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WaferGen Q1 Sales, Loss Rise

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – WaferGen Biosystems today reported a significant rise in first-quarter revenues, as it recognized sales related to its SmartChip platform that is currently being evaluated by early-access customers.

The Fremont, Calif.-based firm reported revenues of $389,785 for the three-month period ended March 31, compared to revenues of $41,838 for the first quarter of 2009. It said that 67 percent of its sales related to the SmatChip Real-Time PCR Systems being used by customers as part of an early-access program initiated during the quarter.

"This initial revenue from the SmartChip Early-Access Program is an indication of the recognition of the SmartChip System by leading university, university hospital, and biotechnology and pharmaceutical researchers in the US, Europe, and Japan," Alnoor Shivji, chairman and CEO of WaferGen, said in a statement. "Given our business model, we are pleased with this base on which to build our SmartChip business."

The firm plans to make the SmartChip system fully available in the second half of this year, said Shivji.

WaferGen's net loss jumped sharply to $4.5 million, or $.14 per share, from $1.8 million, or $.07 per share, for the fist quarter of 2009, as its expenses spiked.

The firm's R&D expenditures grew to $1.5 million from $959,888 year over year, while its SG&A spending rose to $1.3 million from $868,014.

WaferGen finished the quarter with $3.7 million in cash and cash equivalents.