WaferGen Bio-systems Reports Results for First Quarter 2016
First Quarter Revenues Represent 68% Growth over First Quarter 2015
Company Reiterates Full-Year 2016 Revenue Guidance That Reflects 67% to 81% Growth over Full-Year 2015 Revenues
FREMONT, California – May 10, 2016 – WaferGen Bio-systems, Inc. (NASDAQ: WGBS), a life sciences company focused on developing and commercializing technology platforms for genomic solutions, announced today its financial results for the first quarter ended March 31, 2016.
Key Recent Highlights
Placed two ICELL8™ Single-Cell Systems in Europe - one to European Molecular Biology Laboratory (EMBL) and the second to Karolinska Institutet, in the first quarter of 2016
Presented results from Genentech, Karolinska Institutet, National Jewish Health, and MD Anderson Cancer Center highlighting ICELL8™ Single-Cell System performance at the Advances in Genome Biology and Technology (“AGBT”) 2016 General Meeting
Signed a supply agreement with PathAdvantage Associated, a leader in specialized gynecologic pathology and molecular testing services to the Texas medical community. PathAdvantage will utilize SmartChip™ Real-Time PCR solutions to provide their clinicians and patients with valuable microorganism identification testing
Closed the three months ended March 31, 2016, with $10.9 million in cash, which WaferGen believes is sufficient to fund operations into 2017
“The first quarter was another strong one for WaferGen,” said Rollie Carlson, Ph.D., President and Chief Executive Officer of WaferGen. “We have placed four ICELL8 Single-Cell Systems since our initial launch in October of 2015, and are extremely pleased with our sales pipeline. Based on the feedback we are receiving from potential customers, leading biopharmaceutical companies and academic institutions, the demand for our ICELL8 Single Cell System is strong. Another key indicator for our business is our first quarter performance in Europe, where we generated more revenues during the first three months of the year than we did over the entire course of 2015. Based on all of this, as well as the continued strong performance from our base business, we continue to expect full-year 2016 revenues to be in the range of $12 million to $13 million.”
First Quarter Ended March 31, 2016
Total revenue for the three months ended March 31, 2016, comprising product, license and royalty revenue, was approximately $1.9 million, compared to approximately $1.1 million for the prior year period. This was driven primarily by an $867,000, or 85%, increase in product revenue. The increase in product revenue was primarily attributable to increases for the three
The following information was filed by Wafergen Biosystems, Inc. (WGBS) on Tuesday, May 10, 2016 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.
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Ticker: WGBS CIK: 1368993 Form Type:10-Q Quarterly Report Accession Number: 0001368993-16-000104 Submitted to the SEC: Thu May 12 2016 4:04:57 PM EST Accepted by the SEC: Thu May 12 2016 Period: Thursday, March 31, 2016 Industry: Laboratory Analytical Instruments