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T2 Biosystems Posts Q1 Revenues of $188K

NEW YORK (GenomeWeb) – T2 Biosystems today after the close of the market reported total revenues of $188,000 for the first quarter of 2015 compared to no revenues for Q1 the previous year.

Research revenue for the first quarter was $178,000 while product revenue was $10,000, the firm said.

On a conference call following the earnings release, T2 Biosystems CEO John McDonough said the quarter saw a number of important developments. The firm signed its first contract with a US hospital for the T2Dx instrument and the T2Candida sepsis diagnostic test, and signed a similar deal with a European reference lab. The firm also signed a development agreement with Canon US Life Sciences to develop a diagnostic platform for Lyme disease based on the firm's T2MR magnetic resonance detection technology.

Its net loss for the quarter increased to $10.6 million, or $.53 per share, from a loss of $8.8 million, or $6.25 per share, in Q4 2014, beating the consensus Wall Street estimate of a $.57 loss per share. The number of shares used to calculate the loss per share increased to 20.1 million from 1.4 million in the prior-year period as a result of the firm's August 2014 initial public offering.

The firm attributed the increased loss to operating expenses associated with research and development for additional applications of its T2MR technology and the ramp up of commercialization activities. T2 Biosystems' R&D spending rose 16 percent year over year to $5.9 million from $5.1 million, while its SG&A costs increased 150 percent to $4.5 million from $1.8 million.

T2 Biosystems ended the quarter with $65.3 million in cash and cash equivalents.