BG Medicine, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of $799,000 compared with $1,006,000 for the same period a year ago. Loss from operations was $1,971,000 compared with $4,549,000 for the same period a year ago. Net loss was $2,169,000 or $0.06 per basic and diluted share compared with $4,837,000 or $0.18 per basic and diluted share for the same period a year ago. The decrease in total revenues reflected a $173,000 decrease in product revenues and a $34,000 decrease in service revenues from the prior year quarter. The decrease in product revenues resulted from a $141,000 decline in orders from its clinical laboratory customer and a $90,000 decline in purchases relating to independent research studies that were partially offset by increased revenues of $58,000 from product sales to other clinical laboratory customers. The reduction in service revenues resulted from the planned completion of the High Risk Plaque initiative in 2013 and its decision to close its research facilities in 2013 as part of its initiative to streamline the operations of the Company.

For the six months, the company reported total revenues of $1,538,000 compared with $1,894,000 for the same period a year ago. Loss from operations was $3,918,000 compared with $9,350,000 for the same period a year ago. Net loss was $4,348,000 or $0.14 per basic and diluted share compared with $10,249,000 or $0.39 per basic and diluted share for the same period a year ago. Net cash used in operating activities was $4,992,000 compared with $8,808,000 for the same period a year ago.

The company provided earnings guidance for the full year of 2014. Notwithstanding the modest revenue growth that the company is achieving from the sales of its products to the majority of its clinical laboratory customers, the company is no longer expects full year 2014 revenues to exceed its 2013 revenues, in light of the decrease in year-to-date revenues from its clinical laboratory customer and the lack of predictability of sales relating to independent research studies. Nevertheless, for the full year 2014, the company continues to expect to decrease its operating cash burn as compared to 2013.