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NEW YORK (360Dx) – T2 Biosystems reported after the market closed on Thursday that its first quarter revenues dropped 22 percent year over year.

For the three months ended March 31, the company posted revenues of $1.8 million compared to $2.3 million in the prior-year period, beating the analysts' average estimate of $1.4 million.

Product revenues rose to $1.3 million, up 30 percent from $1.0 million in Q1 2018, reflecting an increase in testing volume and stable capital sales as more new customers selected the firm's reagent rental model.

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