Madison, Wis. – Third Wave Technologies, Inc., has reported a smaller net loss of $5.2 million, or 12 cents per share, thanks in part to higher clinical molecular diagnostic revenue during the third quarter of 2006.
Third Wave’s net loss for the quarter compared favorably to a net loss of $7.4 million, or 18 cents per share, for the same period of 2005. With stock compensation costs factored in, the company’s third-quarter net loss improved 37 percent from its pro forma net loss of $8.2 million, or 20 cents per share, for the same period of 2005.
The company reported clinical molecular diagnostic revenue of $5.4 million for the third quarter, an increase of 33 percent and six percent from the prior-year quarter and the previous quarter, respectively. In addition, Third Wave reported $1.2 million in research revenue during the third quarter, nearly all of which was generated by its Agbio business. Total revenues for the quarter were $6.6 million, an increase of more than 26 percent over the $5.2 million reported during the same period of 2005.
Clinical molecular diagnostic revenue for the nine-month period that ended Sept. 30 increased 33 percent to $15.1 million, compared to $11.4 million during the same period of 2005. Total revenue for the first nine months of 2006 increased 17 percent to $21.2 million, compared to $18.1 million in 2005.
Total operating expenses for the nine-month period were $36.5 million, compared to $36.0 million for the same period of 2005. With stock compensation costs included, Third Wave’s pro forma total operating expenses totaled $40.0 million.
Third Wave ended the third quarter with cash, cash equivalents, and short-term investments of $33.0 million, compared to $38.7 million on Dec. 31, 2005.
For more details about the company’s financial report and its latest stock price, visit (NASDAQ:TWTI).