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WaferGen Reports Second Quarter 2011 Financial Results
Date:9/12/2011

Fee-for-Service.

Net Income/LossThe closing of the $30.6 million financing required a number of new accounting entries for the three and six months ended June 30, 2011 that resulted in non-cash charges to net income totaling $13.2 million, see details below.

For the second quarter ended June 30, 2011, net loss attributable to common stockholders is $18.6 million (of which $13.2 million is non-cash as above), or $(0.45) per share (basic and diluted), compared to a net income attributable to common stockholders of $646,000 or $0.02 per share (basic and diluted), for the same period in 2010. For the six months ended June 30, 2011, WaferGen reported a net loss attributable to common stockholders of $22.5 million (of which $13.2 million is non-cash as above), or $(0.54) per share (basic and diluted), compared to a net loss attributable to common stockholders of $3.9 million, or $(0.12) per share for the same period in 2010.

Of the $13.2 million non-cash charges for the three and six months ended June 30, 2011, $9.3 million is a one-time accretion expense related to a beneficial conversion feature arising on issuance of the Series A-1 convertible preferred stock; $2.3 million is a one-time interest expense arising from the issuance of convertible promissory notes, and $1.6 million is a non-cash expense on the revaluation of the conversion element of the convertible promissory notes, that can fluctuate in future periods based on the company's stock price.

Net loss for the three and six months ended June 30, 2011 was also impacted by warrant derivative revaluations.  Net loss from warrant derivative revaluations for the three months ended June 30, 2011 was $191,000, compared to net gain of $3.6 million for the three months ended June 30, 2010; and net gain of $300,000 for the six months ended June 30, 2011 compared to net gain of $1.7 million for the six months ended June 30, 2010.  These non-cash gains and losses are attributed to r
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SOURCE WaferGen Biosystems, Inc.
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