BG Medicine, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Year Ending December 31, 2013
November 06, 2013 at 12:35 pm
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BG Medicine, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total revenues of USD 1.030 million compared to USD 0.641 million a year ago. Loss from operations was USD 3.363 million compared to USD 6.536 million a year ago. Net loss was USD 3.665 million compared to USD 6.814 million a year ago. Basic and diluted loss per share was USD 0.13 compared to USD 0.34 a year ago.
For the nine months, the company reported total revenues of USD 2.924 million compared to USD 1.743 million a year ago. Loss from operations was USD 12.713 million compared to USD 20.123 million a year ago. Net loss was USD 13.914 million compared to USD 20.870 million a year ago. Basic and diluted loss per share was USD 0.52 compared to USD 1.04 a year ago. Net cash flows used in operating activities was USD 12.820 million compared to USD 16.521 million a year ago.
Financial guidance for the year ending December 31, 2013 remains unchanged: revenues are expected to be in the range between USD 3.8 and USD 4.0 million and the operating cash burn for the year is expected to range from USD 15.5 to USD 16.5 million and principal payments for 2013 on term loan to be USD 2.5 million.
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. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Year Ending December 31, 2013