BSD Medical Corp. (BSDM, Financial) filed Quarterly Report for the period ended 2012-11-30.
Bsd Medical Corporation has a market cap of $48.5 million; its shares were traded at around $1.57 with and P/S ratio of 24.1. Bsd Medical Corporation had an annual average earning growth of 31.2% over the past 10 years.
Total cost of revenues for the three months ended November 30, 2012 was $473,194 compared to $370,878 for the three months ended November 30, 2011, an increase of $102,316, or approximately 28%. This increase resulted primarily from a different mix of sales in the three months ended November 30, 2012 compared to the three months ended November 30, 2011, particularly fewer sales of hyperthermia systems sold in the current year which have lower cost of sales as a percent of sales than our MicroThermX® systems.
Selling, General and Administrative Expenses – Selling, general and administrative expenses were $1,889,249 for the three months ended November 30, 2012 compared to $1,454,835 for the three months ended November 30, 2011, an increase of $434,414, or approximately 30%. Included in this increase is $110,740 for severance to be paid to the Company s former Chief Financial Officer. The remaining increase of $323,674 is due primarily to our continuing 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 quarter of our current fiscal year, and the increase may be significant.
During the three months ended November 30, 2012, we used net cash of $1,955,831 in operating activities, primarily as a result of our net loss of $2,218,664, decreased by non-cash expenses of $327,184, including depreciation and amortization and stock-based compensation. Net cash used in operating activities included increases in receivables of $170,244, other current assets of $16,304, and accrued liabilities of $34,756 and a decrease in deferred revenue of $3,318, partially offset by a decrease in inventories of $59,899 and increases in accounts payable of $14,590 and customer deposits of $16,270.
During the three months ended November 30, 2011, we used net cash of $1,378,264 in operating activities, primarily as a result of our net loss of $1,687,405, decreased by non-cash expenses of $326,232, including depreciation and amortization, stock-based compensation, and loss on disposition of property and equipment. Net cash used in operating activities also included an increase in inventories of $57,055, and decreases in accounts payable of $130,524, accrued liabilities of $66,070 and deferred revenue of $10,329, partially offset by decreases in receivables of $223,563 and other current assets of $23,324.
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Bsd Medical Corporation has a market cap of $48.5 million; its shares were traded at around $1.57 with and P/S ratio of 24.1. Bsd Medical Corporation had an annual average earning growth of 31.2% over the past 10 years.
Highlight of Business Operations:
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. We derived $70,271, or approximately 11%, of our total revenue in the three months ended November 30, 2012 from sales to related parties, compared to $300,860 or approximately 46%, in the three months ended November 30, 2011. We had no sales of hyperthermia systems to related parties in the three months ended November 30, 2012.Total cost of revenues for the three months ended November 30, 2012 was $473,194 compared to $370,878 for the three months ended November 30, 2011, an increase of $102,316, or approximately 28%. This increase resulted primarily from a different mix of sales in the three months ended November 30, 2012 compared to the three months ended November 30, 2011, particularly fewer sales of hyperthermia systems sold in the current year which have lower cost of sales as a percent of sales than our MicroThermX® systems.
Selling, General and Administrative Expenses – Selling, general and administrative expenses were $1,889,249 for the three months ended November 30, 2012 compared to $1,454,835 for the three months ended November 30, 2011, an increase of $434,414, or approximately 30%. Included in this increase is $110,740 for severance to be paid to the Company s former Chief Financial Officer. The remaining increase of $323,674 is due primarily to our continuing 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 quarter of our current fiscal year, and the increase may be significant.
During the three months ended November 30, 2012, we used net cash of $1,955,831 in operating activities, primarily as a result of our net loss of $2,218,664, decreased by non-cash expenses of $327,184, including depreciation and amortization and stock-based compensation. Net cash used in operating activities included increases in receivables of $170,244, other current assets of $16,304, and accrued liabilities of $34,756 and a decrease in deferred revenue of $3,318, partially offset by a decrease in inventories of $59,899 and increases in accounts payable of $14,590 and customer deposits of $16,270.
During the three months ended November 30, 2011, we used net cash of $1,378,264 in operating activities, primarily as a result of our net loss of $1,687,405, decreased by non-cash expenses of $326,232, including depreciation and amortization, stock-based compensation, and loss on disposition of property and equipment. Net cash used in operating activities also included an increase in inventories of $57,055, and decreases in accounts payable of $130,524, accrued liabilities of $66,070 and deferred revenue of $10,329, partially offset by decreases in receivables of $223,563 and other current assets of $23,324.
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