BG Medicine, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Revenue Guidance for the Year 2014
March 20, 2014 at 11:50 am
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BG Medicine, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total revenue of $1,149,000 against $1,072,000 a year ago. Loss from operations was $1,661,000 against $2,605,000 a year ago. Net loss was $1,935,000 or $0.06 basic and diluted per share against $2,899,000 or $0.14 basic and diluted per share a year ago.
For the year, the company reported total revenue of $4,073,000 against $2,815,000 a year ago. Loss from operations was $14,374,000 against $22,728,000 a year ago. Net loss was $15,849,000 or $0.58 basic and diluted per share against $23,769,000 or $1.18 basic and diluted per share a year ago. Net cash outflows from operating activities were $15,288,000 against $21,333,000 a year ago. The $1.8 million increase in revenues or 45% year-over-year results principally from growth in sales from its large specialty cardiovascular laboratory provider and from third-party clinical research organizations.
For the year 2014, the company expects to increase revenues.
BG Medicine, Inc. (BG Medicine) is a commercial-stage diagnostics company. The Company is engaged in commercializing diagnostic products that may be used to help guide the care and management of patients suffering from heart failure and related disorders. The Company's BGM Galectin-3 Test is an in vitro diagnostic device that employs a manual micro-titer platform to measure galectin-3 levels in blood plasma or serum for use as an aid in assessing the prognosis of chronic heart failure in conjunction with clinical evaluation. The automated galectin-3 tests are being developed and commercialized by its diagnostic instrument manufacturing partners and will be performed on its partners' automated platforms. The Company's CardioSCORE test is a multi-analyte biomarker-based blood test that was designed as an aid in the assessment of near-term risk for atherothrombotic cardiovascular events, such as heart attack and ischemic stroke.
BG Medicine, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Revenue Guidance for the Year 2014