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 fiscal quarter ended February 29, 2012, including: • Cash and cash equivalents of $14.4 million • No debt • Total stockholders’ equity of $17.9 million • Total revenues of $930,881 for the six months ended February 29, 2012, compared to total revenues of $951,424 for the six months ended February 28, 2011 • Total revenues of $271,883 for the three months ended February 29, 2012, compared to total revenues of $444,439 for the three months ended February 28, 2011 • Net loss of $2,102,598 for the three months ended February 29, 2012, and $3,790,003 for the six months ended February 29, 2012 • Net cash used in operating activities of $2,631,282 for the six months ended February 29, 2012
“We have a strong balance sheet, no debt, and believe we are sufficiently capitalized to continue our sales and marketing and product development efforts,” said Harold Wolcott, President of the Company. “Our year-to-date revenues are comparable to revenues for the same period last year; however, we have refocused on the expansion of a fee-per-use equipment rental program for our MicroThermX® Microwave Ablation System (“MicroThermX”) in an effort to accelerate revenues. We are experiencing early success with a revenue stream from sales of disposable SynchroWave antennas combined with highly profitable equipment rental fees. We have added experienced sales personnel in key markets, and believe the equipment rental program will produce successful results throughout the United States.”
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.
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