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Third Wave Posts 16.5-Percent Drop in Revenues, Tripled Loss for Q4 of 2004

NEW YORK, Feb. 23 (GenomeWeb News) - Third Wave Technologies today reported a 16.5-percent drop in revenues and almost tripled losses for the fourth quarter of 2004.

 

The company had $8.1 million in revenues, down from $9.7 million during the same quarter in 2003. Third Wave said that more than half, or $4.7 million, of total revenues were derived from clinical molecular diagnostics, meaning that this business segment grew almost 90 percent compared to the fourth quarter of 2003.

 

R&D costs decreased to $2.9 million, from $3.8 million during the same period a year ago.

 

Third Wave's net loss for the quarter amounted to $4.7 million, or $.12 per share, up from $1.6 million, or $.04 per share, during the last quarter of 2003. This loss was primarily due to severance-related charges, non-recurring litigation, and Sarbanes-Oxley compliance expenses, according to the company.

 

The company said it plans to grow its USclinical molecular diagnostic revenues further in 2005. Third Wave is also finalizing plans for a multi-year agreement with private and government entities in Japanto perform extensive disease association studies. Though details of the study may not be available until early summer, the company anticipates deriving $10 million to $15 million in research product revenue from the project.

 

As of Dec. 31, Third Wave had $66.7 million in cash, cash equivalents, and short-term investments.

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