NEW YORK (GenomeWeb News) — Third Wave Technologies today said first-quarter revenues slumped 15 percent as R&D spending surged 122 percent and net loss widened 34 percent.
Total receipts for the three months ended March 31 decreased to $6.7 million from $7.9 million year over year.
Revenue from clinical molecular diagnostics products rose 27 percent to $6 million from $4.7 million, but receipts from research products declined 81 percent to $569,000 from $3 million.
Third Wave CEO Kevin Conroy said molecular diagnostic revenue grew “nicely” over the quarter due to “an ongoing increase in our customer base.”
R&D expenses nearly doubled to $5.1 million compared with $2.3 million the previous year.
“We continue to make a significant investment in the clinical trials for our HPV products,” Conroy said, explaining the cause of the ballooning R&D costs.
Conroy said the trials “continue to progress very well” and said the current R&D investment will “generate significant value for our shareholders.” Conroy did not say when these products may make it to market.
Net loss for the period swelled to $6.3 million from $4.7 million year over year.
Third Wave had around $47.1 million in cash, cash equivalents, and short-term investments as of March 31.