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- **CPT Code Breakthrough**: CMS approves dedicated SRT codes with 300%+ reimbursement increase, validating office-based SRT economics.
- **Fair Deal Growth**: Treatment volumes up 20% Q/Q and 157% since launch, driven by patient demand and physician adoption.
- **International Expansion**: 3 Q3 systems shipped to China; MDSAP certification opens 5 new markets, targeting 20%+ international revenue.
- **Cash Position**: $24.5M in cash with 100+ systems in inventory to capitalize on pent-up demand.
- **Sentinel 2.0**: Software upgrade to bring SRT-100 functionality parity with Vision, supporting network adoption.

**【CEO Summary Section】**
- Announced CMS approval of dedicated CPT codes for superficial radiotherapy (SRT), with a 300%+ increase in reimbursement per fraction compared to prior codes.
- Shipped 16 SRT systems in Q3, including 3 to China, bringing total global systems sold to over 900.
- Fair Deal program treatment volumes grew 20% Q/Q and 52% Y/Y, with 157% growth since program launch.
- Ended Q3 with $24.5M in cash and 100+ systems in inventory to support demand.

**【President (Michael Sardano) Business Update】**
- New CPT codes level the reimbursement playing field between hospital and office-based settings, enhancing ROI for dermatologists.
- Sentinel 2.0 software development underway to expand analytics and support recurring revenue models.
- International expansion progress: MDSAP certification enables entry into 5 key markets, with first Japan trade show in November.
- TDI system awaiting FDA feedback, with focus on commercial readiness.

**【CFO Financial Commentary】**
- Q3 2025 revenue $6.9M (-22% YoY) due to lower system sales volume, offset by Fair Deal program revenue.
- Gross margin 39.1% (vs. 59.1% YoY) due to higher servicing costs and program expenses.
- Operating expenses $5.3M (+43% YoY) driven by R&D (lobbying, product dev), G&A, and sales headcount growth.
- Net loss $0.9M (-92% YoY) with negative Adjusted EBITDA of $2.4M.
- Year-to-date cash balance up 11% to $24.5M, supported by working capital management.

**【Q&A Highlights】**
- **Reimbursement Impact**: SRT-100 base units now have higher reimbursement than IG-SRT, potentially shifting demand.
- **Utilization Momentum**: 20% Q/Q growth in Fair Deal treatments, with 11 pending sites expected to activate in Q4.
- **International Outlook**: Target 20% of revenue from international markets within 24 months, with China and Japan as key growth drivers.
- **LCD Resolution**: CMS finalized ultrasound guidance code, resolving prior uncertainty and enabling full SRT adoption.
- **Sentinel 2.0**: SRT-100 units will gain Vision-level capabilities, enhancing value for dermatology networks.


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