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):  July 6, 2012

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 July 6, 2012, BSD Medical Corporation (the “Company”) issued a press release reporting financial results for its fiscal quarter ended May 31, 2012.  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 July 6, 2012 regarding financial results for the fiscal quarter ended May 31, 2012

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:  July 6, 2012
	By:  /s/ Dennis P. Gauger
	Name:  Dennis P. Gauger
	Title:    Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release dated July 6, 2012 regarding financial results for the fiscal quarter ended May 31, 2012

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EX-99.1

Exhibit 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 Announces Third Quarter Fiscal 2012 Financial Results

SALT LAKE CITY, July 6, 2012—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 third fiscal quarter ended May 31, 2012, including:

● Cash and cash equivalents of $12.7 million

● No debt

● Total stockholders’ equity of $16.3 million

● Total revenues of $1,582,268 for the nine months ended May 31, 2012 compared to total revenues of $2,626,901 for the nine months ended May 31, 2011

● Total revenues of $651,387 for the three months ended May 31, 2012 compared to total revenues of $1,675,477 for the three months ended May 31, 2011

● Net loss of $2,097,854 for the three months ended May 31, 2012 and $5,887,857 for the nine months ended May 31, 2012

● Net cash used in operating activities of $4,302,625 for the nine months ended May 31, 2012

“We are pleased to report increasing revenues from sales of disposable SynchroWave antennas combined with highly profitable equipment rental fees for our MicroThermX® Microwave Ablation System (“MicroThermX”),” said Harold Wolcott, President of the Company.  “However, revenues in the current fiscal year have been less than in the prior fiscal year primarily due to the sale of fewer hyperthermia systems.  The worldwide economic downturn and the uncertainty in the U.S. medical industry resulting from potentially significant governmental healthcare reform continue to negatively impact the sales of our hyperthermia systems, the market introduction of our MicroThermX®, and our operating results.  Our focus is on the expansion of a fee-per-use equipment rental program for our MicroThermX® in an effort to accelerate revenues, and we believe that program will produce successful results throughout the United States.  We have a strong balance sheet, no debt, and believe we are sufficiently capitalized to continue our sales and marketing and product development efforts.”

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.

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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.

BSD MEDICAL CORPORATION
Condensed Balance Sheets
(Unaudited)
ASSETS	May 31, 2012			August 31, 2011
Current assets:
Cash and cash equivalents	$	12,736,998		$	17,135,968
Accounts receivable, net of allowance for doubtful accounts of $20,000		248,626			397,264
Related party trade accounts receivable		14,757			408,323
Inventories, net		2,318,260			2,406,214
Other current assets		151,363			121,148
Total current assets		15,470,004			20,468,917
Property and equipment, net		1,444,712			1,445,897
Patents, net		9,297			25,092
	$	16,924,013		$	21,939,906
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	237,339		$	301,936
Accrued liabilities		199,828			332,004
Deferred revenue – current portion		99,534			42,214
Total current liabilities		536,701			676,154
Deferred revenue – net of current portion		132,521			192,158
Total liabilities		669,222			868,312
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; 29,753,191 and 29,686,154 shares issued, respectively		29,778			29,686
Additional paid-in capital		51,529,691			50,458,729
Treasury stock, 24,331 shares at cost		(234	)		(234	)
Accumulated deficit		(35,304,444	)		(29,416,587	)
Total stockholders’ equity		16,254,791			21,071,594
	$	16,924,013		$	21,939,906

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BSD MEDICAL CORPORATION

Condensed Statements of Operations and Comprehensive Loss

(Unaudited)

	Three Months Ended May 31,						Nine Months Ended May 31,
	2012			2011			2012			2011
Revenues:
Sales	$	611,730		$	647,732		$	1,165,655		$	1,506,904
Sales to related parties		13,757			1,017,845			315,163			1,058,597
Equipment rental		25,900			9,900			101,450			61,400
Total revenues		651,387			1,675,477			1,582,268			2,626,901
Cost of Revenues:
Cost of sales		435,656			90,064			934,070			808,732
Cost of related party sales		12,180			547,766			226,363			585,261
Cost of equipment rental		2,947			3,608			8,841			13,111
Total cost of revenues		450,783			641,438			1,169,274			1,407,104
Gross margin		200,604			1,034,039			412,994			1,219,797
Operating costs and expenses:
Research and development		641,457			481,994			1,760,803			992,110
Selling, general and administrative		1,667,503			1,389,175			4,580,000			3,589,573
Total operating costs and expenses		2,308,960			1,871,169			6,340,803			4,581,683
Loss from operations		(2,108,356	)		(837,130	)		(5,927,809	)		(3,361,886	)
Other income (expense):
Interest income		13,861			21,708			47,890			47,331
Other income (expense)		(2,371	)		(1,318	)		(6,950	)		(3,451	)
Total other income		11,490			20,390			40,940			43,880
Loss before income taxes		(2,096,866	)		(816,740	)		(5,886,869	)		(3,318,006	)
Provision for income taxes		(988	)		(800	)		(988	)		(800	)
Net loss and comprehensive loss	$	(2,097,854	)	$	(817,540	)	$	(5,887,857	)	$	(3,318,806	)
Net loss per common share:
Basic	$	(0.07	)	$	(0.03	)	$	(0.20	)	$	(0.12	)
Diluted	$	(0.07	)	$	(0.03	)	$	(0.20	)	$	(0.12	)
Weighted average number of shares    outstanding:
Basic		29,717,000			29,612,000			29,696,000			28,553,000
Diluted		29,717,000			29,612,000			29,696,000			28,553,000

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