BG Medicine, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Financial Guidance for 2015
May 14, 2015 at 07:45 am EDT
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BG Medicine, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported product revenues of $437,000 compared to $739,000 a year ago. Loss from operations was $1,256,000 compared to $1,947,000 a year ago. Net loss was $1,348,000 or $0.04 per basic and diluted share compared to $2,179,000 or $0.08 per basic and diluted share a year ago. Net cash flows used in operating activities were $1,391,000 compared to $2,379,000 a year ago. The decline in total revenues principally reflected a decrease from the prior year quarter in product revenues generated from the sale of manual micro-titer plate platform BGM Galectin-3 Test.
In light of the following developments, the company expected to reverse the sequential decline in revenues that the company have experienced over the last three quarters: Orders from large clinical laboratory customer appear to have stabilized; the company experiencing modest revenue growth from sales to the majority of clinical laboratory customers; Although sales related to independent research studies are difficult to predict, the company is currently experiencing modest revenue growth from this segment, and; the company expected recognizing incremental revenues from the U.S. market introduction of automated galectin-3 testing in the latter half of 2015. For the full year 2015, the company continued to expect to decrease operating cash burn as compared to 2014.
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.