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WaferGen Reports Fourth Quarter and Full Year 2010 Financial Results
Date:3/14/2011

FREMONT, Calif., March 14, 2011 /PRNewswire/ -- WaferGen Biosystems, Inc. (OTC Bulletin Board: WGBS), a leading developer of state-of-the-art genomic analysis systems, today reported financial results for the three months and year ended December 31, 2010."We were pleased to see strong revenue growth in 2010 to a total of $2.2 million for the year.   This revenue exceeded our guidance of $1.5 to $2 million for the year," said Alnoor Shivji, Chairman and CEO.   "We have made great progress over the past year to position the SmartChip System as the product of choice for genomic analysis in high-growth markets such as next-generation sequencing.  We launched the 5,184 (5K) nanowell system in August 2010, and have subsequently added additional products to broaden the platform's applicability.  We have enhanced our distribution capability to Europe, Japan and China and grown our Management team, Board of Directors and Scientific Advisory Board to sustain our growth.  We anticipate that 2011 will be a year of strong growth and broader commercial adoption for the company, with new products, applications and additional customers."

RevenueRevenue for the fourth quarter ended December 31, 2010, grew to $712,000 compared to $190,000 for the fourth quarter ended December 31, 2009.  Revenue for the 12 months ended December 31, 2010, grew to $2.2 million compared to $379,000 for the 12 months ended December 31, 2009.  The majority of the revenue was from sales of a combination of one or more of WaferGen's SmartChip Systems, SmartChip Panels (disposable gene chips) and/or SmartChip Gene Expression Profiling Services.

The 2010 revenue growth is primarily the result of favorable market acceptance of the Company's SmartChip Real-Time PCR System, launched in August 2010.  By the end of 2010, WaferGen had a total of 27 customers and/or collaborato
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SOURCE WaferGen Biosystems, Inc.
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