Yep, this is the version I heard. I think the distinction between "make it work" and "make it work right" is important, though - where "work" means "solve the problem", and "work right" means "solve the problem in a robust and reliable manner."
If your software doesn't solve the problem, it's useless, no matter how correct or fast it is. Once it solves the problem, then you can work on making it bug free and elegant. Once you're done with that, only then should you look at making it fast.
Note, of course, that "make it fast" refers to gratuitous optimisation. If it's too slow to solve the problem, then it doesn't work, and that needs to be fixed.
A similar adage states the rules of code optimisation:
1) Don't.
2) (For experts only) Do it later.