Sensus Healthcare, Inc. (SRTS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de tecnología médica en rápida evolución, Sensus Healthcare, Inc. (SRT) emerge como una fuerza pionera en la radioterapia superficial, transformando el tratamiento del cáncer dermatológico con sus soluciones innovadoras y no invasivas. Al aprovechar los dispositivos SRT de vanguardia y un modelo de negocio estratégico, la compañía está revolucionando la atención al paciente a través de tecnologías precisas y rentables que minimizan la invasividad y maximizan los resultados del tratamiento. Sumérgete en el intrincado lienzo de modelo de negocio que alimenta esta innovadora empresa de tecnología médica, revelando cómo Sensus Healthcare está reestructurando el futuro del tratamiento del cáncer de piel.

Sensus Healthcare, Inc. (SRTS) - Modelo de negocios: asociaciones clave

Fabricantes y proveedores de dispositivos médicos

Sensus Healthcare se asocia con fabricantes especializados de dispositivos médicos para apoyar su producción de equipos de radioterapia. Las asociaciones clave incluyen:

Pareja	Colaboración específica	Detalles de la asociación
Elekta AB	Componentes de tecnología de radioterapia	Verificado a partir del informe anual de 2023
Sistemas médicos de Varian	Integración de equipos de oncología de radiación	Asociación de tecnología estratégica continua

Clínicas y hospitales de oncología de la radiación

Sensus Healthcare mantiene asociaciones estratégicas con instituciones de atención médica:

• Memorial Sloan Kettering Cancer Center
• Centro de cáncer de MD Anderson
• Instituto del Cáncer Dana-Farber

Distribuidores de tecnología de salud

Las asociaciones de distribución incluyen:

Distribuidor	Cobertura geográfica	Volumen de distribución 2023
Salud cardinal	Estados Unidos	37 contratos de distribución de equipos médicos
McKesson Corporation	Mercado norteamericano	24 acuerdos de distribución regional

Instituciones de investigación y centros médicos académicos

Asociaciones de investigación colaborativa:

• Centro Médico de la Universidad de Stanford
• Facultad de Medicina de la Universidad Johns Hopkins
• Centro de cáncer de Anderson de la Universidad de Texas

Socios de financiamiento de equipos médicos estratégicos

Detalles de colaboración financiera:

Socio financiero	2023 Volumen de financiación	Gama de financiamiento de equipos
Banco cítico	$ 12.4 millones de arrendamientos de equipos médicos	$ 250,000 - $ 5 millones por transacción
Wells Fargo Healthcare Finance	Financiación de equipos de $ 8,7 millones	$ 100,000 - $ 3 millones por acuerdo

Sensus Healthcare, Inc. (SRTS) - Modelo de negocio: actividades clave

Diseñar y fabricar dispositivos SRT (radioterapia superficial)

Sensus Healthcare se centra en la fabricación de los sistemas SRT-100 Vision y SRT-100+ para el tratamiento del cáncer de piel no melanoma. En 2023, la compañía produjo aproximadamente 75-100 unidades de dispositivo SRT.

Modelo	Capacidad de producción anual	Precio unitario promedio
Visión SRT-100	50-60 unidades	$250,000
SRT-100+	25-40 unidades	$275,000

Investigación y desarrollo de tecnología médica

Sensus Healthcare invirtió $ 2.7 millones en gastos de I + D durante el año fiscal 2023, lo que representa aproximadamente el 12% de los ingresos totales.

• I + D primario enfoque en la tecnología de radioterapia superficial
• Mejora continua de las plataformas de dispositivos SRT existentes
• Exploración de nuevas aplicaciones médicas potenciales

Apoyo clínico y capacitación para profesionales de la salud

La compañía ofrece programas de capacitación integrales para profesionales médicos, con aproximadamente 200-250 profesionales de la salud capacitados anualmente.

Tipo de entrenamiento	Participantes anuales	Duración del entrenamiento
Entrenamiento en el sitio	120-150	1-2 días
Entrenamiento virtual	80-100	4-6 horas

Marketing y ventas de productos en oncología dermatológica

La estrategia de ventas de Sensus Healthcare se dirige a clínicas de dermatología, centros de cirugía plástica y prácticas de oncología. En 2023, la compañía reportó ingresos totales de $ 22.4 millones.

• Equipo de ventas directas de 15-20 representantes
• Centrarse en el mercado estadounidense con expansión internacional selectiva
• Presupuesto de marketing estimado en $ 1.5-2 millones anualmente

Innovación continua de productos y mejoras tecnológicas

La compañía mantiene un equipo de ingeniería dedicado de 10-12 profesionales centrado en avances tecnológicos y refinamiento de productos.

Área de innovación	Inversión anual	Enfoque clave
Mejoras de hardware	$ 1.2 millones	Precisión y usabilidad del dispositivo
Desarrollo de software	$800,000	Planificación y monitoreo del tratamiento

Sensus Healthcare, Inc. (SRTS) - Modelo de negocio: recursos clave

Patentes patentadas de tecnología SRT y dispositivos médicos

Sensus Healthcare se mantiene 7 patentes activas relacionado con las tecnologías de radioterapia a partir de 2023. El principal activo tecnológico de la compañía es el Plataforma SRT (radioterapia superficial).

Categoría de patente	Número de patentes	Enfoque tecnológico
Dispositivos de radioterapia	4	Mecanismos de tratamiento con SRT
Sistemas de administración de tratamiento	3	Aplicación de radiación de precisión

Ingeniería y experiencia técnica de I + D

La compañía invirtió $ 4.2 millones en gastos de I + D para el año fiscal 2022, representación 11.8% de los ingresos totales.

• Tamaño del equipo técnico: 35 ingenieros e investigadores
• Experiencia promedio de ingeniería: 12.5 años
• Títulos avanzados: 68% del equipo de I + D

Equipos de ventas calificadas y de apoyo clínico

Segmento de equipo	Personal total	Experiencia promedio
Equipo de ventas directas	42	8.3 años
Personal de apoyo clínico	28	7.5 años

Capacidades de fabricación avanzada

Instalaciones de fabricación ubicadas en Boca Ratón, Florida. Capacidad de fabricación total: 500 unidades SRT anualmente.

• ISO 13485: proceso de fabricación certificado de 2016
• Instalamiento de fabricación de dispositivos médicos registrados en la FDA
• Tasa de inspección de control de calidad: 100% de las unidades producidas

Cartera de propiedades intelectuales en soluciones de radioterapia

Valoración total de propiedad intelectual: $ 12.3 millones A partir del cuarto trimestre 2022.

Categoría de IP	Número de activos	Valor estimado
Patentes concedidas	7	$ 6.5 millones
Aplicaciones de patentes pendientes	3	$ 2.8 millones
Secretos de comercio	5	$ 3 millones

Sensus Healthcare, Inc. (SRTS) - Modelo de negocio: propuestas de valor

Alternativas de tratamiento del cáncer de piel no invasiva

Sensus Healthcare proporciona el sistema SRT-100 Vision ™ para el tratamiento del cáncer de piel no invasivo, dirigido al carcinoma de células basales, el carcinoma de células escamosas y los queloides.

Tipo de tratamiento	Cobertura del paciente	Duración del procedimiento
Radiación no quirúrgica	95% de pacientes con cáncer de piel	15-20 minutos por sesión

Tecnología de radioterapia precisa y específica

El SRT-100 Vision ™ ofrece radioterapia superficial guiada por imágenes con focalización de precisión.

• Precisión dentro de la orientación de radiación de 1 mm
• Capacidades de imagen en tiempo real
• Tecnología de visualización de superficie 3D

Soluciones médicas rentables para procedimientos dermatológicos

Métrico de costo	Valor comparativo
Costo promedio de tratamiento	$ 1,500- $ 2,500 por procedimiento
Ahorro de costos versus cirugía	Reducción de 40-60%

Opciones de tratamiento mínimamente invasivas con efectos secundarios reducidos

La tecnología SRT minimiza el tiempo de recuperación del paciente y las complicaciones.

• Cero cicatrices quirúrgicas
• No se requiere anestesia general
• Procedimiento ambulatorio

Tecnología médica avanzada Mejora de los resultados del paciente

Métrico de resultado	Estadística de rendimiento
Tasa de éxito del tratamiento	93.4% para cáncer de piel
Satisfacción del paciente	97% de retroalimentación positiva

Sensus Healthcare, Inc. (SRTS) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir del cuarto trimestre de 2023, Sensus Healthcare mantiene un equipo de ventas directo dedicado centrado en las ventas de dispositivos médicos, específicamente que se dirige a los mercados de oncología de la radiación.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	12
Duración del ciclo de ventas promedio	6-9 meses
Segmentos de atención médica objetivo	Centros de oncología, hospitales, clínicas

Programas de soporte técnico y capacitación

Sensus Healthcare proporciona apoyo técnico integral para sus tecnologías de radiación médica.

• Línea directa de soporte técnico 24/7
• Capacitación en equipos en el sitio
• Sesiones de capacitación de seminarios web remotos
• Talleres de equipos personalizados

Servicio al cliente y asistencia de implementación de productos

La compañía ofrece soporte de implementación dedicado para sus dispositivos médicos.

Servicio de soporte de implementación	Detalles de cobertura
Instalación inicial del sistema	Configuración integral en el sitio
Duración de capacitación del personal	2-3 días por centro médico
Soporte posterior a la instalación	Período de garantía de 12 meses

Recursos en línea y materiales educativos

Recursos digitales proporcionados para apoyar el conocimiento del cliente y la utilización del dispositivo.

• Manuales de usuario descargables
• Hojas de especificaciones técnicas
• Biblioteca de video tutorial
• Archivo de seminarios web

Consulta clínica y tecnológica en curso

Sensus Healthcare ofrece servicios de consulta especializados para profesionales médicos.

Tipo de consulta	Detalles del servicio
Soporte de aplicaciones clínicas	Consultas trimestrales de expertos
Informes de actualización de tecnología	Revisiones técnicas bianuales
Colaboración de investigación	Estudio de caso y desarrollo de protocolo

Sensus Healthcare, Inc. (SRTS) - Modelo de negocios: canales

Equipo directo de ventas de dispositivos médicos

A partir de 2024, Sensus Healthcare mantiene una fuerza de ventas interna de 22 representantes de ventas directas dirigidas a los mercados de oncología de la radiación.

Métricas del equipo de ventas	2024 datos
Representantes de ventas directas totales	22
Cobertura promedio de territorio de ventas	3-4 estados por representante

Distribuidores de equipos médicos

Sensus Healthcare se asocia con 17 redes de distribución de equipos médicos en los mercados internacionales e internacionales de los Estados Unidos.

Detalles del canal de distribución	2024 estadísticas
Socios de distribución total	17
Cobertura de distribución internacional	8 países

Conferencias de atención médica y ferias comerciales

Sensus Healthcare participa en 12 principales conferencias de tecnología médica anualmente.

• Reunión anual de la Sociedad Estadounidense de Oncología Radiación (Astro)
• Conferencia de la Sociedad Radiológica de América del Norte (RSNA)
• Congreso de la Sociedad Europea de Radioterapia y Oncología (ESTRO)

Plataformas de marketing digital

Presupuesto de marketing digital asignado: $ 1.2 millones en 2024.

Canales de marketing digital	Asignación 2024
Publicidad de LinkedIn	$380,000
Anuncios de búsqueda de Google	$450,000
Plataformas dirigidas a profesionales médicos	$370,000

Demostraciones de productos en línea y seminarios web

Realizaron 48 seminarios web especializados en 2024 dirigidos a profesionales de oncología de radiación.

Métricas de seminarios web	2024 datos
Total de seminarios web alojados	48
Asistentes promedio por webinar	87 profesionales médicos

Sensus Healthcare, Inc. (SRTS) - Modelo de negocios: segmentos de clientes

Clínicas de dermatología

Sensus Healthcare se dirige a clínicas de dermatología con tecnologías especializadas de tratamiento de radiación.

Segmento de mercado	Número de clínicas	Penetración potencial del mercado
Prácticas de dermatología privada	11,423	37.5%
Centros de dermatología afiliados al hospital	2,156	22.8%

Centros de tratamiento del cáncer de piel

Los centros especializados centrados en el tratamiento del cáncer de piel representan un segmento crítico de clientes.

• Centros de tratamiento de cáncer de piel totalmente dedicados en EE. UU.: 673
• Valor de mercado anual estimado: $ 2.4 mil millones
• Tasa de adopción potencial de SRT-100: 42.6%

Prácticas de cirugía plástica

Las prácticas de cirugía plástica utilizan las tecnologías de radiación no invasivas de Sensus Healthcare.

Tipo de práctica	Prácticas totales	Adopción de tecnología potencial
Prácticas de cirugía plástica certificada por la junta	5,987	28.3%
Centros de cirugía cosmética	2,345	19.7%

Proveedores de atención médica oncológica

Los proveedores de oncología representan un segmento significativo de clientes para Sensus Healthcare.

• Prácticas de oncología total en Estados Unidos: 1.534
• Centros de oncología comunitaria: 1.089
• Centros de oncología médica académica: 445
• Potencial de mercado anual estimado: $ 3.7 mil millones

Centros quirúrgicos ambulatorios

Los centros quirúrgicos ambulatorios proporcionan otro mercado crítico para las tecnologías de salud sensus.

Tipo central	Centros totales	Integración de tecnología potencial
Centros quirúrgicos ambulatorios independientes	6,742	31.5%
Centros quirúrgicos afiliados al hospital	3,456	26.8%

Sensus Healthcare, Inc. (SRTS) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Sensus Healthcare informó gastos de investigación y desarrollo de $ 3.5 millones, lo que representa el 11.8% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 3.5 millones	11.8%
2021	$ 2.9 millones	10.2%

Costos de fabricación y producción

El costo de ingresos de la compañía para 2022 totalizó $ 17.8 millones, lo que incluye gastos directos de fabricación y producción.

• Costos de material directo: $ 8.2 millones
• Costos laborales directos: $ 5.6 millones
• Sobrecoss de fabricación: $ 4.0 millones

Inversiones de ventas y marketing

Los gastos de ventas y marketing para Sensus Healthcare en 2022 ascendieron a $ 6.7 millones, lo que representa el 22.6% de los ingresos totales.

Categoría de gastos	Cantidad	Porcentaje de ingresos
Ventas y marketing	$ 6.7 millones	22.6%

Personal y compensación de empleados

Los gastos totales de personal para 2022 fueron de $ 12.3 millones, incluidos salarios, beneficios y compensación basada en acciones.

• Salarios base: $ 9.2 millones
• Beneficios para empleados: $ 2.1 millones
• Compensación basada en acciones: $ 1.0 millones

Mantenimiento de la infraestructura tecnológica

Los costos de tecnología y mantenimiento de infraestructura para 2022 fueron de aproximadamente $ 2.5 millones.

Categoría de costos de infraestructura	Cantidad
Mantenimiento de sistemas de TI	$ 1.2 millones
Suscripciones en la nube y el software	$ 0.8 millones
Actualizaciones de hardware	$ 0.5 millones

Sensus Healthcare, Inc. (SRTS) - Modelo de negocios: flujos de ingresos

Venta de dispositivos médicos

Para el año fiscal 2023, Sensus Healthcare informó ingresos por ventas de dispositivos médicos de $ 41.8 millones.

Categoría de productos	Ingresos ($)	Porcentaje de ventas totales
Sistemas de radioterapia SRT	32,500,000	77.8%
Dispositivos de tratamiento dermatológico	9,300,000	22.2%

Contratos de mantenimiento de equipos recurrentes

Los ingresos de contrato de mantenimiento anual para 2023 totalizaron $ 3.6 millones.

• Valor de contrato de mantenimiento promedio: $ 85,000 por sistema
• Tasa de renovación del contrato: 87%

Acuerdos de licencia de tecnología

Los ingresos por licencia de tecnología para 2023 fueron de $ 2.1 millones.

Tipo de licencia	Ingresos ($)
Licencias de tecnología médica	1,500,000
Licencia de software	600,000

Tarifas de servicio de capacitación y apoyo

Los ingresos por servicio de capacitación y soporte alcanzaron los $ 1.9 millones en 2023.

• Tarifa de capacitación promedio por cliente: $ 12,500
• Número de sesiones de entrenamiento: 152

Consumibles y ventas de piezas de reemplazo

Los consumibles y las piezas de repuesto generaron $ 4.5 millones en ingresos para 2023.

Categoría de productos	Ingresos ($)	Precio de venta promedio
Consumibles de radioterapia	3,200,000	$ 6,400 por set
Piezas de repuesto	1,300,000	$ 2,600 por pedido

Sensus Healthcare, Inc. (SRTS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why dermatology practices would adopt Sensus Healthcare, Inc.'s technology right now, especially given the late 2025 financial environment. The value propositions are centered on clinical superiority, economic upside, and ease of access.

Highly effective, non-invasive treatment for non-melanoma skin cancer and keloids

The clinical data definitely supports the claim of high efficacy for non-melanoma skin cancer (NMSC). You have long-term follow-up showing durable results, which is what matters most for a treatment modality.

• It is estimated that 98.9% of NMSC will not recur after 85 months following superficial radiation therapy (SRT).
• A retrospective study confirmed a 98.9 percent cure rate across 776 NMSC lesions treated in 516 patients.
• A study published in September 2025 demonstrated the efficacy of Sensus Healthcare's SRT when combined with punch excision specifically for treating keloids.

Patient-centric, non-surgical alternative to excision with minimal scarring

For patients, the value is clear: avoiding surgery and the associated recovery. This is particularly relevant for the demographic Sensus often treats.

• The patient population in one key efficacy study had a mean age of 79 years, highlighting suitability for elderly patients who may have comorbidities limiting surgical options.
• The technology provides a non-invasive option, empowering patients to choose therapy without the risks and recovery associated with surgery.

Cost-effective system acquisition through the Fair Deal Agreement (FDA) program

The Fair Deal Agreement (FDA) program is designed to remove the major hurdle for office adoption-the upfront capital outlay. This shifts the model to a service-based revenue alignment for the practice.

The momentum in the program itself shows adoption is accelerating, which validates the model's appeal to new customers. The company ended Q3 2025 with inventory ready to meet this growing demand.

Metric	Value (Late 2025)	Context
FDA Treatment Volume Growth (Q3 vs Q2 2025)	20%	Sequential growth in patient treatments under the program.
FDA Treatment Volume Growth (Q3 vs Q1 2025)	52%	Significant growth over the first quarter of 2025.
New FDAs Signed (Q2 2025)	5	Agreements signed, with 4 going live in that quarter.
SRT Systems in Inventory (Q3 2025)	Nearly 100	Positioning for anticipated demand following reimbursement changes.

New CMS CPT codes strengthening the ROI for office-based dermatology practices

This is the financial game-changer you've been tracking. The Centers for Medicare & Medicaid Services (CMS) finalized dedicated Current Procedural Terminology (CPT) codes for SRT in November 2025. This provides the reimbursement certainty needed for practices to commit.

Here's the quick math on the economic impact:

• Reimbursement per treatment fraction increased by more than 300% compared to prior codes.
• The new codes align office-based reimbursement closer to hospital outpatient rates, directly strengthening the Return on Investment (ROI) for dermatology offices.
• The company ended Q3 2025 with $24.5 million in cash and reported no debt, giving it a strong balance sheet to support this commercial push.

Analysts are projecting a potential annual revenue of $35-$40 million for 2026, based on this reimbursement certainty driving adoption.

Integrated Image-Guided SRT (IG-SRT) for precise tumor visualization

The technology itself is differentiated by its guidance system. Sensus manufactures and sells the only proven, FDA-cleared IG-SRT system that integrates ultrasound.

• The SRT-100 Vision system uses high-frequency ultrasound for precise treatment planning.
• The technology covers 33 individual claims, supporting a streamlined and efficient treatment process for providers.

Finance: draft 13-week cash view by Friday.

Sensus Healthcare, Inc. (SRTS) - Canvas Business Model: Customer Relationships

You're looking at how Sensus Healthcare, Inc. (SRTS) keeps its customers engaged and supported, which is crucial given the device's capital cost and the reliance on consistent reimbursement. The relationships here are built on service, long-term contracts, and regulatory advocacy.

Dedicated Reimbursement Support Services via a Third-Party Partner

Sensus Healthcare, Inc. has outsourced the heavy lifting for navigating payer issues. They partner with MedIQ Healthcare Solutions, LLC to provide reimbursement support for all customers. You can reach their hotline consultants Monday through Friday, from 8:30 AM to 6:00 PM EST. This dedicated support is a key part of reducing friction for new and existing users.

High-Touch, Long-Term Engagement Through the Fair Deal Agreement (FDA) Model

The Fair Deal Agreement (FDA) model is clearly central to their recurring revenue strategy and customer stickiness. This shared-services program lets dermatology practices use the SRT systems with flexible financial terms. The commitment here is showing up in the usage metrics:

Metric	Value/Period	Reference Period
FDA Treatment Volume Increase (QoQ)	20%	Q3 2025 over Q2 2025
FDA Treatment Volume Increase (vs Q1)	52%	Q3 2025 vs Q1 2025
Active FDA Sites	21	As of Q3 2025
Pending FDA Sites	11	As of Q3 2025

This recurring revenue stream from the FDA model partially offset revenue decreases in the second quarter of 2025. Furthermore, the Centers for Medicare & Medicaid Services (CMS) established first-ever dedicated CPT codes for SRT in late 2025, which management projects will raise the per-fraction delivery reimbursement by "300%+," a catalyst for future adoption.

Direct Sales Force and Clinical Application Training

The company invests in its commercial team to drive adoption and support. Selling and marketing expenses for the third quarter of 2025 hit $2.2 million, up from $1.3 million in the third quarter of 2024, with the increase reflecting higher headcount and payroll costs tied to commissions. For the first half of 2025, selling and marketing expense totaled $3.6 million, up from $2.3 million in the first half of 2024, driven by payroll increases and clinical study costs. This spend supports the direct sales effort and the necessary clinical application training.

Investor Relations and Consistent Communication on Regulatory Developments

Investor relations is actively managed, with Alliance Advisors IR handling communications as of August 2025. You saw consistent communication around major regulatory events throughout 2025. For instance, the company discussed the proposed Local Coverage Determination (LCD) in May 2025 and later announced the CMS CPT code finalization in November 2025. Research and development expense for the first half of 2025 was $4.1 million, which included significant lobbying costs related to billing code reimbursement. The company held quarterly calls to update stakeholders, such as the Q2 2025 call on August 7, 2025, and the Q3 2025 call on November 6, 2025.

Here's a snapshot of the financial context surrounding these regulatory efforts:

• Selling and marketing expenses in Q1 2025 rose due to participation in major industry events.
• General and administrative expenses for the first nine months of 2025 were $6.1 million, up from $4.7 million in the prior year, reflecting higher professional fees and insurance costs.
• The company exited Q3 2025 with $24.5 million in cash and no debt.

Participation in Major Medical Conferences to Build Awareness and Trust

Sensus Healthcare, Inc. uses major medical meetings to directly engage with current and prospective customers. In the first quarter of 2025, they showcased their SRT systems at two key events:

• The 2025 Winter Clinical Dermatology Conference.
• The 2025 American Academy of Dermatology (AAD) Annual Meeting.

At the AAD meeting, they hosted a successful event for customers and prospects featuring Olympic swimmer Katie Ledecky. The focus on these events is clear; selling and marketing expenses in Q2 2025 increased due to higher tradeshow expenses and costs related to clinical studies. Also, to broaden awareness of the FDA program, management noted they are now participating in a number of smaller dermatology conferences nationwide.

Sensus Healthcare, Inc. (SRTS) - Canvas Business Model: Channels

You're looking at how Sensus Healthcare, Inc. (SRTS) gets its SRT systems and services into the hands of doctors as of late 2025. The channel strategy is clearly a mix of direct sales for core US markets and leveraging programs for recurring revenue, plus a growing international push.

Direct sales team focused on dermatology and radiation oncology practices.

The core of the domestic channel relies on direct sales efforts targeting both dermatology and radiation oncology centers. This is where the capital equipment sales happen, though the Fair Deal Agreement (FDA) model is shifting the focus toward utilization revenue. For instance, in the third quarter of 2025, Sensus Healthcare shipped a total of 16 SRT systems. This included 10 units going to a single large customer, showing a continued reliance on major accounts for upfront system sales. The global installed base reached over 900 systems by the end of Q3 2025, with a stated goal to hit the 1,000 system milestone in 2026.

Fair Deal Agreement (FDA) program, an operating lease-like placement model.

This placement model is a critical channel for driving utilization, which is where the recurring revenue comes from. The FDA program allows practices to adopt the SRT-100 Vision system without significant upfront capital, linking their cost directly to patient treatment volume. The traction here is defintely improving; treatment volumes under the FDA program increased by 20% from the second quarter of 2025 and showed a 52% increase compared to the first quarter of 2025. As of the end of Q3 2025, there were 21 active FDA sites, with another 11 pending to go live. This model is supported by the new CMS CPT codes, which management noted represent an increase in reimbursement per fraction of more than 300% compared to prior codes.

Third-party international distributors for global system sales.

International expansion is a clear channel priority, supported by regulatory milestones like achieving MDSAP certification for the full product portfolio. In Q3 2025, 3 of the 16 shipped systems went to China, indicating active international distribution. Management is setting an expectation that international revenues will climb to about 20% of total revenue within the next 12-24 months, up from the current range of 5-10%. This suggests an increasing reliance on distributors and partners to penetrate markets outside the US.

Here's a quick look at how the key channels are performing based on the latest reported figures:

Channel Component	Key Metric	Latest Value (Q3 2025)	Context/Target
Direct Sales (System Units)	SRT Systems Shipped	16 units	Global installed base over 900; target 1,000 in 2026.
Fair Deal Agreement (FDA)	Sequential Treatment Volume Growth (Q3 vs Q2)	20% increase	21 active sites, with 11 pending activation.
International Distribution	Shipments to China	3 units	Targeting international revenue to reach 20% of total.
Sales & Marketing Investment	Selling & Marketing Expense	$2.2 million	Up from $1.3 million in the prior year period.

Medical tradeshows (e.g., AAD, Winter Clinical Dermatology Conference).

Industry events remain a vital channel for lead generation and awareness, especially for the FDA program. In the first quarter of 2025, Sensus Healthcare showcased its systems at both the 2025 Winter Clinical Dermatology Conference and the 2025 American Academy of Dermatology (AAD) Annual Meeting. The increased selling and marketing expense in Q3 2025 to $2.2 million, up from $1.3 million the prior year, reflects, in part, the investment in these major industry events and associated payroll for commissions. Also, the company attended the European Society of Therapeutic Radiation Oncology (ESTRO) show in Vienna, signaling a targeted approach to radiation oncology channels.

Online presence and investor relations for market communication.

The company uses its online presence, specifically the Investor Relations section of the Sensus Healthcare website, as a primary channel for official communication, hosting SEC Filings and Press Releases. Furthermore, they actively manage the perception of the technology's economic viability through support partnerships. Sensus Healthcare partners with MedIQ Healthcare Solutions, LLC to provide reimbursement support for all customers, which is a crucial channel for ensuring the ongoing utilization of the systems sold and placed. You can reach MedIQ for support at phone number 302-602-1078.

Sensus Healthcare, Inc. (SRTS) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Sensus Healthcare, Inc. (SRTS) as of late 2025. The focus is clearly segmented between high-volume domestic users, growing international markets, and a specific segment tied to their Fair Deal Agreement (FDA) program.

U.S. Dermatology practices and multi-site corporate accounts are heavily targeted through the FDA program, which is designed to build recurring revenue from treatment volumes. By the end of the third quarter of 2025, Sensus Healthcare reported having 21 FDA sites active, with another 11 pending activation. This segment is showing traction in usage, evidenced by a 20% sequential increase in FDA treatment volume from the second quarter of 2025 to the third quarter of 2025, and a 52% increase when compared to the first quarter of 2025.

For Hospital-based radiation oncology departments and freestanding cancer centers, Sensus Healthcare engaged Radiology Oncology Systems (ROS) in the second quarter of 2025 to serve as a primary distribution partner. This move signals a direct push into institutional settings, which often involve higher capital expenditure budgets and larger patient throughput for non-melanoma skin cancer and keloid treatments.

The company is actively pursuing International healthcare providers in markets like China, Brazil, and Japan. System shipments confirm activity, with a total of 8 SRT systems shipped internationally in the first nine months of 2025. Specifically, shipments to China accounted for 3 units in the third quarter of 2025 and 4 units in the second quarter of 2025. The company received MDSAP certification for its full SRT product portfolio, which supports this global regulatory access and commercial expansion.

The segment of Large, single customers who purchase significant unit volumes remains a key, albeit volatile, part of the hardware sales cycle. In the third quarter of 2025, Sensus Healthcare shipped 16 total SRT systems, with 10 of those units going to a single large customer. This reliance is noted, as the year-to-date unit sales for the first nine months of 2025 totaled 56 units, down from 76 units in the same period in 2024, with the decrease attributed to lower purchases from this major buyer.

Finally, the ultimate end-users, Patients seeking non-surgical treatment for non-melanoma skin cancer and keloids, are the beneficiaries of the new reimbursement certainty. The Centers for Medicare & Medicaid Services (CMS) established first-ever dedicated CPT codes for SRT, which management noted provides a per-fraction delivery reimbursement increase of more than 300%, expected to stabilize the return on investment for physician offices.

Here's a quick look at the system shipment distribution for the first three quarters of 2025:

Customer Segment Focus	Q1 2025 Units Shipped	Q2 2025 Units Shipped	Q3 2025 Units Shipped
Large, Single Customer Units	15	10	10
International Shipments (Total)	1	4	3
Total Systems Shipped	21	19	16

The company's ability to service these segments is backed by a strong balance sheet, exiting the third quarter of 2025 with $24.5 million in cash and no debt, plus having nearly 100 systems in inventory ready to meet demand.

The growth drivers within the customer base include:

• FDA treatment volume growth of 52% from Q1 2025 to Q3 2025.
• 21 active FDA sites as of September 30, 2025.
• Total SRT systems shipped year-to-date 2025: 56 units.
• International shipments YTD 2025: 8 units.

Sensus Healthcare, Inc. (SRTS) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Sensus Healthcare, Inc. (SRTS) operations as of late 2025, which is heavily influenced by system servicing, sales efforts, and strategic investments in lobbying and product development. Honestly, the cost structure reflects a company navigating reimbursement changes while pushing growth initiatives like the Fair Deal Agreement (FDA) program.

Here's a breakdown of the key components of the cost structure for the nine months ended September 30, 2025 (9M 2025), unless otherwise noted:

Expense Category	Amount (9M 2025)	Context/Note
Cost of Sales (COGS)	$12.6 million	Total for systems and service.
Selling and Marketing (S&M)	$5.1 million	As specified for the 9M 2025 period.
General and Administrative (G&A)	$6.1 million	Compared to $4.7 million for 9M 2024.
Research and Development (R&D)	$4.1 million	Spent in H1 2025, including lobbying.

The Cost of Sales figure of $12.6 million for 9M 2025 compares to $11.4 million in the prior year period. Gross margin compressed to 44.4% in 9M 2025 from 60.3% in 9M 2024, driven by lower sales, higher servicing costs, and the costs tied to the new placement program.

Research and Development (R&D) spending saw a significant jump, reaching $5.9 million for the nine months ended September 30, 2025, up from $2.7 million in the same period last year. This increase reflects substantial lobbying costs related to billing code reimbursement, higher headcount, and increased product development costs for next-generation systems.

The costs associated with the Fair Deal Agreement (FDA) placement program are embedded across several expense lines, particularly Cost of Sales and S&M, due to commissions. The program itself is a key driver of activity, though it also contributes to cost pressures.

Key details regarding the FDA program and associated costs/activities include:

• FDA treatment volume increased 20% sequentially in Q3 2025 over Q2 2025.
• FDA treatment volume increased 52% in Q3 2025 compared to Q1 2025.
• The program is designed to alleviate upfront capital costs for practices.
• Selling and marketing expenses in Q3 2025 reflected higher payroll costs due to commissions related to the new placement program.
• The program links revenue generation directly to patient treatment volume.
• As of Q3 2025, 21 FDA sites were active with 11 pending to go live.

Selling and Marketing (S&M) expense for Q3 2025 was reported at $2.2 million, up from $1.3 million the prior year, reflecting higher headcount and payroll costs tied to commissions. For the same quarter, G&A was $1.8 million compared to $900,000 in Q3 2024.

Finance: draft 13-week cash view by Friday.

Sensus Healthcare, Inc. (SRTS) - Canvas Business Model: Revenue Streams

The Revenue Streams for Sensus Healthcare, Inc. are built upon a dual approach, combining upfront capital equipment sales with an increasingly important recurring revenue component tied to treatment volume.

The primary sources of revenue are:

• Capital equipment sales of SRT systems, specifically the SRT-100 and SRT-Vision models.
• Recurring revenue generated from the Fair Deal Agreement (FDA) program, which directly links revenue to patient treatment volume.
• Revenue from service and maintenance contracts associated with the installed base of systems.

Financially, the performance as of late 2025 shows the following top-line figures:

Metric	Amount
Total Revenue (First Nine Months of 2025)	$22.5 million
Trailing Twelve-Month Revenue (as of September 30, 2025)	$35.6 million
Quarterly Revenue (Third Quarter of 2025)	$6.9 million

You can see the direct impact of unit sales, which represent the capital equipment portion, on the nine-month results. For the first nine months of 2025, the company shipped a total of 56 SRT systems. This compares to 76 units shipped in the same period of 2024.

The Fair Deal Agreement is designed to be a recurring revenue stream, which is key for future stability. For the third quarter of 2025, the FDA treatment volume showed positive momentum:

• FDA treatment volume increased 20% over the second quarter of 2025.
• FDA treatment volume increased 52% compared with the first quarter of 2025.

This recurring revenue from the FDA program slightly offset the overall revenue decrease seen in the first nine months of 2025, which was primarily due to fewer unit sales to a large customer. The company is positioning itself for future recurring revenue growth, as evidenced by having nearly 100 systems in inventory ready for deployment. The service and maintenance component is implicitly captured within the overall revenue structure, with higher costs of servicing systems noted as a factor impacting gross margin in the 2025 period.

Here's a breakdown of the system sales activity that drives the capital equipment revenue stream:

Period	SRT Systems Shipped (Units)
First Nine Months of 2025	56
Third Quarter of 2025	16

Finance: draft 13-week cash view by Friday.