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WaferGen Q1 Revenues Jump Sharply as Loss Declines

NEW YORK (GenomeWeb) – WaferGen Biosystems reported after the close of the market Thursday that its first quarter revenues jumped nearly 700 percent year over year, and the firm cut its loss sharply.

The Fremont, Calif.-based genetic analysis products firm, reported total revenues of $1.4 million for the three months ended March 31, up from $178,487 in revenues for the first quarter of 2013. Its product revenue was $1.3 million versus $95,154 year over year, while license and royalty revenue increased to $125,000 from $83,333.

"We had a strong revenue performance in the first quarter across our product lines with a diverse customer base," WaferGen President and CEO Ivan Trifunovich said in a statement. "The rapid increase in adoption of our SmartChip platform was augmented by sales of the newly acquired Apollo business."

Early this year WaferGen announced that it had acquired the next-generation sequencing library preparation business of IntegenX, including the Apollo 324 instrument and PrepX reagents.

The firm posted a Q1 net loss of $2.5 million, or $.28 per share, down significantly from a loss of $3.8 million, or $9.51 per share, for Q1 2013.

Its R&D spending was essentially flat year over year at $1.4 million, while its SG&A expenses more than doubled to $2.1 million from $1 million.

WaferGen finished the quarter with $6.4 million in cash and cash equivalents.