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Third Wave Q3 Revenues Drop by Half, Losses Swell on Weak Japanese Business

NEW YORK, Nov. 2 (GenomeWeb News) - Third Wave today reported that third-quarter revenue fell 50.4 percent while net losses grew more than 300 fold.

 

Total receipts for the three months ended Sept. 30 fell to $5.2 million from $10.5 million in the same quarter last year. The Madison, Wisc.-based company pinned the quarterly results on a "reduction in non-recurring research revenue from Japan."

 

It also said that growth related to molecular diagnostics has been "flat" but it expects continued growth from customer accounts as its new products are validated.

 

Third Wave spent $11.3 million on R&D in the quarter, compared to $8.3 million in the same quarter last year.

 

Net losses in the third quarter grew to $7.4 million from a net income of $24,000 year over year, the company said.

  

As of Sept. 30, the company held cash, cash equivalents, short-term investments, and restricted cash totaling $54.3 million.