The stock of T2 Biosystems Inc (NASDAQ:TTOO) closed at $6.38 and maintained the same position in yesterday’s trading session. This company has over the years dedicated its efforts towards the development and commercialization of top end medical diagnostic products and that has contributed a huge deal towards effectively addressing the wide range of the critical unmet healthcare needs around the globe.
It was today that the business guru proceeded to make the announcement regarding the financial results for the fourth quarter and year ended December 31, 2017 as well as the associated operating highlights.
A company official stated, “Our fourth quarter total revenue of $1.7 million, exceeded the high end of guidance and increased 87% year-over-year and was up 55% sequentially. The fourth quarter product revenue of $1.3 million grew 125% year-over-year and was up 76% sequentially.”
He delved deeper into the matter to disclose that they had managed to secure contracts in the course of the fourth quarter and it is worth noting the establishment of seven new hospitals. One of them was to be for the T2Bacteria contract in the EU whereas two more were for use of T2Bacteria® under a Research Use Only (RUO) program.
The most recent reports indicate that the much heated debates have been currently underway and of course that has been with the U.S. Food and Drug Administration (FDA).The discussions are expected to emanate in much positive outcomes that will help push the company a notch higher in a rather competitive market. The market clearance of the T2Bacteria Panel is a matter that a lot of people around the globe are closely following up on.
The current timeline provides that there is great need for a typical 6 to 9 month approval process and it would be that which would result to the clearance in the second quarter of 2018.
A number of experts recently proceeded to make data presentations at the Association for Molecular Pathology Conference. It was there that they clearly highlighted the clinical value of the T2Bacteria Panel through the comparison of sensitivity to T2Bacteria and the improved specificity.