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Third Wave's Q3 Revenues Grow 24 Percent, Loss Rises

NEW YORK (GenomeWeb News) — Third Wave Technologies today said third-quarter revenues grew 24 percent as R&D spending rose 68 percent and its net loss widened 25 percent. 
 
Total receipts for the three months ended Sept. 30 increased to $8.2 million from $6.6 million year over year.
 
Revenue from clinical products rose 25 percent to $6.7 million, while receipts from research products increased 19 percent to $1.4 million.
 
The firm’s R&D expenses rose to $5.8 million from $3.5 million the previous year.
 
Third Wave’s net loss for the period swelled to $6.4 million from $5.2 million year over year, due in part to $1.8 million in litigation charges during the quarter.
 
The firm is locked in an ongoing patent and antitrust dispute with Digene, which recently was acquired by Qiagen.
 
Third Wave had around $43.6 million in cash, cash equivalents, and short-term investments as of Sept. 30.
 
The company also reaffirmed its previously announced guidance of 2007 clinical molecular diagnostics revenue of $26 million to $28 million and total revenue of $31 million to $33 million.
 
"We believe Third Wave is well positioned to create a sustainable competitive advantage through unique HPV products and an automated instrument offering, and through leadership in the rapidly-growing hospital laboratory market,” Third Wave President and CEO Kevin Conroy said in a statement.

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