WaferGen Bio-systems, Inc.

Financials

Investors

v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 5,147 $ 15,236
Accounts receivable, net of allowance ($30 in 2016, none in 2015) 1,620 2,201
Inventories 1,391 1,998
Prepaid expenses and other current assets 517 404
Total current assets 8,675 19,839
Property and equipment, net 992 1,052
Goodwill 990 990
Intangible assets, net 596 912
Other assets 138 80
Total assets 11,391 22,873
Current liabilities:    
Accounts payable 2,020 2,029
Accrued payroll and related costs 1,587 1,200
Current portion of long-term debt 186 180
Other current liabilities 981 917
Total current liabilities 4,774 4,326
Long-term debt, net of discount and current portion 2,751 2,570
Deferred income taxes 128 128
Other liabilities 69 152
Total liabilities 7,722 7,176
Commitments and contingencies (Notes 5 and 12)
Stockholders’ equity:    
Preferred Stock: $0.001 par value; 10,000 shares authorized; 1.108 and 0.430 shares of Series 2 Convertible Preferred Stock issued and outstanding, respectively, at September 30, 2016 and December 31, 2015 2,214 2,214
Common Stock: $0.001 par value; 300,000 shares authorized; 19,317 and 19,163 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively 121,266 120,329
Accumulated deficit (119,811) (106,846)
Total stockholders’ equity 3,669 15,697
Total liabilities and stockholders’ equity $ 11,391 $ 22,873

Source

v3.5.0.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenue:        
Product $ 2,394 $ 1,885 $ 6,799 $ 4,391
License and royalty 0 125 42 375
Total revenue 2,394 2,010 6,841 4,766
Cost of product revenue 1,124 848 3,377 1,938
Gross profit 1,270 1,162 3,464 2,828
Operating expenses:        
Sales and marketing 1,737 1,425 5,342 3,890
Research and development 2,219 2,387 6,881 7,137
General and administrative 880 781 3,873 3,635
Total operating expenses 4,836 4,593 16,096 14,662
Operating loss (3,566) (3,431) (12,632) (11,834)
Other income and (expenses):        
Interest expense, net (117) (113) (337) (326)
Gain on revaluation of warrant derivative liabilities, net 1 68 4 108
Miscellaneous income (expense) 7 0 10 (49)
Total other income and (expenses) (109) (45) (323) (267)
Net loss before provision for income taxes (3,675) (3,476) (12,955) (12,101)
Provision for income taxes (5) 0 10 2
Net loss $ (3,670) $ (3,476) $ (12,965) $ (12,103)
Net loss per share - basic and diluted (in dollars per share) $ (0.19) $ (0.61) $ (0.69) $ (2.13)
Shares used to compute net loss per share - basic and diluted 18,928 5,707 18,826 5,681

Source

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net loss $ (12,965) $ (12,103)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 775 647
Stock-based compensation 979 1,108
Gain on revaluation of warrant derivative liabilities, net (4) (108)
Allowance for doubtful accounts 30 0
Provision for excess and obsolete inventory 259 (60)
Amortization of debt discount 322 272
Change in operating assets and liabilities:    
Accounts receivable 551 (493)
Inventories 248 (719)
Prepaid expenses and other assets (171) (57)
Accounts payable (9) 528
Accrued payroll and related costs 387 227
Other accrued expenses (15) 46
Net cash used in operating activities (9,613) (10,712)
Cash flows from investing activities:    
Purchase of property and equipment (299) (146)
Net cash used in investing activities (299) (146)
Cash flows from financing activities:    
Repayment of capital lease obligations (135) (108)
Payment of taxes for restricted stock forfeited, net (42) (94)
Net cash used in financing activities (177) (202)
Net decrease in cash and cash equivalents (10,089) (11,060)
Cash and cash equivalents at beginning of the period 15,236 14,732
Cash and cash equivalents at end of the period 5,147 3,672
Supplemental disclosures of cash flow information:    
Cash paid for interest 10 19
Cash paid for income taxes 13 2
Supplemental disclosure of non-cash investing and financing activities:    
Property and equipment acquired with capital leases 0 178
Inventory transferred to property and equipment 102 58
Property and equipment transferred to inventory $ 2 $ 0

Source