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):  March 28, 2013

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 March 28, 2013, BSD Medical Corporation (the “Company”) issued a press release reporting financial results for its fiscal quarter ended February 28, 2013.  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 March 28, 2013 regarding financial results for the fiscal quarter ended February 28, 2013

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: March 29, 2013
	By: /s/ William S. Barth
	Name: William S. Barth
	Title: Chief Financial Officer

2

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release dated March 28, 2013 regarding financial results for the fiscal quarter ended February 28, 2013

3

EX-99.1

Exhibit 99.1

	Contact: William Barth
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

BSD Medical Announces Financial Results for Second Quarter and First Six Months of Fiscal 2013

SALT LAKE CITY, March 28, 2013—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 second quarter and first six months of fiscal 2013, including:

·   Total revenues of $1.5 million for the six months ended February 28, 2013 compared to total revenues of $0.9 million for the same period a year ago

·   Total revenues of $0.8 million for the second quarter ended February 28, 2013 compared to total revenues of $0.3 million of the second quarter of last year

·   Total Hyperthermia backlog of approximately $0.8 million

·   Net loss of $1.9 million for the three months ended February 28, 2013 compared to a net loss of $2.1 million for the three months ended February 29, 2012

·   Net cash used in operating activities was $1.4 million for the three months ended February 28, 2013 and $3.4 million for the six months ended February 28, 2013

·   Cash and cash equivalents of $7.7 million

·   No debt

·   Total stockholders’ equity of $11.0 million

“Our results reflect solid market penetration trends for our MicroThermX® Microwave Ablation product line for the treatment of cancer,” said Harold Wolcott, President of BSD.  “Revenues during the first six months of fiscal 2013 increased by approximately $0.5 million over the same period last year due largely to the performance of MicroThermX, including strong sales momentum of disposable SynchroWave antennas fueled by a doubling of domestic evaluations over the last six months and our fee per use model continuing to attract new accounts.

“As we move into the second half of fiscal 2013, we are planning for a significant expansion in the distribution of our MicroThermXsystems in Europe, contingent upon our completing a Master Distribution Agreement covering the entire continent.  We are working diligently on this agreement.

“It is worth noting that our quarter-end backlog figure for Hyperthermia products does not reflect purchase orders from our recently-announced exclusive Taiwanese distributor Linden Bioscience (Linden). These purchase orders will be added to our backlog after import licenses have been obtained by Linden.   Our relationship with Linden, with its commitment to purchase an estimated $7.1 million in BSD product over a five year period, further validates our belief that the Hyperthermia business will flourish in Asia as regulatory approvals are secured.

“We are keeping tight control of our spending, and our cash used in the quarter was $0.5 million less than we used during the first quarter of fiscal 2013,” concluded Wolcott.

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.

###

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.

1

BSD MEDICAL CORPORATION
Condensed Balance Sheets
(Unaudited)
ASSETS	February 28, 2013			August 31, 2012
Current assets:
Cash and cash equivalents	$	7,731,846		$	11,102,508
Accounts receivable, net of allowance for doubtful       accounts of $20,000		481,777			289,587
Related party trade accounts receivable		24,593			33,257
Inventories, net		2,380,035			2,403,957
Other current assets		173,377			120,069
Total current assets		10,791,627			13,949,378
Property and equipment, net		1,359,384			1,412,639
Patents, net		-			4,032
	$	12,151,012		$	15,366,049
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	299,209		$	195,754
Accrued liabilities		637,002			424,698
Customer Deposits		41,250			24,980
Deferred revenue – current portion		92,229			96,865
Total current liabilities		1,069,690			742,297
Deferred revenue – net of current portion		87,719			126,420
Total liabilities		1,157,409			868,717
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,  29,777,522shares issued		29,778			29,778
Additional paid-in capital		52,421,367			51,845,035
Treasury stock, 24,331 shares at cost		(234	)		(234	)
Accumulated deficit		(41,457,308	)		(37,377,247	)
Total stockholders’ equity		10,993,603			14,497,332
	$	12,151,012		$	15,366,049

2

BSD MEDICAL CORPORATION

Condensed Statements of Comprehensive Loss

(Unaudited)

	Three Months Ended						Six Months Ended
	February 28, 2013			February 29, 2012			February 28, 2013			February 29, 2012
Revenues:
Sales	$	766,084		$	236,437		$	1,283,698		$	553,925
Sales to related parties		6,275			546			76,546			301,406
Equipment rental		46,900			34,900			118,800			75,550
Total revenues		819,259			271,883			1,479,044			930,881
Cost of Revenues:
Cost of sales		411,365			343,922			820,235			498,414
Cost of related party sales		5,069			744			66,446			214,183
Cost of equipment rental		2,947			2,947			5,894			5,894
Total cost of revenues		419,381			347,613			892,575			718,491
Gross margin (loss)		399,878			(75,730	)		586,469			212,390
Operating costs and expenses:
Research and development		558,691			582,611			1,085,958			1,119,346
Selling, general and administrative		1,705,682			1,457,662			3,594,931			2,912,497
Total operating costs and expenses		2,264,373			2,040,273			4,680,889			4,031,843
Loss from operations		(1,864,495	)		(2,116,003	)		(4,094,420	)		(3,819,453	)
Other income (expense):
Interest income		6,720			15,970			16,666			34,029
Other (expense)		(3,622	)		(2,565	)		(2,307	)		(4,579	)
Total other income		3,098			13,405			14,359			29,450
Loss before income taxes		(1,861,397	)		(2,102,598	)		(4,080,061	)		(3,790,003	)
Income tax benefit		-			-			-			-
Net comprehensive loss	$	(1,861,397	)	$	(2,102,598	)	$	(4,080,061	)	$	(3,790,003	)
Net loss per common share:
Basic	$	(0.06	)	$	(0.07	)	$	(0.14	)	$	(0.13	)
Diluted	$	(0.06	)	$	(0.07	)	$	(0.14	)	$	(0.13	)
Weighted average number of shares    outstanding:
Basic		29,778,000			29,686,000			29,778,000			29,686,000
Diluted		29,778,000			29,686,000			29,778,000			29,686,000

3