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WaferGen Reports Second Quarter 2010 Financial Results
Date:8/16/2010

FREMONT, Calif., Aug. 16 /PRNewswire-FirstCall/ -- 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 and six months ended June 30, 2010.  

RevenueRevenue for the second quarter ended June 30, 2010 grew to $432,000 compared to $69,000 for the second quarter ended June 30, 2009.  Revenue for the six months ended June 30, 2010 grew to $822,000 compared to $111,000 for the six months ended June 30, 2009.  The majority of the revenue was from the SmartChip Early-Access Program under which WaferGen sold a combination of one or more of its SmartChip Systems, SmartChips, and/or SmartChip Gene Expression Profiling Services to certain early-access customers. The company's SmartChip revenue growth for the quarter increased approximately 70 percent over the prior quarter.  The company aims to reach approximately $1.5 million to $2.0 million of total revenue by year end with respect to its SmartChip sales.

Net Income/LossWaferGen reported a net income of $646,000, or $0.02 per share (basic and diluted), for the second quarter of 2010 compared to a net loss of $2.9 million or $(0.11) per share (basic and diluted), for the same period in 2009.  The company reported a net loss of $3.9 million, or $(0.12) per share (basic and diluted), for the first six months ended June 30, 2010 compared to a net loss of $4.7 million, or $(0.19) per share (basic and diluted), from the same period in 2009.

The net income for the three months ended June 30, 2010 and the net loss for the first six months of 2010 include operating losses of $2.8 million for the three months ended June 30, 2010 compared to the same amount of $2.8 million in the same period of 2009; and $5.4 million for the first six months of 2010 compared to $4.6 million for the first s
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SOURCE WaferGen Biosystems, Inc.
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