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WaferGen Revenues Drop 55 Percent in Q2 as Loss Narrows

NEW YORK (GenomeWeb News) – WaferGen Biosystems saw its second-quarter revenues fall 55 percent year over year, while its net loss narrowed sharply, it disclosed after the close of the market on Friday.

In its Form 10-Q filed with the US Securities and Exchange Commission, the Fremont, Calif.-based firm said that revenues for the quarter totaled $20,158, down from $44,905 a year ago, primarily due to lower sales of the Real-Time PCR Chip panels and of the SmartSlide consumables.

The company, however, cut its net loss for the quarter to $1.3 million, or $.04 per share, from a net loss of $9.2 million, or $.45 per share, a year ago.

Its R&D costs were reduced 20 percent to $1.6 million from $2.0 million primarily due to lowered expensed materials and reagents and consulting costs, while SG&A costs were down 69 percent to $866,115 from $2.9 million a year ago as WaferGen reduced personnel costs — mainly salaries and discretionary bonuses to senior management.

The company also said that it eliminated some jobs during the quarter. As of Aug. 8, WaferGen had 28 employees, including 27 full-time workers, compared to 54 employees at the end of 2011, which included 52 full-time employees.

Additionally, WaferGen recorded an interest income of $2.7 million in the year-ago quarter, compared to $452,512 in the recently completed quarter, and it recorded a one-time accretion expense of nearly $9.3 million on Series A-1 convertible preferred stock, compared to none in Q2 2012.

The firm ended the second quarter with $9.4 million in cash and cash equivalents.

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