FREMONT, Calif., Aug. 7, 2014 /PRNewswire/ -- WaferGen Bio-systems, Inc. (OTCQB: WGBS) announced today its financial results for the second quarter ended June 30, 2014.
- Revenue for the second quarter of 2014 was $1.7 million, up 604% year over year. Product sales for the second quarter 2014 increased to $1.6 million, up 1227% versus the prior year period.
- Revenue for the second quarter of 2014, on a sequential basis, was 23% higher than the revenue for the first quarter of 2014
- Net loss for the second quarter of 2014 was $2.0 million, compared to a net loss of $3.2 million in the second quarter of 2013
- Cash balance at June 30, 2014 of $3.5 million
Total revenue for the second quarter of 2014 was $1.7 million, up 604% from $246,000 in the second quarter of 2013. Revenue from Apollo Systems and SmartChip activity was up 20% and 25%, respectively, as compared to the first quarter 2014. Net loss for the second quarter of 2014 was $2.0 million, compared to a net loss of $3.2 million in the second quarter of 2014. The net loss reduction was primarily due to an increase in revenue of $1.5 million, resulting in an increase in gross profit of $806,000, and a $1.9 million improvement in other income and expenses, as a result of reduced interest expense and changes in derivative valuations. These improvements were partially offset by a $1.6 million increase in operating expenses.
"We had continued strong revenue performance in Q2 with Total Revenue and Product Revenue that were up over 600% and 1200%, respectively, year over year. On a sequential basis, Total Revenue increased 23% from Q1 as we continue to strengthen and build our commercial organization and gain continued market traction in both the SmartChip and Apollo businesses," said Ivan Trifunovich, President and Chief Executive Officer of WaferGen. He added, "We see excellent appeal of our NGS products with our customers, and we are very pleased with the momentum in broadening our existing customer relationships and adding new customers. I am optimistic about our prospects for the second half of 2014 and beyond. "
Our revenue guidance for the full year is in excess of $6 million for 2014, unchanged from our prior guidance. Our net cash use is expected to be $800,000-$900,000 per month.
Investor Conference Call
As previously announced, management will host a conference call to discuss its financial results for the quarter ended June 30, 2014, today at 5:00 pm ET, 2:00 pm PT. Interested parties may listen to the live broadcast by calling (877) 407-3982 for domestic participants and (201) 493-6780 for international participants.
A replay of the conference call will be available beginning August 7, 2014 at 8:00 p.m. ET and ending on August 21, 2014 by dialing (877) 870-5176 (U.S.) or (858) 384-5517 (international), Conference ID Number: 13588288.
WaferGen Bio-systems, Inc. is an innovative life science company that offers innovative genomic solutions for clinical testing and research. The SmartChip MyDesignTM Real-Time PCR System is a high-throughput genetic analysis platform for profiling and validating molecular biomarkers via microRNA and mRNA gene expression profiling, as well as single nucleotide polymorphism (SNP) genotyping. The SmartChip TETM System is a novel product offering for target enrichment geared towards clinical Next-Gen sequencing (NGS). The Company now also offers the Apollo 324TM product line used in library preparation for NGS. These three complementary technologies offer a powerful set of tools enabling more accurate, faster and cheaper genetic analysis based on Next-Gen Sequencing and Real-Time PCR.
For additional information, please see http://www.wafergen.com
Forward Looking Statements
Certain statements made in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms.
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