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DATE

Thursday, November 6, 2025 at 4:30 p.m. ET

CALL PARTICIPANTS

  • Chairman and Chief Executive Officer — Joseph Sardano
  • President and General Counsel — Michael Sardano
  • Chief Financial Officer — Javier Rampolla

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RISKS

  • Revenue Decline — Revenue for Q3 2025 decreased to $6.9 million from $8.8 million, attributable to a lower number of units sold to a major customer.
  • Gross Margin Compression — Gross margin dropped to 39.1% in Q3 2025 from 59.1% in Q3 2024, reflecting lower sales, increased servicing costs, and program expenses.
  • Operating Loss — Net loss for Q3 2025 was $900,000 (6¢ per share), versus net income of $1.2 million (7¢ per diluted share) for Q3 2024.
  • Adjusted EBITDA — Negative $2.4 million in Q3 2025, down from positive $1.6 million in Q3 2024

TAKEAWAYS

  • CMS Reimbursement Codes -- The Centers for Medicare & Medicaid Services (CMS) approved dedicated CPT codes for superficial radiotherapy (SRT) in early November 2025, resulting in a greater than 300% increase in per-fraction reimbursement compared to previous codes.
  • Unit Shipments -- The company shipped 16 SRT systems in Q3 2025, including three to China; Cumulative sales exceeded 900 units worldwide as of Q3 2025
  • Utilization Trends -- FDA treatment volumes increased 20% in Q3 2025 compared to Q2 2025, and were up 52% in Q3 2025 compared to Q1 2025; Quarterly volumes grew 157% in Q3 2025 compared to program launch in late 2024
  • Cash Position -- Ended Q3 2025 with $24.5 million in cash and no debt, marking an increase from approximately $22 million in cash at the end of 2024
  • Inventory -- Nearly 100 SRT systems remain in inventory as of Q3 2025 to meet rising anticipated demand
  • Operating Expenses -- Quarterly operating expenses rose to $5.3 million from $3.7 million in Q3 2025 compared to Q3 2024, driven by higher selling, marketing, headcount, product development, and lobbying costs.
  • Sales Mix Impact -- Management expects an increase in sales of the lower-cost SRT 100 unit due to reimbursement certainty, while new versions of the Sentinel software will enable advanced analytics across the product line.
  • International Expansion -- Initial international contributions are expected to be gradual, with management targeting up to 20% of revenue from international markets over the next 12-24 months (currently 5%-10%), as stated on the Q3 2025 earnings call
  • Sentinel Platform -- The Sentinel software, central to the company's recurring revenue model, is undergoing an expanded R&D program called Sentinel 2.0, with initial platform enhancements expected in 2026.

SUMMARY

CMS finalized new CPT codes for SRT in non-melanoma skin cancer and keloids, providing reimbursement certainty and aligning office-based rates with hospital outpatient levels, leading to a more than 300% increase per-fraction. Sensus Healthcare (SRTS 4.61%) reported system sales declined to 16 units in Q3 2025 and gross profit and margin also declined in Q3 2025, citing reduced purchases from a major customer. Management highlighted pent-up demand and ongoing FDA program momentum, with 20% sequential (Q3 2025 over Q2 2025) and 52% (Q3 2025 over Q1 2025) treatment volume growth. Sensus Healthcare continues to invest in R&D for the next generation Sentinel platform and is strategically positioned with $24.5 million in cash and no debt as of Q3 2025. Initial international market penetration is underway, supported by MDSAP certification and shipments to China, with broader country entries and revenue diversification anticipated.

  • President and General Counsel Michael Sardano said, "the goal of our lobbying efforts and the outcome of these new CPT codes is that the gap will now narrow between the office-based reimbursement and hospital outpatient rates."
  • The company maintains nearly 100 SRT systems in inventory as of Q3 2025 to meet forecasted demand following the new reimbursement clarity
  • The transition from SRT 100 Vision toward SRT 100 is expected to increase as reimbursement certainty drives purchasing behavior, though the Sentinel 2.0 software aims to deliver Vision-level capabilities to SRT 100 users.
  • Ongoing investments in selling, marketing, and R&D increased operating costs but are aimed at supporting future growth in utilization, new product launches, and international expansion.
  • The company expects new reimbursement codes to stimulate both system sales and utilization across existing and pending accounts, with 11 pending sites likely to become operational in Q4 2025

INDUSTRY GLOSSARY

  • CPT Codes (Current Procedural Terminology Codes): Numeric codes used by CMS and insurers to report medical, surgical, and diagnostic services for reimbursement.
  • MDSAP (Medical Device Single Audit Program): An international audit program that allows medical device manufacturers to satisfy multiple regulatory requirements with a single audit.
  • IGSRT (Image-Guided Superficial Radiation Therapy): A technique combining superficial radiotherapy with imaging to guide precise tumor treatment.
  • FDA Program (Fair Deal Agreement Program): Sensus Healthcare's shared-services program that enables dermatology practices to use SRT systems with flexible financial and operational arrangements.
  • Vision Product/SRT 100 Vision: Sensus Healthcare’s advanced radiotherapy device with integrated high-frequency ultrasound imaging and Sentinel software.
  • Sentinel Platform: Proprietary software for system diagnostics, data analytics, and practice workflow management, central to recurring revenue initiatives.
  • LCD (Local Coverage Determination): Regional Medicare policy decisions on specific services or items, affecting reimbursement eligibility.

Full Conference Call Transcript

Joseph Sardano: Thank you, Tirth. And good afternoon, everyone. Thank you for joining us today. Supporting our expectations, CMS published future demand earlier this week with the 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 while providing reimbursement indication certainty, but they also represent an increase in SRT delivery code reimbursement being used per fraction of more than 300% compared with the current codes. We have already begun to communicate this message to our customer and prospect base. It is being very well received as we provide for 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 have 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 his presentation. Now during the quarter, we continued to execute on our strategic priorities. We shipped 16 SRT systems in the quarter and made progress in several areas, 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 launch 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%. 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. 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 Sardano: Thanks, Joe. As Joe stated, we are elated about the finalization of the long-sought-after and fought-for SRT codes that CMS granted our technology this past week. This has been a decades-long process of lobbying and clinical validation complemented by significant patient demand in recent years. As their awareness of the alternative to surgery has hit an inflection point, the goal of our lobbying efforts and the outcome of these new CPT codes is that the gap will now narrow between the office-based reimbursement and hospital outpatient rates. Leveling the playing field with hospital systems significantly strengthens the ROI for using SRT in dermatology offices and could expand adoption.

Over the past few years, patients have been overwhelmingly demanding the nonsurgical option for their skin cancer treatment, and CMS is seeing that data. To remind everybody, skin cancer is the most prevalent cancer in the United States, with the American Academy of Dermatology stating that more than 9,500 people are diagnosed each day, equating to over 3.5 million people per year. That is nearly double all other cancers combined. With the new coding certainty, outstanding clinical results, and high patient demand, SRT is here to stay.

During the third quarter, we made good progress in advancing our business priorities, in particular with our fair deal agreement program and reimbursement engagement, as well as with software platform development and international expansion. Beginning with our FDA program, we remain encouraged by the continued momentum and utilization trends. Treatment volumes due to patient awareness and demand increased at a healthy pace for the third consecutive quarter. As this program expands, it is becoming increasingly clear that the combination of education, patient awareness, and clinical experience is driving consistent uptake and supporting sustainable demand for SRT and IGSRT within practices. The consistent growth in treatments across sites reinforces the effectiveness of our focused approach and this turnkey model.

Now that we have complete clarity with SRT codes, we feel more confident than ever to maximize the adoption of our SRT technology like never before. Turning to our product pipeline, I do not have any new updates to share. We continue to await feedback and next steps from the Food and Drug Administration with respect to our transdermal infusion or TDI system. Yet we are taking this time to validate training pathways, refine support models, and assess market feedback to ensure we are well-positioned for a strong commercial rollout. I also want to comment on the ongoing development of our Sentinel software platform, which is central to our long-term revenue model.

Sentinel today enables secure data storage, remote diagnostics, and real-time service support, allowing our engineering team to monitor and address system issues without interrupting patient care. For physicians, this translates into essential reliability, treatment confidence, and a more efficient workflow. Sentinel is also integral to any turnkey model such as Sensus' FDA program as it allows the monitoring of treatment volumes. As dermatology continues to consolidate, and as more patient care shifts into scaled group structures, the value of enterprise-grade analytics has become more important. These organizations are highly focused on standardizing care, particularly for large dermatology networks and private equity-backed platforms. Sentinel is well-positioned to support those needs and improve practice economics.

Sensus is always enhancing the Sentinel platform to provide deeper utilization insights, treatment analytics, and practice-level visibility. To help groups measure patient flows, patient engagement, and care efficiency across locations, we believe this will increase the retention rate of our platform, support recurring revenue models, and elevate our competitive advantage. Looking ahead, we have initiated an expanded R&D program to build the next generation of our Sentinel platform and customer-facing tools. With a roadmap designed to introduce additional analytics capabilities and reporting capabilities, this multiphase initiative, which we call Sentinel 2.0, is already underway, and we expect to begin seeing initial results in 2026. On the international front, we are building a strong foundation for global expansion.

As Joe noted, we shipped three systems to China during the quarter, and we are seeing encouraging interest across select international markets. Our MDSAP certification provides us with an expanded pathway to key geographies, including Canada, Brazil, Japan, and Australia. While we expect international sales to ramp gradually and recognize that the process may take up to twelve months in certain regions, we believe this expansion will provide meaningful contributions over time. Initial discussions with prospective partners in multiple markets are progressing well, and we expect initial sales under this certification in the near future. Additionally, Sensus will be exhibiting at its first trade show in Japan, JASTRO, the largest radiation oncology conference in the country, in two weeks.

We are very excited to be meeting face-to-face with potential Japanese customers for the first time in our fifteen years in business. With that, I will turn the call over to Javier for a review of our financial performance.

Javier Rampolla: And good afternoon, everyone. Thanks, Michael. I'll start with a review of our financial results for the third quarter of 2025. Revenues for the third quarter of 2025 were $6.9 million compared with $8.8 million for the third quarter of 2024. As Joe mentioned, the number of units sold in the third quarter of 2025 was 16, compared to 27 in the third quarter of 2024. The decrease in revenue was primarily driven by a lower number of units sold to a larger customer, slightly offset by revenue recognized from the new placement program. Gross profit for the third quarter of 2025 was $2.7 million compared with $5.2 million a year ago.

Gross margin was 39.1% versus 59.1% in the third quarter of 2024. The change in both metrics reflects lower sales, higher cost of servicing systems, and the cost of the program. Operating expenses for the third quarter of 2025 were $5.3 million compared with $3.7 million in the prior year period. Selling and marketing expenses were $2.2 million compared with $1.3 million last year, with the increase reflecting higher headcount and payroll costs related to commissions. General and administrative expenses were $1.8 million for the third quarter of 2025 compared with $900,000 in the prior year.

The increase reflects significant lobbying costs related to the billing of reimbursement, higher headcount, and an increase in product development costs related to the next generation systems. We are reporting a net loss for the third quarter of 2025 of $900,000 or 6¢ per share, compared with net income of $1.2 million or 7¢ per diluted share for the third quarter of 2024. Adjusted EBITDA for the third quarter of 2025 was negative $2.4 million compared with $1.6 million a year ago. Please see the tables in today's news release for a reconciliation of non-GAAP to GAAP results. Revenues for the first nine months of 2025 were $22.5 million compared with $28.7 million for the first nine months of 2024.

The number of units sold in the first nine months of 2025 was 52 compared with 78 for the same period last year. Year-to-date 2025 gross profit was $10 million or 44.4% of revenue compared with $17.3 million or 60.3% of revenue for the first nine months of 2024. These declines are largely due to a lower number of SRT systems sold. We continue to maintain a strong inventory with validation that SRT is a great technology with tremendous value to skin cancer patients and keloid patients. Regarding our balance sheet, we ended the third quarter with $24.5 million in cash and no debt. We remain focused on disciplined execution and on supporting our customers and their patients.

We are confident in our strategy, balance sheet, and utilization momentum. We look forward to updating you on future developments. Operator, we are now ready to open the line for questions.

Operator: We will now open for questions. To ask a question, please press star, then one on your telephone keypad.

Anthony Vendetti: Thank you. Yes. Just two questions. One is on the LCD reimbursement for your ultrasound-guided SRT system. What has been the impact on that, if any, this quarter? And what's your update on what you think will be the impact, any change to that? And then just in terms of utilization trend metrics, I know you gave system sales, but any utilization that you can provide for this quarter? Thanks.

Joseph Sardano: Sure. Thanks, Anthony. Appreciate the question. First and foremost, we know that the original letter from ASTRO questioned the utilization of ultrasound. They did not feel that it was something that was medically necessary to be used each and every time for the fractions. Now in our model, for the FDA, we never used it every fraction. So quite frankly, it was less impactful to us because of that. Therefore, the reduction of the utilization of ultrasound by CMS does impact us, but it has been made up by the fact that the actual fractionation reimbursement code went up about 300%. So based on that, we do not lose very much in our FDA program.

In a lot of cases, it might be more beneficial for a lot of our physicians. So we do not see the same impact with our FDA program as maybe somebody else might do. But that is very, very important for us. If there is anything else, Michael, I will hand it over to Michael.

Michael Sardano: Just adding some color on that. Again, I differentiate between SRT and IGSRT. Right? One has the image guidance, one does not. What this has done, the 300% increase that Joe and I have talked about, is the new delivery code which CMS allowed for the first time. This is something that we have been asking for since we started the company. Why was it for so long that if you were in a hospital setting, and you billed a $125 per fraction for an SRT code for the delivery code, you would get it, whereas the dermatologist would only get $25 per fraction? Well, now that is completely aligned. The new coding is going up about 340 per fraction.

We just said over 300% to make it sound easy in the script. So the base SRT 100 unit, which has been one that we have never seen before in my 15 years in healthcare, significantly less reimbursement overall than the 300 plus percent increase as of late. Does that make sense?

Anthony Vendetti: Yeah. That is helpful.

Michael Sardano: So both products and the delivery code standpoint get a massive, massive increase.

Anthony Vendetti: And then just on the utilization trend, any metrics you can provide, that would be great.

Joseph Sardano: As Javier indicated, we are seeing a 20% increase on utilization from the third quarter over the second quarter. Year-to-date, it is a 152% increase on the utilization that we expect those trends to continue. There is nothing stopping the patients from wanting to have SRT knowing that it is noninvasive. That is the choice that they prefer. As they become more familiar with our technology, I think that is going to continue on the rise.

Anthony Vendetti: Okay. And then just lastly, in terms of placement in the US, outside of that large customer, as we move into the fourth quarter here, which typically is the strongest quarter, is there anything that you think will accelerate those placements in the fourth quarter as we speak today in terms of what you can see in terms of your pipeline or business?

Joseph Sardano: Let's just say we all know when we announced the last quarter that when the LCD came out, there was a complete stop to the order taking. That was a result of us going to our customers saying, hang on. There is something going on here. Let's hold off to make sure that we understand what it is and so on. Then, of course, CMS came up with their actions in late July, which did not further complicate anything but still provided that halt. So what we see or what we have seen is a pent-up demand. We had a bunch of units that were going into the FDA program.

We feel now that we have clarity so that we can start production with those customers. I think that the knowledge of having these units with guaranteed reimbursement codes that begin January 1, I think we are going to have customers that get in line to purchase this year so that we start tracking down on the inventory that we have. Of course, it is going to be first come, first serve. I think with the pent-up demand, there is going to be some aggressive marketing for our products.

We do not know where that could be yet, but we think that we are pretty good to either hit breakeven or to be online to be profitable for the fourth quarter. We are excited for what that prospect is.

Michael Sardano: And with that kind of demand, if I may add, we bought a lot of credibility. I am really proud of our sales team, our sales force nationally, for going to these doctors and actually, from a short-term perspective, holding off on receiving some money in Q2, Q3. We could have easily gone out and just not told everyone and sold them all these IGSRT units. So we bought credibility with the practices, with the large roll-up groups, and told them, you know what? Let's figure out exactly what is going to come down. Now I think you are going to see that is going to work out for us.

Anthony Vendetti: Okay. Great. Thank you.

Benjamin Charles Haynor: Good afternoon, gentlemen. Thanks for taking the question. Just on the reimbursement codes, it sounds to me, based upon your commentary, that there may be some shift between the SRT 100 and the base model and SRT 100 Vision. In terms of what goes out there with these shared services agreements that the FDA and kind of changes the calculus on that. Is that a fair assessment there?

Joseph Sardano: I think that is a good observation, Ben. I think having our Vision product decrease, I think we are going to see an uptick in the SRT 100. So I think that either way, it is going to help because the important part of the Vision product is that it has an operating system known as Sentinel. You cannot operate on a larger scale unless you have that Sentinel product that you can manage your products out there in the field. So I think that is going to continue to be important for all of the accounts. Now the question is, well, what do we do with the Vision product? Well, the Vision product, we are developing a program.

Javier mentioned the R&D program that we have for Sentinel 2.0. It is a Sentinel version that can be utilized with the SRT 100, which will literally give the SRT 100 the same capabilities as the Vision products. So I think that we are meeting the demand of the market. We were anticipating what the market was going to do based on what CMS was going to provide. I think that we are going to be meeting all of those perspectives. But to your point, it could impact the Vision, but I think the operating program with the 2.0 is going to maintain the Vision and its sustainability in the market.

Michael Sardano: Additionally, I want to point out, Ben, that the CMS physician fee schedule is now final. When the LCD first came out, they kind of contradicted each other. Now CMS is final. They actually did give the ultrasound for the first time its own code. There is an ultrasound code for SRT in association with SRT. Which means they believe it is clinically viable and important. The value right now is a little lower than we want it to be, of course. But I think that over time, as people still utilize the ultrasound because I will tell you, the patients absolutely love seeing what it looks like under the water, kind of like the iceberg effect with the Titanic.

Right? Oh, you can only see the tip. Well, now you can see the whole thing and visualize it. They love seeing that shrink. From fraction one, when they see how deep and how the lesion is shrinking over time. By the time the last fraction comes in, a couple of weeks after, they can see that it is gone. There is very big value in that.

Joseph Sardano: We are going to continue to work on that valuation with CMS, helping them understand why that is very, very important. You really cannot take away the vision that the doctors need to have in evaluating any kind of a tumor. Imagine a Mohs surgeon who performs the Mohs surgery on somebody, and the patient at the end of the study says, okay, did you get it all? The doc is going to say, yeah. I got it all. I mean, you have to take the guy's word for it. So now, with imaging, you are always going to be able to show that the lesion was gone when you have got that ultrasound.

So we will be able to continue to pursue a better reimbursement for that as we continue to utilize it.

Benjamin Charles Haynor: Got it. And then just for clarity's sake, the LCD is basically completely nonoperative. What it was kind of rubbish, if you want to use that word. There is no paper or a clinical reference saying that imaging hurts clinical outcomes. In fact, ASTRO, the radiation oncology lobby, supports imaging, and so does all of radiation oncology support imaging before every fraction of every other cancer on earth. Before breast cancer, before colorectal cancer, they always do imaging before therapeutic radiation. So why do they say that you do not need it for skin? They have absolutely no idea what they are talking about.

It was faceless, and CMS agreed that it was baseless by the sheer fact they just gave us a code for ultrasound. Showing us and the world that it is not baseless.

Joseph Sardano: Got it. So it is a start for us. Absolutely. It is a platform for us to pursue.

Benjamin Charles Haynor: Got it. It just depends on the adjective you want to choose, rubbish or maybe something else.

Michael Sardano: I want English on that one. I know.

Benjamin Charles Haynor: And then, just kind of the commentary on the pent-up demand and the pending site, that you have, I think you said 11. I guess, what is the right way to think about how long those are typically pending? I know there are unique circumstances here recently. But do those 11 go live during Q4 or, you know, what is the right way to think about that?

Joseph Sardano: We believe that they will. Yeah. We believe that they will, and we believe that we are going to add to that.

Benjamin Charles Haynor: Got it. Thanks for taking the questions, gentlemen.

Joseph Sardano: Thank you, Ben.

Operator: Please press star, then one. Question from H.C. Wainwright.

Eduardo Rafael Martinez-Montes: Hi there. This is Eduardo on for Yi Chen. Guess on the topic of CPT code reimbursement, I am curious if you are anticipating how that might impact the flow and utilization, specifically whether you are going to see increased utilization in existing sites or kind of new accounts? You mentioned those 11 pending sites. I imagine they are going to be kind of new customers. And also, changes in maybe purchasing behavior? Do you think the FDA will continue to be the main vehicle for purchasing, or do you think this would justify more outright systems purchases?

Joseph Sardano: They are good questions. I do not think, like I said in my monologue before, I do not think that our FDA is as impacted by the new coding as much as people think. Whatever impact the ultrasound may have had is going to be made up by the increase in the actual fractionation code of 340% as Michael said. So it almost decreases any of the impact. So I do not think that it is going to impact our FDA program that much, and I think that we will be able to continue with that FDA program. So I think that is very viable.

I think the impact that it will have is that it will increase sales on the SRT 100 side because that is the lower-cost unit. But either way, you are going to see our margins now starting to take shape. I see the longevity of the product and utilization of it as reimbursement stabilizes and it becomes fact. Imagine this. In the past, doctors used coding, and they asked for reimbursement. Sometimes they would get it, sometimes they would not. Now there is no way that anybody can refuse these codes, these reimbursements because CMS said this exists for SRT technology to treat skin cancer and keloids in the dermatology space. So they are undeniable.

If you look at the amount of money that they are going to be getting on a patient-by-patient basis, it is a very, very strong reimbursement for them. That bodes well for the ROI on the equipment. Whether it is taken in the FDA form, or whether they purchase it through a lease or direct purchase, either way, it is beneficial for the company. So we see a lot of good things happening because of it.

Eduardo Rafael Martinez-Montes: Great. Thanks for the clarity there. And a question on the international sales. How do you anticipate the ramp to be there? And how should we model margins for those sales?

Michael Sardano: Yeah. Great question. So with the MDSAP certification we announced earlier this year, I am really excited to get in globally from a regulatory standpoint. That gets us automatically into Japan, like I said, in two weeks. That is the absolute most difficult country to receive regulatory clearance in, especially for radiation technology. So we will see where that goes. But I think that we are ever-expanding on the international side. Our largest market outside the US has clearly been China, which continues to adopt, especially as their economy gets better. With time passing from COVID, they will continue to go.

But with everything with MDSAP, from a distributor standpoint, once we get those locked in, I think that was the six to twelve months tie-up that I was talking about before.

Joseph Sardano: I think what will end up happening is we are going to start seeing a ramp in the outside of the United States. I think that we will get to consist of about a 20% revenue base internationally, which will be 20% of our total revenue. Right now, we are somewhere between 5-10%. I think we can grow that over the next twelve to twenty-four months to about 20%.

Michael Sardano: And if I may add, the Vision, do not forget, is actually taking off internationally as well. Taiwan has two Visions now. There is some demand in Asia for the SRT 100 Vision. We plan to submit to China for the Vision as well, which we had not had regulatory clearance in the past. So the Vision might start becoming a very big international unit for us, much like the base SRT 100 was for the last six years.

Eduardo Rafael Martinez-Montes: Got it. Thank you so much for taking the question.

Michael Sardano: Yeah. Absolutely.

Operator: Thank you. This concludes the question-and-answer session. I would like to turn the conference back over to Joseph Sardano for any closing remarks.

Joseph Sardano: Thank you. As we wrap up today's call, I again want to thank everyone for joining us and your continued interest in Sensus Healthcare, Inc. We appreciate your support, and we look forward to speaking with you again in a little more than three months when we report our Q4 financial results. Have a nice evening. Thank you.

Operator: Thank you for attending today's presentation. You may now disconnect.