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WaferGen Q2 Revenues Increase Five-Fold

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – WaferGen today reported revenues grew more than 500 percent to $432,000 during the second quarter on the strength of it SmartChip Early-Access Program.

Under the program, WaferGen's SmartChip systems, SmartChips, and/or SmartCHip Gene Expression Profiling Services were sold to some early access customers.

In a statement, the company said that SmartChip revenues grew 70 percent year over year, as overall revenues increased from $69,000 in Q2 2009. WaferGen aims to reach between $1.5 million and $2 million in SmartChip sales for full-year 2010.

WaferGen saw a profit during the quarter of $724,496, or $0.02 per share, compared to a loss of $2.8 million, $0.11 per share, a year ago. WaferGen recorded a gain of $3.6 million in the quarter, attributable to revaluations of warrants and result primarily from a decrease in its stock price, it said.

R&D spending inched up to $1.5 million from $1.2 million a year ago, while SG&A costs increased to more than $1.6 million from less than $1.6 million in Q2 2009.

WaferGen said it had $1.5 million in cash and cash equivalents as of June 30, down from almost $6 million at the end of 2009. In July, it raised $7.2 million, or $6.8 million after closing costs, from the sale of stocks and warrants.

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