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BG Medicine Reports Fourth Quarter And Full Year 2012 Financial Results And Provides 2013 Outlook

  • Q4 Revenues nearly triple from Q4 2011
  • Product margins increase 10% from Q4 2011
  • January 2013 $12.8 million public offering supplements Q4 2012 cash of $13.2 million
  • bioMérieux obtains CE mark for VIDAS Galectin-3 test
  • CardioSCORE CE mark obtained

WALTHAM, Mass., March 13, 2013 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (Nasdaq:BGMD), a diagnostics company focused on the development and commercialization of novel cardiovascular tests, today reported financial results for the fourth quarter and full year ended December 31, 2012 and provided an update on its progress in expanding the commercial adoption of its innovative diagnostic tests for cardiovascular disease.

Product revenue from the BGM Galectin-3® test was $1.0 million in the fourth quarter of 2012, compared to $0.3 million in the same period in 2011. Total revenues increased to $1.1 million in the fourth quarter of 2012 compared to $0.4 million in the same period in 2011. Product margin was 70% in the fourth quarter of 2012, up from 60% in the fourth quarter of 2011.

Net loss for the quarter was $2.9 million compared with a loss of $4.7 million in the fourth quarter of 2011. The $1.8 million year over year decrease results primarily from an adjustment of accrued R&D expenses.

Basic and diluted net loss per share attributable to common shareholders was $0.14 in the fourth quarter of 2012, compared with basic and diluted net loss per share of $0.23 for the same period of 2011.

At December 31, 2012, the Company had cash and cash equivalents totaling approximately $13.2 million. In January 2013, the Company closed a public offering of 6,900,000 shares of common stock, netting proceeds of approximately $12.8 million, after offering expenses and underwriting discounts and also entered into a $12 million common stock purchase agreement with Aspire Capital Fund, LLC.

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