HMO Blue reports a $10 million loss at six-month mark; industry remains in the black as revenue tops $1.3 billion. (managed care product of Blue Cross and Blue Shield of Massachusetts) (Industry Overview)

HMO Blue, the new managed care product that Blue Cross and Blue Shield of Massachusetts hopes will carry it to the forefront of the health insurance industry, lost more than $10 million during the first half of 1992, according to figures filed last week with the state's Division of Insurance. But despite the size of the deficit, company officials said they were actually pleased with the results.

"From our point of view, this is good news," insisted HMO Blue executive director Sharon Smith. "We're absolutely thrilled with how we're doing."

Two other Blue Cross HMOs--which have since been rolled into HMO Blue--showed mixed results, with one posting a solid $4 million gain and the other suffering a $3.8 million loss. Only one other HMO--U.S. Healthcare--was in the red for the period.

The figures do not include the state's most troubled HMO, Bay State …