Highest Quarterly Revenue in Company History
WaferGen Updates Full-Year 2015 Revenue Guidance
FREMONT, Calif., Oct. 8, 2015 (GLOBE NEWSWIRE) -- WaferGen Bio-systems, Inc. (Nasdaq:WGBS) today announced preliminary, unaudited revenue for the third quarter of 2015. The Company expects total revenue for the third quarter of 2015 to be in the range of $1.9 million to $2.1 million, which would represent an increase of 52-68% when compared to the $1.3 million reported for the third quarter of 2014. This also represents a sequential increase of 18-30% compared to the $1.6 million generated in the second quarter of 2015. Revenue for the third quarter is expected to be the highest in WaferGen's history, and represents the second consecutive quarter of revenue growth. The primary driver of revenue growth was sales of the Company's SmartChipTM products and services, which comprised approximately 67% of total revenue, compared to 53% in the second quarter of 2015 and 58% in the third quarter of 2014.
WaferGen is also updating the Company's full-year 2015 revenue guidance from between $7.5 million and $7.8 million, excluding sales of the recently launched ICELL8™ Single-Cell System, to between $7.8 million and $8.2 million, including ICELL8-related revenue.
"The third quarter will represent both our highest ever quarterly revenue, and the Company's second consecutive quarter of revenue growth," said Rollie Carlson, President and CEO of WaferGen. "With our base business now performing well, and the recent commercial launch of our ICELL8 Single-Cell System, we are well-positioned for meaningful growth in our business."
The quarterly financial results included in this press release were calculated prior to the completion of a review by WaferGen Bio-systems' external auditors and are therefore subject to adjustment. Actual revenues for the third quarter of 2015 may differ materially from our expectations.
WaferGen Bio-systems, Inc. is a biotechnology company that offers innovative genomic technology solutions for single-cell analysis and clinical research. The single cell analysis platform is a revolutionary system which can isolate thousands of single cells and processes specific cells for analysis, including Next Generation Sequencing (NGS). The SmartChip platform can be used for profiling and validating molecular biomarkers, and can perform massively-parallel single-plex PCR for one-step target enrichment and library preparation for clinical NGS. These technologies offer a powerful set of tools for biological analysis at the molecular and single-cell level in the life sciences, pharmaceutical, and clinical laboratory industries.
Forward Looking Statements
This press release contains 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. Forward-looking statements in this press release may address the following subjects among others: statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses, expected cash usage, our expectations regarding our development of future products including single cell analysis technologies and our expectations concerning our competitive position and business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.