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Sensus Healthcare, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $8.8 million from $3.9 million in the same quarter the previous year. The increase is attributed to a higher number of units sold to a large customer.
Cost of sales for the quarter was $3.6 million, compared to $1.9 million in the same quarter of the previous year. This increase is primarily related to the higher number of units sold.
The company reported a gross profit of $5.2 million for the quarter, compared to $2.0 million in the previous year, with the increase driven by higher sales volume.
Selling and marketing expenses remained consistent at $1.3 million for the quarter.
General and administrative expenses increased slightly to $1.6 million from $1.5 million, primarily due to higher compensation and bad debt expense.
Research and development expenses decreased to $0.9 million from $1.1 million, primarily due to reduced expenses related to a project to develop a drug delivery system.
Net income for the quarter was $1.2 million, compared to a net loss of $1.5 million in the previous year.
Cash and cash equivalents were $22.6 million as of September 30, 2024, a decrease from $23.1 million at the end of 2023.
Accounts receivable increased to $17.0 million from $10.6 million, reflecting the increase in sales.
The company identified a material weakness in its internal controls over financial reporting related to information technology general controls.
Sensus continues to focus on expanding its sales and marketing activities and research and development efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sensus Healthcare Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.