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WaferGen's Q3 Revenues Rise on SmartChip Sales

NEW YORK (GenomeWeb News) – WaferGen Biosystems today reported third-quarter revenues of $633,000, compared to $79,000 for the third quarter of 2009, as a result of its recently launched SmartChip system.

The Fremont, Calif.-based firm, which launched its SmartChip Real-Time PCR System in August, said that the majority of its revenues for the quarter came from the sales of systems, SmartChips, and gene-expression profiling services.

WaferGen posted a net loss of $5.2 million, or $.14 per share, for the three-month period ended Sept. 30, compared to a net loss of $3 million, or $.11 per share, for Q3 2009.

Its R&D spending increased around 54 percent to $2 million from $1.3 million, and its SG&A expenses climbed 58 percent to $1.9 million from $1.2 million.

WaferGen finished the quarter with $4.4 million in cash and cash equivalents.

The firm said that it is on track to meet or surpass its full-year 2010 revenue guidance of between $1.5 million and $2 million.