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Sensus Healthcare, Inc.
11/6/2025
and welcome to the Census Healthcare Third Quarter 2025 Financial Results Conference Call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on a touchtone phone. To withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Tirth Patel with Alliance Advisors IR. Please go ahead.
Good afternoon. This is Tirth Patel with Alliance Advisors IR. Thank you all for joining today's call to discuss Census Healthcare's third quarter 2025 financial results. Joining me from Census are Joe Sardano, Chairman and Chief Executive Officer, Michael Sardano, President and General Counsel, and Javier Rampolla, Chief Financial Officer. As a reminder, some of the matters that will be discussed during today's call contain forward-looking statements within the meaning of federal securities laws. All statements other than historical facts that address activities Census Healthcare assumes, plans, expects, believes, intends, or anticipates, and other similar expressions that will, should, or may occur in the future are forward-looking statements. The forward-looking statements are management's beliefs based upon currently available information as of the date of this conference call, November 6, 2025. Census Healthcare undertakes no obligation to revise or update any forward-looking statements except as required by law. All forward-looking statements are subject to risks and uncertainties as described in the company's forms 10-K, 10-Q, and other SEC filings. During today's call, references will be made to certain non-GAAP financial measures. Census believes these measures provide useful information for investors, yet they should not be considered as a substitute for GAAP, nor should they be viewed as a substitute for operating results determined in accordance with GAAP. A reconciliation of non-gap-to-gap results is included in today's financial results news release. With that, I'd like to turn the call over to Joe Sardano. Joe?
Thank you, Terrence, and good afternoon, everyone. Thank you for joining us today, supporting our expectations for future demand. Earlier this week, CMS published first-ever dedicated CPT codes for superficial radiotherapy in non-melanoma skin cancer and keloids. Note, not only do these codes validate SRT for this indication while providing reimbursement certainty, but they also represent an increase in SRT delivery code reimbursement per fraction of more than 300% compared with the current codes being used. We have already begun to communicate this message to our customer and prospect base. It is being very well received as we provide performance to those many who are awaiting the news. While we inform and educate our market over the next few weeks, we expect strong interest with demand on the rise. We are excited to having our own SRT coding at long last for our physicians and their patients. It really bodes well for SRT having a long and prosperous future in the dermatology space. Michael will discuss in further detail during a segment of the presentation. Now, during the quarter, we continued to execute on our strategic priorities and made progress in several areas across the business. We shipped 16 SRT systems in the quarter, including three systems to China, reflecting ongoing interest in our technology both domestically and internationally. With these shipments, we have now sold more than 900 systems globally since the law of the SRT platform. We expect to reach 1,000 systems in 2026. Within our Fair Deal Agreement program, we continue to see encouraging utilization trends. FDA treatment volumes increased 20% from the second quarter. This was the third consecutive quarter of double-digit growth, and we expect this level of growth to continue through the end of the year. When compared to the first quarter, treatments increased 52%. And since launching the program late last year, quarterly treatment volumes have increased 157%. These trends underscore the ongoing adoption among installed sites and the growing awareness of SRT among patients and providers. We continue to focus resources on locations that are demonstrating strong physician engagement and the prospect for sustainable long-term utilization. And we believe this will support healthier, more efficient growth of the program going forward. We also maintained a strong balance sheet while taking steps to support future demand. We ended the quarter with $24.5 million in cash, up from approximately $22 million at the end of 2024. These gains were driven by improved working capital management, including ongoing collections. In addition, we have close to 100 SRT systems in inventory, which positions us well to respond to anticipated demand as the market environment becomes known. Let me turn the call over to Michael to expand upon our business and our recent progress. Michael.
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