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Third Wave Reports Slight Increase in Q4 Revenues

This article has been updated from an earlier version. It includes additional information about the company's fourth-quarter expenses.

 

NEW YORK, Feb. 11 - Third Wave Technologies reported slightly increased revenues and narrowed net losses for the fourth quarter of 2002, reversing a trend.

 

The company brought in $7.6 million in revenues for the quarter, compared to $6.0 million for the previous year's quarter, and had net losses of $486, 000, compared to $16.9 million for the fourth quarter of 2001.

 

For the year, Third Wave's revenues dipped slightly, to $32.4 million from $34.1 million in 2001, and its losses widened to $40.9 million from $36.8 million in 2001.

 

Third Wave's expenses dropped to $8.0 million for the quarter from $22.7 million for the fourth quarter of 2001.

 

The precipitous drop in expenses for the fourth quarter comes after a major restructuring that shuttered the company's in-house oligonucleotide manufacturing for research projects, and reduced the staff from 290 to 165 employees. The company took a $17 million restructuring charge for the year, but for the fourth quarter, included a $3.2 million restructuring credit.

 

The company had $60.3 million in cash, cash equivalents, and short-term investments as of December 31, compared to $73.3 million at the end of 2001. Third Wave said its burn rate would improve in 2003.