BSD Medical Announces Financial Results for Second Quarter and First Six Months of Fiscal 2013 Business Wire SALT LAKE CITY -- March 28, 2013 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 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 MicroThermX ^ systems 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) ASSETS February 28, August 31, 2013 2012 Current assets: Cash and cash equivalents $ 7,731,846 $ 11,102,508 Accounts receivable, net of allowance 481,777 289,587 for doubtful accounts of $20,000 Related party trade accounts 24,593 33,257 receivable 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 87,719 126,420 portion 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, 29,778 29,778 29,777,522 shares issued 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, 2013 2012 2013 2012 Revenues: Sales $ 766,084 $ 236,437 $ 1,283,698 $ 553,925 Sales to related 6,275 546 76,546 301,406 parties Equipment 46,900 34,900 118,800 75,550 rental 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 5,069 744 66,446 214,183 sales Cost of equipment 2,947 2,947 5,894 5,894 rental Total cost of 419,381 347,613 892,575 718,491 revenues Gross margin 399,878 (75,730 ) 586,469 212,390 (loss) Operating costs and expenses: Research and 558,691 582,611 1,085,958 1,119,346 development Selling, general and 1,705,682 1,457,662 3,594,931 2,912,497 administrative Total operating 2,264,373 2,040,273 4,680,889 4,031,843 costs and expenses Loss from (1,864,495 ) (2,116,003 ) (4,094,420 ) (3,819,453 ) operations Other income (expense): Interest 6,720 15,970 16,666 34,029 income Other (3,622 ) (2,565 ) (2,307 ) (4,579 ) (expense) Total other 3,098 13,405 14,359 29,450 income Loss before (1,861,397 ) (2,102,598 ) (4,080,061 ) (3,790,003 ) income taxes Income tax - - - - benefit Net comprehensive $ (1,861,397 ) $ (2,102,598 ) $ (4,080,061 ) $ (3,790,003 ) loss 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 Contact: BSD Medical Corporation William Barth, 801-972-5555 fax: 801-972-5930 firstname.lastname@example.org
BSD Medical Announces Financial Results for Second Quarter and First Six Months of Fiscal 2013
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