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T2 Biosystems' Preliminary Q4 Revenues Top Prior Guidance

NEW YORK (360Dx) – T2 Biosystems announced yesterday that it expects its fourth quarter revenues to exceed its prior guidance  between $1.1 million and $1.3 million. The consensus Wall Street revenue estimate for the recently completed quarter is $1.2 million.

In the fourth quarter, T2 Bio closed seven contracts with new customers, including three new contracts for the T2Bacteria panel in the US. The company exceeded the fourth quarter guidance of 30,000 high risk patients, with an estimated 45,000 high risk patients associated with the closed contracts, it said.

The Lexington, Massachusetts-based company attributes its growth to an increase in product revenue, driven by demand for the T2Dx instrument and T2Candida Panel.

In September, the firm filed for 510(k) clearance of its T2Bacteria Panel, and in a statement on Thursday, T2 Bio President and CEO John McDonough said that the anticipated clearance of the test, as well as the demonstration of its clinical performance in a pivotal trial, is driving a build-up in the company’s sales pipeline and sales cycle.

"This growth in product revenue is indicative of an increase in the testing of patients with T2Candida and an increase in demand for our rapid diagnostic solution both within and outside of the United States," McDonough added.

T2 Bio stated yesterday that it expects the US Food and Drug Administration to clear the T2Bacteria Panel during the current quarter. The company previously stated they expeteced the panel to be cleared by the end of Q4 2017. 

In afternoon trading on the Nasdaq, shares of T2 Bio were down 1 percent at $4.64