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Third Wave Posts Rise in Q2 Revenues; Initiates Stock Buyback Plan

NEW YORK, July 27 (GenomeWeb News) - Third Wave Technologies today reported an increase in its second-quarter revenues, accompanied by narrowed losses and a rise in R&D spending. Additionally, the company announced that its board of directors has approved a stock repurchase plan for up to 5 percent of the company's 40.4 million outstanding shares.


At the stock's current value, the buyback plan could be worth as much as $6.7 million.


Third Wave reported total revenues of $12.6 million for the quarter ended June 30, 2004 -- a 40 percent increase over total revenues of $8.8 million for the same period of 2003. The company also recorded deferred revenue of $5.1 million related to a product shipment that is "subject to acceptance" by a "key" customer.


The company posted a net loss of $106,000, or $.00 per diluted share, for the second quarter, compared to a net loss of $2.2 million, or $.05 per diluted share, for the year-ago period.


Third Wave spent $3.4 million on R&D during the quarter, up from $2.9 million in R&D spending for the second quarter of 2003.


The company's cash, cash equivalents, and short-term investments totaled $69.0 million as of June 30, an increase of $9.1 million from the prior quarter. The increase in cash includes the deferred payment of $5.1 million, Third Wave said.


Third Wave raised its product revenue guidance for 2004 from $39 million to $42 million.

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