T2 Biosystems (TTOO) Tops Q3 EPS by 4c

T2 Biosystems (NASDAQ: TTOO) reported Q3 EPS of ($0.45), $0.04 better than the analyst estimate of ($0.49). Revenue for the quarter came in at $1.1 million versus the consensus estimate of $1.13 million.

The company is updating guidance for 2017, as follows:

• The company reaffirms expectations regarding the timeframe for FDA clearance of the T2Bacteria Panel and continues to prepare for the commercial launch of the T2Bacteria Panel in the U.S. as early as year-end, pending market clearance by the FDA.
• Total revenue in the fourth quarter is expected to be in the range of $1.1 million to $1.3 million. Fourth quarter 2017 product revenue is expected to be in the range of $1.0 million to $1.2 million which would be a growth rate of 36% to 63% over the third quarter of 2017. Research revenue is expected to be in the range of $100,000 in the fourth quarter.
• The target for increasing the number of high-risk patients at customer facilities under contract in the fourth quarter is 35,000 high risk patients, including additional contracts in the United States for the use of the T2Bacteria Research Use Only Panel.
• Operating expenses, excluding cost of product revenue, for the fourth quarter are projected to be in the range of $11.4 million to $11.8 million.

For earnings history and earnings-related data on T2 Biosystems (TTOO) click here.

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