NEW YORK, May 5 (GenomeWeb News) - Shares in Third Wave Technologies were down 8.13 percent, or $.39, at $4.41 in mid-afternoon trading after the company today reported a sharp downturn in revenues and a net loss for the first quarter of 2005. The stock fell as low as $3.86 early in the day.
As GenomeWeb News reported this morning, Third Wave's revenues for the three months ended March 31 fell to $7.1 million from $15.3 million during the same quarter in 2004. Third Wave attributed the shortfall to a lack of research revenue, a delay by one of its suppliers, and "performance issues" with an instrument from Roche that is required for Third Wave's HCV genotyping analyte-specific reagents.
"As expected, our research revenue will continue to be lower than it has been historically," CEO John Puisis said in a company statement. "We believe the temporary delays that impacted our molecular diagnostic revenue in the first quarter have been remedied."
Research and development costs stayed flat at $2.5 million compared to $2.7 million during last year's first quarter.
Third Wave recorded a net loss of $4.4 million, or $.11 per share, compared to net earnings of $2.8 million, or $.07 per share, during the same quarter last year.
As of March 31, Third Wave had $64.5 million in cash, cash equivalents, and short-term investments.