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WaferGen's Q4 Revenues Jump on SmartChip Sales

By a GenomeWeb Staff Reporter

NEW YORK (GenomeWeb News) – WaferGen Biosystems today reported that its fourth-quarter revenues more than tripled on sales of its SmartChip products.

The Fremont, Calif.-based firm brought in total revenues of $712,369 for the three-month period ended Dec. 31, compared to $189,757 for the fourth quarter of 2009. The increase was driven by sales of its SmartChip Real-Time PCR System, which was launched in August 2010, and associated consumables and services.

WaferGen posted a net loss of $3.1 million, or $.08 per share, for the quarter, compared to a loss of $3.1 million, or $.10 per share, for Q4 2009.

Its R&D spending declined 6 percent to $1.6 million from $1.7 million, while its SG&A expenses were up 64 percent to $2.3 million versus $1.4 million.

For full-year 2010, WaferGen reported revenues of $2.2 million, up from $379,373 for 2009. The firm said that by the end of 2010 it had a total of 27 customers and/or collaborators, mostly at academic institutions, that purchased SmartChip products or services.

Alnoor Shivji, chairman and CEO of WaferGen, said in a statement that the firm's 2010 revenues exceeded the firm's guidance of $1.5 million to $2 million.

WaferGen's net loss for the year was $12.8 million, or $.35 per share, compared to a loss of $10.8 million, or $.39 per share, for 2009.

Its R&D costs for the year were $6.7 million versus $5.1 million for 2009, and its SG&A spending jumped to $7.2 million from $5 million.

WaferGen finished the year with $2.3 million in cash, cash equivalents, and restricted cash.

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