NEW YORK (GenomeWeb News) – WaferGen Biosystems reported that its fourth-quarter revenues increased more than 700 percent year over year as sales of its PCR products grew.
In its Form 10-K filed with the US Securities and Exchange Commission on Friday, the Fremont, Calif.-based firm provided limited information about its fourth-quarter financials, saying revenues increased to $316,177 from $37,906 a year ago.
Its net loss for the quarter, it added, was $1.0 million, or $.03 per share, compared to a net loss of $3.7 million, or $.09 per share, a year ago.
For full-year 2012, revenues improved 12 percent year over year to $586,176 from $522,931. WaferGen said that the increase resulted from the growth in sales of its SmartChip Real-Time PCR Systems and Real-Time PCR Chip panels, which offset a decline in the sales price for the SmartChip Real-Time PCR System and a reduction in volume of other services.
The firm's net loss for the year improved to $8.2 million, or $.22 per share, from a net loss of $13.1 million, or $.55 per share, a year ago.
Its R&D costs in 2012 were cut 25 percent to $6.2 million from $8.3 million in 2011. The drop-off resulted from a decrease in spending on consumables and reagents, lower consulting costs, and a reduction in workforce, WaferGen said in its SEC document.
The firm's SG&A spending dropped 60 percent in 2012 year over year to $3.8 million from $9.5 million. A reduced headcount, as well as decreased personnel costs related to salaries, discretionary bonuses to senior management, stock compensation costs, and other expenses, led to the decrease in SG&A costs, WaferGen said.
The company finished 2012 with $6.3 million in cash and cash equivalents.
It said that it has enough cash to fund operations through the fourth quarter of 2013 and is considering different financing alternatives to support operations beyond this year.