One could argue 3rd Wave is a trickle company. It will be entering lock-up hell this summer; might be worth staying tuned . . .
>>MADISON, Wis., May 14 /PRNewswire/ -- Third Wave Technologies, Inc. (Nasdaq: TWTI - news) today reported financial results for the first quarter of 2001. For the quarter ended March 31, 2001, total revenues increased to $11.2 million, up from $0.6 million for the same quarter in 2000.
Product sales increased to $10.2 million for the quarter ended March 31, 2001, up from $0.6 million in the same period of 2000. The increase in product sales during the first quarter of 2001 was the result of increasing sales of Third Wave's Invader® Operating System products, which are consumable tests and reagents used for DNA and RNA analysis in research and clinical applications. Product sales during the quarter were several million dollars above expectations as Third Wave's largest customer accelerated its purchases of Third Wave's proprietary Cleavase® enzyme. The customer will use Cleavase in conjunction with previously delivered Invader SNP probe sets as well as those planned to be delivered over the balance of the project.
``We are very pleased with our first quarter performance,'' said Lance Fors, Ph.D., CEO of Third Wave. ``We have manufactured and shipped over 40,000 unique Invader genotyping assays from Q3 of 2000 through Q1 of 2001, when we launched our automated product development, manufacturing and rigorous quality assurance validation using multiple genomic DNA samples. Third Wave also manufactured Cleavase enzyme for customers in quantities sufficient to perform over 100 million Invader genotyping analyses. We believe these results demonstrate that Third Wave's Invader technology is the emerging Operating System for DNA analysis for research and clinical applications.''
Total operating expenses increased to $17.7 million for the quarter ended March 31, 2001, from $5.1 million for the same period in 2000. The increase in operating expenses for the first quarter of 2001 resulted primarily from the Company's large-scale expansion of commercialization activities, including product development, manufacturing, marketing and sales and business development. Cost of goods sold was above initial expectations as the Company put in place additional manufacturing capacity to meet accelerating demand for its Invader products.
Third Wave reported a net loss of $5.9 million, or ($0.20) per diluted share for the quarter ended March 31, 2001, compared to a net loss of $4.3 million, or ($0.29) per diluted share for the same period in 2000. On a pro-forma basis the net loss was ($0.16) and ($0.18) per diluted share for the quarters ended March 31, 2001 and 2000 respectively. Excluding exceptional charges for stock compensation and amortization of agreements, the pro-forma net loss would have been $4.2 million, or ($0.12) per diluted share for the quarter ended March 31, 2001, compared to a net loss of $3.1 million, or ($0.13) per diluted share for the same period in 2000.
Business Highlights
* In January, Third Wave's Invader Operating System was chosen for the
largest NIH-sponsored genotyping study to date. The Invader Operating
System will be used to genotype at least 100,000 patient samples to
validate the association between mutations in the gene believed to be
responsible for hemochromatosis, one of the most common genetic
disorders.
* In January, Third Wave and BML, the second largest clinical laboratory
in Japan, announced an agreement for BML to use Third Wave's Invader
Operating System to greatly expand its capabilities in pharmacogenomic
and clinical tests in Japan. Third Wave received an upfront fee of
$3 million and will receive funds of at least $4 million over the next
3 years for the development of Invader products.
* In February, Third Wave completed its IPO of 7.5 million shares raising
$82.5 million.
* In March, Third Wave launched MTHFR A1298C, its fourth product for
routine clinical use. The availability of these new reagents adds an
important new tool for physicians treating patients who may be at risk
for developing blood clots.
Conference Call
Company management will host a conference call on Monday, May 14 at 9:15 a.m. eastern daylight time to discuss first quarter results and provide future guidance for 2001. The conference call can be accessed domestically at (800) 289-0730 or (913) 981-5509 for international callers. A replay of the conference call will be available for one week at (888) 203-1112 domestically or (719) 457-0820 internationally. The access code for the replay is 473070. A live Webcast of the conference call and a replay will be available at twt.com. The conference call, replay and Webcast are open to all interested parties.<<
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Cheers, Tuck |
