The test reports "Too many bad sectors detected" and since "bad sectors" basically means "damaged sectors/parts", it probably means your hard drive is dead. There are two things you could still try to fix it. The first is to download parted magic and use it to wipe the drive as in this guide: Parted Magic: Erase A Hard Drive. Simply select the first option to wipe your drive. THIS WILL ERASE ALL DATA ON THE DRIVE! Nothing will be spared from the wipe - partitions, parition tables, files, it does not matter - nothing will be spared. After this, create a new partition and you should be ready to go.
If that doesn't fix it and you still have waranty, simply take it back to the store.
If you don't have any waranty, there is one riskier option you might try. Chances of this method working are very low and it might damage the drive even worse, so make absolutely certain that the drive is indeed damaged and that you have no other options left. Take drive and place it in a waterthight bag and seal it, so there is no way water can get in or out. Then put it in the freezer for about 6 hours (you can do longer). Take it back out and leave it like that for about an hour. Now try the drive again. Chances are the drive temporarely works again, and if you're really really lucky, it will keep working. But like I said, chances on this are low.
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It really sounds like the hard drive is bad, especially since you've reformatted the drive since then. However, try what Bliepo suggested and see if that works for you.
Can you run a chkdisk on the thing? Open up the command prompt and type "CHKDSK <drive letter>: /x /r /f"
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If all else fails...