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Third Wave Posts Sharp Jump in Q3 Revenue as Expenses Plummet

NEW YORK, Oct. 23 (GenomeWeb News) - Third Wave Technologies today reported a substantial jump in total revenue atop an increase in R&D spending and a substantially narrowed net loss.

 

Total receipts for the three months ended Sept. 30 jumped to $9.4 million from $5 million one year ago. Product revenue made up the bulk of that growth, generating $9 million in the current third quarter compared with $4.6 million year over year.

 

R&D spending, meantime, inched up to $2.8 million from $2.6 million during the third quarter last year, Third Wave said. However, because of Third Wave's ongoing cost-cutting strategy, total expenses for the third quarter fell to $10.5 million from $31.7 million one year ago.

 

The third-quarter revenue, the costs savings, plus a restructuring charge in the third quarter last year, caused net loss in the current third quarter to fall to $1.4 million, or $.04 per share, from $26.9 million, or $.68 per share, year over year.

 

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

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