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T2 Biosystems Reports 50 Percent Product Revenue Growth in Prelim Q4 Results

NEW YORK (GenomeWeb) – T2 Biosystems today preliminarily reported a 50 percent increase year over year in product revenue growth for the fourth quarter of 2016.

The Lexington, Massachusetts-based diagnostics firm attributed the growth to an increase in T2Candida Panel sales associated with increased patient testing across the installed base. The firm also secured eight new contracts covering 18 hospitals in the US and Europe and has increased its worldwide installed base to include 143 hospitals with access to T2Dx Instruments.

The company also said it secured commitments during Q4 that will provide it access to about 100,000 additional patients each year who are considered to be at high risk for sepsis infections across the 18 new hospitals. And it said that a regulatory filing with the US Food and Drug Administration for the T2 Bacteria Panel remains on track for mid-2017.

"We are very pleased with our commercial progress and operational results in the fourth quarter," T2 Bio CEO John McDonough said in a statement. "During the quarter, there was growth in testing of patients at many customer sites and several exciting customer presentations at an infectious disease conference that demonstrated the economic value of testing patients with T2Candida."

In afternoon trading on the Nasdaq, shares of T2 Bio were up almost 5 percent at $5.30.