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Distribution Deals Drive Growth in WaferGen's Q2 Revenues, Net Loss Doubles

NEW YORK (GenomeWeb News) - WaferGen today reported revenues of $177,000 for the quarter ended June 30, 2008, compared to $300 for the second quarter of 2007.
 
The company said that the revenue increase was due to several international distributorships for its SmartSlide micro-incubation system that it signed recently in Germany as well as other European and Asian regions, in addition to the expansion of its internal sales team.
 
WaferGen’s second-quarter R&D expenses more than tripled, meantime, to $1.3 million from $362,000 in the prior-year period. This increase resulted primarily “from an increase in headcount, an increase in research and development materials and supplies used for product development and testing, the company's move to a new facility and associated expenses, and an increase in stock-based compensation associated with the issuance of stock options,” WaferGen said.
 
Sales and marketing expenses also rose, to $296,000 from $138,000 in the second quarter of 2007, while general and administrative expenses increased to $634,000 from $384,000 in the year-ago quarter.
 
WaferGen’s second-quarter net loss more than doubled, to $2.1 million, or $.09 per share, from $1 million, or $.10 per share, for the quarter ended June 30, 2007.
 
As of June 30, WaferGen had $4.3 million in cash and cash equivalents.

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