WaferGen Bio-systems Reports Results for Third Quarter 2016
Year-to-Date Revenues Represent 44% Growth over First Nine Months of 2015
FREMONT, California – November 8, 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 third quarter ended September 30, 2016.
Key Recent Highlights
The special shareholder meeting to vote on the proposed merger with Takara Bio USA Holdings Inc. was adjourned and rescheduled to November 15, 2016. Proxies received to date have been strongly in favor of the merger proposal but approval of a majority of all outstanding shares is necessary for this proposal to be approved.
Product sales through our new Japanese distribution partner, Takara, since they were engaged in June 2016, have exceeded sales through our prior distributor during 2015.
Quarterly product revenue increased 27% over the same quarter last year.
Placed four ICELL8™ Single-Cell Systems in the third quarter of 2016.
Closed on September 30, 2016, with $5.1 million in cash, which WaferGen believes is sufficient to fund operations into 2017.
“We are pleased with the continued growth of WaferGen revenues which is being spurred by new applications for our ICELL8, SmartChip and Apollo systems. We are on track to achieve consolidated 2016 revenues exceeding $9 million and provide stockholders more clarity of the benefit they will receive from the merger with Takara Bio USA Holdings, Inc.,” said Rollie Carlson, Ph.D., President and Chief Executive Officer of WaferGen. “We have placed twelve ICELL8 Single-Cell Systems since our initial launch in October of 2015, and are pleased with our sales outlook in the fourth quarter. We are maintaining our full-year 2016 revenue guidance of $10 million to $12 million.”
Third Quarter Ended September 30, 2016
Total revenue for the three months ended September 30, 2016, was approximately $2.4 million, compared to approximately $2.0 million for the prior year period, which included $125,000 of license and royalty revenue related to an agreement which was terminated in early 2016. The increase of $509,000 in product revenue was primarily attributable to increases for the three months ended September 30, 2016, in sales of WaferGen’s SmartChip Systems, with revenue up 62% from the comparable 2015 period, mainly due to ICELL8 sales. Sales of SmartChip consumables and of the Apollo business products also increased, with revenue up 14% and 9%, respectively, from the comparable 2015 period.
The following information was filed by Wafergen Biosystems, Inc. (WGBS) on Tuesday, November 8, 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: 0001368993-16-000176 Submitted to the SEC: Thu Nov 10 2016 4:04:48 PM EST Accepted by the SEC: Thu Nov 10 2016 Period: Friday, September 30, 2016 Industry: Laboratory Analytical Instruments