26 Jul Higher clinical revenues don't prevent Q2 net loss for Third Wave Technologies
Madison, Wis. – Despite a 24 percent increase in clinical molecular diagnostic revenue, Third Wave Technologies reported a net loss of $7.2 million, or $0.17 a share, for the second quarter of 2007.
The company had a net loss of $4.7 million, or $0.11 a share, during the same period of 2006.
Third Wave’s net loss for the six-month period that ended June 30 was $2.5 million, or $0.06 a share, compared to $9.1 million, or $0.22 a share, for the same period of 2006.
The company attributed the second quarter net loss to its investment in the clinical trial for its HPV products.
Meanwhile, second quarter clinical molecular diagnostic revenue was $6.3 million, an increase of 24 percent and 5 percent from the prior-year quarter and the previous quarter, respectively.
Clinical molecular diagnostic revenue for the six-month period that ended June 30 increased 25 percent to $12.2 million, compared to $9.8 million during the same period of 2006.
Also during the second quarter of 2007, the company reported research revenue of $1.1 million, the majority of which was generated by its Agbio business. That brought Third Wave’s total revenue for the second quarter to $7.4 million.
Total revenue for the first six months of 2007 was $14.1 million, compared to total revenue of $14.6 million for the same period of 2006.
For all of 2007, the company expects to generate between $26 to $28 million in clinical molecular diagnostic revenue and $31 to $33 million in total revenue.
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