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Third Wave's Q2 Revenues Increase 17 Percent As Losses Narrow

NEW YORK (GenomeWeb News) – Third Wave Technologies said today that revenues for the second quarter increased approximately 17 percent, including an 18-percent spike in clinical molecular diagnostic receipts, as net losses declined.
 
Third Wave said revenue for the three months ended June 30 increased to $6.8 million from $5.8 million year over year. The company reported $5.1 million in clinical molecular diagnostic revenues and $1.6 million in research revenues.
 
Net loss for the second quarter declined to $4.7 million from $5.5 million in the same quarter one year ago.
 
R&D spending in the period increased to about $3 million from $2 million in the year-ago period.
 
As of June 30, Third Wave had $36.2 million in cash, cash equivalents, and short-term investments.
 
In addition, Third Wave said it would launch its Universal Invader Plus program earlier than anticipated as customer evaluations have progressed.

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