Sensus Healthcare is undergoing a critical business model transition in 2026, shifting away from historical customer concentration toward a highly diversified, recurring-revenue-focused model. The investment thesis is anchored by the implementation of new, dedicated CPT reimbursement codes effective January 1, 2026, which dramatically improve physician economics for superficial radiotherapy (SRT). While near-term revenues and margins are temporarily compressed due to the transition from upfront direct sales to deferred revenue-share structures (such as the 'Fair Deal Agreement') and the absence of sales to its historically largest customer, Sensus maintains a robust, debt-free balance sheet with $18.3 million in cash. The launch of the Sensus Link cloud platform further enhances the recurring software revenue potential. As pipeline momentum builds, Sensus is well-positioned to achieve sequential quarterly improvements and long-term profitability.