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NEWSBRIEF: Third Wave Technologies Reports Lowered Revenue, Widened Losses For Q1

NEW YORK, May 7-Gene analysis equipment company Third Wave Technologies today reported declining revenues and increased losses for the first quarter of 2002.

 

For the three months ended March 31, the company reported revenues of $10.1 million, down from $11.2 during the same period last year.

 

Net losses climbed to $7.3 million for the quarter, or 19 cents per diluted share, from $5.9 million (20 cents per diluted share) during the first quarter of 2001.

 

Revenues came primarily from Third Wave's Invader SNP and gene analysis products, which slumped from $10.2 million during the first quarter of 2001 to $9.4 million during the quarter just ended.

 

The company boosted R&D spending to $4.4 million in the quarter, up from $2.9 million in the same period last year, while keeping overall operating expenses nearly constant ($17.4 million in this quarter compared with $17.7 in the equivalent quarter last year).

 

Third Wave held cash, cash equivalents and short-term investments of $66.5 million at the end of the quarter, down 9 percent from holdings of $73.3 million at the end of the first quarter of 2001.

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