Abbott and bioMerieux Obtain CE Mark and Launch Galectin-3 Tests in EU

BGM Galectin-3 Revenues Coupled With Operational Discipline Drive Improved Financial Results

WALTHAM, Mass., May 9, 2013 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (BGMD), a diagnostics company focused on the development and commercialization of novel cardiovascular tests, today reported financial results for the first quarter of 2013 and provided an update on its progress in expanding the commercial adoption of its innovative diagnostic tests for cardiovascular disease.

Product revenue from the BGM Galectin-3(R) test was $0.8 million in the first quarter of 2013, compared to $0.4 million in the same period of 2012. Total revenues increased to $0.9 million in the first quarter of 2013 compared to $0.5 million in the same period of 2012. Product margin was 66% in the first quarter of 2013, up from 65% in the first quarter of 2012.

Net loss for the quarter was $5.4 million compared with a loss of $7.7 million in the first quarter of 2012. The $2.3 million year over year decrease results primarily from lower operating expenses in research and development and sales and marketing. Basic and diluted net loss per share attributable to common shareholders was $0.21 in the first quarter of 2013, compared with basic and diluted net loss per share of $0.38 for the same period of 2012.

Operating cash burn decreased by $1.5 million in the first quarter of 2013 to $4.2 million compared to the same period in 2012. At March 31, 2013, the Company had cash and cash equivalents totaling approximately $21.4 million and common shares outstanding of 27.6 million.

"In the first quarter we demonstrated the potential of our new commercial strategy to drive revenue growth and improve bottom line performance," said Eric Bouvier, President and Chief Executive Officer of BG Medicine. "Product sales increased compared with the same quarter a year ago, while we managed expenses tightly and continued to invest in activities that will drive sales sustainably over the long-term. We are encouraged by these results and believe they provide an early validation of the direction we are heading."

Recent Business Highlights

As previously announced in April 2013, Abbott announced the CE Marking for the ARCHITECT(R) Galectin-3 assay and its availability in several European countries. Abbott is offering the ARCHITECT(R) Galectin-3 assay through its ARCHITECT(R) System. Earlier in 2013, bioMerieux announced the CE Marking for its VIDAS(R) Gal-3 test and launched it in several European countries as well. bioMerieux is offering the VIDAS(R) Gal-3 test through its VIDAS(R) immunoassay platform.

In May 2013, the Trenton Health Team (THT) announced that it has adopted the BGM Galectin-3(R) test throughout their organization to identify patients at near term risk of rehospitalization due to heart failure. THT is a community health improvement collaborative that serves Trenton, New Jersey and is developing one of the first CMS-approved accountable care organizations in the United States.

Originally posted here:

BG Medicine Reports 2013 First Quarter Financial Results