Boston, MA, 03/20/2014 – BG Medicine, Inc. (NASDAQ:BGMD) a leading developer of unmet medical needs, has announced its fourth quarter and full year results for the period ending December 31, 2013. Going forward the company plans to develop market demand for its new addition Galectin-3-testing as well as, explore new indications and clinical claims for BGM galectin-3 Test
The company’s MD, President and Chief Executive Officer Paul R Sohmer maintains the improved results for the fourth quarter and full year was as a result of prioritization of actions and investments. The year saw the company refocusing its commercial strategy as well as the restructuring of clinical research and discovery programs.
The company’s stock has been surging in the market in anticipation of stellar performance for the fourth quarter as well as full year. Its stock was up by 31% on yesterday trading session with the stock up by highs of 27% in today’s intraday trading.
Fourth quarter financials
Total revenues for the fourth quarter came in at $1.15 million a surge of 7% from $1.07 million reported for the fourth quarter of the prior year. Operating expenses for the quarter was down by 27% compared to that of the prior year same quarter.
BG Medicine net loss for the quarter improved to a low of $0.06 compared to a high of $0.14 reported in 2012 with cash burn from operations going down by 49% from a high of $4.8 million in the fourth quarter of 2012 to a low of $2.5 million.
Full year financials
BG Medicine was buoyed by a surge in full year revenues that clocked in at a high of $4.1 million up by 45% compared to a low of $2.8 million reported as of close of business on December 31, 2012. The company continues to improve in the market with its net loss per share subsiding to a low of $0.58 down, from a high of $1.18 reported in 2012.
BG Medicine operating cash flow burn for the year declined by 28% to a low of $15.3 million, from highs of $21.3 million of 2012.