NEW YORK, April 28 (GenomeWeb News) - Third Wave Technologies reported a steep increase in revenues and earnings for the first quarter today.
Revenues were $15.3 million, up from $8.5 million during the first quarter last year. This was higher than expected, Third Wave said, due to increased demand for genomic research products in Japan, where the government's fiscal year ended at the end of March.
Research and development costs for the quarter stayed flat, at $2.9 million.
Earnings for the quarter were $2.8 million, or $.07 per share, compared to a loss of $2.9 million, or $.07 per share, during the year-ago period.
As of March 31, Third Wave had $59.9 million in cash, cash equivalents, and short-term investments.