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BSD Medical Announces Fiscal Year 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 fiscal year ended August 31, 2012, including:

  • Cash and cash equivalents of $11.1 million
  • No debt
  • Total stockholders’ equity of $14.5 million
  • Total revenues of $2,071,192 for the year ended August 31, 2012 compared to total revenues of $3,037,475 for the year ended August 31, 2011
  • Net loss of $7,960,660 for the year ended August 31, 2012 compared to $5,285,517 for the year ended August 31, 2011
  • Net cash used in operating activities of $5,935,939 for the year ended August 31, 2012 compared to $4,157,225 for the year ended August 31, 2011

“We made significant investments during fiscal year 2012 to expand our MicroThermX ® Microwave Ablation System ('MicroThermX ®') business, which contributed to the increase in our net loss and net cash used in operating activities compared to the prior year,” said Harold Wolcott, President of the Company. “These investments included the expansion of a fee-per-use equipment rental program for our MicroThermX ® and important product enhancements such as a new tabletop MicroThermX ® and a short tip SynchroWave antenna used to deliver smaller, spherical ablation zones. We are pleased to report positive results from these initiatives as we are experiencing increasing revenues from sales of disposable SynchroWave antennas combined with highly profitable equipment rental fees for our MicroThermX ®. Revenues from our MicroThermX ® product line increased 214% during the current fiscal year compared to last fiscal year. However, total revenues in the current fiscal year were less than in the prior fiscal year primarily due to the sale of fewer hyperthermia systems. We continue to 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
Balance Sheets
   
August 31,
ASSETS 2012   2011
 
Current assets:
Cash and cash equivalents $ 11,102,508 $ 17,135,968

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

289,587

397,264

Related party trade accounts receivable 33,257 408,323
Inventories, net 2,403,957 2,406,214
Other current assets   120,069       121,148  
Total current assets 13,949,378 20,468,917
 
Property and equipment, net 1,412,639 1,445,897
Patents, net   4,032       25,092  
 
$ 15,366,049     $ 21,939,906  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current liabilities:
Accounts payable $ 195,754 $ 301,936
Accrued liabilities 424,698 332,004
Customer deposits 24,980 -
Deferred revenue – current portion   96,865       42,214  
Total current liabilities 742,297 676,154
 
Deferred revenue – net of current portion   126,420       192,158  
 
Total liabilities   868,717       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, 29,777,522 and 29,686,154 shares issued, respectively

29,778

29,686

Additional paid-in capital 51,845,035 50,458,729
Treasury stock, 24,331 shares at cost (234 ) (234 )
Accumulated deficit   (37,377,247 )     (29,416,587 )
Total stockholders’ equity   14,497,332       21,071,594  
 
$ 15,366,049     $ 21,939,906  
           

BSD MEDICAL CORPORATION

Statements of Comprehensive Loss

 
Years Ended August 31,
2012     2011     2010
Revenues:
Sales $ 1,608,179 $ 1,863,773 $ 1,273,017
Sales to related parties 333,663 1,063,495 309,259
Equipment rental   129,350         110,207         -  
Total revenues   2,071,192         3,037,475         1,582,276  
 
Cost of revenues:
Cost of sales 1,244,290 1,074,030 1,182,328
Cost of related party sales 260,553 618,823 318,682
Cost of equipment rental   11,788         20,073         -  
Total cost of revenues   1,516,631         1,712,926         1,501,010  
 
Gross margin   554,561         1,324,549         81,266  
 
Operating costs and expenses:
Research and development 2,364,608 1,483,659 2,429,215
Selling, general and administrative   6,203,200         5,189,561         5,130,017  
Total operating costs and expenses   8,567,808         6,673,220         7,559,232  
 
Loss from operations   (8,013,247 )       (5,348,671 )       (7,477,966 )
 
Other income (expense):
Interest income 59,783 67,233 11,042
Other income (expense)   (6,208 )       (3,279 )       3,405  
Total other income (expense)   53,575         63,954         14,447  
 
Loss before income taxes (7,959,672 ) (5,284,717 ) (7,463,519 )
 
Income tax (provision) benefit   (988 )       (800 )       6,571  
 
Net loss and comprehensive loss $ (7,960,660 )     $ (5,285,517 )     $ (7,456,948 )
 
Loss per common share:
Basic $ (0.27 )     $ (0.18 )     $ (0.32 )
Diluted $ (0.27 )     $ (0.18 )     $ (0.32 )
 

Weighted average number of shares outstanding:

Basic 29,717,000 28,838,000 23,257,000
Diluted 29,717,000 28,838,000 23,257,000
           

BSD MEDICAL CORPORATION

Statements of Cash Flows

 
Years Ended August 31,
2012     2011     2010
Cash flows from operating activities:
Net loss $ (7,960,660 ) $ (5,285,517 ) $ (7,456,948 )

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization 151,721 147,501 148,602
Stock issued for services 180,000 150,165 150,000
Stock-based compensation 1,206,398 1,064,539 990,461
Loss on disposition of property and equipment 118 - -
Decrease (increase) in:
Receivables 482,743 (414,223 ) (60,731 )
Income tax receivable - 50,000 1,365,758
Inventories 2,257 (167,960 ) (443,778 )
Other current assets 1,079 13,902 (40,514 )
Increase (decrease) in:
Accounts payable (106,182 ) 104,854 (29,823 )
Accrued liabilities 92,694 108,084 (324,159 )
Customer deposits 24,980 - -
Deferred revenue (11,087 )       71,430         21,557  
 
Net cash used in operating activities (5,935,939 )       (4,157,225 )       (5,679,575 )
 
Cash flows from investing activities:
Purchase of property and equipment (97,521 )       (214,554 )       (122,521 )
 
Cash flows from financing activities:
Net proceeds from the sale of common stock - 9,702,656 6,493,723
Proceeds from the exercise of warrants - 2,989,406 -
Proceeds from the exercise of options -         332,120         -  
 
Net cash provided by financing activities -         13,024,182         6,493,723  
 
Net increase (decrease) in cash and cash equivalents (6,033,460 ) 8,652,403 691,627
Cash and cash equivalents, beginning of year 17,135,968         8,483,565         7,791,938  
 
Cash and cash equivalents, end of year $ 11,102,508       $ 17,135,968       $ 8,483,565  




Stock quotes in this article: BSDM 

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