BSD Medical Corp. (BSDM, Financial) filed Quarterly Report for the period ended 2012-05-31.
Bsd Medical Corporation has a market cap of $45.7 million; its shares were traded at around $1.4 with and P/S ratio of 15. Bsd Medical Corporation had an annual average earning growth of 34.2% over the past 10 years.
Our gross margin and gross margin percentage will fluctuate from period to period depending on the mix of revenues reported for the period and the type and configuration of the hyperthermia systems sold during the period. Our total gross margin was $200,604 for the three months ended May 31, 2012, or approximately 31%, and $1,034,039, or approximately 62%, for the three months ended May 31, 2011. Our total gross margin was $412,994 for the nine months ended May 31, 2012, or approximately 26%, and $1,219,797, or approximately 46%, for the nine months ended May 31, 2011. The decrease in gross margin and gross margin percentage in the first nine months of the current fiscal year resulted primarily from the sale of fewer hyperthermia systems in the current year, partially offset by the gross margin contributed by the increase in MicroThermX® systems sold and equipment rental revenues and sales of consumable devices from our MicroThermX® product line.
Selling, General and Administrative Expenses – Selling, general and administrative expenses were $1,667,503 for the three months ended May 31, 2012 compared to $1,389,175 for the three months ended May 31, 2011, an increase of $278,328, or approximately 20%. Selling, general and administrative expenses were $4,580,000 for the nine months ended May 31, 2012 compared to $3,589,573 for the nine months ended May 31, 2011, an increase of $990,427, or approximately 28%. We implemented headcount reductions and other operating expense reduction measures in fiscal year 2011. However, as we continue the roll out of the MicroThermX® product line and the support of its global distribution network, we have increased our marketing and sales staff and incurred additional marketing, sales and related operating expenses. We believe that the level of our selling, general and administrative expenses may continue to increase over the levels reported for the first nine months of the current fiscal year, and the increase may be significant.
During the nine months ended May 31, 2012, we used net cash of $4,302,625 in operating activities, primarily as a result of our net loss of $5,887,857 decreased by non-cash expenses of $1,184,379, including depreciation and amortization, stock-based compensation, stock issued for services and loss on disposition of property and equipment. Net cash used in operating activities also included an increase in other current assets of $30,215 and decreases in accounts payable of $64,597, accrued liabilities of $132,176, and deferred revenue of $2,317, partially offset by decreases in receivables of $542,204 and inventories of $87,954.
During the nine months ended May 31, 2011, we used net cash of $2,684,443 in operating activities, primarily as a result of our net loss of $3,318,806, decreased by non-cash expenses totaling $990,077, including depreciation and amortization, stock-based compensation and stock issued for services. Net cash used in operating activities also included increases in receivables of $700,504 and other current assets of $5,859 and decreases in deferred revenue of $26,185, partially offset by decreases in income tax receivable of $50,000 and inventories of $131,238, and increases in accounts payable of $99,372, accrued liabilities of $71,224 and customer deposits of $25,000.
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Bsd Medical Corporation has a market cap of $45.7 million; its shares were traded at around $1.4 with and P/S ratio of 15. Bsd Medical Corporation had an annual average earning growth of 34.2% over the past 10 years.
Highlight of Business Operations:
Total cost of revenues for the three months ended May 31, 2012 was $450,783 compared to $641,438 for the three months ended May 31, 2011, a decrease of $190,655, or approximately 30%. Total cost of revenues for the nine months ended May 31, 2012 was $1,169,274 compared to $1,407,104 for the nine months ended May 31, 2011, a decrease of $237,830, or approximately 17%. This decrease in cost of revenues in the current fiscal year resulted primarily from decreased revenues as described above, particularly fewer hyperthermia systems sold.Our gross margin and gross margin percentage will fluctuate from period to period depending on the mix of revenues reported for the period and the type and configuration of the hyperthermia systems sold during the period. Our total gross margin was $200,604 for the three months ended May 31, 2012, or approximately 31%, and $1,034,039, or approximately 62%, for the three months ended May 31, 2011. Our total gross margin was $412,994 for the nine months ended May 31, 2012, or approximately 26%, and $1,219,797, or approximately 46%, for the nine months ended May 31, 2011. The decrease in gross margin and gross margin percentage in the first nine months of the current fiscal year resulted primarily from the sale of fewer hyperthermia systems in the current year, partially offset by the gross margin contributed by the increase in MicroThermX® systems sold and equipment rental revenues and sales of consumable devices from our MicroThermX® product line.
Selling, General and Administrative Expenses – Selling, general and administrative expenses were $1,667,503 for the three months ended May 31, 2012 compared to $1,389,175 for the three months ended May 31, 2011, an increase of $278,328, or approximately 20%. Selling, general and administrative expenses were $4,580,000 for the nine months ended May 31, 2012 compared to $3,589,573 for the nine months ended May 31, 2011, an increase of $990,427, or approximately 28%. We implemented headcount reductions and other operating expense reduction measures in fiscal year 2011. However, as we continue the roll out of the MicroThermX® product line and the support of its global distribution network, we have increased our marketing and sales staff and incurred additional marketing, sales and related operating expenses. We believe that the level of our selling, general and administrative expenses may continue to increase over the levels reported for the first nine months of the current fiscal year, and the increase may be significant.
During the nine months ended May 31, 2012, we used net cash of $4,302,625 in operating activities, primarily as a result of our net loss of $5,887,857 decreased by non-cash expenses of $1,184,379, including depreciation and amortization, stock-based compensation, stock issued for services and loss on disposition of property and equipment. Net cash used in operating activities also included an increase in other current assets of $30,215 and decreases in accounts payable of $64,597, accrued liabilities of $132,176, and deferred revenue of $2,317, partially offset by decreases in receivables of $542,204 and inventories of $87,954.
During the nine months ended May 31, 2011, we used net cash of $2,684,443 in operating activities, primarily as a result of our net loss of $3,318,806, decreased by non-cash expenses totaling $990,077, including depreciation and amortization, stock-based compensation and stock issued for services. Net cash used in operating activities also included increases in receivables of $700,504 and other current assets of $5,859 and decreases in deferred revenue of $26,185, partially offset by decreases in income tax receivable of $50,000 and inventories of $131,238, and increases in accounts payable of $99,372, accrued liabilities of $71,224 and customer deposits of $25,000.
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