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Third Wave Revenues up on Higher-Than-Expected Product Sales

NEW YORK, May 14 - Third Wave Technologies of Madison, Wis., reported first-quarter 2001 revenues of $11.2 million Monday, up from $0.6 million for the same quarter in 2000. 

The company attributed the jump in revenues to increased sales of its Cleavase enzyme and Invader Operating System tests and reagents, which were several million dollars above expectations, the company said. Product sales for the quarter ended March 31, 2001, were $10.2 million, up from $0.6 million in the same period of 2000. 

Total operating expenses increased to $17.7 million for the quarter, from $5.1 million for the same period in 2000, due to large-scale expansion of commercialization activities and a higher cost of goods sold than expected, Third Wave said. 

The company reported a net loss of $5.9 million for the quarter, or 20 cents per diluted share, compared to a net loss of $4.3 million, or 29 cents per diluted share for the year-ago period. On a pro-forma basis the first-quarter 2001 net loss was 16 cents per share, compared to 18 cents per share for same period in 2000. 

"We are very pleased with our first quarter performance," Third Wave CEO Lance Fors said in a statement. "We have manufactured and shipped over 40,000 unique Invader genotyping assays from Q3 of 2000 through Q1 of 2001…We believe these results demonstrate that Third Wave's Invader technology is the emerging operating system for DNA analysis for research and clinical applications."

In February, Third Wave completed its IPO of 7.5 million shares, raising $82.5 million. 

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