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WaferGen Q3 Revenues Nearly Double

NEW YORK (GenomeWeb News) – WaferGen Bio-system's third-quarter revenues almost doubled year over year, the company said in its quarterly earnings document filed with the US Securities and Exchange Commission on Friday.

The Fremont, Calif.-based firm said that revenues reached $176,608 during the quarter, compared to $89,088 a year ago. In its Form 10-Q, WaferGen said that the increase was driven primarily from the sale of an open platform real-time PCR system, but that growth was offset by a reduction in sales of its real-time PCR Chip panels.

It also said that it recognized $168,560 in government subsidies in Q3 2012 resulting from an agreement it signed with the Luxembourg government. WaferGen had no government subsidies in the year-ago period.

The firm's R&D spending in the quarter was down 32 percent year over year to $1.3 million from $1.9 million, resulting from a reduction in headcount and the reduced use of expensed materials and reagents. As of Nov. 7, WaferGen had 31 employees, including 30 full-time workers, it said.

Its SG&A costs were lowered to $740,958 from $2.2 million as personnel costs were reduced and sales and marketing efforts were scaled back.

The company posted a net loss of almost $3.0 million, or $.08 per share, compared to a profit of $3.6 million, or $.03 per share, a year ago, as it posted a loss of $385,209 on the revaluation of derivative liabilities in the recently completed quarter, compared to a gain of $8.6 million for such revaluation a year ago.

WaferGen exited the third quarter with $7.6 million in cash and cash equivalents.

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