T2 Biosystems, Inc. (TTOO) saw its loss widen to $14.70 million, or $0.48 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $13.43 million, or $0.55 a share. Revenue during the quarter dropped 14.14 percent to $0.94 million from $1.10 million in the previous year period. Gross margin for the quarter stood at negative 72.90 percent as compared to a positive 6.39 percent for the previous year period.
Operating loss for the quarter was $13.14 million, compared with an operating loss of $12.72 million in the previous year period.
“We continued to execute against our strategic priorities in the first quarter,” said John McDonough, president and chief executive officer. “We expanded our customer base and gained access to an additional 30,000 high-risk patients. We also remain on track to achieve our target of 200,000 additional high-risk patients by the end of the third quarter of this year. Furthermore, we progressed the clinical trials for T2Bacteria and remain on track for a mid-2017 filing with the FDA. Customer interest in T2Bacteria remains high, and we are excited about the value proposition for our customers that the combination of T2Bacteria and T2Candida creates.”
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