12 Best Performing Cheap Stocks in 2024

07. Sensus Healthcare, Inc. (NASDAQ:SRTS)

Number of Hedge Fund Holders: 7

Year to date Share Price Gain: 166.53%

Forward Price to Earnings (P/E) Ratio: 11.04

Sensus Healthcare, Inc. (NASDAQ:SRTS) is a medical device company that designs and sells advanced radiation therapy devices to healthcare providers across the globe. The company’s core technology, superficial radiation therapy (SRT), offers a non-invasive alternative to surgery for treating non-melanoma skin cancers, such as basal cell and squamous cell carcinomas, as well as other skin conditions like keloids. The company has a diversified product lineup, including the SRT-100 and SRT-100 Vision systems, both of which provide an effective, patient-friendly option for dermatology practices and hospital settings. Given its innovative offerings, strong revenue growth, and expanding market presence, Sensus Healthcare, Inc. (NASDAQ:SRTS) is a solid inclusion in our list of the 12 best performing cheap stocks in 2024.

In its Q2 2024 earnings call, Sensus Healthcare, Inc. (NASDAQ:SRTS) reported impressive financial performance, showcasing a substantial year-over-year revenue growth of 104% to $9.2 million, compared to $4.5 million in Q2 2023. This growth was driven by a notable increase in the number of SRT units shipped, from 13 units in Q2 2023 to 23 units in Q2 2024, including three systems delivered to international markets. The rise in shipments of the SRT-100 Vision systems, which feature image-guided technology, highlights the company’s ability to innovate and cater to the evolving needs of healthcare providers. Gross profit for the second quarter stood at $5.4 million, representing a margin of 58.7%, up from 57.9% in the previous year.

The introduction of the Fair Deal Agreement, a recurring revenue model launched in March, has been well-received, with 15 contracts already signed and expectations for the total to reach 50 by year-end. This initiative is expected to significantly contribute to recurring revenues starting in 2025. Additionally, Sensus Healthcare, Inc. (NASDAQ:SRTS) recent entry into new international markets, including its first-ever sale of the image-guided SRT-100 Vision system in Asia, signals strong potential for further expansion and revenue diversification.

The company’s robust balance sheet, with $19 million in cash and no outstanding debt, positions it well for continued growth. With increasing demand for non-invasive treatments and a growing customer base, Sensus Healthcare, Inc. (NASDAQ:SRTS) outlook remains positive, making it a compelling option for investors looking for high-growth potential at a reasonable valuation.