Last $1.80 USD
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Volume 700.0
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As of 8:10 PM 04/23/14 All times are local (Market data is delayed by at least 15 minutes).

wafergen bio-systems inc (WGBS) Key Developments

WaferGen Biosystems, Inc. Announces Executive Changes

WaferGen Biosystems, Inc. announced that on March 21, 2014, the company board of directors retained Stephen T. Baker to serve as Chief Financial Officer. Mr. Baker will serve as Chief Financial Officer and principal financial and accounting officer and will replace John Harland who submitted his resignation on March 18, 2014, effective as of April 15, 2014. Mr. Baker has served as a Chief Financial Officer at Frontrange Solutions, Roamware, and Geoworks Corporation.

WaferGen Biosystems, Inc., Q4 2013 Earnings Call, Mar 24, 2014

WaferGen Biosystems, Inc., Q4 2013 Earnings Call, Mar 24, 2014

WaferGen Biosystems, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013

WaferGen Biosystems, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. Total revenue was $490,000, up 55% from $316,177 in the fourth quarter of 2012. Net income was $1.5 million compared to a net loss of $1.0 million in the fourth quarter of 2012. The net income was primarily due to one-time gains of $1.0 million on the settlement of the Series B convertible preferred shares of Malaysian subsidiary and $3.4 million when its liquidation commenced. Operating loss was $2,134,113 compared to $1,991,618 a year ago. Net income before provision for income taxes was $1,489,875 compared to net loss before provision for income tax of $1,068,955 a year ago. Net income attributable to common stockholders was $4,385,275 or 0.25 per diluted share compared to net loss of $1,238,890 or $2.95 per diluted share a year ago. For the year, the company’s total revenue more than doubled to $1,304,747 compared to $586,176 in 2012. The year's net loss was $16.3 million compared to a net loss of $8.2 million in 2012. The increase in the net loss was attributable to non-cash, non-operating expenses largely relating to the capital restructuring that occurred in the third quarter. Operating loss was $9,922,443 compared to $9,765,976 a year ago. Net loss before provision for income taxes was $16,259,931 compared to $8,198,115 a year ago. Net loss attributable to common stockholders was $17,712,066 or 5.82 per diluted share compared to $8,978,196 or $21.42 per diluted share a year ago.

WaferGen Biosystems, Inc. Announces Board Changes

Effective December 30, 2013, Timothy Triche, Joseph Pesce, Scott Davidson and Robert Coradini resigned from the WaferGen Biosystems, Inc’s Board of Directors. Also effective December 30, 2013, the Board of Directors approved a decrease in the size of the company’s Board of Directors from 9 directors to 7 directors and appointed William McKenzie to fill one of the vacancies on the Board of Directors. Effective on January 6, 2014, following the closing of the purchase agreement, the Board of Directors appointed Robert Schueren, Seller’s chief executive officer, to fill the remaining vacancy on the Board of Directors. William McKenzie has over 25 years of experience building new businesses in the global life sciences and diagnostics sectors. Mr. McKenzie has served as Vice President and General Manager of Molecular Diagnostics at PerkinElmer since 2010. Robert Schueren has held leadership positions in life science and diagnostic companies for more than two decades. Since April 2013, Mr. Schueren has been Seller’s chief executive officer and a member of its board of directors. Previously he was Vice President and General Manager, Genomics for Agilent Technologies.

WaferGen Biosystems, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

WaferGen Biosystems, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. The company reported total revenue of $389,547, operating loss of $3,228,005, net loss before provision for income taxes of $10,980,831, net loss attributable to common stockholders of $12,224,201 or $4.34 per basic and diluted share against total revenue of $176,608, operating loss of $1,851,929, net loss before provision for income taxes of $2,981,722, net loss attributable to common stockholders of $3,169,192 or $7.56 per basic and diluted share a year ago. The higher net loss was primarily due to one-time charges of $7.6 million consisting of $5.0 million on the extinguishment of debt and $2.6 million for the issuance of warrants in conjunction with the sale of securities. For the nine months, the company reported total revenue of $814,282, operating loss of $7,788,330, net loss before provision for income taxes of $17,922,835, net loss attributable to common stockholders of $22,074,717 or $31.11 per basic and diluted share against total revenue of $269,999, operating loss of $7,774,358, net loss before provision for income taxes of $7,129,160, net loss attributable to common stockholders of $7,739,306 or $18.47 per basic and diluted share a year ago.

 

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