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BSD Medical Announces Third Quarter Fiscal 2012 Financial Results

BSD Medical Corporation (NASDAQ:BSDM) (Company or BSD) ( www.BSDMedical.com), a leading provider of medical systems that treat cancer and benign diseases using heat therapy, today reported financial results for its third fiscal quarter ended May 31, 2012, including:
  • Cash and cash equivalents of $12.7 million
  • No debt
  • Total stockholders’ equity of $16.3 million
  • Total revenues of $1,582,268 for the nine months ended May 31, 2012 compared to total revenues of $2,626,901 for the nine months ended May 31, 2011
  • Total revenues of $651,387 for the three months ended May 31, 2012 compared to total revenues of $1,675,477 for the three months ended May 31, 2011
  • Net loss of $2,097,854 for the three months ended May 31, 2012 and $5,887,857 for the nine months ended May 31, 2012
  • Net cash used in operating activities of $4,302,625 for the nine months ended May 31, 2012

“We are pleased to report increasing revenues from sales of disposable SynchroWave antennas combined with highly profitable equipment rental fees for our MicroThermX ® Microwave Ablation System (‘‘MicroThermX’’),” said Harold Wolcott, President of the Company. “However, revenues in the current fiscal year have been less than in the prior fiscal year primarily due to the sale of fewer hyperthermia systems. The worldwide economic downturn and the uncertainty in the U.S. medical industry resulting from potentially significant governmental healthcare reform continue to negatively impact the sales of our hyperthermia systems, the market introduction of our MicroThermX ®, and our operating results. Our focus is on the expansion of a fee-per-use equipment rental program for our MicroThermX ® in an effort to accelerate revenues, and we believe that program will produce successful results throughout the United States. We have a strong balance sheet, no debt, and believe we are sufficiently capitalized to continue our sales and marketing and product development efforts.”

About BSD Medical Corporation

BSD Medical Corporation develops, manufactures, markets and services systems to treat cancer and benign diseases using heat therapy delivered using focused radiofrequency (RF) and microwave energy. BSD’s product lines include both hyperthermia and ablation treatment systems. BSD’s hyperthermia cancer treatment systems, which have been in use for several years in the United States, Europe and Asia, are used to treat certain tumors with heat (hyperthermia) while increasing the effectiveness of other therapies such as radiation therapy. BSD’s microwave ablation system has been developed as a stand-alone therapy to ablate and destroy soft tissue. The Company has developed extensive intellectual property, multiple products in the market, and well established distribution in the United States, Europe and Asia. Certain of the Company’s products have received regulatory approvals in the United States, Europe and China. For further information visit BSD Medical's website at www.BSDMedical.com.

Forward-Looking Statements

Statements contained in this press release that are not historical facts, including statements relating to our MicroThermX ® line of products, are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including the market demand for our MicroThermX ® products and the regulatory requirements we face. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date, except as required by law.
 
BSD MEDICAL CORPORATION
Condensed Balance Sheets
(Unaudited)

ASSETS
     

May 31, 2012
     

August 31, 2011
Current assets:      
Cash and cash equivalents $ 12,736,998 $ 17,135,968

Accounts receivable, net of allowance for doubtful accounts of $20,000

248,626

397,264
Related party trade accounts receivable 14,757 408,323
Inventories, net 2,318,260 2,406,214
Other current assets   151,363           121,148  
Total current assets 15,470,004 20,468,917
 
Property and equipment, net 1,444,712 1,445,897
Patents, net   9,297           25,092  
 
$ 16,924,013         $ 21,939,906  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable $ 237,339 $ 301,936
Accrued liabilities 199,828 332,004
Deferred revenue – current portion   99,534           42,214  
Total current liabilities 536,701 676,154
 
Deferred revenue – net of current portion   132,521           192,158  
 
Total liabilities   669,222           868,312  
 
Commitments and contingencies
 
Stockholders’ equity:

Preferred stock, $.001 par value; 10,000,000 shares authorized; no shares issued and outstanding

-

-

Common stock, $.001 par value; 80,000,000 shares authorized; 29,753,191 and 29,686,154 shares issued, respectively

29,778

29,686
Additional paid-in capital 51,529,691 50,458,729
Treasury stock, 24,331 shares at cost (234 ) (234 )
Accumulated deficit   (35,304,444 )         (29,416,587 )
Total stockholders’ equity   16,254,791           21,071,594  
 
$ 16,924,013         $ 21,939,906  
 
 
           

BSD MEDICAL CORPORATION

Condensed Statements of Operations and Comprehensive Loss

(Unaudited)
 

Three Months Ended May 31,

Nine Months Ended May 31,
2012     2011       2012     2011
Revenues:        
Sales $ 611,730 $ 647,732 $ 1,165,655 $ 1,506,904
Sales to related parties 13,757 1,017,845 315,163 1,058,597
Equipment rental   25,900         9,900           101,450         61,400  
 
Total revenues   651,387         1,675,477           1,582,268         2,626,901  
 
Cost of Revenues:
Cost of sales 435,656 90,064 934,070 808,732
Cost of related party sales 12,180 547,766 226,363 585,261
Cost of equipment rental   2,947         3,608           8,841         13,111  
 
Total cost of revenues   450,783         641,438           1,169,274         1,407,104  
 
Gross margin   200,604         1,034,039           412,994         1,219,797  
 
Operating costs and expenses:
Research and development 641,457 481,994 1,760,803 992,110
Selling, general and administrative   1,667,503         1,389,175           4,580,000         3,589,573  
 
Total operating costs and expenses   2,308,960         1,871,169           6,340,803         4,581,683  
 
Loss from operations   (2,108,356 )       (837,130 )         (5,927,809 )       (3,361,886 )
 
Other income (expense):
Interest income 13,861 21,708 47,890 47,331
Other income (expense)   (2,371 )       (1,318 )         (6,950 )       (3,451 )
 
Total other income   11,490         20,390           40,940         43,880  
 
Loss before income taxes (2,096,866 ) (816,740 ) (5,886,869 ) (3,318,006 )
 
Provision for income taxes   (988 )       (800 )         (988 )       (800 )
 
Net loss and comprehensive loss $ (2,097,854 )     $ (817,540 )       $ (5,887,857 )     $ (3,318,806 )
 
Net loss per common share:
Basic $ (0.07 )     $ (0.03 )       $ (0.20 )     $ (0.12 )
Diluted $ (0.07 )     $ (0.03 )       $ (0.20 )     $ (0.12 )
 

Weighted average number of shares outstanding:
Basic 29,717,000 29,612,000 29,696,000 28,553,000
Diluted 29,717,000 29,612,000 29,696,000 28,553,000

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