NEW YORK (GenomeWeb) – T2 Biosystems reported after the close of the market Thursday a 3 percent drop in overall revenues for the second quarter but a big increase in product sales year over year.

The Lexington, Massachusetts-based diagnostics firm brought in total revenues of $956,000 for the three months ended June 30 versus $990,000 in Q2 2016. The drop was the result of a sharp decline in research revenue to $221,000 from $839,000 year over year, which the firm attributed to lower revenue recognition from its codevelopment agreement with Canon US Life Sciences.

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