Revenue up, but Third Wave reports $7.6 million quarterly loss

Madison, Wis. - Despite a 10th consecutive month of clinical revenue growth, Third Wave Technologies has reported a net loss of $7.6 million, or $0.17 a share, for the first quarter of 2008.

The quarterly loss compares to net income of $4.8 million, or $0.11 a share, for the same period of 2007.

Third Wave develops and markets molecular diagnostic tests for DNA and RNA analysis.

The company, which is moving closer to a commercial launch of new tests for the human papillomavirus (HPV), reported clinical molecular diagnostic revenue of $7.4 million during the first quarter of 2008, an increase of 24 percent from the same period of 2007. The company also reported research revenue of $1 million.

Earlier this week, Third Wave made two HPV product submissions to the Food and Drug Administration. In July, the company plans to present data from its HPV clinical trial during the annual American Association of Clinical Chemistry meeting in Washington, D.C.

Driven by its cystic fibrosis reagents, Third Wave's clinical customer base has grown to 223 from 185 a year ago. It also has received FDA clearance for a CF molecular test.

Total first quarter revenue of $8.4 million compared to $6.7 million for the same period of 2007. The prior-year quarter included a one-time, $10.75 million settlement payment from the former Stratagene Corp.

Third Wave expects to report annual revenues of $36 million to $37.5 million, including $33 million to $34.5 million in clinical revenue and roughly $3 million in research revenue.

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