BSD Medical Announces Fiscal Year 2012 Financial Results

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BSD Medical Announces Fiscal Year 2012 Financial Results

SALT LAKE CITY--(BUSINESS WIRE)-- BSD Medical Corporation (NAS: 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,
ASSETS2012 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 receivable33,257408,323
Inventories, net2,403,9572,406,214
Other current assets 120,069   121,148 
Total current assets13,949,37820,468,917
 
Property and equipment, net1,412,6391,445,897
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 liabilities424,698332,004
Customer deposits24,980-
Deferred revenue - current portion 96,865   42,214 
Total current liabilities742,297676,154
 
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 capital51,845,03550,458,729
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 parties333,6631,063,495309,259
Equipment rental 129,350    110,207    - 
Total revenues 2,071,192    3,037,475    1,582,276 
 
Cost of revenues:
Cost of sales1,244,2901,074,0301,182,328
Cost of related party sales260,553618,823318,682
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 development2,364,6081,483,6592,429,215
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 income59,78367,23311,042
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:

Basic29,717,00028,838,00023,257,000
Diluted29,717,00028,838,00023,257,000
      

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 amortization151,721147,501148,602
Stock issued for services180,000150,165150,000
Stock-based compensation1,206,3981,064,539990,461
Loss on disposition of property and equipment118--
Decrease (increase) in:
Receivables482,743(414,223)(60,731)
Income tax receivable-50,0001,365,758
Inventories2,257(167,960)(443,778)
Other current assets1,07913,902(40,514)
Increase (decrease) in:
Accounts payable(106,182)104,854(29,823)
Accrued liabilities92,694108,084(324,159)
Customer deposits24,980--
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:
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