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BG Medicine Reports 2013 First Quarter Financial Results

Stocks in this article: BGMD

Abbott and bioMérieux Obtain CE Mark and Launch Galectin-3 Tests in EU

BGM Galectin-3 Revenues Coupled With Operational Discipline Drive Improved Financial Results

  • Q1 BGM Galectin-3 test revenues grow 97% from Q1 2012
  • Abbott obtains CE mark and launches ARCHITECT Galectin-3 assay in Europe
  • bioMérieux obtains CE mark and launches VIDAS Galectin-3 test assay in Europe
  • Trenton Health Team adopts BGM Galectin-3 test
  • Six sales representatives added to support BGM Galectin-3 test hospital readmissions campaign
  • Successful completion of routine FDA audit
  • Term Loan Amended

WALTHAM, Mass., May 9, 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 first quarter of 2013 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 $0.8 million in the first quarter of 2013, compared to $0.4 million in the same period of 2012. Total revenues increased to $0.9 million in the first quarter of 2013 compared to $0.5 million in the same period of 2012. Product margin was 66% in the first quarter of 2013, up from 65% in the first quarter of 2012.

Net loss for the quarter was $5.4 million compared with a loss of $7.7 million in the first quarter of 2012. The $2.3 million year over year decrease results primarily from lower operating expenses in research and development and sales and marketing. Basic and diluted net loss per share attributable to common shareholders was $0.21 in the first quarter of 2013, compared with basic and diluted net loss per share of $0.38 for the same period of 2012.

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