That breeze blowing in from Madison, Wis., is Third Wave sighing with relief.

The company managed to pull itself out of a sizable financial hole, reorganize, change its business model, and, by most accounts, thrive.

In its fourth-quarter and year-end earning report, released earlier this week, Third Wave showed investors and customers that a tool company can metamorphose into a modest molecular diagnostics shop with healthy sales and a growing catalog.

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