BURLINGTON,TriPath Imaging (Nasdaq: TPTH) is reporting a 44 percent increase in third quarter revenues and cut its losses to $1.6 million.

Revenues increased to $14.1 million, a 44 percent increase, driven by a 57 percent jump in sales of reagents and disposables, from the third quarter of 2002.

TriPath’s net loss was $1.6 million, or 4 cents per share, a 62 percent improvement from the net loss of $4.3 million, or 11 cents per share, in the third quarter of 2002. It beat expectations by 3 cents.

“Our financial performance for the third quarter of 2003 demonstrates that we are clearly on track,” said Paul Sohmer, chairman, president and CEO of TriPath. “We continue our drive to profitability.”

TriPath’s commercial operations segment is already profitable, the company reported for the fourth consecutive quarter.

Cash and cash equivalents at Sept. 30, were approximately $22.5 million, and the cash burn rate was reduced by 77 percent to approximately $345,000 per month compared to $1.5 million per month in the third quarter of 2002.

TriPath: www.tripathimaging.com