|
| [April 06, 2012] |
 |
BSD Medical Announces Second Quarter Fiscal 2012 Financial Results
SALT LAKE CITY --(Business Wire)--
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
second fiscal quarter ended February 29, 2012, including:
-
Cash and cash equivalents of $14.4 million
-
No debt
-
Total stockholders' equity of $17.9 million
-
Total revenues of $930,881 for the six months ended February 29, 2012,
compared to total revenues of $951,424 for the six months ended
February 28, 2011
-
Total revenues of $271,883 for the three months ended February 29,
2012, compared to total revenues of $444,439 for the three months
ended February 28, 2011
-
Net loss of $2,102,598 for the three months ended February 29, 2012,
and $3,790,003 for the six months ended February 29, 2012
-
Net cash used in operating activities of $2,631,282 for the six months
ended February 29, 2012
"We have a strong balance sheet, no debt, and believe we are
sufficiently capitalized to continue our sales and marketing and product
development efforts," said Harold Wolcott, President of the Company.
"Our year-to-date revenues are comparable to revenues for the same
period last year; however, we have refocused on the expansion of a
fee-per-use equipment rental program for our MicroThermX® Microwave
Ablation System ("MicroThermX") in an effort to accelerate revenues. We
are experiencing early success with a revenue stream from sales of
disposable SynchroWave antennas combined with highly profitable
equipment rental fees. We have added experienced sales personnel in key
markets, and believe the equipment rental program will produce
successful results throughout the United States."
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
|
|
February 29,
2012
|
|
August 31,
2011
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
14,420,068
|
|
|
$
|
17,135,968
|
|
Accounts receivable, net of allowance for doubtful
accounts of
$20,000
|
|
|
98,197
|
|
|
|
397,264
|
|
|
Related party trade accounts receivable
|
|
|
164,044
|
|
|
|
408,323
|
|
|
Inventories, net
|
|
|
2,482,853
|
|
|
|
2,406,214
|
|
|
Other current assets
|
|
|
124,468
|
|
|
|
121,148
|
|
|
Total current assets
|
|
|
17,289,630
|
|
|
|
20,468,917
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
1,466,487
|
|
|
|
1,445,897
|
|
|
Patents, net
|
|
|
14,562
|
|
|
|
25,092
|
|
|
|
|
|
|
|
|
|
|
$
|
18,770,679
|
|
|
$
|
21,939,906
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
251,406
|
|
|
$
|
301,936
|
|
|
Accrued liabilities
|
|
|
405,466
|
|
|
|
332,004
|
|
|
Deferred revenue - current portion
|
|
|
94,827
|
|
|
|
42,214
|
|
|
Total current liabilities
|
|
|
751,699
|
|
|
|
676,154
|
|
|
|
|
|
|
|
|
Deferred revenue - net of current portion
|
|
|
156,879
|
|
|
|
192,158
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
908,578
|
|
|
|
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,
29,686,154 shares issued
|
|
|
29,686
|
|
|
|
29,686
|
|
|
Additional paid-in capital
|
|
|
51,039,239
|
|
|
|
50,458,729
|
|
|
Treasury stock, 24,331 shares at cost
|
|
|
(234
|
)
|
|
|
(234
|
)
|
|
Accumulated deficit
|
|
|
(33,206,590
|
)
|
|
|
(29,416,587
|
)
|
|
Total stockholders' equity
|
|
|
17,862,101
|
|
|
|
21,071,594
|
|
|
|
|
|
|
|
|
|
|
$
|
18,770,679
|
|
|
$
|
21,939,906
|
|
|
BSD MEDICAL CORPORATION
|
|
Condensed Statements of Operations and Comprehensive Loss
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
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Three Months Ended
|
|
Six Months Ended
|
|
|
|
February 29,
2012
|
|
February 28,
2011
|
|
February 29,
2012
|
|
February 28,
2011
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
|
236,437
|
|
|
$
|
404,243
|
|
|
$
|
553,925
|
|
|
$
|
859,172
|
|
|
Sales to related parties
|
|
|
546
|
|
|
|
30,296
|
|
|
|
301,406
|
|
|
|
40,752
|
|
|
Equipment rental
|
|
|
34,900
|
|
|
|
9,900
|
|
|
|
75,550
|
|
|
|
51,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
271,883
|
|
|
|
444,439
|
|
|
|
930,881
|
|
|
|
951,424
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
343,922
|
|
|
|
374,585
|
|
|
|
498,414
|
|
|
|
718,668
|
|
|
Cost of related party sales
|
|
|
744
|
|
|
|
28,248
|
|
|
|
214,183
|
|
|
|
37,495
|
|
|
Cost of equipment rental
|
|
|
2,947
|
|
|
|
3,104
|
|
|
|
5,894
|
|
|
|
9,503
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues
|
|
|
347,613
|
|
|
|
405,937
|
|
|
|
718,491
|
|
|
|
765,666
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin (loss)
|
|
|
(75,730
|
)
|
|
|
38,502
|
|
|
|
212,390
|
|
|
|
185,758
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
582,611
|
|
|
|
432,820
|
|
|
|
1,119,346
|
|
|
|
510,116
|
|
|
Selling, general and administrative
|
|
|
1,457,662
|
|
|
|
1,176,467
|
|
|
|
2,912,497
|
|
|
|
2,200,398
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs and expenses
|
|
|
2,040,273
|
|
|
|
1,609,287
|
|
|
|
4,031,843
|
|
|
|
2,710,514
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(2,116,003
|
)
|
|
|
(1,570,785
|
)
|
|
|
(3,819,453
|
)
|
|
|
(2,524,756
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
15,970
|
|
|
|
18,038
|
|
|
|
34,029
|
|
|
|
25,623
|
|
|
Other income (expense)
|
|
|
(2,565
|
)
|
|
|
(1,218
|
)
|
|
|
(4,579
|
)
|
|
|
(2,133
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total other income
|
|
|
13,405
|
|
|
|
16,820
|
|
|
|
29,450
|
|
|
|
23,490
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
|
|
(2,102,598
|
)
|
|
|
(1,553,965
|
)
|
|
|
(3,790,003
|
)
|
|
|
(2,501,266
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss and comprehensive loss
|
|
$
|
(2,102,598
|
)
|
|
$
|
(1,553,965
|
)
|
|
$
|
(3,790,003
|
)
|
|
$
|
(2,501,266
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.07
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.09
|
)
|
|
Diluted
|
|
$
|
(0.07
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.09
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
29,686,000
|
|
|
|
29,289,000
|
|
|
|
29,686,000
|
|
|
|
28,014,000
|
|
|
Diluted
|
|
|
29,686,000
|
|
|
|
29,289,000
|
|
|
|
29,686,000
|
|
|
|
28,014,000
|
|
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