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NEW YORK – T2 Biosystems said on Tuesday that its third quarter revenues fell 36 percent year over year, driven by a reduction in research revenues.

For the three months ended Sept. 30, the company reported revenues of $1.6 million compared to $2.5 million in the prior-year period, short of analysts' consensus estimate of $2.0 million.

Q3 product revenues rose 17 percent year over year to $1.4 million from $1.2 million, and research revenues dropped 83 percent to $200,000 from $1.2 million in Q3 2018.

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