"BSD Medical Corporation (BSDM) (Company or BSD) (), 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 MicroThermXsystems 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