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Demand for Invader System Drives Third Wave s Q2 Revenues Higher

NEW YORK, July 26 - Third Wave Technologies said Thursday its second quarter revenues soared to $8.7 million, compared with $800,000 in the year ago period, due to a sales of the company’s Invader SNP analysis system.

“Product sales for the second quarter were above expectations due to growing demand for the company's products and the completion of orders for standard Invader reagents by the Japanese government's SNP Initiative that had been placed in the first quarter of the year,” the company said in a statement.

Based on demand for its Invader DNA and RNA products, Third Wave said it expects revenues to reach at least $6 million in the third quarter and $32 million for the year.

During the quarter, Japan signaled that it would order more than 120,000 Invader SNP analysis products as part of its plan to conduct 100 million SNP analyses over the next year.

The company also announced that it had established an internal bionformatics department that will annotate genome sequences targeted by the Invader system. Third Wave said this would help to provide additional information about the chromosomal locations of interest.

Total operating expenses increased to $16.2 million for the quarter, compared with $12.3 million in the year ago period as the Madison, Wis.-based company continued to expand its commercial activities.

For the quarter, the company posted a net loss of $6.6 million, or 17 cents a diluted share, compared with a net loss of $11.5 million, or 77 cents a diluted share, for the year ago period, including exceptional charges. 

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