BSD Medical Announces Third Quarter Fiscal 2013 Financial Results

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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 receivable24,82333,257
Inventories, net2,309,2992,403,957
Other current assets 201,609  120,069 
Total current assets14,617,69613,949,378
 
Property and equipment, net1,333,2891,412,639
Patents, net -  4,032 
 
$15,950,985 $15,366,049 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Accounts payable$385,334$195,754
Accrued liabilities423,419424,698
Customer deposits876,23024,980
Deferred revenue - current portion 133,309  96,865 
Total current liabilities1,818,292742,297
 
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 capital57,466,75951,845,035
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 20122013 2012
Revenues:
Sales$1,256,583$611,730$2,540,281$1,165,655
Sales to related parties23013,75776,776315,163
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 sales713,383435,6561,533,618934,070
Cost of related party sales8112,18066,527226,363
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 development607,690641,4571,693,6481,760,803
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 income7,70813,86124,37447,890
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:

Basic32,042,00029,717,00030,541,00029,696,000
Diluted32,042,00029,717,00030,541,00029,696,000
 
 



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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