Net Loss Reduced by 60% and Operating Cash Burn Cut by 44% From First Quarter 2013
Continued Progress Made Toward Delivering on Critical Catalysts for Growth
WALTHAM, Mass., May 14, 2014 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (Nasdaq:BGMD), the developer of the BGM Galectin-3 ® Test, today reported financial results for the first quarter ended March 31, 2014.The Company reported net loss for the quarter of $2.2 million, a 60% improvement from the $5.4 million net loss reported in the prior year quarter, on total revenues of $739 thousand versus total revenues of $888 thousand in the first quarter of 2013. The decrease in total revenues reflected an $81 thousand decrease in product revenues and a $68 thousand decrease in service revenues. The decrease in product revenues resulted from a decline in orders due to inclement weather in the Eastern half of the United States, where our clinical laboratory customers are concentrated, and in purchases relating to independent research studies which, typically, vary from quarter to quarter. The reduction in service revenues resulted from the planned completion of the High Risk Plaque initiative in 2013 and our decision to close our research facilities in 2013. Operating expenses for the quarter declined by 54% or $2.9 million from the prior year quarter. This reduction in operating expenses resulted from a decrease in research and development expense of $816 thousand due to the closure of our research facilities, reduced professional fees and completion of the CardioSCORE medical adjudication process, $1.5 million reduction in sales and marketing expense related to our shift in focus from market education to commercialization and reductions in sales and marketing related personnel and travel expenses, and a decrease of $631 thousand in general and administrative expense due to reductions in personnel, travel expenses and professional fees.