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.