This Day On The Street
Continue to site
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

BG Medicine Reports 2013 Fourth Quarter And Year End Financial Results

WALTHAM, Mass., March 20, 2014 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (Nasdaq:BGMD), the developer of the BGM Galectin-3 ® Test, today reported financial results for the three months ended and year ended December 31, 2013.

The Company reported total revenues for the full year of $ 4.1 million, a 45% increase from the $2.8 million in revenues reported for the full year 2012. Net loss for 2013 was $15.8 million, a 33% improvement from the $23.8 million net loss reported in 2012. Operating expenses for 2013 declined by 31% from the prior year. Net loss per share at year end of 2013 was $0.58 as compared to $1.18 in 2012. Operating cash burn decreased by $6.0 million, a 28% decrease, to $15.3 million compared to $21.3 million in 2012.

"In 2013, we addressed the fundamentals of our business." said Paul R. Sohmer, M.D., President and Chief Executive Officer. "We prioritized our actions and investments around what we believe are the key drivers of adoption of our BGM Galectin-3 Test. We refocused our commercial strategy and restructured our clinical research and discovery programs. In so doing, we exceeded our guidance for the year-ended 2013 for both revenue growth and reduction in operating cash burn."

2013 Highlights
  • The BGM Galectin-3 test was recognized in the American College of Cardiology Foundation and American Heart Association (ACCF/AHA) Guideline for the Management of Heart Failure.
  • The Centers for Medicare and Medicaid Services (CMS) published the 2014 Medicare national limitation amount for the galectin-3 blood test at $30.01. This national limitation amount replaces the galectin-3 blood test's national limitation amount of $17.80 that was effective in 2013.
  • Automated galectin-3 testing was introduced outside the U.S., as CE Mark was obtained by Abbott Diagnostics and bioMerieux for their automated tests for galectin-3.
  • We completed our critical path tasks in support of the Abbott ARCHITECT Galectin-3 assay submission to the FDA.
  • Our commercial reach was extended beyond specialty and clinical research laboratories as we introduced our BGM Galectin-3 Test to primary care physicians, health care provider groups, hospitals, and regional reference laboratories.
  • 13 full-length clinical research and review articles that relate to the utility of our BGM Galectin-3 Test in heart failure and related disorders were published. In addition, numerous oral and poster presentations were delivered at both U.S. and international meetings.

4th Quarter 2013 Results

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 0.00%
FB $101.00 0.00%
GOOG $684.12 0.00%
TSLA $143.67 0.00%
YHOO $27.10 0.00%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs