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NEW YORK (360Dx) – T2 Biosystems reported after the close of the market on Tuesday that its second quarter revenues fell 54 percent year over year, leading to a nosedive in the company's stock today.

In early morning trading on the Nasdaq T2 Bio's shares were down 51 percent to $.70.

For the three months ended June 30, the company posted revenues of $1.8 million compared to $3.9 million in Q2 2018, and missed the analysts' average estimate of $2.0 million partly due to longer than expected sales cycle and validation processes.

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