SRTS

Core 2026 Strategic Priorities

• Ongoing education and training for the new dedicated CPT codes that went into effect January 1 2026
• Accelerate customer adoption of SRT technology
• Expand the company's recurring revenue base
• Broaden commercial reach across customer segments and geographies
• Drive Census Healthcare toward sustainable long-term profitability

Commercial Updates (U.S. Market)

• Q2 2026 results were impacted by a delayed third-party financing approval that pushed recognition of 8 pre-booked units to Q3 2026; these units have since been approved by a new financing partner
• Initial market education on the new CPT codes and updated reimbursement rules has translated to stronger commercial momentum, with a growing pipeline, higher inbound interest, and engagement across a broader set of customers
• Customer base is diversifying beyond small independent practices to include larger physician groups and health systems, which offer multi-location adoption opportunities that will drive long-term scalable growth
• Multiple access models are offered to customers: outright purchase, third-party financing, rental, and the shared-utilization Fair Deal Agreement program; current pipeline splits 50-50 between outright purchases and recurring revenue models
• Hospital level one radiation reimbursement for SRT (under 150 kV) is proposed to increase by 26% in the upcoming physician fee schedule, with no material headwinds for dermatology SRT adoption

International Expansion

• Growing interest across Asia Pacific markets, including Australia, New Zealand, China, and Hong Kong
• Australia and New Zealand have the highest skin cancer rates globally, creating a high-potential market for SRT; strong physician engagement has already been generated from just two industry conferences
• The company will maintain disciplined capital allocation for international expansion as it builds commercial presence in the region

Operational Highlights

• CensusLink software is included with nearly all new customer contracts, and an inside sales team is actively activating the software on existing installed base devices; high-margin recurring CensusLink revenue is a key long-term growth area
• Cash and cash equivalents totaled $15.2 million at quarter end, with no outstanding revolving credit borrowings; inventory increased to $18.4 million to support expected pipeline conversion

• Management confirms that Q2 2026 results were impacted by a one-time timing shift of 8 units to Q3 2026, and maintains guidance for a materially stronger second half of 2026 compared to the first half
• Management reaffirms the expectations for sequential quarterly unit growth throughout 2026, explicitly calling for 20+ units to be recognized in Q3 2026 (including the 8 delayed Q2 units)
• Management expects a large portion of the built-up 2026 sales pipeline (developed over the first half of the year via market education) to convert to revenue in the second half of 2026

Census Healthcare reports consolidated financial results only, no separate product segment breakdown was provided in the call. Total Q2 2026 revenue was $2.3 million, down from $7.3 million in Q2 2025. 11 total units were sold/recognized in Q2 2026, 6 of which were direct sales, with the remainder under Fair Deal Agreements or rental arrangements (revenue from these agreements is recognized over the contract term, not upfront). Of the 11 units, 6 were direct sales, contributing ~54.5% of recognized unit volume in the quarter, while 5 (~45.5%) were under recurring/renting models. Gross profit for the quarter was $0.8 million, with a gross margin of 34.8% (down from 39.7% in the prior year period), driven by a higher proportion of lower average selling price international shipments and costs from new Fair Deal Agreement placements. Adjusted EBITDA was negative $3 million, compared to negative $1.8 million in Q2 2025. Net loss for the quarter was $8.7 million, or $0.53 per share, including a $5.7 million valuation allowance against deferred tax assets.

• A former large customer is not purchasing any units at this time, and management does not expect any purchases from this customer in the second half of 2026, eliminating a historical source of revenue
• One financing partner overcommitted and failed to meet promised approval deadlines for 8 units, creating a material revenue timing impact on Q2 2026 results; the company has discontinued its relationship with this bank
• Larger enterprise customer opportunities have longer sales cycles compared to small independent practice sales, creating risk of delayed revenue conversion from the growing large-customer pipeline
• All forward-looking results are subject to general market and reimbursement uncertainty, as detailed in the company's SEC filings

Q: Can you clarify the 19-unit reference, confirm how many units were delayed to Q3, and confirm the average selling price of those delayed units? / A: The 19-unit figure refers to the total units the company would have recognized in Q2 2026 if the financing had been approved on time. 8 booked units were delayed, all Vision 100 models, with an average selling price of ~$250,000 per unit. A new bank completed the approval quickly after the original bank failed, and all 8 units will be recognized in Q3 2026.

Q: Is the current pipeline made up of near-term ready-to-close opportunities, or is it still early-stage? Will your former largest customer place any orders in H2 2026? / A: The pipeline has been built over 6-9 months of education work following the CPT code launch, and includes many customers that are ready to close, with most expected to convert in H2 2026. The former largest customer is not placing any orders currently, and management does not expect any purchases from them in H2 2026.

Q: What is your update on CensusLink activations, and when will this become a meaningful revenue contributor? / A: Nearly all new customers (direct purchase and recurring model) now include CensusLink. The company has hired dedicated inside sales to activate the software on existing installed base devices. CensusLink is a high-margin monthly recurring revenue stream; it will build gradually over quarters, but is expected to become meaningful later in 2026 and improve long-term company margins.

Q: Do you still expect sequential quarterly unit growth in 2026, and can you confirm the Q3 unit outlook? / A: Management reaffirmed its original expectation of sequential quarterly unit growth throughout 2026, and explicitly confirmed that 20+ units are expected to be recognized in Q3 2026, consistent with the sequential growth trend.