NEW YORK (GenomeWeb) – T2 Biosystems reported after the close of the market Tuesday that its revenues dropped 14 percent in the first quarter as higher product sales were offset by lower research revenues year over year.

The Lexington, Massachusetts-based molecular diagnostics firm reported total revenues of $941,000, down from $1.1 million in Q1 2016 and well below analysts' average expectation of $2 million.

Its product revenues were $631,000 versus $437,000 in Q1 2016, while its research revenues were $310,000 compared to $659,000 a year ago.

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