WaferGen Reports First Quarter 2010 Performance Results

Monday, May 17, 2010 General News
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67 percent of sales from Early-Access SmartChip Real-Time PCR Systems

WaferGen Biosystems, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended March 31,

2010

2009

(Restated)

Revenue

$

389,785

$

41,838

Cost of Revenue

135,855

15,832

Gross margin

253,930

26,006

Operating expenses:

Sales and marketing

249,806

135,848

Research and development

1,542,268

959,888

General and administrative

1,043,905

732,166

Total operating expenses

2,835,979

1,827,902

Operating loss

(2,582,049)

(1,801,896)

Other income and (expenses):

Interest income

5,158

3,072

Interest expense

(607)

(2,832)

Unrealized gain (loss) on fair value of warrants, net

(1,886,692)

13,743

Miscellaneous income (expense)

(65,075)

23,856

Total other income and (expenses)

(1,947,216)

37,839

Net loss before provision for income taxes

(4,529,265)

(1,764,057)

Provision for income taxes

Net loss

(4,529,265)

(1,764,057)

Cumulative effect of reclassification of warrants

Accretion on Redeemable Convertible Preference Shares in Subsidiary

(65,523)

(35,000)

Accretion on Series B Preferred Stock

Net loss applicable to common stockholders

$

(4,594,788)

$

(1,799,057)

Net loss per share - basic and diluted

$

(0.14)

$

(0.07)

Shares used to compute net loss per share - basic and diluted

33,503,316

24,830,932



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