NEW YORK (GenomeWeb News) — Third Wave Technologies today said fourth-quarter revenues increased 17 percent as R&D spending nearly doubled and net loss narrowed 8 percent.
Total receipts for the three months ended Dec. 31, 2006, increased to $6.8 million from $5.8 million year over year.
Revenue from molecular diagnostics rose to $5.8 million from $4.3 million, but receipts from research products declined to $954,000 from $2.4 million.
R&D expenses doubled to $3.6 million compared with $1.8 million the previous year.
CEO Kevin Conroy said the company “met or exceeded” its 2006 objectives and said it met its product-development goals for the year, including starting clinical trials for HPV products and submitting a cystic fibrosis diagnostic test for FDA approval.
Net loss for the periods declined to $4.6 million from $5 million year over year.
Third Wave had around $44.2 million in cash, cash equivalents, and short-term investments as of Dec. 31.
The company said it expects 2007 revenue to be between $31 million and $33 million, or an improvement of between 10.7 percent and 17.8 percent year over year. Third Wave said that between $26 million and $28 million of this year’s revenue will come from molecular diagnostics.