SRTS - Sensus slumps ~40% after Q1 revenue falls on lower demand for SRT systems

2023-05-04 11:01:27 ET

Sensus Healthcare ( NASDAQ: SRTS ) stock fell ~42% on Thursday after Q1 results beat estimates.

The company saw a net loss of -$1.89M, compared to a income of $16.1M in Q1 2022.

Revenues fell -67% Y/Y to $3.41M.

Sensus said lower demand for SRT (superficial radiation therapy) systems reflected the impact of inflation on dermatologists' cash flow from fewer elective aesthetic procedures and higher operating costs.

"Our first quarter financial results were disappointing as potential new customers delayed making SRT purchase decisions due to inflation conditions impacting their aesthetic business," said Sensus' Chairman and CEO  Joe Sardano.

The company, however, noted that it expects to ship more than 60 SRT units in 2023 and return to profitability in H2 this year.

Sardano added that the company is working to regain momentum in China and plans to increase its addressable market by entering three to four new international territories each year, with an initial focus on Southeast Asia and South America.

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