This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

BG Medicine Reports 2013 Second Quarter Financial Results And Provides Second Half Outlook

Stocks in this article: BGMD

Focusing Investments on Increasing U.S. and EU Galectin-3 Adoption

2013 Financial and Operational Guidance Provided

WALTHAM, Mass., Aug. 8, 2013 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (Nasdaq:BGMD), a commercial stage company that is focused on the development and delivery of diagnostic solutions to aid in the clinical management of heart failure and related disorders, today reported second quarter product revenues of $1.0 million, a 72% increase from product revenues reported in the second quarter of 2012, and a net loss of $4.8 million, a 25% reduction from the net loss reported in the second quarter of 2012.

"These results reflect the early impact of our efforts to rigorously control our operations and our finances," said Dr. Paul Sohmer, President and CEO of BG Medicine. "We have made progress, but, this is only a start."

The $0.4 million growth in product revenues primarily reflects domestic sales of the BGM Galectin-3 ® test, the Company's FDA cleared assay for assessment of prognosis in patients who suffer from chronic heart failure. The $1.6 million decrease in net loss resulted primarily from reduced spending on research and development and selling and marketing activities. Basic and diluted net loss per share attributable to common shareholders was $0.18 in the second quarter of 2013, compared with basic and diluted net loss per share of $0.32 for the same period of 2012. Operating cash burn decreased by $2.2 million in the first six months of 2013 to $8.8 million compared to the same period in 2012. At June 30, 2013, the Company had cash and cash equivalents totaling approximately $16.2 million and common shares outstanding of 27.9 million.

Focus on Adoption and Commercialization of Galectin-3 Testing

During the second quarter, the Company achieved two noteworthy milestones in the U.S. First, the Trenton Health Team, a community health improvement collaborative located in Trenton, New Jersey, adopted galectin-3 testing for identification of chronic heart failure patients who are at risk for re-hospitalization. Second, galectin-3 testing was recognized for its ability to predict adverse outcome, including hospitalization, in the American College of Cardiology Foundation and American Heart Association (ACCF/AHA) Guideline for the Management of Heart Failure (2013 Edition).

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs