This is a corrected version of a previous article, which mistakenly reported a downgrade by two analysts.
NEW YORK, Feb. 24 (GenomeWeb News) - Shares in Third Wave Technologies were down 5.5 percent, or $.40, at $6.82 in late-afternoon trading after Cairns & Company downgraded Third Wave to "Average" from "Above Average" after the company reported lackluster fourth-quarter revenues.
As GenomeWeb News reported yesterday, Third Wave reported a 16.5-percent drop in revenues and almost tripled losses for the fourth quarter of 2004.
Total receipts for the three-month period ended
R&D costs decreased to $2.9 million from $3.8 million during the same period a year ago.
Third Wave's net loss for the quarter swelled to $4.7 million, or $.12 per share, from $1.6 million, or $.04 per share, during the last quarter of 2003. This loss was primarily due to severance-related charges, non-recurring litigation, and Sarbanes-Oxley compliance expenses, according to the company.
The company said it plans to grow its
As of Dec. 31, Third Wave had $66.7 million in cash, cash equivalents, and short-term investments.