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WaferGen's Q1 Revenues Drop Sharply

NEW YORK (GenomeWeb News) – WaferGen Biosystems' revenues for the first quarter of 2012 fell nearly five-fold year over year, the company said in its Form 10-Q filed on Friday with the US Securities and Exchange Commission.

During the three months ended March 31, the Fremont, Calif.-based firm recorded $73,233 in revenues, down from $351,032 a year ago. The sharp dropoff was due to "the absence of sales" of any SmartChip Real-Time PCR Systems in the recently ended quarter, compared to one sale a year ago, WaferGen said.

Additionally, the company saw a decrease in sales of its Real-Time PCR Chip panels and service revenues.

"Since March 31, 2011, commercialization efforts for the SmartChip Real-Time PCR Systems product line have not produced meaningful results because of the relatively small amount of sales and marketing resources, more entrenched competition, the limited number of applications, the length of the sales cycle, and the small installed base of systems from which to generate recurring revenue from consumables," the company said in the quarterly statement.

WaferGen trimmed its R&D expenses to $2.0 million from $2.1 million, while its SG&A costs dropped 36 percent year over year to $1.4 million from $2.2 million.

Its net loss for the period was $2.9 million, or $.07 per share, compared to a net loss of $3.8 million, or $.09 per share, a year ago.

WaferGen ended the first quarter with $11.9 million in cash and cash equivalents.

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