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WaferGen Q4 Revenues Rise 55 Percent

NEW YORK (GenomeWeb News) – WaferGen Biosystems reported after the close of the market on Thursday a 55 percent jump in its fourth quarter revenues.

For the three months ended Dec. 31, 2013, total revenues reached $490,465, up from $316,177 in the prior-year fourth quarter. Product revenues increased to $365,465, compared to $316,177 a year ago, while license and royalty revenues in Q4 2013 were $125,000, compared to zero a year ago.

The Fremont, Calif.-based company took in a profit of $1.5 million, or $.25 per share, in the recently completed quarter, compared to a net loss of $1.0 million, or $2.95 per share, a year ago. WaferGen used 8.4 million shares to calculate its per-share figure in Q4 2013, compared to 419,287 shares a year ago.

In October, the company completed a private placement of its common stock, raising just over $15 million.

WaferGen said that the net income in Q4 2013 resulted primarily from one-time gains of $1.0 million on the settlement of the Series B convertible preferred shares of its Malaysian subsidiary and $3.4 million when it was liquidated.

WaferGen narrowed its R&D spending 8 percent to $1.2 million from $1.3 million, while its SG&A costs were increased 45 percent to $1.2 million from $826,033.

Full-year 2013 revenues more than doubled year over year to $1.3 million from $586,176 in 2012. Product revenues increased to $846,414 from $586,176, and license and royalty revenues were up to $458,333 from none in 2012.

Its net loss in 2013 was $16.3 million, or $5.82 per share, compared to a net loss of $8.2 million, or $21.42 per share, in 2012. The company used 3 million shares to calculate its per-share figure in 2013, compared to 419,165 shares in 2012.

It attributed the increase in net loss to non-cash, non-operating expenses related to its capital restructuring in the third quarter.

The firm's R&D spending was sliced 13 percent year over year to $5.4 million in 2013 from $6.2 million in 2012. SG&A costs were up 39 percent to $5.3 million from $3.8 million.

WaferGen ended 2013 with $10.7 million in cash and cash equivalents.