. Their Q3 2025 revenue of $6.88 million shows this focus is also a viable business model.

• SRT: Non-Invasive. Highly Effective. Patient-Centric.

Sensus Healthcare, Inc. (SRTS) How It Works

Sensus Healthcare, Inc. operates as a medical device company that delivers non-invasive, low-energy Superficial Radiation Therapy (SRT) systems to treat common skin conditions like non-melanoma skin cancer and keloids. The company makes money through a dual model: outright sales of its capital equipment and a growing recurring revenue stream from its unique Fair Deal Agreement (FDA) program.

Sensus Healthcare, Inc.'s Product/Service Portfolio

Sensus Healthcare, Inc.'s Operational Framework

The company's operational framework is built on manufacturing and distributing its Superficial Radiation Therapy (SRT) systems, which are low-energy X-ray devices. This core business is shifting to prioritize recurring revenue over pure capital sales, which is a smart move for stability.

Here's the quick math on their revenue streams: For the first nine months of 2025, total revenue was approximately $22.6 million, a decrease from the prior year, mostly due to lower unit sales to a single large customer. Still, the strategic focus is on the Fair Deal Agreement (FDA) program, which is gaining traction.

The value creation process is simple:

• Manufacture and sell/lease the SRT systems (e.g., 56 systems shipped in the first nine months of 2025).
• Install and service the systems, which is a high-margin service business.
• Grow the FDA program, where treatment volume increased by a solid 52% from Q1 to Q3 2025, indicating strong patient adoption at these sites.

This recurring revenue model is defintely the future, as it smooths out the lumpiness of large capital equipment sales. You can dive deeper into the numbers by Breaking Down Sensus Healthcare, Inc. (SRTS) Financial Health: Key Insights for Investors.

Sensus Healthcare, Inc.'s Strategic Advantages

Sensus Healthcare, Inc.'s market success hinges on a few clear advantages that differentiate its technology and business model in the competitive medical device space.

• Non-Invasive, Patient-Centric Treatment: The SRT systems offer a non-surgical, non-scarring alternative for non-melanoma skin cancer and keloids, which is a huge benefit for patients and a compelling selling point for dermatologists.
• Favorable Reimbursement Certainty: The Centers for Medicare & Medicaid Services (CMS) recently established the first-ever dedicated CPT codes (Current Procedural Terminology) for SRT, validating the procedure and aligning outpatient payments. This regulatory clarity is a major tailwind for adoption, leveling the playing field with hospital-based rates.
• Recurring Revenue Model (FDA): The Fair Deal Agreement shifts the financial risk for practices, making system adoption easier and creating a predictable, annuity-like revenue stream for Sensus Healthcare, Inc. This insulates the company from the volatility of capital equipment sales.
• Strong Liquidity: The company exited the third quarter of 2025 with $24.5 million in cash and no debt, giving them a solid foundation for R&D and commercial expansion, especially internationally.

Sensus Healthcare, Inc. (SRTS) How It Makes Money

Sensus Healthcare primarily makes money by selling its Superficial Radiation Therapy (SRT) medical devices, like the SRT-100 Vision, to dermatology and oncology practices, but the future of its revenue is increasingly tied to its recurring service model. This dual-engine approach relies on high-value capital equipment sales complemented by predictable revenue from maintenance contracts and its innovative Fair Deal Agreement (FDA) program.

Given Company's Revenue Breakdown

While the company does not segment its revenue in quarterly summaries, the core business is split between one-time equipment sales and a growing, high-margin recurring service stream. The product sales have been challenged in 2025 due to customer purchasing dynamics, but the service side is providing a critical offset.

Business Economics

The economics of Sensus Healthcare are driven by a premium pricing strategy for its proprietary technology, coupled with a strategic shift toward a recurring revenue model to stabilize the top line. The company's core product, the SRT-100 Vision, is a high-cost capital asset, and its pricing reflects the clinical efficacy and non-invasive nature of the treatment for non-melanoma skin cancer and keloids.

Here's the quick math on the strategic shift: traditional equipment sales are lumpy, but the Fair Deal Agreement (FDA) changes that by placing systems in clinics in exchange for a revenue share on treatments, essentially turning a one-time sale into a long-term annuity. The FDA treatment volume increased by a significant 52% from the first quarter of 2025 to the third quarter of 2025, showing this model is defintely gaining traction.

• Pricing Power: The company maintains a premium price point, reflecting the advanced image-guided superficial radiation therapy (IG-SRT) technology.
• Reimbursement Certainty: A major catalyst is the Centers for Medicare & Medicaid Services (CMS) establishing new, dedicated CPT codes for SRT, which is expected to raise per-fraction delivery reimbursement by over 300% starting in 2026, strengthening the return on investment for dermatology offices.
• Cost Structure: Gross margin compression in 2025 to 39.1% in Q3 2025 (down from 59.1% in Q3 2024) was driven by lower sales volume and the higher costs associated with servicing systems and launching the new placement program.

To be fair, the new CMS codes are a game-changer for long-term adoption, even if the short-term margin is pressured by the transition. You can read more about the long-term strategy in the Mission Statement, Vision, & Core Values of Sensus Healthcare, Inc. (SRTS).

Given Company's Financial Performance

Sensus Healthcare's financial performance through the first nine months of 2025 reflects a period of strategic investment and a temporary headwind in capital equipment sales to a large customer. Total revenue for the first nine months of 2025 (January 1 to September 30) was $22.5 million, a decrease of 21.6% compared to the same period in 2024.

The core challenge is clear: fewer SRT systems were shipped, only 56 units in the first nine months of 2025, down from 76 units in the prior year period. This unit-sale decline, combined with higher operating expenses from lobbying for the new reimbursement codes and developing next-generation systems, resulted in a net loss of $4.6 million for the first nine months of 2025.

• 9-Month 2025 Revenue: $22.5 million.
• 9-Month 2025 Net Loss: $4.6 million.
• 9-Month 2025 Gross Margin: 44.4%, down from 60.3% in the prior year period, reflecting the sales mix shift and higher service costs.
• Liquidity: The company maintains a strong balance sheet, exiting Q3 2025 with $24.5 million in cash and equivalents and no outstanding debt.

The balance sheet is flawless, but the income statement shows the cost of the transition.

Sensus Healthcare, Inc. (SRTS) Market Position & Future Outlook

Sensus Healthcare, Inc. is positioning itself as the leader in non-invasive, image-guided superficial radiation therapy (IG-SRT), strategically shifting its business model to a high-margin, recurring revenue stream. The company's future hinges on the successful, accelerated adoption of its Fair Deal Agreement (FDA) program and new, favorable reimbursement clarity from the Centers for Medicare & Medicaid Services (CMS).

For the first nine months of 2025, the company reported total revenue of approximately $22.5 million, with a net loss of $4.6 million, reflecting the cost of this strategic transition and heavy investment in research and development. Still, the company exited the third quarter of 2025 with a strong cash position of $24.5 million and zero debt, which gives them a defintely solid buffer for executing their growth plan. You can see a deeper dive into the numbers here: Breaking Down Sensus Healthcare, Inc. (SRTS) Financial Health: Key Insights for Investors.

Competitive Landscape

The superficial radiation therapy (SRT) market is concentrated, with Sensus Healthcare, Xstrahl Ltd., and Varian Medical Systems (a Siemens Healthineers AG company) holding the largest share. Sensus differentiates itself by focusing heavily on the dermatology and keloid scar market with its Image-Guided SRT (IG-SRT) technology, which allows for visual confirmation of treatment depth and efficacy-a key advantage over older systems.

Opportunities & Challenges

The company's strategic initiatives are clearly mapped to the opportunities below, but you must be a realist about the near-term financial impact. The shift to the FDA model, while creating a high-margin recurring revenue base, initially slows down system sales revenue. That's a necessary trade-off for long-term value.

Industry Position

Sensus Healthcare is a specialized leader in the non-melanoma skin cancer and keloid treatment segment of the larger superficial radiation therapy market, which is estimated to be valued at approximately $48.4 billion in 2025 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.8% through 2035. Its position is defined by technology and a unique business model.

• Technology Focus: Sensus is the primary purveyor of Image-Guided SRT (IG-SRT), a premium, precision-focused technology.
• Installed Base: The company's global installed base of SRT systems surpassed 880 units in early 2025 and is projected to reach 1,000 within a year.
• Revenue Quality: The FDA program is shifting the revenue mix toward higher-quality, recurring treatment-based income, which is more predictable than one-time system sales.
• Market Niche: While competitors like Varian Medical Systems dominate the high-energy oncology radiation market, Sensus has carved out a strong niche in the dermatology and outpatient setting.

The CMS validation of dedicated CPT codes for SRT in late 2025 is a massive tailwind, offering compelling economics and reimbursement certainty that should drive adoption in the US dermatology and oncology markets.