NEW YORK, Feb. 28 (GenomeWeb News) - Third Wave today reported a 28-percent drop in fourth-quarter revenues as its quarterly net loss inched upward for the quarter.
Third Wave's revenues for the three months ended Dec. 31, 2005, fell to $5.8 million from $8.1 million in the fourth quarter last year.
While Third Wave did not provide a reason for the fourth-quarter revenue decline, the company experienced an approximately 50-percent drop in full-year revenues that it blamed on a previously announced and anticipated decline in non-recurring research revenue, which decreased by $23.7 million in 2005, and on $6.9 million in litigation expense incurred defending its core patents last year.
Third Wave spent $1.8 million on R&D in Q4 2005 as compared to $2.9 million in same quarter one year prior.
The company's quarterly net losses increased to $5 million from $4.7 million in the year-ago period, while the company's net loss for the full year grew to $22.3 million from $1.9 million in 2004.
In December, Third Wave paid off a $9.5-million bank note. As of Dec. 31, 2005, the company had cash, cash equivalents, and short-term investments totaling $38.7 million.