"We are pleased with the success we had in the fourth quarter of 2012 in re-aligning our strategy and commercial organization to better drive sales of the BGM Galectin-3 test as a critical tool in in the assessment of heart failure disease," said Eric Bouvier, president and chief executive officer of BG Medicine. "With a number of important growth drivers in place for 2013, we are well-positioned to build on this growth in the months and years ahead."
Financial Results for the Full Year Ended December 31, 2012
Product revenue from the BGM Galectin-3 test was $2.6 million for the full year ended December 2012, compared to $0.5 million in the same period in 2011. Service revenue from collaborations decreased to $0.2 million for the full year ended December 31, 2012 from $1.2 million in the corresponding period in 2011 as the HRP initiative nears completion. Total revenues for the full year ended December 31, 2012 was $2.8 million compared to $1.6 million in the same period in 2011. Product margin was 67% in 2012, up from 62% in 2011.
Net loss was $23.8 million for the full year ended December 31, 2012, compared with $17.6 million during the same period of 2011. The $6.2 million year over year increase results primarily from an increase in sales and marketing expenses, due to market development and commercialization activities for the BGM Galectin-3 test in the U.S. and European markets and from an increase in general and administrative expenses, mainly from personnel related costs, legal and regulatory expenses and public company related expenses.Basic and diluted net loss per share attributable to common shareholders was $1.18 for 2012, compared with basic and diluted net loss per share of $1.00 for 2011. Cash used in operations was $21.3 million during 2012 compared to $15.0 million during 2011.