Sensus Healthcare, Inc. (NASDAQ:SRTS) Q4 2022 Earnings Call Transcript

And I think that the bigger hospitals, the smart hospitals that look at the future are looking at this and are asking us about SRT.

Benjamin Haynor: Okay. That makes sense. And then lastly for me on the share repurchases, you gotten a little bit more aggressive there. Maybe my recollection is wrong, but I think you had 3 million authorized or plans to kind of re-up the authorization there and continue with the share repurchase activities.

Joseph Sardano: We went to the Board and the Board was more than happy to provide us with $3 million to repurchase our shares. We did that. To the fullest extent, we spent the 3 million shares. We think that we were as good as investors as anybody else in getting those shares at a very decent price, and we think the best investment is in our own company. And so is the opportunity out there in the future? I think the Board is always open to making things like that happen, and we’ll definitely look at it if that opportunity should come across again.

Operator: Our next question will come from Alex Nowak with Craig-Hallum.

Alexander Nowak: The reimbursement increase has been a big boost in the business over the last couple of years. And as investors, we all get it, but I’m curious about physicians. When you go out there in the field and speak with them, the physicians, do they all get the reimbursement change at this point? Or is it still, call it, a minority of physicians who get the reimbursement? And really what that would do for their practice? Just curious where we are in that process of physicians starting to figure this piece out.

Joseph Sardano: Alex, again, thanks for being on. Appreciate the question. It’s an ongoing process. You have to remember that these individual business owners are very, very business — very, very busy in doing a lot of things to keep their practices open. They faced with a lot of challenges. Every time we touch base with them, every time we’re face to face, every time we go to these meetings, it has — they have to be reminded of what the reimbursement is. And so it’s ongoing. We continue to push it now, the ones that have it already are recognizing the reimbursement increases because they’re the ones that are reaping the benefits because they already have the product. As these references go by or continue to move, I think that’s where we gain additional sales and additional references because it is good for them.

And now keep in mind that last year was the first year since COVID, 2 years, that we’ve been able to go to meetings and talk to these doctors face to face. That’s where we have the biggest impact. When we’re in the field, we’re knocking on doors, they’re busy. They’re listening. Sometimes they comprehend, but it always takes additional conversations for them to understand. But I would tell you that we’re getting there, and — but it’s never easy to make these sales. And when you look at our technology, you could say, well, we’re the only technology in the market, we have no competition. I would tell you that the competition is everybody who’s knocking on the doors of dermatologists because they have a dollar, everybody is trying to get a percentage of that dollar, and we have to have a good story in doing it.

And so far, I would say that a 65% increase in our business over last year, I think that we’re making headway. I think that we’re doing well there. So we are getting across to them, and as we go to the meetings and more presentations are made, I think that we’ll continue to achieve the goals that we’re looking at.