Good day, and welcome to your Sensus Healthcare 4Q 2021 Earnings Conference Call. All lines have been placed on a listen-only mode and the floor will be open for your questions and comments following the presentation. [Operator Instructions] At this time, it is my pleasure to turn the floor over to Kim Golodetz. Ma'am, the floor is yours.

Thank you. This is Kim Golodetz with LHA. Thank you all for participating in today's call. Joining me from Sensus Healthcare are Joe Sardano, Chief Executive Officer; and Javier Rampolla, Chief Financial Officer. In addition, Michael Sardano, President and General Counsel will be available during the Q&A portion of this call. As a reminder, some of the matters that will be discussed during today's call contain forward-looking statements within the meaning of federal securities laws. All statements other than historical facts that address activities Sensus Healthcare assumes, plans, expects, believes, intends or anticipates or other similar expressions will, should or may occur in the future are forward-looking statements. The forward-looking statements are management's beliefs based on currently available information. Sensus Healthcare undertakes no obligation to update or revise any forward-looking statements, except as required by law. All forward-looking statements are subject to risks and uncertainties, including the continuation and severity of the COVID-19 pandemic and its impact on sales and marketing as described in the Company's Forms 10-K and 10-Q. During today's call, there will also be references to certain non-GAAP financial measures. Sensus believes these measures provide useful information for investors, yet should not be considered as a substitute for GAAP nor should they be viewed as a substitute for operating results determined in accordance with GAAP. A reconciliation of non-GAAP to GAAP results is included in today's financial results press release. With that said, I'd like to turn the call over to Joe Sardano. Joe?

Thank you, Kim, and good afternoon, everyone. I'm delighted to be reporting record revenues and earnings for the fourth quarter of 2021 and congratulate the entire Sensus team on this achievement. As I mentioned during our last conference call in November and then again in the press release issued in early January, our fourth quarter was so strong that we're reporting positive earnings for the full year. Specifically, revenues for 2021 were $27 million, up 182% over 2020, and we earned $0.25 per share. During Q4, we shipped a record 35 units, including three to China. China remains an important avenue for growth, which I'll discuss in just a moment. I'm confident we have the momentum to continue year-over-year revenue growth and positive net income in the coming quarters. A number of forces came together that allowed us to regain our growth trajectory after a few challenging quarters caused by the economic shutdown owing to the COVID-19 pandemic. The most important was the increase in CMS reimbursement for superficial radiation therapy that became effective as of January 2021. The delivery code for SRT, along with other codes associated with SRT, were revalued upward. These changes have had a direct and positive impact on patients' access to care. Leading the charge to get these revaluations was Michael Sardano, who was recently promoted to President and General Counsel. Michael's experience on Capitol Hill was invaluable as he helped us navigate the complexities of the government and tirelessly knock on the appropriate doors. In addition, the Company's Sentinel IT software technology embedded into our new products allows physicians to easily and accurately document which codes they are billing and state the medical necessity for the treatment. Sentinel has proven to be extremely helpful for the operation of SRT in a physician's practice, and we have begun implementing this exclusive technology into all future Sensus products. Our recent sales growth reflects our ability to effectively introduce the attributes of our SRT systems combined with the fair market value leasing program as we continue to educate the market on these new CMS reimbursement schedules. We are also seeing growing patient volumes at customer sites, in part because SRT became so much more prominent amid the pandemic, while surgeries were kept to a minimum. We believe this positive shift resulted in a best practice migration towards SRT that will not only be a permanent gain for Sensus, but will continue to grow demand for a non-invasive treatment approach. While instituting a new fair market value leasing program, we continue to be highly encouraged by the initial reception. Growing numbers of our physician customers have taken advantage of this program and appreciate its ability to provide a positive ROI for the SRT Vision by treating just two patients per month. Recall that the Vision has several premium features, along with image-guided ultrasound capabilities. The Vision includes Sentinel, a powerful IT platform that provides Sensus with the opportunity for remote diagnostics while providing customers with asset management capabilities, as well as HIPAA-compliant patient data collection for accurate reporting of patient conditions and treatments. As we plan for future growth, we are mindful of the ways to leverage one of our core competencies, our sales organization with a view toward adding another product that would be of great interest to our customers. We entered into an exclusive U.S. distribution agreement for a non-invasive drug delivery system, which we have branded as the Transdermal Infusion System. This system is cleared by the U.S. FDA for the local administration of ionic drug solutions into the body for medical purposes and can be used as an alternative to injections, offering patient treatments with no pain, no needles, and no downtime. We have begun marketing the system for skin rejuvenation treatments, pre-laser treatments, pre and post-plastic surgery, hair restoration, and other applications. The Transdermal Infusion System is remarkable in that it allows drugs to penetrate the skin's innermost hypodermic layer by increasing permeability. It's faster than traditional iontophoresis and allows the delivery of drugs that are otherwise not able to be absorbed, including Botox, hyaluronic acid, lidocaine, collagen, and others typically used in aesthetic procedures. This system was demonstrated by several KOLs at the Winter Clinical in Hawaii and discussed how it can be integrated into a typical dermatology practice. We were delighted with the reception this system received and are working to pursue the sales leads generated at the conference. We're looking forward to the American Academy of Dermatology Annual Meeting to be held in Boston at the end of March, where we'll also be demonstrating the Transdermal Infusion System. Of course, we'll also be demonstrating our SRT systems and highlighting SRT's impact on treating non-melanoma skin cancer and keloids, as well as the new fair market value leasing programs. We'll have more information for you on KOL presentations as we approach the date of the meeting. Turning now to international markets. Sales in China continue to be promising, and as I mentioned, we sold three systems there in the fourth quarter for a total of nine during 2021. Our new distribution partner, whom we engaged in late 2020, by our VP of International Sales, Benson Suen, is doing a terrific job. During Q4, the Ministry of Health of the People's Republic of China renewed our license to market the SRT-100 system for an additional five years. This new license runs through December 2026 and covers the sale of our superficial radiation therapy to treat non-melanoma skin cancers and keloids. China is an important market for our products, accounting for 20% of the world's population. The indication for SRT-100 to treat keloids, which we received in 2017, is of particular interest to women and their physicians to prevent and treat keloids following a Cesarean section. We currently have over 50 systems installed in hospitals and clinics throughout China. In yet another area of our business, our relationship with Colorado State University Veterinary School continues to evolve, and we've been told that they are using our SRT system to treat not only cats and dogs but also horses. The school has an affiliation with the Denver Zoo, and the Zoo has called upon CSU to use SRT to treat some of their rarest animals. We will have further data from CSU later in the year. As discussed during last quarter's conference call, we expanded into the aesthetic laser business with the formation of Sensus Laser Aesthetic Solutions. SLAS, as we call it, is comprised of Mobile Laser Services in Central and Northern Florida. The rationale is to use SLAS to expand our customer base, provide a beachhead for further acquisitions, and improve access to laser technology. We provide customers with both short and long-term laser rentals by delivering these lasers on an as-needed basis to treat their patients. The integration of our proprietary Sentinel IT Solutions software into our new Sensus Smart Lasers is complete, and these lasers are now available through our direct sales force and SLAS. We implemented creative rental and leasing options for our lasers and believe the combination of Sentinel technology, which provides asset management and HIPAA-compliant patient data and storage capability, also contains the software to support shared service models, including direct patient billing, is an important avenue for growth. We've been actively evaluating the expansion of our mobile aesthetic laser business beyond Florida via strategic transactions and geographies where we have an existing SRT customer base. Over the long term, we expect SLAS to become a meaningful source of recurring revenue for the Company. Before I turn the call over to Javier to review our financial results in more detail, I want to reiterate how delighted I am with our quarter and record sales. With the pandemic increasingly behind us, a robust backlog of orders, expectations for expansion of sales and marketing this year, and our keen focus on expenses, Sensus is positioned for continued profitability this year, noting the typical pattern of sales seasonality. With that, I'll turn it over to Javier.

Thanks, Joe. It's a pleasure to be speaking with all of you this afternoon. As Joe mentioned, revenues for the fourth quarter of 2021 were a record $13 million, and this compares with revenues of $5.1 million for the fourth quarter of 2020, which was impacted by the COVID-19 pandemic. Revenues for the 2021 quarter reflect the sale of 35 SRT systems, including three SRT-100 systems shipped to China, as well as revenue from service contracts and our new mobile laser business. Also, the pandemic continues, and we're mindful that, of course, it's difficult to predict; it appears that its negative impact is largely behind us. Gross profit for Q4 of 2021 was $8.9 million or 68% of revenue, and this compares with gross profit of $3.2 million or 63.4% of revenue for the prior year quarter. The increases were primarily driven by the higher number of units sold in 2021, service revenue on installed units, and the impact of COVID-19 on the 2020 quarter. Selling and marketing expense for the fourth quarter of 2021 was $1.3 million, unchanged from the fourth quarter of 2020. General and administrative expense for Q4 of 2021 was $1.1 million compared with $0.8 million for the fourth quarter of 2020. The increase was primarily due to higher compensation expense and higher bad debt expense due to the write-off of all receivables. Research and development expense for the fourth quarter of 2021 was $1.1 million compared with $0.8 million for the prior year quarter, with the increase mainly due to higher regulatory consulting fees. Net income for the fourth quarter of 2021 was $5.3 million or $0.32 per diluted share, and this compares with a net income of $1 million or $0.06 per diluted share for the fourth quarter of 2020. Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation, amortization, and stock compensation expense, was a positive $5.6 million for 2021 fourth quarter, compared with $1.3 million for the fourth quarter of last year. I will briefly review our full year 2021 financial results. Revenues for 2021 were $27 million, and this compares with $9.6 million for 2020. The 182% increase was primarily driven by the higher number of units sold in 2021, service revenue on installed units, and the impact of COVID-19 on 2020 results. Gross profit for 2021 was $17 million or 68.2% of revenue compared with $5.2 million or 54.8% of revenue for 2020. The increases were primarily driven by the higher number of units sold in 2021, service revenue on installed units, and the impact of COVID-19 on 2020 results. We believe that maintaining this level of gross margin is slightly dependent upon the market's response to the ongoing COVID-19 pandemic. Selling and marketing expense was $4.8 million for 2021 compared with $5.3 million for 2020. The decrease was primarily attributable to reduced spending on marketing activity and headcount. General and administrative expense was $4.6 million for 2021 compared with $4 million for the prior year, with the increase primarily due to higher professional fees and insurance premium costs. Research and development expense for 2021 was $3.4 million, down from $4.2 million in 2020, reflecting lower spending as the Sculptura project entered the production phase during 2020. Net income for 2021 was $4.1 million or $0.25 per diluted share compared with a net loss for 2020 of $6.8 million or a loss of $0.42 per share. Adjusted EBITDA for 2021 was $5.1 million compared with a negative $5.8 million for 2020. Turning now to our balance sheet. Cash and investments as of December 31, 2021, were $14.5 million, and this compares to $14.9 million as of December 31, 2020. The Company had no outstanding borrowings under its revolving line of credit during either year. We're confident that with our ongoing attention to expense management, along with the current cash and access to our existing line of credit, we continue to be well positioned to support expected growth for 2022 and beyond. As a final comment, please see the table in the news release we issued earlier today for a reconciliation of GAAP to non-GAAP financial measures. With that, I'll turn the call back over to Joe.

Thank you, Javier. As I've said before, I'm very proud of our entire sales team at Sensus and the way they've navigated through the pandemic to post record sales for the fourth quarter and the year. Their work to keep the Sensus name in front of existing and potential customers is paying off, and I expect it will continue to do so throughout 2022 and beyond. Our SRT systems are well positioned in a large market consisting of some 14,000 dermatologists and 1,000 Mohs surgeons in the U.S., representing more than 7,500 offices, not to mention a further 6,500 plastic surgeons and 5,500 radiation oncologists. Our systems provide a compelling alternative to surgery for millions of patients and arguably the only solution to prevent the recurrence of keloids following surgical excision. I'd like to note the recent retirement of our Co-Founder and my dear friend, Steve Cohen. Steve has definitely led the sales and marketing team at Sensus, and on a personal note, I will miss him greatly. He leaves the Company in great hands with the well-deserved promotion of two tenured Region Managers to Vice Presidents, with Chris Machuzak now Vice President of Sales for the West Coast region; and Jeff Starling now Vice President of Sales for the East Coast region. These promotions had already been contemplated for some time as a major strategy to expand our business with our new products and continue to grow our relationships in our market. Both Chris and Jeff have played a significant role in making that happen for Sensus. Before we open the call for questions, I want to flag that we have a busy schedule of investment conferences ahead of us. We'll be at the 34th Annual ROTH Conference in Dana Point, California, March 13 through the 15. We'll be participating in Maxim's Second Annual Virtual Growth Conference being held March 28 and 29, where I'll be sitting on an aesthetic medicine panel. And we'll also be at the H.C. Wainwright Global Investment Conference being held in Miami Beach, May 23 to 25. I hope to see some of you there. With those comments, I thank you for your time and attention. And now operator, we're ready to take questions.

The floor is now open for questions. [Operator Instructions] We'll take our first question from Alex Nowak with Craig-Hallum Capital.

Great. After an impressive year here, a great Q4. I'm just curious how you're thinking about growth into 2022. I know profitability, certainly, as you mentioned in the press release, is going to be a big component of it, but perhaps comment on how you're thinking about Q1 2022? And then maybe give a little bit of color on the backlogs that you see in the SRT-100 systems today compared to last year in 2021?

Sure. Thanks, first of all, for being on the call, Alex. We appreciate it. We're very, very hopeful for 2022 that the momentum that we've gathered throughout the last three quarters of 2021 will continue on beyond quarter one because we feel quarter one will have a great start. So the rest of the year, I believe, will follow. We're very excited to pursue profitability in each and every quarter throughout 2022. Numbers are yet to be determined, but backlog coming into the new year is very strong, and I think that will continue based on the demand from our customers throughout 2022. I think the momentum will continue to grow as the year goes on.

The acceleration in demand for the SRT system, can you call out if it's all coming from the better CMS reimbursement or are you starting to see the sea change in how non-melanoma skin cancer is being treated now?

Well, I think it's a combination of both. Number one, the increase in reimbursement certainly helps, but you still have to get in front of the customer or the client and prospect and you still have to explain what that means to them and you have to help them understand how it fits into their practice. Obviously, the increase in reimbursement helps them pay more attention to it. And then when you combine that with the fair market value lease that we brought in, which allows them to experience a better ROI on their total investment, this is also important. But I think the main factor here is that during COVID, there was a period of about 8 to 12 weeks where many clinics across the country were shut down. The American Academy of Dermatology even recommended that physicians cease all Mohs surgery. During that time, I mentioned that the last machine that was turned off when they shut down their offices was the SRT machine, and the first machine they turned back on when they reopened was the SRT machine. These best practices I think will continue, and I believe that doctors really respect the fact that COVID is developing a new standard for everyone. It's a new normal. I don't think you'll see people piled up in waiting rooms and back rooms, ready for Mohs surgery with the responsibility of social distancing. I believe the doctors have also recognized how effective SRT is for patient outcomes and that they're being reimbursed for these procedures. I think it's a combination of COVID dynamics, increased reimbursement, and the fair market value lease that is the threefold key to our success. The more we can get in front of prospects and customers in the dermatology community, the better it will be for us. You'll recall that during 2021, we really had no trade shows to attend, so face-to-face interactions involved knocking on doors and speaking directly with physicians. As we reopen to more trade shows, like the upcoming American Academy of Dermatology followed by SCALE in May, which is in Nashville, then the Aesthetic Show in Las Vegas and the Fall Clinical, again, all these events will facilitate our engagement with customers which will be beneficial.

That's great to hear. On the transdermal system, can you maybe talk about the commercialization plan there? Is this going to be a capital or recurring model? Just how to think about potential revenue contribution from each system, the launch of the sales force? Just some more details around how to commercialize it?

The principal model is going to be the capital element to it. So it's really a capital model, although there's strong potential for recurring revenue. We will provide patients or the customers with some of the toxins that they may be looking at. However, we don't want to become competitors with the bigger companies that provide those products, so we'll work with many of them using our doctors who already have relationships. There are also smaller components that we will be able to include with each product that customers will need to buy. So there is a component that is recurring revenue, although the primary component will be the capital sale as the model. We'll see how substantial the recurring revenue piece can be, as there are unlimited potential opportunities there. We'll pursue every chance we have, especially working with the larger companies in this space.

All right. Understood. And then just lastly for me, congrats to Michael on the promotion there. Can you just talk to the changes in the President title, just what that means for the Company?

Thanks, Alex.

Well, it's something that we had been considering for the last year or two. With Steve's retirement, I believe the Board felt that since we were going to make this change in the very near future, the time was now to execute it. This helps with succession. Not that I'm going anywhere, but I do have to have the right individuals in place to ensure everything stays on track or even improves. We're fortunate to have a strong team ready to step up, including the two individuals who were promoted to the sales function. I believe we will be stronger as we will be closer to our customers and prospects. All of this bodes well for the Company's future, and we are quite excited about the energy and enthusiasm brought by everyone.

Fantastic. Appreciate the update. Thank you.

Thank you.

Thank you, Alex.

Thanks again, Alex. Appreciate it.

We'll take our next question from Anthony Vendetti with Maxim Group.

Let me extend my congratulations to Michael too. I've met him, so I think it's a well-deserved promotion. I know he worked very hard on the CMS reimbursement.

Thanks so much. I look forward to seeing you soon.

Yes, that would be great. But on the other note there, Joe, I would hope that you figure out a way to stay out of the way of those buses.

So far, I'm still faster than they are.

I [indiscernible] a few times last year.

Based on what I've heard, I imagine that is true. So just to the questions, clearly, the CMS reimbursement increases help, but like you said, you still have to go out there and sell. During COVID, it was obviously difficult to do that. You figured out how to do that as practices open back up, as evidenced by the really strong fourth quarter. But it seems like also the idea of selling the SRT for fair market lease has also really helped, because as you said, all the practitioner has to do is do two procedures a month, and the system pays for itself. Can you talk a little bit about the impact you think that's had? I know it's probably going to be hard to quantify directly, but how much do you think that's helped? And then out of the sales in the fourth quarter, approximately what percent was an outright sale versus a lease?

That's a good perspective. First of all, let me say this; the fair market value lease is very common with medical devices and big capital equipment in the hospital world. Hospitals will do everything to ensure that their monthly payments or costs are as low as possible to meet all their targets. Bringing fair market value leases into the dermatology world has been something we've concentrated on. We began working on it at the end of 2020, and when I say the end of 2020, it was more like early 2020 when we initially started conversations with our bankers to provide that solution for our customers. I think it's really significant. Out of all the orders we received in the fourth quarter, only one customer opted to pay cash. He was upgrading his SRT system that he had been utilizing for the past three to four years to the Vision product. Everyone else was encouraged and took advantage of the fair market value lease rather than pulling cash out of their pockets. Previously, I would say that out of all units sold, about 50% were leased and 50% were cash purchases. So we are seeing a shift and perspective with the fair market value lease, encouraging physicians to buy the Vision product instead of the SRT. The Vision, with all its features and benefits, provides doctors with added reimbursement opportunities and thus, additional revenue. It's a win-win-win for everyone.

That's helpful color. Just in terms of a lot of companies are obviously dealing with supply chain issues, some with rising raw material costs. Are you seeing any of that in your business at this time, or have you been able to mitigate that?

Well, one advantage we had was anticipating these issues with our team, specifically our COO, Javier, myself, and others. We began engaging with our supply chain back in April 2021. We started hearing about supply chain challenges from other companies, and we wanted to ensure that our contract manufacturer was not going to face similar difficulties. We proactively contacted them to assess the potential issues in sourcing components they rely on. About 95% of our components are manufactured in the USA, which is a significant advantage. Two key components, however, are produced in Europe. Early on, we reached out to CEOs and leaders of those organizations to secure those components. Everyone we spoke to at those suppliers was concerned about any potential issues, but since we began our planning so early in the year, we ordered supplies in advance based on volume forecasts, which positioned us well. We believe that outstanding communication with our supply chain partners will be critical going forward. Establishing accurate forecasts and timely orders is key to staying ahead of potential shortages caused by demand that we are expecting.

No, that's great. You've been able to navigate that and anticipate. Just lastly, about the Transdermal Infusion System, where you have exclusive rights in the U.S. What’s the timeline for rolling out that device, and what are your expectations for generating substantial revenues this year?

We're currently rolling it out to several KOLs in the market who are very interested in working with the device because of its various applications. We're collaborating with the manufacturer to ensure we have all products in place. Our main focus is developing the necessary collateral and marketing plan ahead of the launch. We want to ensure our sales force is fully prepared to present potential customers with training materials and demo products that are already going into the field. We are collaborating with KOLs nationwide who have shown considerable interest in the product. If you look at the situation in Europe, particularly in Italy, they are just returning from their second COVID lockdown, and we don't expect delays in manufacturing. We are excited to present this product at the American Academy of Dermatology in about five weeks, where attendees will be able to have hands-on demonstrations in substantial numbers. This product is not expensive for customers to use but has a plethora of applications. Imagine all the treatments typically requiring needles, but now they can avoid needles completely, meaning zero pain and no downtime for the patient. It's simply a much better way to deliver treatments that patients desire and doctors are eager to administer. We are very enthusiastic about the opportunities ahead.

That sounds great. I'll hop back in the queue. Thanks again. Appreciate it.

Thank you, Anthony.

We'll take our next question from Yi Chen with H.C. Wainwright.

Could you comment on the expectation for the frequency of orders from the Chinese market? Do you expect it to be relatively stable from quarter to quarter or could it be volatile in the coming quarters?

Well, anything outside of our country could be volatile. We have to understand that the pandemic in China is still ongoing. They are aggressively pursuing the situation with many COVID cases, and there are cities that are currently shut down. However, Benson has done a terrific job navigating through these situations with our distribution partner. We sold nine systems, as mentioned in the preliminary presentation for 2021, which is a big year for us; it's really the first year we have been able to reach that number in the last several years. I expect us to surpass that in 2022, but I do not know what number that will be. Additionally, we have opened a couple of other countries like Taiwan, and I fully expect that we will receive some orders from there as well this year. We are excited about that opportunity. It's a valuable market for us, and we want to give it the focus it deserves.

Got it. And next question, could you comment on how many sales reps you currently have, and whether you expect to increase the sales force during the rest of 2022, specifically with respect to the marketing of the Transdermal Infusion System?

Yes. The total number of market reps or sales department personnel is about 20 right now. We want to increase that; we hired an extra person today. We're looking to add three to four more individuals before the end of the quarter. I would like to see us reach between 25 and 30 sales representatives before the end of the year, possibly before the end of the first half of the year. We aim to ensure we are ready. We won't need to add any additional people specifically for marketing the Transdermal system; that will be managed through our existing sales pipeline.

We'll take our next question from Ben Haynor with Alliance Global Partners.

Congrats on the quarter and congrats to Michael on the promotion. Just kind of a quick one for you, Michael. I know you have been fairly busy keeping your CEO out of traffic. But you've obviously done a lot of work on the CMS front, and I know there's a lot of credit that accrues to you for that. Can you talk a little bit about some of the efforts that went into that and how the activities that you were involved in led to securing the CMS reimbursement boost?

Well, thanks, Ben. I appreciate the question. I was beginning to think I wasn't going to get one, so that's nice. I only have one. Good talking to you again. So I've been with Sensus for about a decade, and I know that since we started here, we've been working on the reimbursement cut. When I was on Capitol Hill with Senator Lamar Alexander's Office, I was fortunate to keep some contacts there, and he went over to the HELP Committee, which is the Health Education Labor and Pension Committee in the Senate. I was able to utilize those connections for Sensus' benefit. There's still some upside on the reimbursement side of things, and we're hoping to capture that as well.

And is that going to -- I mean, do you get the sense that this could happen on a more accelerated time frame than the initial battle you fought to get it boosted?

Yes, I do think so because we were able to establish some inner links on the Hill and really convince them that SRT in general is a great technology that needs to be offered to patients. We've managed to gain the support of many people at CMS, AMA, et cetera, including the AAD, asserting that this technology is here to stay. We are fortunate to have been heard by those decision-makers, and I really don't believe it will take as long to ensure our upside this time.

Okay. And then I think it was in -- I don't know if it was in the prepared remarks. But the best practices -- you mentioned that best practices are shifting towards SRT, and I would imagine you believe that helps you ultimately with the payers?

I think one of the overarching themes in healthcare is that surgery is usually the last resort. Everything else is typically done before considering surgical options. There hasn't been much new technology in dermatology in the last 60 years until SRT reemerged, if you will. Recognizing patient needs and the growing population of elderly individuals at a higher risk for skin cancer means that we will likely see in the next 24 to 36 months that patients being treated with SRT will outnumber those undergoing surgical procedures. Looking back to the '70s, when they first developed Mohs surgery, one in 1,500 people had skin cancer. Today, it’s one in seven. The patient volume has dramatically increased, which creates a need for better treatment alternatives. I predict that we also expect a shorter timeframe to install 500 more units compared to the time it took to install the first 500.

Okay. Great, great. And that color is definitely helpful. And then I guess on the unit front, maybe I missed this or misunderstood it, but a couple of things. It sounds like the vast majority are taking advantage of the FMV lease and consequently, most of them are choosing the Vision. So of the 32 or so non-Chinese systems, what was kind of the breakdown between Vision and SRT-100?

It was about 80%.

Okay. That makes sense. And presumably, that's kind of the mix that you would expect going forward just based upon what you're seeing now?

Yes. The reimbursement, as well as the fair market value lease, certainly drives the customer to think more about the Vision product. Additionally, because of the increase in reimbursements, they are getting access to more dollars in their treatments.

Yes, that makes sense. Good deal. Well, that's all I had gentlemen. Congrats again on the promotion and the quarter.

Thanks a lot.

Hey, Ben, thank you so much. I appreciate it.

There appear to be no further questions at this time. I would now like to turn the call back over to Mr. Sardano for closing remarks.

Thank you, Karen. In closing, I want to thank everybody for their questions and being on the call today. Thank you once again for your time this afternoon and for your interest in Sensus Healthcare. We look forward to our next financial results conference when we report our first-quarter results in early May. Be well, everybody. Thank you.

This does conclude today's teleconference. We thank you again for your participation. You may disconnect your lines at this time. And have a great day.