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BSD Medical Corp. (BSDM) filed Annual Report for the period ended 2011-08-31.
Bsd Medical Corp. has a market cap of $76 million; its shares were traded at around $2.56 with and P/S ratio of 48.04. Bsd Medical Corp. had an annual average earning growth of 43.3% over the past 10 years.
This is the annual revenues and earnings per share of BSDM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BSDM.
Highlight of Business Operations:
Through August 31, 2011, most of our operating revenues have been from the sale of our hyperthermia cancer systems and related revenues. In addition to revenues from the sale of ablation and hyperthermia treatment systems, we recognize revenue from the sale of parts and accessories related to our systems, the sale of consumable devices used with certain of our systems, training, service support contracts, and other miscellaneous revenues. System and product sales totaled $2,581,275, $1,261,490 and $3,293,116 for the years ended August 31, 2011, 2010 and 2009, respectively. Equipment rental income was $110,207 for the year ended August 31, 2011. Sales of consumable devices, service and other revenues totaled $345,993, $320,786 and $243,371 for the years ended August 31, 2011, 2010 and 2009, respectively.We have historically derived a significant portion of our revenues from sales to related parties. All of the related party revenue was for the sale of hyperthermia systems and related component parts and services sold to Dr. Sennewald Medizintechnik GmbH. Dr. Sennewald, one of our directors and significant stockholders, is a stockholder, executive officer and a director of Medizintechnik. We derived $1,063,495, or approximately 35%, of our total revenue in the year ended August 31, 2011 from sales to related parties, compared to $309,259 or approximately 20%, in the year ended August 31, 2010, and $603,000 or approximately 17% in the year ended August 31, 2009.
In the year ended August 31, 2011, we derived $1,973,980, or approximately 65%, of our total revenue from non-related parties, as compared to $1,273,017, or 80%, in the year ended August 31, 2010, and $2,933,487, or 83%, in the year ended August 31, 2009.
Total revenues for the year ended August 31, 2011 were $3,037,475 compared to $1,582,276 for the year ended August 31, 2010, an increase of $1,455,199, or approximately 92%. The overall increase in revenues in the current fiscal year is due to more sales of hyperthermia systems in the current fiscal year, including the sale of one higher priced BSD-2000/3D/MR to a related party. We sold seven hyperthermia systems in fiscal year 2011 compared to five hyperthermia systems in fiscal year 2010. In addition, we recorded revenues in fiscal year 2011 of $110,207 from equipment rental and $189,257 from our MicroThermX® family of products. We had no revenues in the prior two fiscal years from these sources.
Research and Development Expenses – Research and development expenses include expenditures for new product development and development of enhancements to existing products. Our research and development expenses for the year ended August 31, 2011 have been partially offset by the $488,958 proceeds from two separate U.S. government grants under the QTDP Program received in our first fiscal quarter ended November 30, 2010. Research and development expenses were $1,483,659 for fiscal 2011 compared to $2,429,215, for fiscal 2010, a decrease of $945,556, or approximately 39%. In addition to the offset of the QTDP grants, research and development expenses decreased in the current fiscal year primarily from the shift from product development activities to sales and marketing efforts for the MicroThermX® product line, and due to our operating expense reduction measures.
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