01 Nov Third Wave's revenue up, but costs result in higher loss
Madison, Wis. – Even though Third Wave Technologies saw its quarterly clinical revenues increase for the eighth consecutive time, the cost of clinical trials and continuing litigation resulted in a wider loss, the company said during an investor conference.
Third Wave reported a Q3 loss of $6.43 million, or 15 cents a share, up from $5.15 million, or 12 cents per share in the same period of 2006.
The company attributes the loss to continuing costs for clinical trials and ongoing patent litigation costs. The company is developing clinical tests for several products based on its Invader chemistry, including a molecular test for Cystic Fibrosis, and earlier this year it filed an anti-trust countersuit in response to a patent lawsuit brought against it by Digene Corp. The two companies are embroiled in a dispute over drug products developed for the human papilloma virus.
Meanwhile, revenue for the diagnostic kit manufacturer came in at $8.16 million, a 24 percent increase over the $6.6 million reported in Q3 of 2006. The company now has more than 200 clinical laboratory customers.
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