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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 14, 2024
SENSUS HEALTHCARE, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-37714 |
|
27-1647271 |
(State of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
851 Broken Sound Pkwy., NW # 215, Boca Raton, Florida |
|
33487 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area
code: (561) 922-5808
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐ | Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange
on which registered |
Common Stock, par value $0.01 per share |
|
SRTS |
|
Nasdaq Stock Market,
LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
SENSUS HEALTHCARE, INC.
FORM 8-K
CURRENT REPORT
Item 2.02 Results of Operation and Financial Condition
On November 14, 2024, Sensus Healthcare, Inc. announced via press release
its financial results for the third quarter of 2024. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form
8-K and incorporated herein by reference.
The press release makes reference to certain non-GAAP financial measures.
A reconciliation of the non-GAAP financial measures and other financial information is provided in the press release.
The information furnished under Item 2.02, including in Exhibit 99.1,
shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
SENSUS HEALTHCARE, INC. |
|
|
|
Date: November 14, 2024 |
By: |
/s/ Javier Rampolla |
|
|
Javier Rampolla |
|
|
Chief Financial Officer |
EXHIBIT INDEX
3
Exhibit 99.1
Sensus Healthcare Reports Third Quarter 2024
Financial Results With Revenues More than Doubling Versus 2023 Third Quarter
| ● | Revenues
of $8.8 million compare with $3.9 million in the prior-year quarter, adjusted EBITDA (a non-GAAP
measure) of $1.6 million compares with negative $1.7 million a year ago |
| | |
| ● | Signed
a Fair Deal Agreement with Platinum Dermatology, a leading dermatology network with 130 clinics
across the U.S. |
Conference
call begins at 4:30 p.m. Eastern time today
BOCA
RATON, Fla. (November 14, 2024) – Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective,
non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological skin conditions, announces financial
results for the three and nine months ended September 30, 2024.
Highlights
from the third quarter of 2024 and recent weeks include the following:
| ● | Revenues
increased 127% over the comparable 2023 quarter to $8.8 million, reflecting higher superficial
radiotherapy (SRT and IG-SRT) unit sales |
| | |
| ● | Shipped
27 systems including one SRT-100 unit to an international customer, compared with 11 systems
shipped in the 2023 quarter |
| | |
| ● | Entered
into Fair Deal Agreements for seven SRT-100 Vision (IG-SRT) units, bringing the total to
22 units since the program’s introduction in March |
| | |
| ● | Net
income was $1.2 million, or $0.07 per diluted share, compared with a net loss of $1.5 million,
or $0.09 per share, for the 2023 quarter |
| | |
| ● | Exited
the quarter with $22.6 million in cash and cash equivalents, and no debt |
| | |
| ● | Sold
an SRT system to the radiation oncology department of Providence Swedish Hospital in Seattle |
| | |
| ● | Attended
the American Society for Radiation Oncology (ASTRO) 66th annual meeting, where
non-melanoma skin cancer treatment continues to show increased interest |
| | |
| ● | Signed
a Fair Deal Agreement with Platinum Dermatology Partners, a network of more than 130 dermatology
clinics across the U.S. |
Management
Commentary
“Continued growth in revenues and earnings
reflects our success in engaging customers with both existing and new sales options. Our revenues more than doubled year-over-year for
the second consecutive quarter, and we maintained profitability despite the summer seasonality of our business,” said Joe Sardano,
chairman and chief executive officer of Sensus Healthcare. “Our revenue-sharing Fair Deal Agreement, which allows customers to deploy
capital elsewhere in their businesses, continues to attract significant attention. Since our launch at the American Academy of Dermatology
meeting in March, we signed 22 agreements as of September 30th. In addition, the signing of an agreement with Platinum Dermatology
Partners, a rapidly-growing network of 130 dermatology clinics, is a major step forward. We believe this is the first of many such groups
to consider the Fair Deal Agreement.”
Commenting on the agreement, Anthony Petelin,
M.D., president of Platinum Dermatology Partners, said, “I’m incredibly excited for Platinum Dermatology Partners to enter
into this expanded services agreement with Sensus Healthcare, with support from Sensus’ outstanding team. This agreement enables us to
broaden access to SRT for our patients, reinforcing the exceptional, highest-quality dermatologic care that is our hallmark. Over the
years, SRT has proven itself to be an integral part of a comprehensive treatment plan, primarily for those diagnosed with non-melanoma
skin cancer.”
Mr. Sardano added, “With the Platinum Fair
Deal Agreement, we have exceeded our goal of having up to 50 Fair Deal Agreements signed by the end of 2024, and we expect to be generating
recurring revenue from these SRT-100 Vision (IG-SRT) systems in 2025. Given the growing utilization of SRT to treat non-melanoma skin
cancer and keloid scars, and the interest we have generated to date, we expect this model to contribute to our growth for years to come.
This model would not be possible without Sentinel IT, our proprietary HIPAA-compliant software with clinical billing and asset management
utility that also allows us to track utilization in real time. We believe this intellectual property is a very valuable asset to Sensus.”
Mr. Sardano concluded, “The market for non-melanoma
skin cancer treatments is enormous, with an estimated one in five Americans developing skin cancer during their lifetime, representing
some 70 million people. Globally, more than 1.2 million people develop non-melanoma skin cancer annually. Clearly SRT is becoming the
‘people’s choice’ on how they wish to be treated.”
Third Quarter Financial Results
Revenues for the third quarter of 2024 were $8.8
million, compared with $3.9 million for the third quarter of 2023, an increase of $4.9 million, or 127%. The increase was primarily driven
by a higher number of SRT systems sold to a large customer.
Cost of sales was $3.6 million for the third quarter
of 2024, compared with $1.9 million for the prior-year quarter. The increase was primarily related to a higher number of units sold in
the 2024 quarter.
Gross profit was $5.2 million for the third quarter
of 2024, or 59.3% of revenues, compared with $2.0 million, or 51.0% of revenues, for the third quarter of 2023. The increase was primarily
driven by the higher number of units sold in the 2024 quarter.
Selling and marketing expense was $1.3 million
for the third quarter of 2024, unchanged from the third quarter of 2023.
General and administrative expense was $1.6 million
for the third quarter of 2024, compared with $1.5 million for the third quarter of 2023. The increase was primarily due to higher compensation
and bad debt expense, which were offset by a reduction in bank fees.
Research and development expense was $0.9 million
for the third quarter of 2024, compared with $1.1 million for the third quarter of 2023. The decrease was primarily due to expenses, mostly
incurred in the 2023 quarter, related to a project to develop a drug delivery system for aesthetic use.
Other income of $0.3 million for the third quarter
of 2024 was mostly related to interest income, and was unchanged from the prior-year quarter.
Net income for the third quarter of 2024 was $1.2
million, or $0.07 per diluted share, compared with a net loss of $1.5 million, or $0.09 per share, for the third quarter of 2023.
Adjusted EBITDA for the third quarter of 2024
was $1.6 million, compared with negative $1.7 million for the third quarter of 2023. Adjusted EBITDA, a non-GAAP financial measure, is
defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see below for a reconciliation
between GAAP and non-GAAP financial measures, and the reasons these non-GAAP financial measures are provided.
Cash and cash equivalents were $22.6 million as
of September 30, 2024, compared with $23.1 million as of December 31, 2023. The Company had no outstanding borrowings under its revolving
line of credit. Accounts receivable were $17.0 million as of September 30, 2024, compared with $10.6 million as of December 31, 2023,
with the increase reflecting the increase in sales and concentration of sales to a large customer that is subject to extended payment
terms.
Nine Month Financial Results
Revenues for the nine months ended September 30,
2024 were $28.7 million, compared with $11.8 million for the nine months ended September 30, 2023, an increase of $16.9 million, or 143%.
The increase was primarily driven by a higher number of units sold to a large customer.
Cost of sales was $11.4 million for the nine months
ended September 30, 2024, compared with $5.6 million for the nine months ended September 30, 2023. The increase was primarily related
to higher sales in the 2024 period.
Gross profit was $17.3 million, or 60.3% of revenues,
for the nine months ended September 30, 2024, compared with $6.2 million, or 52.6% of revenues, for the nine months ended September 30,
2023. The increase was primarily driven by a higher number of units sold in the 2024 period.
Selling and marketing expense was $3.6 million
for the nine months ended September 30, 2024, compared with $5.0 million for the nine months ended September 30, 2023. The decrease was
primarily attributable to a decline in marketing agency expense, travel expense and lower headcount.
General and administrative expense was $4.7 million
for the nine months ended September 30, 2024, compared with $4.2 million for the nine months ended September 30, 2023. The increase was
primarily due to higher compensation and bad debt expense, which were offset by a reduction in bank fees and insurance expense.
Research and development expense was $2.7 million
for the nine months ended September 30, 2024, compared with $3.0 million for the nine months ended September 30, 2023. The decrease was
primarily due to a project to develop a drug delivery system for aesthetic use.
Other income of $0.7 million and $0.8 million
for the nine months ended September 30, 2024 and 2023, respectively, relates primarily to interest income.
Net income for the nine months ended September
30, 2024 was $5.1 million, or $0.31 per diluted share, compared with a net loss of $3.7 million, or $0.23 per share, for the nine months
ended September 30, 2023.
Adjusted EBITDA for the nine months ended September
30, was $6.7 million, compared with negative $5.4 million for the nine months ended September 30, 2023.
Use of Non-GAAP Financial Information
This press release contains supplemental financial
information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP).
Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of the Company’s performance. Adjusted
EBITDA should not be considered a substitute for GAAP basis measures, nor should it be viewed as a substitute for operating results determined
in accordance with GAAP. Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes,
depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding
of the financial results of Sensus Healthcare. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use
calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes
that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude
items that may obscure underlying performance and distort comparability. A reconciliation of the GAAP net loss to Adjusted EBITDA is provided
in the schedule below.
SENSUS HEALTHCARE, INC.
GAAP TO NON-GAAP RECONCILIATION
(unaudited)
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, | | |
September 30, | |
(in thousands) | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Net income (loss), as reported | |
$ | 1,215 | | |
$ | (1,451 | ) | |
$ | 5,101 | | |
$ | (3,725 | ) |
Add: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 53 | | |
| 60 | | |
| 154 | | |
| 216 | |
Stock compensation expense | |
| 45 | | |
| 67 | | |
| 201 | | |
| 276 | |
Income tax expense (benefit) | |
| 559 | | |
| (125 | ) | |
| 1,965 | | |
| (1,428 | ) |
Interest income, net | |
| (279 | ) | |
| (277 | ) | |
| (702 | ) | |
| (764 | ) |
Adjusted EBITDA, non GAAP | |
$ | 1,593 | | |
$ | (1,726 | ) | |
$ | 6,719 | | |
$ | (5,425 | ) |
Conference Call and Webcast
Sensus Healthcare will host an investment community
conference call today beginning at 4:30 p.m. Eastern time during which management will discuss these financial results, provide a business
update and answer questions.
Participants are encouraged to pre-register for
the conference call here to receive a unique dial-in number that will permit them to bypass the live operator. Participants may pre-register
at any time, including up to and after the call start time. Alternatively, participants can access the conference call by dialing 844-481-2811
(U.S. and Canada Toll Free) or 412-317-0676 (International). Please direct the operator to be connected to the Sensus Healthcare conference
call. The call will be webcast live and can be accessed here or in the Investor Relations section of the Company’s website at www.sensushealthcare.com.
Following the conclusion of the conference call,
a replay will be available until December 14, 2024 and can be accessed by dialing 877-344-7529 (U.S. Toll Free), 855-669-9658 (Canada
Toll Free) or 412-317-0088 (International), using replay code 3932512. An archived webcast of the call will also be available in the Investors
section of the Company’s website.
About Sensus Healthcare
Sensus Healthcare, Inc. is a global pioneer in
the development and delivery of non-invasive treatments for skin cancer and keloids. Leveraging its cutting-edge superficial radiotherapy
(SRT and IG-SRT) technology, the company provides healthcare providers with a highly effective, patient-centric treatment platform. With
a dedication to driving innovation in radiation oncology, Sensus Healthcare offers solutions that are safe, precise, and adaptable to
a variety of clinical settings. For more information, please visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are,
or may be deemed, ’‘forward-looking statements.’’ In some cases, these statements can be identified by the use of forward-looking terminology
such as “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,”
“may,” “could,” “might,” “will,” “should,” “approximately,” “potential”
or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties
because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions
that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this
press release, they may not be predictive of results or developments in future periods. Although we believe that we have a reasonable
basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance,
and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ
materially from the forward-looking statements contained in this press release, as a result of the following factors, among others: our
ability to maintain profitability; our ability to sell the number of SRT units we anticipate for the balance of 2024; the possibility
that inflationary pressures continue to impact our sales; the level and availability of government and/or third party payor reimbursement
for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement
declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes
and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental
action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers
in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; the performance of the Company’s
information technology systems and its ability to maintain data security; our ability to obtain and maintain the intellectual property
needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights
of third parties; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
To date, we do not expect that the Middle East
conflict, the Russian invasion of Ukraine and global geopolitical uncertainties have had any particular impact on our business, but we
continue to monitor developments and will address them in future disclosures, if applicable.
Any forward-looking statements that we make in
this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events
or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our “Introductory
Note Regarding Forward-Looking Information” and the factors described in the “Risk Factors” section of our periodic reports
filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact:
Alliance Advisors IR
Kim Sutton Golodetz
212-838-3777
kgolodetz@allianceadvisors.com
(Tables to follow)
SENSUS HEALTHCARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, | | |
September 30, | |
(in thousands, except share and per share data) | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
(unaudited) | | |
(unaudited) | | |
(unaudited) | | |
(unaudited) | |
Revenues | |
$ | 8,839 | | |
$ | 3,898 | | |
$ | 28,741 | | |
$ | 11,838 | |
Cost of sales | |
| 3,599 | | |
| 1,909 | | |
| 11,416 | | |
| 5,609 | |
Gross profit | |
| 5,240 | | |
| 1,989 | | |
| 17,325 | | |
| 6,229 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Selling and marketing | |
| 1,309 | | |
| 1,290 | | |
| 3,575 | | |
| 4,983 | |
General and administrative | |
| 1,573 | | |
| 1,511 | | |
| 4,731 | | |
| 4,204 | |
Research and development | |
| 863 | | |
| 1,083 | | |
| 2,655 | | |
| 3,001 | |
Total operating expenses | |
| 3,745 | | |
| 3,884 | | |
| 10,961 | | |
| 12,188 | |
Income (loss) from operations | |
| 1,495 | | |
| (1,895 | ) | |
| 6,364 | | |
| (5,959 | ) |
Other income: | |
| | | |
| | | |
| | | |
| | |
Gain on sale of assets | |
| - | | |
| 42 | | |
| - | | |
| 42 | |
Interest income, net | |
| 279 | | |
| 277 | | |
| 702 | | |
| 764 | |
Other income, net | |
| 279 | | |
| 319 | | |
| 702 | | |
| 806 | |
Income (loss) before income tax | |
| 1,774 | | |
| (1,576 | ) | |
| 7,066 | | |
| (5,153 | ) |
Provision for (benefit from) income tax | |
| 559 | | |
| (125 | ) | |
| 1,965 | | |
| (1,428 | ) |
Net Income (loss) | |
$ | 1,215 | | |
$ | (1,451 | ) | |
$ | 5,101 | | |
$ | (3,725 | ) |
Net income (loss) per share – basic | |
$ | 0.07 | | |
$ | (0.09 | ) | |
$ | 0.31 | | |
$ | (0.23 | ) |
– diluted | |
$ | 0.07 | | |
$ | (0.09 | ) | |
$ | 0.31 | | |
$ | (0.23 | ) |
Weighted average number of shares used in computing net income (loss) per share – basic | |
| 16,321,131 | | |
| 16,270,403 | | |
| 16,304,913 | | |
| 16,255,263 | |
– diluted | |
| 16,345,749 | | |
| 16,270,403 | | |
| 16,332,485 | | |
| 16,255,263 | |
SENSUS HEALTHCARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| |
As of September 30, | | |
As of December 31, | |
(in thousands, except shares and per share data) | |
2024 | | |
2023 | |
| |
(unaudited) | | |
| |
Assets | |
| | |
| |
Current assets | |
| | |
| |
Cash and cash equivalents | |
$ | 22,558 | | |
$ | 23,148 | |
Accounts receivable, net | |
| 16,961 | | |
| 10,645 | |
Inventories | |
| 11,968 | | |
| 11,861 | |
Prepaid inventory | |
| 1,723 | | |
| 2,986 | |
Other current assets | |
| 1,596 | | |
| 888 | |
Total current assets | |
| 54,806 | | |
| 49,528 | |
Property and equipment, net | |
| 1,635 | | |
| 464 | |
Deferred tax asset | |
| 2,197 | | |
| 2,140 | |
Operating lease right-of-use assets, net | |
| 630 | | |
| 774 | |
Other noncurrent assets | |
| 590 | | |
| 804 | |
Total assets | |
$ | 59,858 | | |
$ | 53,710 | |
Liabilities and stockholders’ equity | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 3,973 | | |
$ | 2,793 | |
Product warranties | |
| 351 | | |
| 538 | |
Operating lease liabilities, current portion | |
| 200 | | |
| 187 | |
Income tax payable | |
| - | | |
| 37 | |
Deferred revenue, current portion | |
| 686 | | |
| 657 | |
Total current Liabilities | |
| 5,210 | | |
| 4,212 | |
Operating lease liabilities, net of current portion | |
| 451 | | |
| 596 | |
Deferred revenue, net of current portion | |
| 66 | | |
| 60 | |
Total liabilities | |
| 5,727 | | |
| 4,868 | |
Commitments and contingencies | |
| | | |
| | |
Stockholders’ equity | |
| | | |
| | |
Preferred stock, 5,000,000 shares authorized and none issued and outstanding | |
| - | | |
| - | |
Common stock, $0.01 par value – 50,000,000 authorized; 16,930,845 issued and 16,390,051 outstanding at September 30, 2024; 16,907,095 issued and 16,374,171 outstanding at December 31, 2023 | |
| 169 | | |
| 169 | |
Additional paid-in capital | |
| 45,640 | | |
| 45,405 | |
Treasury stock, 540,794 and 532,924 shares at cost, at September 30, 2024 and December 31, 2023, respectively | |
| (3,566 | ) | |
| (3,519 | ) |
Retained earnings | |
| 11,888 | | |
| 6,787 | |
Total stockholders’ equity | |
| 54,131 | | |
| 48,842 | |
Total liabilities and stockholders’ equity | |
$ | 59,858 | | |
$ | 53,710 | |
7
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Nov. 14, 2024 |
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SENSUS HEALTHCARE, INC.
|
Entity Central Index Key |
0001494891
|
Entity Tax Identification Number |
27-1647271
|
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DE
|
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851 Broken Sound Pkwy.
|
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NW # 215
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Boca Raton
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FL
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33487
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561
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|
Trading Symbol |
SRTS
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Security Exchange Name |
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