13F-HR 1 4q2011.txt 4Q201113F Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 31-December-2011 Check here if Amendment [ ] ; Amendment Number: ________ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manger Filing this Report: Name: "Perkins Capital Management, Inc." Address: "730 East Lake Street, Wayzata, Minnesota 55391" SEC File Number: 801-22888 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized "to submit it, that all information contained herein is true, correct and" "complete, and that is understood that all required items, statements," "schedules, lists and tables are considered integral parts of this form." Person signing on this Report on Behalf of Reporting Manager: Name: Richard C. Perkins Title: Executive Vice President/Portfolio Manager Phone: (952) 473-8367 Signature: /s/ Richard C. Perkins Place and Date of Signing: "Wayzata, MN 2-15-12" Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] "13F NOTICE. (Check here if no holdings reported are in this report, and" all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) TITLE OF VALUE SHARES/ SH/ PUT/ INV OTR VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISC MGRS SOLE SHRD NONE ABBOTT LABS COM 002824100 1154 20525 SH Sole 13275 7250 ACCURAY INC COM 004397105 609 144025 SH Sole 120125 23900 ACTUATE CORP COM 00508B102 1733 295700 SH Sole 213000 82700 ADVENTRX PHARMA CEUTICALS INC COM NEW 00764X202 45 77000 SH Sole 77000 ALPHATEC HOLDINGS INC COM 02081G102 874 508150 SH Sole 432400 75750 ALTRIA GROUP INC COM 02209S103 393 13250 SH Sole 12750 500 AMERICAN WTR WKS CO INC NEW COM 030420103 446 14000 SH Sole 9700 4300 ANGEION CORP COM 03462H404 157 30000 SH Sole 30000 APPLIANCE RECY CLING CTRS AME COM NEW 03814F205 4241 848478 SH Sole 589750 258728 ARRAY BIO PHARMA INC COM 04269X105 677 313250 SH Sole 243000 70250 ASPENBIO PHARMA INC COM NEW 045346202 1102 1135580 SH Sole 797240 338340 AT&T INC COM 00206R102 312 10312 SH Sole 8312 2000 ATRICURE INC COM 04963C209 2607 234850 SH Sole 174000 60850 AUTHENTEC INC COM 052660107 173 54000 SH Sole 37000 17000 AVI BIOPHARMA INC COM 002346104 1061 1424500 SH Sole 1087800 336700 BAXTER INTL INC COM 071813109 296 5990 SH Sole 5990 BIOSCRIP INC COM 09069N108 560 102625 SH Sole 83875 18750 BRIDGELINE DIGITAL INC COM 10807Q205 37 61000 SH Sole 61000 BRISTOL MYERS SQUIBB CO COM 110122108 1739 49350 SH Sole 32050 17300 CALIX INC COM 13100M509 203 31387 SH Sole 5371 26016 CARDICA INC COM 14141R101 1184 550652 SH Sole 462724 87928 CARDIOME PHARMA CORP COM NEW 14159U202 184 70000 SH Sole 70000 CARDIONET INC COM 14159L103 873 368401 SH Sole 288901 79500 CARDIOVASCULAR SYS INC DEL COM 141619106 3935 399520 SH Sole 252320 147200 CODEXIS INC COM 192005106 292 55000 SH Sole 55000 COLEMAN CABLE INC COM 193459302 392 45000 SH Sole 45000 COMPUTER TASK GROUP INC COM 205477102 1591 113000 SH Sole 101500 11500 CONCEPTUS INC COM 206016107 305 24100 SH Sole 15900 8200 CVS CAREMARK CORPORATION COM 126650100 300 7350 SH Sole 4050 3300 CYBEROPTICS CORP COM 232517102 109 14000 SH Sole 12500 1500 CYTORI THERAPEUTICS INC COM 23283K105 1222 555450 SH Sole 382350 173100 DATALINK CORP COM 237934104 1680 203450 SH Sole 125350 78100 DELUXE CORP COM 248019101 819 35975 SH Sole 25825 10150 DEXCOM INC COM 252131107 841 90350 SH Sole 63750 26600 DIGI INTL INC COM 253798102 661 59250 SH Sole 30250 29000 DIGIRAD CORP COM 253827109 780 398080 SH Sole 299380 98700 DONALDSON INC COM 257651109 2475 36350 SH Sole 22850 13500 DOT HILL SYS CORP COM 25848T109 1628 1224190 SH Sole 962190 262000 DYNAMICS RESH CORP COM 268057106 369 32500 SH Sole 28500 4000 EBIX INC COM NEW 278715206 1326 60000 SH Sole 60000 ECHO GLOBAL LOGISTICS INC COM 27875T101 840 52000 SH Sole 35500 16500 ECOTALITY INC COM NEW 27922Y202 192 178000 SH Sole 129500 48500 EDAP TMS S A SPN ADR 268311107 68 40000 SH Sole 40000 ELECTROMED INC COM 285409108 345 100000 SH Sole 90000 10000 EMCORE CORP COM 290846104 44 51000 SH Sole 50000 1000 ENDOLOGIX INC COM 29266S106 4295 374119 SH Sole 246519 127600 EPLUS INC COM 294268107 1258 44500 SH Sole 37000 7500 EXACT SCIENCES CORP COM 30063P105 720 88700 SH Sole 57800 30900 FAMOUS DAVES AMER INC COM 307068106 1494 145050 SH Sole 91300 53750 FEDEX CORP COM 31428X106 430 5150 SH Sole 2600 2550 FSI INTL INC COM 302633102 1729 472500 SH Sole 303000 169500 GENERAL MLS INC COM 370334104 1053 26062 SH Sole 16212 9850 GENUINE PARTS CO COM 372460105 470 7675 SH Sole 6675 1000 GLAXOSMITH KLINE PLC SPN ADR 37733W105 678 14850 SH Sole 8700 6150 GLOBECOMM SYSTEMS INC COM 37956X103 1691 123603 SH Sole 101903 21700 GRAINGER W W INC COM 384802104 1114 5952 SH Sole 3952 2000 GRANITE CITY FOOD & BREWERY COM NEW 38724Q404 100 42082 SH Sole 333 41749 HANSEN MEDICAL INC COM 411307101 3983 1543649 SH Sole 1199100 344549 HEALTH CARE REIT COM 42217K106 522 9575 SH Sole 9575 INCONTACT INC COM 45336E109 879 198500 SH Sole 170000 28500 INFUSYSTEM HLDGS INC COM 45685K102 1547 960859 SH Sole 871359 89500 INNERWORKINGS INC COM 45773Y105 1292 138800 SH Sole 108700 30100 INSIGNIA SYS INC COM 45765Y105 543 270367 SH Sole 100000 170367 INTEGRAMED AMER INC COM NEW 45810N302 2459 312900 SH Sole 241000 71900 INTERNATIONAL BUSINESS MACHS COM 459200101 854 4644 SH Sole 3214 1430 INVENTURE FOODS INC COM 461212102 436 116500 SH Sole 102000 14500 ISIS PHARMA CEUTICALS INC COM 464330109 1026 142250 SH Sole 108900 33350 JOHNSON & JOHNSON COM 478160104 711 10840 SH Sole 6290 4550 LAKES ENTMNT INC COM 51206P109 129 69900 SH Sole 60600 9300 LEMAITRE VASCULAR INC COM 525558201 456 77064 SH Sole 64764 12300 LILLY ELI & CO COM 532457108 1251 30100 SH Sole 19400 10700 LINCOLN EDL SVCS CORP COM 533535100 119 15000 SH Sole 15000 MEDTOX SCIENTIFIC INC COM NEW 584977201 1145 81500 SH Sole 30500 51000 MEDTRONIC INC COM 585055106 590 15424 SH Sole 11299 4125 METROPOLITAN HEALTH NETWORKS COM 592142103 747 100000 SH Sole 100000 MICROSOFT CORP COM 594918104 904 34825 SH Sole 21175 13650 MIDWAY GOLD CORP COM 598153104 158 75000 SH Sole 75000 MOLSON COORS BREWING COMPANY CL B 60871R209 827 19000 SH Sole 11450 7550 MULTIBAND CORP COM NEW 62544X209 1584 490500 SH Sole 364000 126500 NAVARRE CORP COM 639208107 1676 1088000 SH Sole 419000 669000 NETSCOUT SYS INC COM 64115T104 528 30000 SH Sole 30000 NORTECH SYS INC COM 656553104 119 38000 SH Sole 34500 3500 NORTHERN OIL & GAS INC NEV COM 665531109 1375 57350 SH Sole 41800 15550 OCULUS INNOVATIVE SCIENCES I COM 67575P108 254 242000 SH Sole 227000 15000 ONCOTHYREON INC COM 682324108 4663 615150 SH Sole 444450 170700 ORION ENERGY SYSTEMS INC COM 686275108 949 321754 SH Sole 265254 56500 OWENS CORNING NEW COM 690742101 537 18700 SH Sole 11400 7300 PEPSICO INC COM 713448108 1058 15950 SH Sole 10100 5850 PFIZER INC COM 717081103 1578 72926 SH Sole 31781 41145 PFSWEB INC COM NEW 717098206 212 64350 SH Sole 61350 3000 PHARMATHENE INC COM 71714G102 887 698600 SH Sole 429300 269300 PHYSICANS FORMULA HLDGS INC COM 719427106 80 25000 SH Sole 25000 PLANAR SYS INC COM 726900103 134 70000 SH Sole 70000 POLYMET MINING CORP COM 731916102 63 61000 SH Sole 61000 RADNET INC COM 750491102 213 100000 SH Sole 100000 RAINMAKER SYSTEMS COM NEW 750875304 1840 2255264 SH Sole 1916764 338500 RAMTRON INTL CORP COM NEW 751907304 1152 590591 SH Sole 484500 106091 RCM TECH NOLOGIES INC COM NEW 749360400 613 118250 SH Sole 85250 33000 REAL GOODS SOLAR INC CL A 75601N104 32 22700 SH Sole 21700 1000 RIMAGE CORP COM 766721104 402 35700 SH Sole 20000 15700 ROCKWELL MEDICAL TECH COM 774374102 3574 422000 SH Sole 35000 387000 ROSETTA GENOMICS LTD SHS M82183118 203 1125747 SH Sole 996997 128750 RTI BIOLOGICS INC COM 74975N105 2497 562450 SH Sole 462950 99500 SANOFI SPN ADR 80105N105 731 20000 SH Sole 13450 6550 SMUCKER J M CO COM NEW 832696405 768 9825 SH Sole 7825 2000 SOLTA MED INC COM 83438K103 148 47091 SH Sole 44091 3000 ST JUDE MED INC COM 790849103 2644 77088 SH Sole 19500 57588 STAAR SURGICAL CO CM PR .01 852312305 4597 438200 SH Sole 307500 130700 STAPLES INC COM 855030102 661 47600 SH Sole 28850 18750 SUPERCONDUCTOR TECHNOLOGIES COM NEW 867931305 206 167262 SH Sole 165262 2000 SUPERVALU INC COM 868536103 1112 136900 SH Sole 83300 53600 SYNERGETICS USA INC COM 87160G107 1631 221000 SH Sole 158500 62500 SYNERGY RES CORP COM 87164P103 385 135000 SH Sole 131000 4000 SYNOVIS LIFE TECHNOLOGIES IN COM 87162G105 9377 336925 SH Sole 224100 112825 TARGET CORP COM 87612E106 210 4100 SH Sole 3700 400 TEARLAB CORP COM 878193101 249 222308 SH Sole 192308 30000 TENGION INC COM 88034G109 80 169156 SH Sole 151488 17668 TOREADOR RES CORP COM 891050106 155 30000 SH Sole 30000 TOWERSTREAM CORP COM 892000100 98 46000 SH Sole 23000 23000 TRANS1 INC COM 89385X105 1169 628353 SH Sole 477853 150500 UNITEDHEALTH GROUP INC COM 91324P102 1186 23400 SH Sole 13250 10150 UQM TECH NOLOGIES INC COM 903213106 98 71250 SH Sole 59500 11750 UROLOGIX INC COM 917273104 5849 5415753 SH Sole 3933653 1482100 UROPLASTY INC COM NEW 917277204 4645 1092981 SH Sole 616733 476248 U.S. AUTO PARTS NETWORK INC COM 90343C100 617 141175 SH Sole 114675 26500 US BANCORP DEL COM NEW 902973304 668 24708 SH Sole 18838 5870 U S PHYSICAL THERAPY INC COM 90337L108 1766 89750 SH Sole 65650 24100 VERIZON COMMUNICATIONS COM 92343V104 285 7113 SH Sole 7113 VERMILLION INC COM NEW 92407M206 26 22000 SH Sole 22000 VOYAGER OIL & GAS INC COM 92911K100 1115 433703 SH Sole 401794 31909 WIRELESS RONIN TECHNOLOGIES COM 97652A203 3325 2770786 SH Sole 2277162 493624 XILINX INC COM 983919101 311 9705 SH Sole 9705 ZIX CORP COM 98974P100 6347 2250619 SH Sole 1641820 608799 TOTAL VALUE 152012 DATA RECORDS 132 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED 0