BSD Medical Corp. (NSDQ:BSDM) saw its losses increase by more than 50% during fiscal 2012, as sales decreased by nearly 32%.
The Salt Lake City-based medical device company reported losses of $8.0 million, or 27¢ per share, on sales of $2.1 million during the 12 months ended August 31.
The news sent BSDM shares down 5.9% to $1.93 apiece as of about noon today.
"We made significant investments during fiscal year 2012 to expand our MicroThermX microwave ablation system business, which contributed to the increase in our net loss and net cash used in operating activities compared to the prior year," president Harold Wolcott said in prepared remarks. "Revenues from our MicroThermX product line increased 214% during the current fiscal year compared to last fiscal year. However, total revenues in the current fiscal year were less than in the prior fiscal year primarily due to the sale of fewer hyperthermia systems. We continue to have a strong balance sheet, no debt, and believe we are sufficiently capitalized to continue our sales and marketing and product development efforts."
