28 Jul Third Wave to buy back stock
MADISON—Third Wave Technologies announced Tuesday that it will repurchase up to 5% of its outstanding stock. The board of directors approved purchases on the open market or in private transactions in a show of confidence in the company’s potential.
“Third Wave’s stock repurchase program underscores the confidence of our board of directors in the company’s strategy, progress and long-term outlook,” said John Puisis, president and CEO of Third Wave. “Given the better-than-expected progress of our strategy and our ability to continue to fuel growth and innovation in our molecular diagnostic business, we believe repurchasing Third Wave stock at current valuations is among the best investments we can make.”
The company reported holdings of $69 million in cash and short-term investments and 40.4 million outstanding shares as of June 30.
Earlier, the company reported that it is closing the gap to profitability, posting a net loss of $106,000 on $12.6 million in revenue in the second quarter, compared to a $2.2 million loss on $8.8 million in second-quarter 2003.
Third Wave makes molecular diagnostics for genetic testing. It offers products to clinical physicians and researchers