WaferGen Bio-systems Reports Solid Revenue Growth for Q4 and the Year 2013
Enters 2014 with enhanced balance sheet and primed for further growth with acquisition of the Apollo 324TM product line
FREMONT, Calif., March 13, 2014 /PRNewswire/ -- WaferGen Bio-systems, Inc. (OTCQB: WGBS) announced today its financial results for the fourth quarter and year ended December 31, 2013.
Revenue for the fourth quarter of 2013 was $490,000, up 55% year over year
Net income for the fourth quarter of 2013 was $1.5 million, compared to a net loss of $1.0 million in the fourth quarter of 2012
For 2013, total revenue more than doubled to $1.3 million, compared to $586,000 in 2012
Cash balance at December 31, 2013 of $10.7 million
Total revenue for the fourth quarter of 2013 was $490,000, up 55% from $316,000 in the fourth quarter of 2012. Net income for the fourth quarter of 2013 was $1.5 million, compared to a net loss of $1.0 million in the fourth quarter of 2012. The net income was primarily due to one-time gains of $1.0 million on the settlement of the Series B convertible preferred shares of our Malaysian subsidiary and $3.4 million when its liquidation commenced.
For the year, total revenue more than doubled to $1.3 million, compared to $586,000 in 2012. The year’s net loss was $16.3 million compared to a net loss of $8.2 million in 2012. The increase in the net loss was attributable to non-cash, non-operating expenses largely relating to the capital restructuring that occurred in the third quarter. The operating loss in 2013 was $9.9 million, compared to $9.8 million in 2012.
“We made solid progress in 2013 highlighted by the recapitalization in the latter half of the year which represents a clear turning point for the company,” said Ivan Trifunovich, President and CEO of WaferGen. “We launched our SmartChip TE product line, used for target enrichment prior to Next-Generation Sequencing (NGS). We also drastically simplified our capital structure and raised $13.4 million of net proceeds in the third quarter, giving us a cash balance at December 31, 2013 of $10.7 million. On January 6, 2014, we acquired substantially all of the assets of IntegenX’s product line used in library preparation for NGS, including the Apollo 324TM instrument and PrepXTM reagents which clearly puts us in a strong competitive position going forward. We are excited by the solid progress we have made and at this key inflection point we look forward to continuing the momentum as we further execute our growth strategy.“
The following information was filed by Wafergen Biosystems, Inc. (WGBS) on Friday, March 14, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: WGBS CIK: 1368993 Form Type:10-K Annual Report Accession Number: 0001368993-14-000026 Submitted to the SEC: Fri Mar 14 2014 4:28:38 PM EST Accepted by the SEC: Fri Mar 14 2014 Period: Tuesday, December 31, 2013 Industry: Laboratory Analytical Instruments