Skip to main content

WaferGen Reports Sales Spike, Trimmed Loss in Q2

NEW YORK (GenomeWeb) – WaferGen Biosystems reported after the close of the market Thursday that its second quarter revenues rose over 600 percent and that its net loss was down 38 percent compared with the year-ago period.

The genetic analysis products maker reported total revenues of $1.7 million for the three months ended June 30, up from $246,248 in Q2 2013. The firm's product revenue was $1.7 million versus $121,248 year over year, while its license and royalty revenue remained flat for the quarter at $125,000.

WaferGen President and CEO Ivan Trifunovich said in a statement that the firm recorded a 23 percent increase in total revenue from Q1, as it continued to "strengthen and build our commercial organization and gain continued market traction in both the SmartChip and Apollo businesses."

The company had a net loss of $2 million, or $2.16 per share, in the quarter compared with a loss of $3.2 million, or $139.79 per share, in Q2 of 2013. In June, WaferGen effected a one-for-10 reverse stock split in an effort to list its shares on the Nasdaq Capital Market.

The company's R&D spending rose 15 percent to $1.5 million from $1.3 million, while its SG&A expenses more than doubled to $2.5 million from $1.2 million.

At the beginning of 2014, WaferGen acquired IntegenX's next-generation sequencing library preparation business, which included the Apollo 324 instrument and PrepX reagents.

"We see excellent appeal of our NGS products with our customers, and we are very pleased with the momentum in broadening our existing customer relationships and adding new customers," Trifunovich said.

WaferGen ended the quarter with $3.5 million in cash and cash equivalents.

The Scan

And For Adolescents

The US Food and Drug Administration has authorized the Pfizer-BioNTech SARS-CoV-2 vaccine for children between the ages of 12 and 15 years old.

Also of Concern to WHO

The Wall Street Journal reports that the World Health Organization has classified the SARS-CoV-2 variant B.1.617 as a "variant of concern."

Test for Them All

The New York Times reports on the development of combined tests for SARS-CoV-2 and other viruses like influenza.

PNAS Papers on Oral Microbiome Evolution, Snake Toxins, Transcription Factor Binding

In PNAS this week: evolution of oral microbiomes among hominids, comparative genomic analysis of snake toxins, and more.