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Wafergen Reports Eight-Fold Increase in Q3 Revenues as Net Loss Swells

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WaferGen Biosystems reported today an approximately eight-fold increase in revenues, but said that net loss swelled by more than 70 percent in the third quarter of 2010, the first full quarter of commercial availability for the company's flagship real-time PCR system.

Revenue for the quarter ended Sept. 30 grew to $633,000 from $79,000 for Q3 2009. Meantime, revenue for the first nine months of 2010 grew to $1.5 million compared to $190,000 in the same three quarters last year.

WaferGen said that the revenue increase was primarily a result of its SmartChip real-time PCR system, which the company launched in August (PCR Insider, 8/5/2010); SmartChip consumables; and contract gene expression profiling services. However, it did not break out revenues for each of these areas.

WaferGen also said that revenue growth for the third quarter increased approximately 44 percent over the previous quarter; and that it expected its full-year revenues to exceed the previously provided guidance of $1.5 to $2 million.

WaferGen reported a net loss of $5.2 million, or $0.14 per share, for the third quarter of 2010; compared to a net loss of $3 million, or $0.11 per share, for the same period in 2009. For the first nine months of 2010 the company reported a net loss of $9 million, compared to a net loss of $7.6 million from the same period in 2009.

The company's net loss so far for the year increased primarily due to increased operating expenses associated with commercializing the SmartChip system of $3.9 million for the three months ended Sept. 30, 2010, compared to $2.5 million in the same period of 2009; and $9.9 million for the first nine months of 2010 compared to $7.1 million for the first nine months of 2009.

WaferGen's Q3 R&D expenses increased to $2 million from $1.3 million in the same quarter last year; again primarily due to SmartChip system development and facility expansion costs, the company said.

Meantime, sales and marketing and general and administrative expenses together totaled $1.85 million for the third quarter of 2010, up from $1.24 million in the year-ago period. WaferGen noted that it added staff members and increased promotional activities during the quarter to support the SmartChip launch.

WaferGen ended the third quarter 2010 with approximately $5.9 million in total current assets, including $4.4 million in cash and cash equivalents.

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