T2 Biosystems (TTOO) Tops Q1 EPS by 1c

T2 Biosystems (NASDAQ: TTOO) reported Q1 EPS of ($0.36), $0.01 better than the analyst estimate of ($0.37). Revenue for the quarter came in at $2.31 million versus the consensus estimate of $1.45 million.

First Quarter Business and Financial Performance Highlights:

• Reported first quarter total revenue of $2.311 million, up 146% year-over-year.
• Reported first quarter product revenue of $1.048 million, up 66% year-over-year.
• Secured five new placements of T2Dx® Instruments in the first quarter and 4 contracts with access to 10 new hospitals.
• Increased targeted high-risk patients at newly contracted hospitals by 48,000, ahead of the 35,000 high-risk patients targeted in the quarter.
• Awarded grant of $2 million from CARB-X to accelerate the development of an expanded panel of tests utilizing the T2MR platform for sepsis-causing bacterial infections and resistance.
• Customers published 6 peer-reviewed studies demonstrating the clinical and performance advantages of the T2Dx Instrument over blood culture.

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

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