BSD Medical Announces Fiscal Year 2012 Financial Results Business Wire SALT LAKE CITY -- November 14, 2012 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 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, ASSETS 2012 2011 Current assets: Cash and cash equivalents $ 11,102,508 $ 17,135,968 Accounts receivable, net of allowance 289,587 397,264 for doubtful accounts of $20,000 Related party trade accounts receivable 33,257 408,323 Inventories, net 2,403,957 2,406,214 Other current assets 120,069 121,148 Total current assets 13,949,378 20,468,917 Property and equipment, net 1,412,639 1,445,897 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 liabilities 424,698 332,004 Customer deposits 24,980 - Deferred revenue – current portion 96,865 42,214 Total current liabilities 742,297 676,154 Deferred revenue – net of current 126,420 192,158 portion 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 29,778 29,686 and 29,686,154 shares issued, respectively Additional paid-in capital 51,845,035 50,458,729 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 333,663 1,063,495 309,259 parties Equipment rental 129,350 110,207 - Total revenues 2,071,192 3,037,475 1,582,276 Cost of revenues: Cost of sales 1,244,290 1,074,030 1,182,328 Cost of related party 260,553 618,823 318,682 sales Cost of equipment 11,788 20,073 - rental Total cost of 1,516,631 1,712,926 1,501,010 revenues Gross margin 554,561 1,324,549 81,266 Operating costs and expenses: Research and 2,364,608 1,483,659 2,429,215 development Selling, general and 6,203,200 5,189,561 5,130,017 administrative Total operating costs 8,567,808 6,673,220 7,559,232 and expenses Loss from operations (8,013,247 ) (5,348,671 ) (7,477,966 ) Other income (expense): Interest income 59,783 67,233 11,042 Other income (6,208 ) (3,279 ) 3,405 (expense) Total other income 53,575 63,954 14,447 (expense) Loss before income (7,959,672 ) (5,284,717 ) (7,463,519 ) taxes Income tax (988 ) (800 ) 6,571 (provision) benefit Net loss and $ (7,960,660 ) $ (5,285,517 ) $ (7,456,948 ) comprehensive loss Loss per common share: Basic $ (0.27 ) $ (0.18 ) $ (0.32 ) Diluted $ (0.27 ) $ (0.18 ) $ (0.32 ) Weighted average number of shares outstanding: Basic 29,717,000 28,838,000 23,257,000 Diluted 29,717,000 28,838,000 23,257,000 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 151,721 147,501 148,602 amortization Stock issued for 180,000 150,165 150,000 services Stock-based 1,206,398 1,064,539 990,461 compensation Loss on disposition of property and 118 - - equipment Decrease (increase) in: Receivables 482,743 (414,223 ) (60,731 ) Income tax receivable - 50,000 1,365,758 Inventories 2,257 (167,960 ) (443,778 ) Other current assets 1,079 13,902 (40,514 ) Increase (decrease) in: Accounts payable (106,182 ) 104,854 (29,823 ) Accrued liabilities 92,694 108,084 (324,159 ) Customer deposits 24,980 - - Deferred revenue (11,087 ) 71,430 21,557 Net cash used in (5,935,939 ) (4,157,225 ) (5,679,575 ) operating activities Cash flows from investing activities: Purchase of property (97,521 ) (214,554 ) (122,521 ) and equipment Cash flows from financing activities: Net proceeds from the - 9,702,656 6,493,723 sale of common stock Proceeds from the - 2,989,406 - exercise of warrants Proceeds from the - 332,120 - exercise of options Net cash provided by - 13,024,182 6,493,723 financing activities Net increase (decrease) in cash (6,033,460 ) 8,652,403 691,627 and cash equivalents Cash and cash equivalents, 17,135,968 8,483,565 7,791,938 beginning of year Cash and cash equivalents, end of $ 11,102,508 $ 17,135,968 $ 8,483,565 year Contact: BSD Medical Corporation Dennis Gauger, 801-972-5555 firstname.lastname@example.org fax: 801-972-5930
BSD Medical Announces Fiscal Year 2012 Financial Results
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