T2 Biosystems tops The Street with Q4, 2017 earnings

T2 Biosystems Inc. (NSDQ:TTOO) today reported fourth quarter and full year 2017 earnings that topped expectations on Wall Street.

The Lexington, Mass.-based company reported sales of $1.7 million for its fourth quarter, up 87% when compared with the same quarter least year. Costs for the quarter, excluding the cost of product revenue, were $9.8 million, down 16% over the previous years costs and expenses.

Sales expectations for the fourth quarter on Wall Street were $1.3 million, which the company handily topped.

For the full year, T2 Biosystems reported revenue of $4.7 million, up 15% from the previous year. Product revenue grew 100%, posting at $3.4 million for the year, the company said.

Full year revenues also topped expectations on Wall Street, where analysts expected to see the company post sales of $4.3 million.

“2017 was a productive year for T2, and we achieved a number of significant milestones that set the table for what we believe will be an exciting year for the company. We completed the T2Bacteria Panel FDA filing for market clearance in the United States, grew product revenue over 100%, expanded and reshaped our commercial infrastructure, closed two exciting new partnerships – including one with the CDC for the detection of the Candida auris superbug and closed a $20.1 million gross equity financing. Perhaps most importantly, we continued to see real world presentations, publications and stories from our customers that support the significant value our products can bring to patients and the healthcare system,” prez & CEO John McDonough said in a prepared statement.

T2 Biosystems released updated guidance for its first quarter of 2018, saying it expects to post sales of between $1.3 and $1.6 million, and that it expects to close at least six new contracts in the first quarter including 6 new placements of T2Dx instruments.

Shares in T2 Biosystems have dropped 4.7% in after-hours trading, at $5.90 as of 4:53 p.m. EST.

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