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
TheStreet Open House

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

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,265.99 +109.14 0.64%
S&P 500 2,011.36 +9.79 0.49%
NASDAQ 4,593.4250 +31.2360 0.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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