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WaferGen's Q1 Revenues Drop 10 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – WaferGen Biosystems today reported that its first-quarter revenues declined 10 percent year over year.

The Fremont, Calif.-based firm generated total revenues of $351,000 for the three-month period ended March 31, compared to $390,000 for the first quarter of 2010. WaferGen said that its revenues were derived from a combination of one or more of its SmartChip Systems, SmartChip Panels, and/or SmartChip Gene Expression Profiling Services.

The firm's net loss for the quarter was $3.8 million, or $.09 per share, versus a loss of $4.6 million, or $.14 per share, for Q1 2010. For the first quarter of 2011, the company reported an unrealized gain of $491,000 on fair value of warrants, compared to an unrealized loss of $1.9 million for the same quarter in 2010.

WaferGen's R&D expenses increased 40 percent to $2.1 million from $1.5 million, while its SG&A spending jumped 69 percent to $2.2 million from $1.3 million. Its sales and marketing expenses increased primarily due to additional staff and promotional activities following the commercialization of its SmartChip Systems and services.

WaferGen finished the quarter with $3.4 million in cash, cash equivalents, and restricted cash.

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