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Third Wave s Q1 Revenue Rises 11 Percent as R&D Slides; Loss Unchanged

This article has been updated from a previous version, which incorrectly stated that revenues from licenses and royalties increased 19 percent, rather than revenues from grants.

 

NEW YORK, April 25 (GenomeWeb News) - Third Wave today said first-quarter revenues increased 11.3 percent as R&D spending dipped slightly and net losses remained roughly flat.

 

Total receipts for the three months ended March 31 increased to $7.9 million from $7.1 million year over year. Revenue from clinical product sales grew 52 percent to $4.7 million, though revenue from research products fell 21 percent to $3 million.

 

License and royalty receipts fell 71 percent to $27,000, while revenue from grants increased 19 percent to $142,000.

 

Third Wave said R&D spending in the quarter declined 8 percent to $2.3 million from the year-ago period.

 

Net loss remained flat at $4.4 million, or $.11 per share, the company said.

 

Third Wave said it had around $35.6 million in cash, equivalents, and short-term investments as of March 31.

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