01 Mar Wisconsin-based Third Wave reports increased revenue for 2003, fourth quarter
MADISON – Third Wave Technologies Inc., a Madison-based provider of molecular diagnostics, reported fourth quarter and year-end earnings for 2003 last Tuesday. The year was transitional for Third Wave as the company focused its research, marketing and financial resources away from the genomic tools market and toward clinical molecular diagnostics.
The company announced total revenue of $36.3 million and a net loss of $8.1 million for 2003, as compared to total revenues of $32.4 million and a net loss of $40.9 million for 2002. Year-end revenues from product sales increased 22 percent to $35.1 million, as compared to $28.9 million for 2002.
Third Wave also reported fourth-quarter total revenues of $9.7 million and a net loss of $1.6 million, as compared to $7.6 million in total revenue and a net loss of $486,000 for the same period during 2002. Fourth-quarter revenues from product sales increased 67 percent to $9.5 million, as compared to $5.7 million during the fourth quarter of 2002.
“2003 was a pivotal year for Third Wave and, while the company continues to transition toward molecular diagnostics, it was one of solid achievement,” said John Puisis, president and chief operating officer of Third Wave.
Third Wave’s financial goals for 2004 revolve around launching new products. The company plans to release a cystic fibrosis diagnostic for high-volume customers, launch a HCV genotyping assay, establish clinical trials program for an HCV viral load prototype assay, release a prenatal chromosomal analysis product, release a HPV detection product and introduce various CYP450 products that are designed to better identify drug response in patients.