8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  November 14, 2011

BSD MEDICAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	0-10783	75-1590407
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2188 West 2200 South

Salt Lake City, Utah 84119

(Address of principal executive offices, including Zip Code)

Registrant’s telephone number, including area code:  (801) 972-5555

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On November 14, 2011, BSD Medical Corporation (the “Company”) issued a press release reporting financial results for its fiscal year ended August 31, 2011.  A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release dated November 14, 2011 regarding financial results for the fiscal year ended August 31, 2011

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BSD MEDICAL CORPORATION
Date:  November 14, 2011
	By:  /s/ Dennis P. Gauger
	Name:  Dennis P. Gauger
	Title:    Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release dated November 14, 2011 regarding financial results for the fiscal year ended August 31, 2011

EX-99.1

	Contact: Dennis Gauger
BSD MEDICAL CORPORATION	Telephone: (801) 972-5555
2188 West 2200 South	Facsimile: (801) 972-5930
Salt Lake City, Utah 84119-1326	Email: investor@bsdmc.com
	NASDAQ:BSDM

For Immediate Release

BSD Medical Corporation Announces Fiscal 2011 Annual Financial Results, Citing Increased Revenues and Decreases in Cash Used in Operations and in Net Loss

SALT LAKE CITY, November 14, 2011—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 fiscal year ended August 31, 2011, including:

· Cash and cash equivalents of $17.1 million

· No debt

· Total stockholders’ equity of $21.1 million

· Total revenues increased to $3,037,000 for the year ended August 31, 2011, a 92% improvement compared to total revenues of $1,582,000 for the year ended August 31, 2010.

· Net loss of $5,286,000 for the year ended August 31, 2011, a 29% improvement compared to a net loss of $7,457,000 for the year ended August 31, 2010.

· Net cash used in operating activities of $4,157,000 for year ended August 31, 2011, a 27% improvement compared to net cash used in operating activities of $5,680,000 for the year ended August 31, 2010.

“Through increased sales and continued management of our costs and expenses, we were able to reduce our net loss and our operating cash burn from the prior year” said Harold Wolcott, President of the Company.  “We have a strong balance sheet, no debt, and believe we are sufficiently capitalized to continue the global rollout of our MicroThermX® Microwave Ablation System (“MicroThermX®”) line of products.  We are continuing a full schedule of clinical evaluations, and believe this is the beginning of a growing sales trend with the MicroThermX® program.”

About BSD Medical Corporation

BSD Medical Corporation develops, manufactures, markets and services systems to treat cancer and benign diseases using heat therapy delivered using focused radiofrequency (RF) and microwave energy.  BSD’s product lines include both hyperthermia and ablation treatment systems.  BSD’s hyperthermia cancer treatment systems, which have been in use for several years in the United States, Europe and Asia, are used to treat certain tumors with heat (hyperthermia) while increasing the effectiveness of other therapies such as radiation therapy.  BSD’s microwave ablation system has been developed as a stand-alone therapy to ablate and destroy soft tissue.  The Company has developed extensive intellectual property, multiple products in the market, and well established distribution in the United States, Europe and Asia.  Certain of the Company’s products have received regulatory approvals in the United States, Europe and China.  For further information visit BSD Medical's website at www.BSDMedical.com.

###

1

	Contact: Dennis Gauger
BSD MEDICAL CORPORATION	Telephone: (801) 972-5555
2188 West 2200 South	Facsimile: (801) 972-5930
Salt Lake City, Utah 84119-1326	Email: investor@bsdmc.com
	NASDAQ:BSDM

Forward-Looking Statements

Statements contained in this press release that are not historical facts, including statements relating to our MicroThermX® line of products, are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995.  All forward-looking statements are subject to risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including the market demand for our MicroThermX® products and the regulatory requirements we face. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date, except as required by law.

2

BSD MEDICAL CORPORATION
Balance Sheets
	August 31,
ASSETS	2011			2010
Current assets:
Cash and cash equivalents	$	17,135,968		$	8,483,565
Accounts receivable, net of allowance for doubtful accounts of $20,000		397,264			307,530
Related party trade accounts receivable		408,323			83,834
Income tax receivable		-			50,000
Inventories, net		2,406,214			2,238,254
Other current assets		121,148			135,050
Total current assets		20,468,917			11,298,233
Property and equipment, net		1,445,897			1,352,731
Patents, net		25,092			51,205
	$	21,939,906		$	12,702,169
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	301,936		$	197,082
Accrued liabilities		332,004			223,920
Deferred revenue – current portion		42,214			89,591
Total current liabilities		676,154			510,593
Deferred revenue – net of current portion		192,158			73,351
Total liabilities		868,312			583,944
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.001 par value; 10,000,000 shares authorized, no shares issued and outstanding		-			-
Common stock; $.001 par value, 80,000,000 shares authorized, 29,686,154 and 26,178,679 shares issued, respectively		29,686			26,179
Additional paid-in capital		50,458,729			36,223,350
Treasury stock, 24,331 shares at cost		(234	)		(234	)
Accumulated deficit		(29,416,587	)		(24,131,070	)
Total stockholders’ equity		21,071,594			12,118,225
	$	21,939,906		$	12,702,169

3

BSD MEDICAL CORPORATION
Statements of Comprehensive Loss
	Years Ended August 31,
	2011			2010			2009
Revenues:
Sales	$	1,863,773		$	1,273,017		$	2,933,487
Sales to related parties		1,063,495			309,259			603,000
Equipment rental		110,207			-			-
Total revenues		3,037,475			1,582,276			3,536,487
Cost of revenues:
Cost of sales		1,074,030			1,182,328			1,553,197
Cost of related party sales		618,823			318,682			369,021
Cost of equipment rental		20,073			-			-
Total cost of revenues		1,712,926			1,501,010			1,922,218
Gross margin		1,324,549			81,266			1,614,269
Operating costs and expenses:
Research and development		1,483,659			2,429,215			2,043,268
Selling, general and administrative		5,189,561			5,130,017			6,097,494
Total operating costs and expenses		6,673,220			7,559,232			8,140,762
Loss from operations		(5,348,671	)		(7,477,966	)		(6,526,493	)
Other income (expense):
Interest and investment income		67,233			11,042			584,523
Other income (expense)		(3,279	)		3,405			(91,314	)
Realized loss on investments		-			-			(6,501,586	)
Total other income (expense)		63,954			14,447			(6,008,377	)
Loss before income taxes		(5,284,717	)		(7,463,519	)		(12,534,870	)
Income tax (provision) benefit		(800	)		6,571			1,150,000
Net loss		(5,285,517	)		(7,456,948	)		(11,384,870	)
Other comprehensive income – decrease in unrealized loss on investments, net of income tax		-			-			2,141,416
Net comprehensive loss	$	(5,285,517	)	$	(7,456,948	)	$	(9,243,454	)
Loss per common share:
Basic	$	(0.18	)	$	(0.32	)	$	(0.52	)
Diluted	$	(0.18	)	$	(0.32	)	$	(0.52	)
Weighted average number of shares outstanding:
Basic		28,838,000			23,257,000			21,887,000
Diluted		28,838,000			23,257,000			21,887,000

4