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Third Wave's Q1 Revenues Climb 25 Percent

NEW YORK (GenomeWeb News) – Third Wave Technologies today reported a 25.4 percent increase in first-quarter revenues and an increase in its net loss year over year.
The Madison, Wis.-based molecular diagnostics firm generated revenues of $8.4 million for the three months ended March 31, compared to revenues of $6.7 million in the comparable quarter of 2007.
Sales for its clinical molecular diagnostic products rose 24 percent to $7.4 million from $6 million. Revenue from third Wave’s research products climbed to $955,000 from $569,000 year over year, while license and royalty revenues were $57,000, compared to $171,000 a year earlier.
“A key driver of Third Wave’s growth has been our InPlex CF reagents,” said Third Wave President and CEO Kevin Conroy in a statement. “With the FDA’s clearance of our InPlex CF Molecular Test during the first quarter, we anticipate that our ability to market the InPlex format’s differentiated performance and ease of use will continue to drive increased market share and revenue growth.”
Third Wave posted a net loss of $7.6 million, or $.17 per share, versus a profit of $4.8 million, or $.11 per share, in the first quarter of 2007. Last year’s results included a $10.75 settlement payment to Third Wave from Stratagene. Excluding this payment, the firm’s net loss for last year’s first quarter would have been $6 million, or $.14 per share.
The company’s R&D expenses increased 21.6 percent to $6.2 million from $5.1 million year over year, while its SG&A costs rose 30.9 percent to $7.2 million from $5.5 million.
Third Wave finished the quarter with $28.9 million in cash, cash equivalents, and short-term investments of $28.9 million.
The firm reaffirmed its previous guidance for 2008 revenues of between $36 million and $37.5 million.

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