BSD Medical Announces Third Quarter Fiscal 2013 Financial Results

BSD Medical Announces Third Quarter Fiscal 2013 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 third fiscal quarter ended May 31, 2013 including:

  • Total revenue of $1.3 million for the third quarter ended May 31, 2013 increased by 100% when compared to total revenues in the third quarter of fiscal 2012

  • Total revenue of $2.8 million for the nine months ended May 31, 2013 increased approximately 75% when compared to revenues in the same period a year ago

  • Total hyperthermia backlog of approximately $2.3 million

  • Cash and cash equivalents of $10.9 million; no debt

  • Total stockholders' equity of $14.1 million

"The growth in revenue during the third quarter and nine months ended May 31, 2013 when compared to the same periods in fiscal 2012 was chiefly derived from increased MicroThermX® Microwave Ablation sales," said Harold Wolcott, President of BSD. "As planned, we commenced shipping MicroThermXsystems and SynchroWave antennas to Terumo Europe NV during the third quarter."


"The increases in our third quarter and year to date operating expenses are due mainly to our continuing roll out of the MicroThermX® product line and the support of our global distribution network. We also experienced significant nonrecurring expenses supporting our regulatory efforts around the world. Our balance sheet remains healthy with total cash of approximately $10.9 million and no long-term debt at the end of the third quarter," 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)


ASSETS

May 31,
2013

August 31,
2012

Current assets:

Cash and cash equivalents

$

10,882,122

$

11,102,508

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


1,199,843


289,587

Related party trade accounts receivable

24,823

33,257

Inventories, net

2,309,299

2,403,957

Other current assets

201,609

120,069

Total current assets

14,617,696

13,949,378

Property and equipment, net

1,333,289

1,412,639

Patents, net

-

4,032

$

15,950,985

$

15,366,049

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

385,334

$

195,754

Accrued liabilities

423,419

424,698

Customer deposits

876,230

24,980

Deferred revenue - current portion

133,309

96,865

Total current liabilities

1,818,292

742,297

Deferred revenue - net of current portion

59,216

126,420

Total liabilities

1,877,508

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, 34,006,202 and 29,777,522 shares
issued, respectively



34,006



29,778

Additional paid-in capital

57,466,759

51,845,035

Treasury stock, 24,331 shares at cost

(234

)

(234

)

Accumulated deficit

(43,427,054

)

(37,377,247

)

Total stockholders' equity

14,073,477

14,497,332

$

15,950,985

$

15,366,049

BSD MEDICAL CORPORATION

Condensed Statements of Comprehensive Loss

(Unaudited)

Three Months Ended
May 31,

Nine Months Ended
May 31,

2013

2012

2013

2012

Revenues:

Sales

$

1,256,583

$

611,730

$

2,540,281

$

1,165,655

Sales to related parties

230

13,757

76,776

315,163

Equipment rental

59,900

25,900

178,700

101,450

Total revenues

1,316,713

651,387

2,795,757

1,582,268

Cost of Revenues:

Cost of sales

713,383

435,656

1,533,618

934,070

Cost of related party sales

81

12,180

66,527

226,363

Cost of equipment rental

2,947

2,947

8,841

8,841

Total cost of revenues

716,411

450,783

1,608,986

1,169,274

Gross margin

600,302

200,604

1,186,771

412,994

Operating costs and expenses:

Research and development

607,690

641,457

1,693,648

1,760,803

Selling, general and administrative

1,967,082

1,667,503

5,562,013

4,580,000

Total operating costs and expenses

2,574,772

2,308,960

7,255,661

6,340,803

Loss from operations

(1,974,470

)

(2,108,356

)

(6,068,890

)

(5,927,809

)

Other income (expense):

Interest income

7,708

13,861

24,374

47,890

Other expense

(2,984

)

(2,371

)

(5,291

)

(6,950

)

Total other income

4,724

11,490

19,083

40,940

Loss before income taxes

(1,969,746

)

(2,096,866

)

(6,049,807

)

(5,886,869

)

Provision for income taxes

-

(988

)

-

(988

)

Net loss and comprehensive loss

$

(1,969,746

)

$

(2,097,854

)

$

(6,049,807

)

$

(5,887,857

)

Net loss per common share:

Basic

$

(0.06

)

$

(0.07

)

$

(0.20

)

$

(0.20

)

Diluted

$

(0.06

)

$

(0.07

)

$

(0.20

)

$

(0.20

)

Weighted average number of shares outstanding:

Basic

32,042,000

29,717,000

30,541,000

29,696,000

Diluted

32,042,000

29,717,000

30,541,000

29,696,000



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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