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BSD Medical Sets Date for 1st Quarter Fiscal 2014 Financial Results Release

January 24, 2014

BSD Medical Corp. , a provider of medical systems that treat cancer and benign diseases using heat therapy, reported financial results for its first quarter ended November 30, 2013 . In a release on January 9 , the Company noted First Quarter 2014 Highlights -Total revenues increased 102 percent to $1.3 million , compared with the first quarter of 2013 -Total sales backlog of $2.2 million , an increase of 200 percent over the first quarter of fiscal year 2013 -Gross margin of 52 percent, compared to a gross margin of 28 percent in the first quarter of fiscal 2013 -Cash and cash equivalents of $7.6 million -Accounts receivable of $1.2 million -No debt -Net loss was $1.5 million , or $0.04 per share, an improvement from the net loss of $2.2 million , or $0.07 per share, for the first quarter of fiscal year 2013 "We are very encouraged with our significant reduction in net loss, when compared to the first quarter of fiscal 2013," said Harold Wolcott , President of BSD Medical . "Revenues more than doubled versus the first quarter of fiscal 2013, driven by increasing sales of our MicroThermX Microwave Ablation products and by the sale of two hyperthermia systems. Our gross margin improved to 52 percent of total revenue while operating expenses simultaneously decreased, compared to the same quarter in fiscal 2013. This is evidence we are executing our strategy and moving toward our goal of profitability." "Sales continue to increase from our exclusive, multi-year, multi- million dollar master distribution agreement with Terumo Europe NV," he added. "We expect sales from Terumo to continue to grow as Terumo's distribution expands through greater Europe ." "The sale of two hyperthermia systems during the quarter is encouraging. Good progress has been made during the past few months toward obtaining regulatory approvals for hyperthermia systems, particularly in Taiwan and South Korea . We believe these approvals will result in additional revenue from hyperthermia sales during the coming quarters of the current fiscal year." "Fiscal 2014 has started on a strong note and we are determined to keep the momentum moving toward a successful year," Wolcott concluded. The Company's revenues for the first quarter of fiscal year 2014 totaled $1,330,645 , a 102 percent improvement from $659,785 for the first quarter of fiscal year 2013. This increase in revenues was driven primarily by increased sales of MicroThermX products and the sale of two hyperthermia systems. The Company has a current sales backlog of $2.2 million , primarily due to pending Asian regulatory approvals. Gross margin was $691,333 or 52 percent of total revenues for the first quarter, compared to $186,591 or 28 percent for the same period last year. The improvement in gross margin resulted from increasing sales from all of our product lines, combined with improved manufacturing efficiencies. Operating expenses declined to $2.2 million during the first quarter of fiscal 2014 from $2.4 million in same period last year. Research and development expenses for the first quarter of fiscal 2014 were $502,757 , down 5 percent from $527,267 in the comparable period last year. Selling, general and administrative expenses for the first quarter of fiscal 2014 were $1.7 million , down 10 percent from $1.9 million in the same period last year. Increased sales, improved manufacturing efficiencies and lower operating expenses resulted in a significant reduction in our net loss. The Company reported a net loss of $1.5 million , or $0.04 per share, for the first quarter of fiscal 2014, compared with a net loss of $2.2 million , or $0.07 per share, for the first quarter of fiscal 2013. Report Information: http://www.BSDMedical.com ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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