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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

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