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 28, 2011, including:
“We have a strong balance sheet, no debt, and a significant sales backlog, and believe we are sufficiently capitalized to continue the progress we have made to date in the roll out of our MicroThermX® Microwave Ablation System and to support its global distribution network.”
- Cash and cash equivalents of $19.8 million
- No debt
- Total stockholders' equity of $23.0 million
- Net cash used in operating activities of $1,510,000 for the six months ended February 28, 2011, a 58% improvement compared to net cash used in operating activities of $3,627,000 for the comparable six-month period of last fiscal year
- Net loss of $1,554,000 for the three months ended February 28, 2011, a 19% improvement compared to a net loss of $1,920,000 for the comparable three-month period of last fiscal year
- Net loss of $2,501,000 for the six months ended February 28, 2011, a 35% improvement compared to a net loss of $3,867,000 for the comparable six-month period of last fiscal year
- Current hyperthermia systems sales backlog of $2.0 million
- Total revenues of $444,000 for the three months ended February 28, 2011, a 26% decrease from total revenues of $600,000 for the comparable three-month period of last fiscal year
- Total revenues of $951,000 for the six months ended February 28, 2011, a 7% decrease from total revenues of $1,026,000 for the comparable six-month period of last fiscal year
"The second quarter results continue to reflect the year-to-date positive impact of the expense reduction measures we implemented to reduce the level of our operating cash burn," said Harold Wolcott, President of the Company. "We have a strong balance sheet, no debt, and a significant sales backlog, and believe we are sufficiently capitalized to continue the progress we have made to date in the roll out of our MicroThermX® Microwave Ablation System and to support its global distribution network."
Other highlights of the quarter and more recent activities include the following:
- Success in the Company's product launch strategy for the MicroThermX® focused on the placement of a select number of systems with pivotal, high-profile, interventional oncology key opinion leaders.
- Early clinical success and strong positive clinician response to our MicroThermX®, driving purchase inquiries from an expanded base of hospitals.
- The first international distributor sale of the MicroThermX® in Italy.
- Finalizing domestic distribution networks and progress establishing international distribution networks dedicated to selling the MicroThermX®.
- Over 50 independent distributor representatives fully trained on the MicroThermX® who are now actively selling.
- Employment of an experienced Director of Marketing as well as a veteran microwave ablation Eastern Sales Manager to support the global distribution network for the MicroThermX®. Interviewing candidates for both Western Sales Manager and International Sales Manager.
- Showcase of the MicroThermX® at the 36th annual scientific meeting of the Society of Interventional Radiology held in Chicago and attended by nearly 5,300 physicians, scientists and health professionals from around the world.
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