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Third Wave's Q2 Clinical Dx Sales Up 24 Percent as R&D Costs Feed Loss

NEW YORK (GenomeWeb News) — Third Wave Technologies today said second-quarter revenues grew 9 percent as R&D spending rose 73 percent and net loss widened 53 percent.  
Total receipts for the three months ended June 30 increased to $7.4 million from $6.8 million year over year.
Revenue from clinical products rose 26 percent to $6.3 million, while receipts from research products tumbled 37 percent to $1.1 million.
"Revenue growth from our current molecular diagnostic product menu forms a strong foundation for the significant value we anticipate creating for our shareholders with our HPV products," CEO Kevin Conroy said in a statement.
R&D expenses rose to $5.2 million from $3 million the previous year.
Net loss for the period swelled to $7.2 million from $4.7 million year over year. Third Wave attributed the widening loss to its investment in clinical trials for its HPV product.  
Third Wave had around $47.8 million in cash, cash equivalents, and short-term investments as of June 30.
“Third Wave continued to focus on advancing our HPV clinical trial, and growing our clinical revenue and customer base” over the quarter, Conroy said.
A judge in a US District Court in Wisconsin this week sided with the company’s definitions of its HPV patent an infringement lawsuit against Digene, which markets its own HPV test.
That development that could remove a large barrier from Third Wave’s path as it pushes its HPV test to market.
The company reaffirmed its full-year 2007 guidance of $26 million to $28 million in revenues for its clinical molecular diagnostics business and $31 million to $33 million in total revenue for the year.

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