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Third Wave Posts Higher Q2 Revenues, Narrowed Loss

NEW YORK, Aug. 13 - Third Wave Technologies today reported increased second-quarter revenues atop narrowed losses, as a tighter R&D budget reflected the company's continued efforts to cut costs.


For the period ended June 30, Third Wave reported $9.6 million in total revenue compared with $8.7 million in the year-ago period. The increase was due primarily to stronger product sales, which jumped to $9 million in the current quarter from $7.8 million one year ago.


R&D spending, which was trimmed to $3.6 million in the second quarter 2002 from $4 million in the same period last year, led the cut in total second-quarter operating expenses, according to Third Wave.


As a result of the belt-tightening, net loss in the quarter narrowed to $6.1 million, or $.16 per share, from $6.6 million, or $.17 per share, year over year.


Third Wave said it had roughly $60 million in cash, cash equivalents, and short-term investments as of June 30.


The company has scheduled an investor web cast today at 10:00 a.m. Eastern time.