Sensus Healthcare (SRTS) Q2 2026 Earnings Report

The call contained mixed operational positives — a strengthened pipeline, broader customer interest driven by new CPT codes, increasing Sensus Link adoption, and a clarified path for the eight delayed units to contribute to Q3 revenue. However, these commercial positives were overshadowed by steep year-over-year financial deterioration: a ~68.5% revenue decline, a significantly larger GAAP net loss ($8.7M vs $1.0M prior year) including a $5.7M valuation allowance, worsening adjusted EBITDA, declining other income, and inventory build with lower cash. Given the material financial setbacks in the quarter despite constructive commercial momentum and an expected H2 recovery, the net picture is negative.

The guidance emphasized a stronger second half driven by conversion of a beefed-up pipeline and recognition of eight units (previously delayed by financing) that moved revenue into Q3; management noted Q2 revenue was $2.3M (vs. $7.3M a year ago) on 11 units sold (would have been 19), following 14 units in Q1, and said those eight units carry an ASP near $250K each. Key Q2 metrics: cost of sales $1.5M, gross profit ~$0.8M and gross margin 34.8%, G&A $1.8M, selling & marketing $1.1M, R&D $1.1M, adjusted EBITDA -$3.0M, net loss $8.7M (-$0.53/share) including a $5.7M deferred tax valuation allowance, cash $15.2M (down from $18.3M), inventory $18.4M, and no outstanding revolving borrowings; management expects continued mix of ~50/50 recurring (rentals/Fair Deal) and outright purchases, rising Sensus Link activations, and international growth (notably Australia/APAC) with the company focused on converting opportunities to drive improved H2 performance.