Sensus Healthcare Books a $5.7 Million Tax Charge on a $2.3 Million Quarter

by Jonas Halvorsen · August 14, 2026

Companies Reporter, The MicroCap Herald

Sensus Healthcare reported second-quarter revenue of $2.3 million on Thursday, down 68.5% from $7.3 million a year earlier, and a net loss of $8.7 million, or $0.53 per share, against a $1.0 million loss, or $0.06 per share, a year ago. The Boca Raton, Florida, maker of superficial radiation therapy systems trades on Nasdaq under the ticker SRTS, verified Friday against the company's results release and exchange quote data.

The quarter missed published estimates on both lines. Investing.com, which carried the results, put the consensus at a loss of $0.12 per share on $5.03 million of revenue, calling it only an "analyst estimate" and naming no research firm or provider. Reported revenue came in at less than half that figure.

Most of the gap between the operating result and the bottom line is a tax entry. Sensus recorded a $5.686 million provision for income taxes, which the release says includes a $5.7 million valuation allowance against net deferred tax assets — a non-cash charge accounting for roughly two-thirds of the net loss. Stripping it out still leaves a loss: gross profit of $769,000 against $3.949 million of total operating expenses, for a $3.2 million loss from operations.

Gross margin compressed to 34.8% from 39.7% as fixed costs spread across a much smaller base. Operating expenses fell on every line — general and administrative down 10.0%, selling and marketing 21.4%, research and development 26.7% — but nowhere near fast enough. Adjusted EBITDA was negative $3.0 million against negative $1.8 million.

Management framed the shortfall as timing rather than demand. Chief Executive Joseph Sardano said in the release: "While our reported second quarter revenue was impacted by the timing of financing approvals for eight units, our commercial execution remained strong throughout the quarter." He also said: "Importantly, we are seeing the benefits of the dedicated CPT codes reflected in growing physician engagement, expanding customer interest, and a strengthening sales pipeline."

On the call, according to a summary published by Yahoo Finance, Sensus sold 11 units in the quarter — a count including Fair Deal Agreement placements and rentals — against 19 a year earlier, and would have recorded 19 had the eight financing-backed orders closed in time. Those were SRT-100 systems expected to carry an average selling price closer to $250,000, with approval since obtained through another bank and the revenue expected in the third quarter. "We will no longer be working with this bank," Sardano said of the original financier. Sensus issued no guidance and disclosed no backlog.

The balance sheet is where a micro cap this size is judged. Cash, restricted cash and cash equivalents were $15.2 million at June 30, down from $22.1 million at the end of 2025 and $18.3 million at March 31 — a $3.1 million decline across the three months, on the release's own figures. Inventories stood at $18.5 million, more than eight times the quarter's revenue.

Neither the second-quarter release nor the company's most recent quarterly report carried a going-concern qualification, and Sensus has disclosed no Nasdaq listing deficiency; readers should not infer either from the size of the loss. The release shows 16,462,059 shares outstanding at June 30, implying a market value near $48 million against Friday's intraday quote — this publication's arithmetic, not a reported figure.

Credit is the live disclosure to watch. In its first-quarter report filed May 13, Sensus disclosed it was in default of a covenant requiring minimum profitability of $1 on a trailing 12-month basis under its prior revolving facility, and had received notice on May 8 that the facility would terminate on May 20. StockTitan's summary of that filing names the prior lender as Fifth Third Bank, N.A., successor by merger to Comerica Bank; this publication could not retrieve the 10-Q itself to confirm the wording. An 8-K covering a June 2 agreement, filed June 5, describes the replacement: a $15 million revolver from City National Bank of Florida at the Secured Overnight Financing Rate plus 3%, maturing June 5, 2027, secured by $2.23 million of cash collateral and a security interest in all the company's assets. Its covenants include a minimum debt service coverage ratio of 1.50 and bank consent before Sensus removes its chief executive, president or chief financial officer.

Customer concentration is the other structural risk: the first-quarter report showed two U.S. customers at 25% and 24% of revenue, and two at 55% and 16% of accounts receivable.

Shares changed hands at $2.94 in Kraken's quote data retrieved shortly before 2:45 p.m. Eastern on Friday, which Kraken showed as down 7.26% against a prior close of $3.17. StockTwits' quote page, stamped 1:04 p.m. Eastern, showed $2.90 and a negative change of 8.23%, implying a prior close of $3.16 — a cent below Kraken's. Both are intraday marks; the session has not closed. The stock traded at $2.84 in Thursday's after-hours session.