Sensus Healthcare, Inc.
Sensus Healthcare, Inc. is a U.S.-based medical device company focused on non-invasive treatment of non-melanoma skin cancer and post-surgical keloid scar prevention. Its core platform is superficial radiation therapy (SRT), delivered through the SRT-100, SRT-100+ and SRT-100 Vision systems, with operations run as a single segment from Boca Raton, Florida.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueSuperficial radiation therapy devices used to treat non-melanoma skin cancer and keloids.
Recurring revenue model where Sensus provides equipment and clinical support in exchange for a share of reimbursement.
Maintenance and support contracts covering parts, labor, preventive maintenance, and installation-related services.
Disposable shielding, safety items, probe film, and applicator tips used with SRT treatments.
Operational healthcare services and limited legacy distribution of aesthetic laser devices.
Products
Reported · share of revenue- Products71.9 %
- Service Revenue12.6 %
- Services9.2 %
- Product Revenue6.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Sensus sells primarily to dermatology clinics, independent medical practices, and corporate accounts that treat skin cancer and related conditions. Its customer base also includes providers using the Fair Deal Agreement model, where Sensus supplies equipment and clinical support in exchange for reimbursement-linked economics. The company’s products are used by physicians and clinics that need a non-invasive alternative to surgery for selected skin lesions and keloid prevention.
Buy SRT systems and services to treat non-melanoma skin cancer and keloids in outpatient settings.
Purchase systems or use financing/service models to add a reimbursable skin-treatment capability.
Acquire multiple systems or standardized service packages across clinic networks.
Access SRT through a revenue-share arrangement rather than an upfront purchase.
Buy consumables, maintenance, and support to keep installed systems operating.
Strategy
Sensus is focused on expanding adoption of its SRT platform through reimbursement support, direct sales, and service-based commercial models. It is also building adjacent offerings such as financing, cloud connectivity, and operational support to reduce adoption friction and deepen the installed base relationship. These priorities are intended to strengthen utilization of the platform and broaden access for clinics that prefer lower upfront commitment.
Coverage and reimbursement are central to physician and clinic willingness to use SRT.
Service contracts and revenue-share models can stabilize customer relationships and improve retention.
Financing and leasing alternatives can convert prospects that are sensitive to upfront capital cost.
Software and connectivity can make existing systems more valuable and support repeat usage.
Geography
Q1/2026Sensus operates globally but is heavily concentrated in the United States, which accounted for 92% of sales in 2025 and 96% in 2024. The company also has installed systems in 21 countries, giving it a small international footprint relative to its U.S. base. This concentration makes reimbursement, customer purchasing patterns, and provider adoption in the U.S. especially important to results.
Share of the revenue the company reports by geography.
Risks
Sensus is exposed to reimbursement risk because demand for its procedures depends on coverage and payment levels from Medicare, Medicaid, and private insurers. The business is also concentrated in the U.S. and with a small number of customers, so changes in purchasing patterns, competitive products, or the loss of a major account can materially affect revenue. As a medical device company, it also faces regulatory, litigation, supplier, and product adoption risks typical of the industry.
- Customer concentrationImpact: CriticalLikelihood: High
A single U.S. customer accounted for a large share of revenue, making results volatile.
Exposure: Historically largest customer
- Geographic concentrationImpact: HighLikelihood: High
Most sales come from the U.S., so domestic demand shifts have outsized impact.
Exposure: United States
- Third-party reimbursement riskImpact: HighLikelihood: Medium
Physicians and clinics may not adopt SRT if payors do not cover procedures adequately.
Exposure - Single-source supplier dependenceImpact: HighLikelihood: Medium
The company relies on a preferred supplier for x-ray tubes and other major components.
Exposure: Key components for SRT systems
- Regulatory and litigation riskImpact: MediumLikelihood: Medium
Medical device companies face FDA oversight, enforcement, and patent disputes.
Exposure: Class II devices and skin cancer treatment market
Accounting
Judgemental itemsThe company sells systems, service programs, consumables, and reimbursement-linked arrangements with different recognition patterns.
Impact: Can shift revenue between periods and affect comparability
Revenue-share economics and bundled services require judgment on contract accounting and timing.
Impact: Affects reported revenue mix and margin profile
Sentinel and other support programs are recognized over time as services are delivered.
Impact: Impacts balance sheet liabilities and future revenue recognition
Management noted estimated tax credits affecting the effective tax rate.
Impact: Can cause volatility in tax expense and net income
Advance ordering is used to manage inflation and component availability.
Impact: Can affect working capital and inventory valuation
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Last updated: 24/09/2026