BSD Medical Announces Financial Results for Second Quarter and First Six Months of Fiscal 2013
BSD Medical Announces Financial Results for Second Quarter and First Six Months of Fiscal 2013
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 second quarter and first six months of fiscal 2013, including:
Total revenues of $1.5 million for the six months ended February 28, 2013 compared to total revenues of $0.9 million for the same period a year ago
Total revenues of $0.8 million for the second quarter ended February 28, 2013 compared to total revenues of $0.3 million of the second quarter of last year
Total Hyperthermia backlog of approximately $0.8 million
Net loss of $1.9 million for the three months ended February 28, 2013 compared to a net loss of $2.1 million for the three months ended February 29, 2012
Net cash used in operating activities was $1.4 million for the three months ended February 28, 2013 and $3.4 million for the six months ended February 28, 2013
Cash and cash equivalents of $7.7 million
No debt
Total stockholders' equity of $11.0 million
"Our results reflect solid market penetration trends for our MicroThermX® Microwave Ablation product line for the treatment of cancer," said Harold Wolcott, President of BSD. "Revenues during the first six months of fiscal 2013 increased by approximately $0.5 million over the same period last year due largely to the performance of MicroThermX, including strong sales momentum of disposable SynchroWave antennas fueled by a doubling of domestic evaluations over the last six months and our fee per use model continuing to attract new accounts.
"As we move into the second half of fiscal 2013, we are planning for a significant expansion in the distribution of our MicroThermXsystems in Europe, contingent upon our completing a Master Distribution Agreement covering the entire continent. We are working diligently on this agreement.
"It is worth noting that our quarter-end backlog figure for Hyperthermia products does not reflect purchase orders from our recently announced exclusive Taiwanese distributor Linden Bioscience (Linden). These purchase orders will be added to our backlog after import licenses have been obtained by Linden. Our relationship with Linden, with its commitment to purchase an estimated $7.1 million in BSD product over a five year period, further validates our belief that the Hyperthermia business will flourish in Asia as regulatory approvals are secured.
"We are keeping tight control of our spending, and our cash used in the quarter was $0.5 million less than we used during the first quarter of fiscal 2013," concluded Wolcott.
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) | ||||||||||
| February 28, | August 31, | ||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 7,731,846 | $ | 11,102,508 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $20,000 | 481,777 | 289,587 | ||||||||
Related party trade accounts receivable | 24,593 | 33,257 | ||||||||
Inventories, net | 2,380,035 | 2,403,957 | ||||||||
Other current assets | 173,377 | 120,069 | ||||||||
Total current assets | 10,791,627 | 13,949,378 | ||||||||
Property and equipment, net | 1,359,384 | 1,412,639 | ||||||||
Patents, net | - | 4,032 | ||||||||
$ | 12,151,012 | $ | 15,366,049 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 299,209 | $ | 195,754 | ||||||
Accrued liabilities | 637,002 | 424,698 | ||||||||
Customer Deposits | 41,250 | 24,980 | ||||||||
Deferred revenue - current portion | 92,229 | 96,865 | ||||||||
Total current liabilities | 1,069,690 | 742,297 | ||||||||
Deferred revenue - net of current portion | 87,719 | 126,420 | ||||||||
Total liabilities | 1,157,409 | 868,717 | ||||||||
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 shares issued | 29,778 | 29,778 | ||||||||
Additional paid-in capital | 52,421,367 | 51,845,035 | ||||||||
Treasury stock, 24,331 shares at cost | (234 | ) | (234 | ) | ||||||
Accumulated deficit | (41,457,308 | ) | (37,377,247 | ) | ||||||
Total stockholders' equity | 10,993,603 | 14,497,332 | ||||||||
$ | 12,151,012 | $ | 15,366,049 | |||||||
BSD MEDICAL CORPORATION | ||||||||||||||||||
Condensed Statements of Comprehensive Loss | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
February 28, | February 29, | February 28, | February 29, | |||||||||||||||
Revenues: | ||||||||||||||||||
Sales | $ | 766,084 | $ | 236,437 | $ | 1,283,698 | $ | 553,925 | ||||||||||
Sales to related parties | 6,275 | 546 | 76,546 | 301,406 | ||||||||||||||
Equipment rental | 46,900 | 34,900 | 118,800 | 75,550 | ||||||||||||||
Total revenues | 819,259 | 271,883 | 1,479,044 | 930,881 | ||||||||||||||
Cost of Revenues: | ||||||||||||||||||
Cost of sales | 411,365 | 343,922 | 820,235 | 498,414 | ||||||||||||||
Cost of related party sales | 5,069 | 744 | 66,446 | 214,183 | ||||||||||||||
Cost of equipment rental | 2,947 | 2,947 | 5,894 | 5,894 | ||||||||||||||
Total cost of revenues | 419,381 | 347,613 | 892,575 | 718,491 | ||||||||||||||
Gross margin (loss) | 399,878 | (75,730 | ) | 586,469 | 212,390 | |||||||||||||
Operating costs and expenses: | ||||||||||||||||||
Research and development | 558,691 | 582,611 | 1,085,958 | 1,119,346 | ||||||||||||||
Selling, general and administrative | 1,705,682 | 1,457,662 | 3,594,931 | 2,912,497 | ||||||||||||||
Total operating costs and expenses | 2,264,373 | 2,040,273 | 4,680,889 | 4,031,843 | ||||||||||||||
Loss from operations | (1,864,495 | ) | (2,116,003 | ) | (4,094,420 | ) | (3,819,453 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||
Interest income | 6,720 | 15,970 | 16,666 | 34,029 | ||||||||||||||
Other (expense) | (3,622 | ) | (2,565 | ) | (2,307 | ) | (4,579 | ) | ||||||||||
Total other income | 3,098 | 13,405 | 14,359 | 29,450 | ||||||||||||||
Loss before income taxes | (1,861,397 | ) | (2,102,598 | ) | (4,080,061 | ) | (3,790,003 | ) | ||||||||||
Income tax benefit | - | - | - | - | ||||||||||||||
Net comprehensive loss | $ | (1,861,397 | ) | $ | (2,102,598 | ) | $ | (4,080,061 | ) | $ | (3,790,003 | ) | ||||||
Net loss per common share: | ||||||||||||||||||
Basic | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.14 | ) | $ | (0.13 | ) | ||||||
Diluted | $ | (0.06 | ) | $ | (0.07 | ) | $ | (0.14 | ) | $ | (0.13 | ) | ||||||
Weighted average number of shares outstanding: | ||||||||||||||||||
Basic | 29,778,000 | 29,686,000 | 29,778,000 | 29,686,000 | ||||||||||||||
Diluted | 29,778,000 | 29,686,000 | 29,778,000 | 29,686,000 | ||||||||||||||
BSD Medical Corporation
William Barth, 801-972-5555
fax: 801-972-5930
investor@bsdmc.com
KEYWORDS: United States North America Utah
INDUSTRY KEYWORDS:
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