T2 Biosystems (NASDAQ: TTOO) reported Q4 EPS of $, in-line with the analyst estimate of $. Revenue for the quarter came in at $1.7 million versus the consensus estimate of $1.25 million.

Fourth Quarter Business and Financial Performance Highlights:

• Reported 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.
• Fourth quarter product revenue of $1.3 million, grew 125% year-over-year and was up 76% sequentially.
• Secured contracts in the fourth quarter with seven new hospitals, including two for the use of T2Bacteria® under a Research Use Only (RUO) program and one for a T2Bacteria contract in the EU.
• Increased targeted high-risk patients at newly contracted hospitals by 45,000, ahead of the 30,000 high-risk patients targeted in the prior quarter.
• Discussions with the U.S. Food and Drug Administration (FDA) continue to be positive and productive regarding market clearance of the T2Bacteria Panel. The current timeline now suggests a more typical 6 to 9 month approval process which would lead to market clearance in the second quarter of 2018.
• Presented data at the Association for Molecular Pathology Conference highlighting the clinical value of the T2Bacteria Panel by comparing the improved specificity and sensitivity of T2Bacteria to commonly used blood culture.
• Concluded pre-clinical work on the proprietary T2Lyme Panel and remain on track to commence the FDA clinical trial in the first half of 2018.

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