WaferGen Bio-systems Reports Results for Second Quarter 2015
Company Continues to Advance Single Cell Analysis Technology According to Plan; Full Commercial Launch on Track for Fourth Quarter of 2015
Early Access Program for WaferGen’s Single Cell Analysis Technology Fully Enrolled; Initial Data Anticipated in Third Quarter
FREMONT, California -- August 5, 2015 – WaferGen Bio-systems, Inc. (NasdaqCM: WGBS) announced today its financial results for the second quarter and six months ended June 30, 2015.
Key Recent Highlights
Early Access Program (EAP) for WaferGen’s single cell analysis technology ongoing; initial data expected in third quarter
Established MD Anderson Cancer Center in Houston, TX, as the Company’s fourth collaborator within the EAP
Selected by Annoroad, China’s leading developer of cancer genome analysis, to provide high throughput target enrichment of inherited cancer genes, SNP genotyping services and library quantification for next-generation sequencing (NGS)
Presented updated data isolating and studying single cells via NGS with the Broad Institute at the European Society of Human Genetics Conference 2015 in Glasgow, Scotland
“I joined WaferGen primarily because of the potential of its SmartChip technology in single cell analysis, and during my initial tenure I have become even more convinced of the significant value it could bring to the field and its application in drug development,” said Rollie Carlson, Ph.D., President and CEO of WaferGen. “I am extremely pleased with the progress we are making with our early access program, with four leading collaborators now on board, and expect initial data from this work in the third quarter. In addition, we continue to expect the full commercial launch of our single cell technology during the fourth quarter of 2015. We believe our single-cell business will be the primary driver of WaferGen’s long-term growth and, going forward, will be where our resources are primarily directed.”
“In regards to our current base business, due to a delay of the launch of a clinical test by a large reference lab customer, as well as some ongoing commercial challenges in Europe due to overall conditions in this market, we are revising our full-year 2015 revenue guidance to between $7.5 million and $7.8 million from $8.0 million to $8.5 million,” continued Dr. Carlson. “While we are reducing guidance, the fundamentals of the company are still on track. Revenues are below original guidance, but the demand for our core products remains strong and our revised guidance still represents 25-30% revenue growth over 2014.”
Second Quarter Ended June 30, 2015
Total revenue for the three months ended June 30, 2015, including, product, license and royalty revenue, was $1.6 million, compared to $1.7 million for the prior year period. The decrease in revenue is primarily due to a reduction in sales of SmartChip capital equipment. License and
The following information was filed by Wafergen Biosystems, Inc. (WGBS) on Wednesday, August 5, 2015 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.