Artificial Intelligence
Sensus Healthcare Reports Second Quarter 2023 Financial Results
- Revenues increased 33% and system shipments increased 30%, both compared with the first quarter of 2023
- Achieved a milestone with the installation of 700 systems for a total of 708
- Expects to ship at least 60 SRT units during 2023 and to return to profitability in the second half of the year
Conference call begins at 4:30 p.m. Eastern time today
BOCA RATON, Fla., Aug. 03, 2023 (GLOBE NEWSWIRE) — Sensus Healthcare, Inc. (Nasdaq: SRTS), a medical device company specializing in highly effective, non-invasive, minimally-invasive and cost-effective treatments for oncological and non-oncological conditions, announces financial results for the three and six months ended June 30, 2023.
Highlights from the second quarter of 2023 and recent weeks include the following:
- Achieved revenues of $4.5 million, an increase of 33% from $3.4 million for the first quarter of 2023 and a decrease from $12.1 million in the prior-year quarter reflecting lower SRT unit sales
- Shipped 13 SRT systems including four outside the U.S. and six SRT-100 Vision™ systems, an increase from 10 systems shipped during the first quarter of 2023 and a decrease from 33 systems shipped in the prior-year quarter
- Surpassed 700 total systems, with 708 sold worldwide.
- Narrowed the net loss to $0.4 million, or $0.02 per share, from a net loss of $1.9 million, or $0.12 per share, for the first quarter of 2023 and versus net income of $3.5 million, or $0.21 per diluted share, for the prior-year quarter
- Ended the quarter with $20.1 million in cash and cash equivalents, and no debt
- Sold the first SRT System in Ireland, to Dublin’s Beacon Hospital
- Engaged MIS Healthcare to distribute SRT systems in the United Kingdom and Ireland
- Anticipates profitability for the second half of the year based on a growing number of prospects
Management Commentary
“Many of our customers depend on elective aesthetic procedures as a meaningful source of practice revenue and profit, and we are hearing encouraging feedback that patient volumes and procedure mix are improving. Our second quarter financial results reflect that dynamic and strengthened considerably compared with the first quarter,” said Joe Sardano, chairman and chief executive officer of Sensus Healthcare. “We expect to return to profitability in the second half of the year as these trends continue. In preparation, we continued to build inventory and prepay for components.
“International expansion is an important strategic goal and we were delighted to enter into a new partnership with MIS Healthcare to distribute SRT systems in the United Kingdom and British Isles. Prior to that engagement our internal sales staff had been working for several months with Beacon Hospital in Dublin, and we were delighted to have installed an SRT unit there during recent weeks. We believe Ireland holds excellent promise for SRT, with 600 people diagnosed with non-melanoma skin cancer each day. We also sold an SRT-100 System to a hospital in Guatemala as we advance our efforts in Latin America.
“Our plan is to enter three to four new territories over the coming years, and we are advancing this goal with sales to Southeast Asia and Latin America, in addition to the UK and Ireland. We are regaining momentum in China now that pandemic lockdowns have been lifted and shipped two SRT systems there during the second quarter, for a total of five shipments to Asia so far this year.
“Sentinel IT is our HIPAA-compliant software that stores patient data for multiple clinical purposes and will include artificial intelligence to allow customers to better manage their practices and data. Sentinel IT is expected to play a key role in our growth, and during the quarter we launched our Sentinel/Sensus Cloud capabilities at the American Academy of Dermatology Annual Meeting. We look forward to showcasing Sentinel IT and our SRT products at local dermatology trade shows, as well as at the American Society for Radiation Oncology beginning October 1st. Although the hospital market has a longer sales cycle, radiation oncology is a highly attractive opportunity as their interest expands to skin cancer.”
Mr. Sardano concluded, “With an estimated one in five Americans, or 70 million people expected to develop skin cancer during their lifetime, SRT is the No. 1 choice for the non-invasive treatment of non-melanoma skin cancer. SRT treatments surpassed 480,000 in the last two years alone and the ROI for our premium SRT system under our fair market value leasing program continues to be compelling, with breakeven at only 2 to 2.5 patients per month. Surveys of Medicare show that SRT has experienced a 27% treatment growth rate year over year for the past six years. If this growth utilization rate continues at its current pace, SRT will soon become the treatment of choice for non-melanoma skin cancer. Accordingly, professional interest in SRT remains high, and we expect to meet our objectives of shipping at least 60 SRT systems during 2023 and returning to profitability in the second half of the year.”
Second Quarter Financial Results
Revenues for the second quarter of 2023 were $4.5 million, compared with $12.1 million for the second quarter of 2022. The decrease was primarily due to a lower number of SRT units sold as customers continued to defer purchases, as well as to lower sales to a large customer.
Cost of sales was $1.9 million for the second quarter of 2023, compared with $3.8 million for the prior-year quarter. The decrease was primarily due to lower sales in the second quarter of 2023.
Gross profit for the second quarter of 2023 was $2.6 million, or 57.9% of revenues, compared with $8.3 million, or 68.3% of revenues, for the second quarter of 2022. The decrease was primarily due to the lower number of units sold and higher costs charged by vendors in the 2023 quarter.
Selling and marketing expense was $1.6 million for the second quarter of 2023, compared with $1.7 million for the prior-year quarter. The decrease was primarily attributable to a decrease in marketing initiatives and commissions, partially offset by an increase in headcount costs.
General and administrative expense was $1.3 million for the second quarter of 2023, compared with $1.1 million for the second quarter of 2022. The increase was primarily due to higher professional fees, offset by a reduction in insurance expense.
Research and development expense was $0.8 million for the second quarter of 2023, unchanged from the comparable 2022 period.
Other income of $0.2 million for the second quarter of 2023 was related to interest income.
Net loss for the second quarter of 2023 was $0.4 million, or $0.02 per share, compared with net income of $3.5 million, or $0.21 per diluted share, for the second quarter of 2022.
Adjusted EBITDA for the second quarter of 2023 was negative $1.0 million, compared with positive $4.7 million for the second quarter of 2022. Adjusted EBITDA, a non-GAAP financial measure, is defined as earnings before interest, taxes, depreciation, amortization and stock-compensation expense. Please see below for a reconciliation between GAAP and non-GAAP financial measures, and the reasons these non-GAAP financial measures are provided.
Cash and cash equivalents were $20.1 million as of June 30, 2023, compared with $25.5 million as of December 31, 2022. The Company had no outstanding borrowings under its revolving line of credit as of June 30, 2023 or December 31, 2022. Prepaid and other current assets were $8.1 million as of June 30, 2023, compared with $6.9 million as of December 31, 2022. Inventories were $10.1 million as of June 30, 2023, compared with $3.5 million as of December 31, 2022, with the increase reflecting the Company’s expectations for higher unit sales during the second half of the year.
Six Month Financial Results
Revenues were $7.9 million for the first half of 2023, compared with $22.4 million for the first half of 2022, reflecting a lower number of units sold.
Cost of sales was $3.7 million for the first half of 2023, compared with $7.0 million for the first half of 2022. The decrease was primarily related to lower sales in the first half of 2023.
Gross profit was $4.2 million for the first half of 2023, or 53.4% of revenues, compared with $15.4 million, or 68.7% of revenues, for the first half of 2022. The decrease in gross profit was primarily driven by the lower number of units sold and higher costs charged by vendors in the first half of 2023.
Selling and marketing expense was $3.7 million for the first half of 2023, compared with $2.9 million for the first half of 2022. The increase was primarily attributable to an increase in tradeshow expense and headcount costs, partially offset by a decrease in commissions.
General and administrative expense was $2.7 million for the first half of 2023, compared with $2.4 million for the first half of 2022. The increase was primarily due to higher professional fees, offset by a reduction in insurance expense.
Research and development expense was $1.9 million for the first half of 2023, compared with $1.6 million for the first half of 2022. The increase was primarily due to expenses related to a project to develop a drug-delivery system for aesthetic use. The Company expects to complete this project by the end of 2023.
Other income of $0.5 million for the first half of 2023 was related to interest income. Other income of $12.8 million for the first half of 2022 was related to the gain on the sale of a non-core asset.
Net loss for the first half of 2023 was $2.3 million, or $0.14 per share, compared with net income of $19.6 million, or $1.17 per diluted share, for the first half of 2022. Net income for the 2022 period includes a $12.8 million gain on the sale of a non-core asset.
Adjusted EBITDA for the first half of 2023 was negative $3.7 million, compared with positive $21.5 million for the first half of 2022.
Use of Non-GAAP Financial Information
This press release contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Sensus Healthcare management uses Adjusted EBITDA, a non-GAAP financial measure, in its analysis of the Company’s performance. Adjusted EBITDA should not be considered a substitute for GAAP basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of Adjusted EBITDA, which excludes the impact of interest, income taxes, depreciation, amortization and stock-compensation expense, provides useful supplemental information that is essential to a proper understanding of the financial results of Sensus Healthcare. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods that differ from those used by Sensus Healthcare. As a complement to GAAP financial measures, management believes that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. A reconciliation of the GAAP net loss to Adjusted EBITDA is provided in the schedule below.
SENSUS HEALTHCARE, INC. | ||||||||||||||||
GAAP TO NON-GAAP RECONCILIATION | ||||||||||||||||
(unaudited) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Net income, as reported | $ | (380 | ) | $ | 3,524 | $ | (2,274 | ) | $ | 19,586 | ||||||
Add: | ||||||||||||||||
Depreciation and amortization | 84 | 74 | 155 | 166 | ||||||||||||
Stock compensation expense | 67 | 40 | 209 | 97 | ||||||||||||
Income tax expense (benefit) | (502 | ) | 1,070 | (1,303 | ) | 1,718 | ||||||||||
Interest income, net | (245 | ) | (24 | ) | (488 | ) | (27 | ) | ||||||||
Adjusted EBITDA, non GAAP | $ | (976 | ) | $ | 4,684 | $ | (3,701 | ) | $ | 21,540 | ||||||
Conference Call and Webcast
Sensus Healthcare will host an investment community conference call today beginning at 4:30 p.m. Eastern time during which management will discuss financial results for the 2023 second quarter, provide a business update and answer questions. To access the conference call, dial 844-481-2811 (U.S. and Canada Toll Free) or 412-317-0676 (International). The call will be webcast live and can be accessed at this link, or in the Investors section of the Company’s website at www.sensushealthcare.com.
Following the conclusion of the conference call, a replay will be available until September 3, 2023 and can be accessed by dialing 877-344-7529 (U.S. Toll Free), 855-669-9658 (Canada Toll Free) or 412-317-0088 (International), using replay code 8498645. An archived webcast of the call will also be available in the Investors section of the Company’s website.
About Sensus Healthcare
Sensus Healthcare, Inc. is a medical device company specializing in highly effective, non-invasive, minimally invasive and cost-effective treatments for both oncological and non-oncological conditions. Sensus offers its proprietary low-energy X-ray technology known as superficial radiation therapy (SRT), which is the culmination of more than a decade of research and development, to treat non-melanoma skin cancers and keloids with its SRT-100™, SRT-100+™ and SRT-100 Vision™ systems. With its portfolio of innovative medical device products, including aesthetic lasers and its needleless TransDermal Infusion System™, Sensus provides revolutionary treatment options to enhance the quality of life of patients around the world.
For more information, visit www.sensushealthcare.com.
Forward-Looking Statements
This press release includes statements that are, or may be deemed, ”forward-looking statements.” In some cases, these statements can be identified by the use of forward-looking terminology such as “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “approximately,” “potential” or negative or other variations of those terms or comparable terminology, although not all forward-looking statements contain these words.
Forward-looking statements involve risks and uncertainties because they relate to events, developments, and circumstances relating to Sensus, our industry, and/or general economic or other conditions that may or may not occur in the future or may occur on longer or shorter timelines or to a greater or lesser degree than anticipated. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward looking statements contained in this press release, as a result of the following factors, among others: our ability to return to profitability; our ability to sell the number of SRT units we anticipate for the balance of 2023; the possibility that inflationary pressures continue to impact our sales; the level and availability of government and/or third party payor reimbursement for clinical procedures using our products, and the willingness of healthcare providers to purchase our products if the level of reimbursement declines; the regulatory requirements applicable to us and our competitors; our ability to efficiently manage our manufacturing processes and costs; the risks arising from doing business in China and other foreign countries; legislation, regulation, or other governmental action that affects our products, taxes, international trade regulation, or other aspects of our business; concentration of our customers in the U.S. and China, including the concentration of sales to one particular customer in the U.S.; our ability to obtain and maintain the intellectual property needed to adequately protect our products, and our ability to avoid infringing or otherwise violating the intellectual property rights of third parties; and other risks described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
To date, we do not expect that the Russian invasion of Ukraine and global geopolitical uncertainty have had any particular impact on our business, but we continue to monitor developments and will address them in future disclosures, if applicable.
In addition, even if future events, developments, and circumstances are consistent with the forward-looking statements contained in this press release, they may not be predictive of results or developments in future periods. Any forward-looking statements that we make in this press release speak only as of the date of such statement, and we undertake no obligation to update such statements to reflect events or circumstances after the date of this press release, except as may be required by applicable law. You should read carefully our “Introductory Note Regarding Forward-Looking Information” and the factors described in the “Risk Factors” section of our periodic reports filed with the Securities and Exchange Commission to better understand the risks and uncertainties inherent in our business.
Contact:
LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
[email protected]
(Tables to follow)
SENSUS HEALTHCARE, INC. | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
(in thousands, except share and per share data) | June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Revenues | $ | 4,527 | $ | 12,080 | $ | 7,941 | $ | 22,417 | |||||||||
Cost of sales | 1,908 | 3,824 | 3,700 | 7,013 | |||||||||||||
Gross profit | 2,619 | 8,256 | 4,241 | 15,404 | |||||||||||||
Operating expenses: | |||||||||||||||||
Selling and marketing | 1,595 | 1,728 | 3,693 | 2,946 | |||||||||||||
General and administrative | 1,329 | 1,131 | 2,693 | 2,404 | |||||||||||||
Research and development | 822 | 827 | 1,920 | 1,556 | |||||||||||||
Total operating expenses | 3,746 | 3,686 | 8,306 | 6,906 | |||||||||||||
Income (loss) from operations | (1,127 | ) | 4,570 | (4,065 | ) | 8,498 | |||||||||||
Other income: | |||||||||||||||||
Gain on sale of assets | – | – | – | 12,779 | |||||||||||||
Interest income | 245 | 24 | 488 | 27 | |||||||||||||
Other income | 245 | 24 | 488 | 12,806 | |||||||||||||
Net Income (loss) before income tax | (882 | ) | 4,594 | (3,577 | ) | 21,304 | |||||||||||
Provision for (benefit from) income tax | (502 | ) | 1,070 | (1,303 | ) | 1,718 | |||||||||||
Net Income (loss) | $ | (380 | ) | $ | 3,524 | $ | (2,274 | ) | $ | 19,586 | |||||||
Net income (loss) per share – basic | $ | (0.02 | ) | $ | 0.21 | $ | (0.14 | ) | $ | 1.19 | |||||||
– diluted | $ | (0.02 | ) | $ | 0.21 | $ | (0.14 | ) | $ | 1.17 | |||||||
Weighted average number of shares used in computing net income (loss) per share – basic |
16,249,766 | 16,495,043 | 16,247,567 | 16,508,629 | |||||||||||||
– diluted | 16,249,766 | 16,631,478 | 16,247,567 | 16,710,550 | |||||||||||||
SENSUS HEALTHCARE, INC. | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
As of June 30, | As of December 31, | ||||||||
(in thousands, except shares and per share data) | 2023 | 2022 | |||||||
(unaudited) | |||||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 20,053 | $ | 25,520 | |||||
Accounts receivable, net | 9,149 | 17,299 | |||||||
Inventories | 10,131 | 3,501 | |||||||
Prepaid and other current assets | 8,059 | 6,921 | |||||||
Total current assets | 47,392 | 53,241 | |||||||
Property and equipment, net | 367 | 243 | |||||||
Intangibles, net | 1 | 50 | |||||||
Deposits | 24 | 24 | |||||||
Deferred tax asset | 3,017 | 1,713 | |||||||
Operating lease right-of-use assets, net | 866 | 996 | |||||||
Other noncurrent assets | 350 | 468 | |||||||
Total assets | $ | 52,017 | $ | 56,735 | |||||
Liabilities and stockholders’ equity | |||||||||
Current liabilities | |||||||||
Accounts payable and accrued expenses | $ | 3,941 | $ | 5,521 | |||||
Product warranties | 379 | 403 | |||||||
Operating lease liabilities, current portion | 181 | 190 | |||||||
Income tax payable | – | 890 | |||||||
Deferred revenue, current portion | 692 | 693 | |||||||
Total current Liabilities | 5,193 | 7,697 | |||||||
Operating lease liabilities, net of current portion | 698 | 830 | |||||||
Deferred revenue, net of current portion | 116 | 139 | |||||||
Total liabilities | 6,007 | 8,666 | |||||||
Commitments and contingencies | |||||||||
Stockholders’ equity | |||||||||
Preferred stock, 5,000,000 shares authorized and none issued and outstanding | – | – | |||||||
Common stock, $0.01 par value – 50,000,000 authorized; 16,912,595 issued and 16,395,766 outstanding at June 30, 2023; 16,902,761 issued and 16,390,419 outstanding at December 31, 2022 | 169 | 169 | |||||||
Additional paid-in capital | 45,286 | 45,031 | |||||||
Treasury stock, 516,829 and 512,342 shares at cost, at June 30, 2023 and December 31, 2022, respectively | (3,473 | ) | (3,433 | ) | |||||
Retained earnings | 4,028 | 6,302 | |||||||
Total stockholders’ equity | 46,010 | 48,069 | |||||||
Total liabilities and stockholders’ equity | $ | 52,017 | $ | 56,735 | |||||
Artificial Intelligence
Medasense Announces a Strategic Agreement With Global Medical Company, Nihon Kohden Corporation
RAMAT GAN, Israel, June 26, 2024 /PRNewswire/ — Medasense, a global leader in pain monitoring solutions, is proud to announce a strategic partnership with Nihon Kohden for the exclusive distribution of its revolutionary pain monitoring device in Japan. This partnership is intended to transform pain management practices across Japanese healthcare facilities, offering a significant advancement in patient care.
Nihon Kohden, renowned for its history of excellence in providing innovative high quality, reliable medical technology that improves the way healthcare is practiced, is partnering with Medasense to introduce its nociception monitor to the Japanese market. This cutting-edge device, with its state-of-the-art AI powered NOL – Nociception Level Index®, provides real-time, objective pain monitoring, enabling the personalization and optimization of pain treatment. It will be accessible to hospitals and clinics throughout Japan through Nihon Kohden’s extensive distribution channels pending regulatory approval.
Medasense’s CEO & Founder, Galit Zuckerman, expressed enthusiasm about the collaboration: “We are honored to partner with Nihon Kohden, a company with a long history of excellence, that shares our vision of improving patient care through innovative solutions. Our mission is to help all patients suffer less from pain and the adverse effects of pain medication. Nihon Kohden’s established clinical, technological leadership and expertise in the Japanese market make them the perfect partner to distribute our nociception monitor.”
NOL monitoring provides an AI powered, clinically validated index to objectively quantify the physiological response to pain (nociception) supporting clinicians in delivering personalized anesthesia tailored to patient requirements. With over 40 peer reviewed publications, clinical studies have demonstrated that NOL-guided analgesia resulted in intraoperative opioid sparing, and improved post operative pain scores and patient recovery.1,2
For more information about Medasense and Nihon Kohden, please visit www.medasense.com and www.nihonkohden.com/.
About Medasense and NOL – Nociception Level Index® Technology
Medasense is transforming pain management with its breakthrough technology that empowers clinicians to optimize and personalize pain control, significantly reducing the risk of pain or of overmedication. The company’s flagship product, the PMD-200™, equipped with the NOL-Nociception Level Index®, leverages advanced artificial intelligence and a proprietary non-invasive sensor system. This unique platform provides objective monitoring and quantification of a patient’s pain response, making it an essential tool in an operating room and critical care unit settings where patients cannot communicate their pain levels. The PMD-200 is the first and only monitor to be authorized by the FDA for pain measurement for anaesthesiology. It has been used in over 100,000 surgeries worldwide, and is commercially available in the US, Europe, Canada, Latin America and Israel.
Watch Medasense’s 1-minute video
About Nihon Kohden
Founded in 1951, Nihon Kohden is a global leader of medical solutions with the goal to improve healthcare with advanced technology. For more than 70 years, Nihon Kohden has continued to provide a wide range of medical electronic equipment including EEG, EMG/EP measuring systems, electrocardiographs, bedside monitors, defibrillators, AEDs, ventilators, and hematology instruments.
Nihon Kohden utilizes cutting-edge technology to support medical treatment in all clinical areas, integrating medical devices into the IT network to meet customers’ requirements and offers a wide, comprehensive solution.
For further information please contact:Rachel Weissbrod, VP Clinical & Market Development, [email protected]
1. Meijer, F., Honing, M., Roor, T., Toet, S., Calis, P., Olofsen, E., Martini, C., van Velzen, M., Aarts, L., Niesters, M., Boon, M., Dahan, A. (2020). Reduced postoperative pain using Nociception Level-guided fentanyl dosing during sevoflurane anaesthesia: a randomised controlled trial. British Journal of Anaesthesia, In Press. DOI:https://doi.org/10.1016/j.bja.2020.07.057
2. Fleur S. Meijer, Chris H. Martini, Suzanne Broens, Martijn Boon, Marieke Niesters, Leon Aarts, Erik Olofsen, Monique van Velzen, Albert Dahan. Nociception-guided versus Standard Care during Remifentanil–Propofol Anesthesia: A Randomized Controlled Trial. Anesthesiology (2019); 130:745–755
Logo: https://mma.prnewswire.com/media/1169999/Medasense_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/medasense-announces-a-strategic-agreement-with-global-medical-company-nihon-kohden-corporation-302183281.html
Artificial Intelligence
IoT Sensors Market Set to Surpass USD 107.74 Billion by 2031| SkyQuest Technology
WESTFORD, Mass., June 26, 2024 /PRNewswire/ — According to SkyQuest, the global IoT Sensors Market size was valued at USD 11.20 Billion in 2022 and is poised to grow from USD 14.40 Billion in 2023 to USD 107.74 Billion by 2031, at a CAGR of 28.60% during the forecast period (2024-2031).
IoT sensors are sensors that are specifically designed for Internet of Things (IoT) devices and applications. High adoption of IoT devices and growing advancements in IoT technologies are fostering demand for novel IoT sensors. The global IoT sensors market is segmented into sensor type, vertical, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/iot-sensors-market
IoT Sensors Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 14.40 billion
Estimated Value by 2031
$ 107.74 billion
Growth Rate
Poised to grow at a CAGR of 28.60%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Sensor Type, Network Technology, and Vertical
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Proliferation of Smart Devices
Key Market Drivers
Advancements in Wireless Communication Technologies
Segments covered in IoT Sensors Market are as follows:
Sensor TypeTemperature Sensor, Pressure Sensor, Humidity Sensor, Flow Sensor, Accelerometer, Magnetometer, Gyroscope, Inertial Sensor, Image Sensor, Touch Sensor, Proximity Sensor, Acoustic Sensor, Motion Sensor, Occupancy Sensor (Image Processing Occupancy Sensors, Intelligent Occupancy Sensors), CO2 Sensor, Other Sensors (Light sensor, Radar sensor)Network TechnologyWired (KNX, LonWorks, Ethernet, MODBUS, DALI), Wireless (Wi-Fi [Bluetooth Smart, Wi-Fi Bluetooth Smart, Bluetooth Smart / Ant+, Bluetooth 5]), ZIGBEE, Z-WAVE, NFC, RFID, ENOCEAN, THREAD, GLoWPAN, WIRELESS-HART, Frocess field bus, DECT-ULE, Others (ANT+, ISA100, GPS, Sub-Gig, and Cellular)VerticalConsumer (Home automation, Smart cities, Wearable electronics), Commercial (Retail, Aerospace and Defense, Logistics and supply chain, Entertainment, Financial Institutes, Corporate Offices), Industrial (Energy, Industrial Automation, Transportation, Healthcare, Smart agriculture)Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/iot-sensors-market
Pressure Sensors Keeping Up the Pressure in IoT Sensors Market
Pressure sensors are used in cars as well as industrial facilities used to make cars and are a vital part of almost all kinds of technical devices or products. Pressure sensors play a vital role in maintaining the safety of multiple operations by keeping the pressure in check and warning users when it reaches unsafe levels. High emphasis on security around the world is projected to promote the demand for pressure sensors in the future. Aerospace, healthcare, and manufacturing are some key industry verticals where demand for pressure sensors will always be high.
The rapid surge in the use of gesture-sensitive devices all over the world is promoting the demand for accelerometer sensors. From factory automation to smart homes, the use of accelerometer sensors is projected to soar high over the coming years. Rising sales of fitness trackers and gaming consoles are also estimated to bolster the demand for accelerometer sensors in the future.
Temperature sensors are also anticipated to be highly popular in multiple IoT devices owing to the surging demand for temperature monitoring and control in various applications. Temperature sensors are also highly vital in maintaining the safety of IoT devices and surroundings to avoid mishaps due to excessive increases or drops in temperatures. Other types of sensors include motion sensors, light sensors, CO2 sensors, occupancy sensors, gyroscopes, proximity sensors, etc. All these different types of sensors are highly crucial for sustained IoT sensors market growth across the forecast period and beyond, therefore investing in any of these could help market players bolster their share.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/iot-sensors-market
High IoT Adoption Allows Industrial Vertical to Take Crown in Revenue Generation
The use of IoT technologies in the industrial vertical is increasing rapidly, which is why this sub-segment holds prominence in the global IoT sensors market. High demand for automation and increasing use of IoT devices to achieve the same are slated to foster new opportunities for IoT sensors market players in this segment. High adoption of the Industry 4.0 trend is also helping this sub-segment boost the demand for IoT sensors. Development of smart infrastructure is also boosting the demand for IoT sensors in the commercial vertical. From healthcare to construction, multiple industry verticals are promoting the use of IoT technologies and thereby driving sales of IoT sensors as well.
Pressure sensors for IoT devices and IoT sensors for industrial verticals are projected to be highly popular. IoT sensor companies should invest in these sub-segments to get the best return on their investments. Meanwhile, new companies can experiment with other segments to find what suits the best for their business and focus on the same. As per analysts, investing in the development of novel proximity and accelerometer sensors will be highly rewarding for upcoming IoT sensor companies.
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Sensor Market
Internet Of Things (IoT) Market
Internet Of Things (IoT) Professional Services Market
IoT Security Market
5G IoT Market
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Artificial Intelligence
Actian Recognized as Exemplary Vendor in Ventana Research Data Platform Buyers’ Guide
Strength in Manageability and Customer Experience Earn Actian High Regard in Ventana Research Report
ROUND ROCK, Texas, June 26, 2024 /PRNewswire/ — Actian, the data and analytics division of HCLSoftware, today announced it was named an Exemplary vendor and Overall Leader in Manageability in Ventana Research’s 2024 Data Platform Buyers’ Guide for the Actian Data Platform. Ventana’s extensive approach to the Buyers’ Guide evaluates Operational and Analytic Data Platform vendors in seven key categories that are weighted to reflect product and customer experience.
“The launch of Actian Data Platform was a significant step forward for Actian that combined its capabilities for data integration, with the company’s operational databases and analytic databases,” said Matt Aslett, director of research at Ventana Research, now part of ISG. “Providing a single environment that can manage data across multiple clouds as well as on-premises contributed to Actian being classified as Exemplary and a Leader in Manageability in Ventana Research’s Buyers Guides for Analytic Data Platforms, Operational Data Platforms and Overall Data Platforms.”
For Operational and Analytic Data Platforms, Actian was ranked highly for customer experience alongside vendors such as Google Cloud and Salesforce. Customers praised Actian’s strong product roadmap, use cases, and references available on its website, which provide valuable insights to prospective buyers. In addition, Actian was designated as a Leader in Manageability due to its strong license, use, and audit capabilities.
“Being recognized as an Exemplary vendor and a leader in Manageability is a testament to our commitment to delivering user-friendly and robust data management solutions,” said Jennifer Jackson, Chief Marketing Officer at Actian. “We are dedicated to supporting our customers throughout their entire journey with our products, ensuring they have the tools and support they need to succeed. This recognition by Ventana Research validates our efforts and motivates us to continue enhancing our platform to meet and exceed customer expectations.”
To learn more about Actian’s designation in the report please read this blog post and download the report here.
About ActianActian makes data easy. We deliver cloud, hybrid, and on-premises data solutions that simplify how people connect, manage and analyze data. We transform business by enabling customers to make confident, data-driven decisions that accelerate their organization’s growth. Our data platform integrates seamlessly, performs reliably, and delivers industry-leading speeds at an affordable cost. Actian is a division of HCLSoftware.
Media Contacts
Danielle LeeSenior Director – Global Analyst Relations & Public [email protected]
Ali WheelerPublic Relations [email protected]
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