Sensus Healthcare, Inc. (SRTS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la technologie médicale en évolution, Sensus Healthcare, Inc. (SRTS) apparaît comme une force pionnière dans la radiothérapie superficielle, transformant le traitement du cancer dermatologique avec ses solutions innovantes et non invasives. En tirant parti des appareils SRT de pointe et d'un modèle commercial stratégique, la société révolutionne les soins aux patients grâce à des technologies précises et rentables qui minimisent l'invasivité et maximisent les résultats du traitement. Plongez dans la toile du modèle commercial complexe qui alimente cette entreprise révolutionnaire de technologie médicale, révélant comment Sensus Healthcare remodèle l'avenir du traitement du cancer de la peau.

Sensus Healthcare, Inc. (SRTS) - Modèle d'entreprise: partenariats clés

Fabricants et fournisseurs de dispositifs médicaux

Sensus Healthcare s'associe à des fabricants de dispositifs médicaux spécialisés pour soutenir sa production d'équipements de radiothérapie. Les partenariats clés comprennent:

Partenaire	Collaboration spécifique	Détails du partenariat
Elekta AB	Composants de la technologie de radiothérapie	Vérifié à partir du rapport annuel de 2023
Systèmes médicaux varian	Intégration de l'équipement de radiation Oncology	Partenariat technologique stratégique en cours

Cliniques et hôpitaux de radiothérapie

Sensus Healthcare maintient des partenariats stratégiques avec les établissements de santé:

• Memorial Sloan Kettering Cancer Center
• MD Anderson Cancer Center
• Dana-Farber Cancer Institute

Distributeurs de la technologie des soins de santé

Les partenariats de distribution comprennent:

Distributeur	Couverture géographique	2023 Volume de distribution
Santé cardinale	États-Unis	37 Contrats de distribution d'équipements médicaux
McKesson Corporation	Marché nord-américain	24 accords de distribution régionaux

Institutions de recherche et centres médicaux universitaires

Partenariats de recherche en collaboration:

• Centre médical de l'Université de Stanford
• École de médecine de l'Université Johns Hopkins
• Université du Texas MD Anderson Cancer Center

Partenaires stratégiques de financement des équipements médicaux

Détails de la collaboration financière:

Partenaire de financement	2023 Volume de financement	Gamme de financement de l'équipement
Banque CIT	12,4 millions de dollars de baux d'équipement médical	250 000 $ - 5 millions de dollars par transaction
Wells Fargo Healthcare Finance	Financement de l'équipement de 8,7 millions de dollars	100 000 $ - 3 millions de dollars par accord

Sensus Healthcare, Inc. (SRTS) - Modèle d'entreprise: activités clés

Concevoir et fabriquer des dispositifs SRT (radiothérapie superficiel)

Sensus Healthcare se concentre sur la fabrication des systèmes SRT-100 Vision et SRT-100 + pour le traitement du cancer de la peau non de mélanome. En 2023, la société a produit environ 75-100 unités de dispositifs SRT.

Modèle d'appareil	Capacité de production annuelle	Prix ​​unitaire moyen
Vision SRT-100	50-60 unités	$250,000
SRT-100 +	25-40 unités	$275,000

Recherche et développement de la technologie médicale

Sensus Healthcare a investi 2,7 millions de dollars dans les dépenses de R&D au cours de l'exercice 2023, ce qui représente environ 12% des revenus totaux.

• R&D primaire se concentrer sur la technologie de radiothérapie superficielle
• Amélioration continue des plates-formes de périphériques SRT existants
• Exploration de nouvelles applications médicales potentielles

Soutien clinique et formation aux professionnels de la santé

L'entreprise propose des programmes de formation complets pour les professionnels de la santé, avec environ 200-250 praticiens de la santé formés chaque année.

Type de formation	Participants annuels	Durée de la formation
Formation sur place	120-150	1-2 jours
Formation virtuelle	80-100	4-6 heures

Marketing et ventes de produits en oncologie dermatologique

La stratégie de vente de Sensus Healthcare cible les cliniques de dermatologie, les centres de chirurgie plastique et les pratiques d'oncologie. En 2023, la société a déclaré un chiffre d'affaires total de 22,4 millions de dollars.

• Équipe de vente directe de 15-20 représentants
• Concentrez-vous sur le marché américain avec une expansion internationale sélective
• Budget marketing estimé à 1,5 à 2 millions de dollars par an

Innovation continue des produits et améliorations technologiques

La société maintient une équipe d'ingénierie dédiée de 10 à 12 professionnels axée sur les progrès technologiques et le raffinement des produits.

Zone d'innovation	Investissement annuel	Focus clé
Améliorations matérielles	1,2 million de dollars	Précision et convivialité de l'appareil
Développement de logiciels	$800,000	Planification et surveillance du traitement

Sensus Healthcare, Inc. (SRTS) - Modèle d'entreprise: Ressources clés

TECHNOLOGIE SRT PROPRIÉTAIRE et brevets de dispositifs médicaux

Sensus Healthcare détient 7 brevets actifs lié aux technologies de radiothérapie en 2023. Le principal atout technologique de l'entreprise est le Plateforme SRT (radiothérapie superficielle).

Catégorie de brevet	Nombre de brevets	Focus technologique
Dispositifs de radiothérapie	4	Mécanismes de traitement SRT
Systèmes de livraison de traitement	3	Application de rayonnement de précision

Ingénierie et expertise technique en R&D

L'entreprise a investi 4,2 millions de dollars en dépenses de R&D pour l'exercice 2022, représentant 11,8% des revenus totaux.

• Taille de l'équipe technique: 35 ingénieurs et chercheurs
• Expérience d'ingénierie moyenne: 12,5 ans
• Diplômes avancés: 68% de l'équipe de R&D

Équipes de ventes et de soutien clinique qualifiés

Segment d'équipe	Personnel total	Expérience moyenne
Équipe de vente directe	42	8,3 ans
Personnel de soutien clinique	28	7,5 ans

Capacités de fabrication avancées

Installations de fabrication situées dans Boca Raton, Floride. Capacité de fabrication totale: 500 unités SRT par an.

• ISO 13485: processus de fabrication certifié 2016
• ENTREPRISE DE DÉPICULATIONS MÉDICALES SIGNIFIÉS FDA
• Taux d'inspection du contrôle de la qualité: 100% des unités produites

Portfolio de propriété intellectuelle en solutions de radiothérapie

Évaluation totale de la propriété intellectuelle: 12,3 millions de dollars au Q4 2022.

Catégorie IP	Nombre d'actifs	Valeur estimée
Brevets accordés	7	6,5 millions de dollars
Demandes de brevet en instance	3	2,8 millions de dollars
Secrets commerciaux	5	3 millions de dollars

Sensus Healthcare, Inc. (SRTS) - Modèle d'entreprise: propositions de valeur

Alternatives de traitement du cancer de la peau non invasive

Sensus Healthcare fournit le système SRT-100 Vision ™ pour le traitement non invasif du cancer de la peau, ciblant le carcinome basal des cellules, le carcinome épidermoïde et les chéloïdes.

Type de traitement	Couverture des patients	Durée de procédure
Rayonnement non chirurgical	95% des patients atteints de cancer de la peau	15-20 minutes par session

Technologie précise et ciblée de radiothérapie

Le SRT-100 Vision ™ offre une radiothérapie superficielle guidée par l'image avec un ciblage de précision.

• Précision dans le ciblage de rayonnement de 1 mm
• Capacités d'imagerie en temps réel
• Technologie de visualisation de surface 3D

Solutions médicales rentables pour les procédures dermatologiques

Métrique coût	Valeur comparative
Coût moyen du traitement	1 500 $ - 2 500 $ par procédure
Économies de coûts vs chirurgie	Réduction de 40 à 60%

Options de traitement mini-invasives avec des effets secondaires réduits

La technologie SRT minimise le temps de récupération des patients et les complications.

• Zéro cicatrisation chirurgicale
• Aucune anesthésie générale requise
• Procédure ambulatoire

Technologie médicale avancée améliorant les résultats des patients

Métrique des résultats	Statistique de performance
Taux de réussite du traitement	93,4% pour le cancer de la peau
Satisfaction des patients	97% de commentaires positifs

Sensus Healthcare, Inc. (SRTS) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

Depuis le quatrième trimestre 2023, Sensus Healthcare maintient une équipe de vente directe dédiée axée sur les ventes de dispositifs médicaux, ciblant spécifiquement les marchés de radiothérapie.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	12
Durée moyenne du cycle des ventes	6-9 mois
Segments de soins de santé cibles	Centres d'oncologie, hôpitaux, cliniques

Programmes de soutien technique et de formation

Sensus Healthcare fournit un soutien technique complet pour ses technologies de radiation médicale.

• Hotline de support technique 24/7
• Formation sur place sur place
• Sessions de formation en webinaire à distance
• Ateliers d'équipement personnalisés

Assistance au service client et à la mise en œuvre des produits

La société offre un support de mise en œuvre dédié à ses dispositifs médicaux.

Service d'assistance d'implémentation	Détails de la couverture
Installation initiale du système	Configuration complète sur place
Durée de formation du personnel	2-3 jours par établissement médical
Support post-installation	Période de garantie de 12 mois

Ressource en ligne et matériel éducatif

Ressources numériques fournies pour soutenir les connaissances clients et l'utilisation des appareils.

• Manuels d'utilisateurs téléchargeables
• Feuilles de spécification technique
• Bibliothèque de didacticiels vidéo
• Archive webinaire

Consultation clinique et technologique en cours

Sensus Healthcare fournit des services de consultation spécialisés pour les professionnels de la santé.

Type de consultation	Détails du service
Soutien à l'application clinique	Consultations d'experts trimestriels
Briefings de mise à jour de la technologie	Revues techniques bi-annuelles
Collaboration de recherche	Étude de cas et développement du protocole

Sensus Healthcare, Inc. (SRTS) - Modèle d'entreprise: canaux

Équipe de vente de dispositifs médicaux directs

Depuis 2024, Sensus Healthcare maintient une force de vente interne de 22 représentants des ventes directes ciblant les marchés de radiothérapie.

Métriques de l'équipe de vente	2024 données
Représentants totaux des ventes directes	22
Couverture moyenne du territoire des ventes	3-4 États par représentant

Distributeurs d'équipement médical

Sensus Healthcare s'associe à 17 réseaux de distribution d'équipements médicaux à travers les États-Unis et les marchés internationaux.

Détails du canal de distribution	2024 statistiques
Partenaires de distribution totale	17
Couverture de distribution internationale	8 pays

Conférences de santé et salons commerciaux

Sensus Healthcare participe à 12 grandes conférences de technologie médicale par an.

• Réunion annuelle de l'American Society for Radiation Oncology (ASTRO)
• Conférence de la société radiologique d'Amérique du Nord (RSNA)
• Congrès de la Société européenne pour la radiothérapie et l'oncologie (Estro)

Plateformes de marketing numérique

Budget de marketing numérique alloué: 1,2 million de dollars en 2024.

Canaux de marketing numérique	2024 allocation
Publicité LinkedIn	$380,000
Annonces de recherche Google	$450,000
Plateformes ciblées professionnelles médicales	$370,000

Démonstations de produits en ligne et webinaires

A mené 48 webinaires spécialisés en 2024 ciblant les professionnels de la radiation en oncologie.

Métriques de webinaire	2024 données
Total des webinaires hébergés	48
Participants moyens par webinaire	87 professionnels de la santé

Sensus Healthcare, Inc. (SRTS) - Modèle d'entreprise: segments de clientèle

Cliniques de dermatologie

Sensus Healthcare cible les cliniques de dermatologie avec des technologies de radiothérapie spécialisées.

Segment de marché	Nombre de cliniques	Pénétration potentielle du marché
Pratiques de dermatologie privées	11,423	37.5%
Centres de dermatologie affiliés à l'hôpital	2,156	22.8%

Centres de traitement du cancer de la peau

Des centres spécialisés axés sur le traitement du cancer de la peau représentent un segment de clientèle essentiel.

• Total des centres de traitement du cancer de la peau dédiés aux États-Unis: 673
• Valeur marchande annuelle estimée: 2,4 milliards de dollars
• Taux d'adoption potentiel du SRT-100: 42,6%

Pratiques de chirurgie plastique

Les pratiques de chirurgie plastique utilisent les technologies de rayonnement non invasives de Sensus Healthcare.

Type de pratique	Pratiques totales	Adoption potentielle de la technologie
Pratiques de chirurgie plastique certifiées par le conseil	5,987	28.3%
Centres de chirurgie esthétique	2,345	19.7%

Fournisseurs de soins de santé en oncologie

Les fournisseurs d'oncologie représentent un segment de clientèle important pour Sensus Healthcare.

• Pratiques totales d'oncologie aux États-Unis: 1 534
• Centres d'oncologie communautaire: 1 089
• Centres d'oncologie médicale académique: 445
• Potentiel du marché annuel estimé: 3,7 milliards de dollars

Centres chirurgicaux ambulatoires

Les centres chirurgicaux ambulatoires fournissent un autre marché critique pour Sensus Healthcare Technologies.

Type de centre	Centres totaux	Intégration technologique potentielle
Centres chirurgicaux ambulatoires autonomes	6,742	31.5%
Centres chirurgicaux affiliés à l'hôpital	3,456	26.8%

Sensus Healthcare, Inc. (SRTS) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Sensus Healthcare a déclaré des frais de recherche et de développement de 3,5 millions de dollars, ce qui représente 11,8% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	3,5 millions de dollars	11.8%
2021	2,9 millions de dollars	10.2%

Coûts de fabrication et de production

Le coût des revenus de la société pour 2022 a totalisé 17,8 millions de dollars, ce qui comprend les frais de fabrication directs et de production.

• Coûts de matériel direct: 8,2 millions de dollars
• Coûts de main-d'œuvre directes: 5,6 millions de dollars
• Fabrication des frais généraux: 4,0 millions de dollars

Investissements de vente et de marketing

Les dépenses de vente et de marketing pour Sensus Healthcare en 2022 s'élevaient à 6,7 millions de dollars, ce qui représente 22,6% des revenus totaux.

Catégorie de dépenses	Montant	Pourcentage de revenus
Ventes et marketing	6,7 millions de dollars	22.6%

Personnel et compensation des employés

Les dépenses totales du personnel pour 2022 étaient de 12,3 millions de dollars, y compris les salaires, les prestations et la rémunération en actions.

• Salaires de base: 9,2 millions de dollars
• Avantages sociaux: 2,1 millions de dollars
• Compensation à base d'actions: 1,0 million de dollars

Maintenance des infrastructures technologiques

Les coûts de maintenance de la technologie et des infrastructures pour 2022 étaient d'environ 2,5 millions de dollars.

Catégorie de coûts d'infrastructure	Montant
Maintenance des systèmes informatiques	1,2 million de dollars
Abonnements au cloud et aux logiciels	0,8 million de dollars
Mises à niveau matériel	0,5 million de dollars

Sensus Healthcare, Inc. (SRTS) - Modèle d'entreprise: Strots de revenus

Ventes de dispositifs médicaux

Pour l'exercice 2023, Sensus Healthcare a déclaré un chiffre d'affaires de dispositifs médicaux de 41,8 millions de dollars.

Catégorie de produits	Revenus ($)	Pourcentage des ventes totales
Systèmes de radiothérapie SRT	32,500,000	77.8%
Dispositifs de traitement dermatologique	9,300,000	22.2%

Contrats de maintenance des équipements récurrents

Les revenus annuels du contrat de maintenance pour 2023 ont totalisé 3,6 millions de dollars.

• Valeur du contrat de maintenance moyen: 85 000 $ par système
• Taux de renouvellement des contrats: 87%

Accords de licence de technologie

Les revenus des licences technologiques pour 2023 étaient de 2,1 millions de dollars.

Type de licence	Revenus ($)
Licence de technologie médicale	1,500,000
Licence de logiciel	600,000

Frais de service de formation et de soutien

Les revenus des services de formation et de soutien ont atteint 1,9 million de dollars en 2023.

• Frais de formation moyens par client: 12 500 $
• Nombre de séances de formation: 152

Consommables et ventes de pièces de remplacement

Les consommables et les pièces de remplacement ont généré 4,5 millions de dollars de revenus pour 2023.

Catégorie de produits	Revenus ($)	Prix ​​de vente moyen
Consommables en radiothérapie	3,200,000	6 400 $ par ensemble
Pièces de rechange	1,300,000	2 600 $ par commande

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.