T2 Biosystems Announces Preliminary Second Quarter 2022 Financial Results
July 06 2022 - 8:30AM
T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection
of sepsis-causing pathogens and antibiotic resistance genes, today
announced preliminary unaudited financial results for the quarter
ended June 30, 2022.
Recent Highlights
- Preliminary unaudited second
quarter 2022 total revenue is expected to be $5.8 to $6.1 million,
including product revenue of $2.5 to $2.7 million and research
revenue of $3.3 to $3.4 million.
-
Executed contracts for 12 T2Dx® Instruments during the second
quarter of 2022, consisting of 6 in the U.S. and 6 outside the
U.S.
- Implemented expense reductions on
June 1, 2022, reducing the workforce by eliminating 34 existing and
20 planned positions, and decreasing operating expenses by
approximately 20%.
- Raised $4.6 million of net proceeds
from the sale of 25.9 million shares through the ATM facility
during the second quarter of 2022.
- Cash and cash equivalent as
of June 30, 2022 are expected to be
approximately $14.3 million.
- Amended Company bylaws to lower the
quorum requirement at stockholder meetings from a majority to
one-third in voting power of the common stock outstanding.
“We continued to make progress across our three
corporate priorities during the second quarter of 2022, which
included the execution of 12 T2Dx instrument contracts, an
approximate 13% increase in sales of our sepsis test panels
compared to the first quarter, the implementation of a significant
cost-of-goods reduction initiative for our sepsis test panels,
continued progress on the U.S. clinical trials for the
T2Resistance® Panel and the T2Biothreat® Panel, and the continued
development of our next-generation sepsis products,” stated John
Sperzel, Chairman and CEO of T2 Biosystems. “We also took proactive
steps during the second quarter to reduce our operating
expenses.”
The Company’s second quarter 2022 financial
results are preliminary, subject to completion of internal
procedures and review by our auditors. Complete second quarter 2022
financial results will be announced in early August.
2022 Financial OutlookThe
Company continues to expect full year 2022 total revenue of $28.0
to $31.0 million, including product revenue of $16.0 to $17.0
million and research contribution revenue of $12.0 to $14.0
million. The Company continues to expect to close 60 to 70 T2Dx
Instrument contracts in 2022 and COVID-19 revenue to decrease from
$9.5 to $3.5 million.
About T2 BiosystemsT2
Biosystems, a leader in the rapid detection of sepsis-causing
pathogens and antibiotic resistance genes, is dedicated to
improving patient care and reducing the cost of care by helping
clinicians effectively treat patients faster than ever before. T2
Biosystems’ products include the T2Dx® Instrument, T2Bacteria®
Panel, T2Candida® Panel, T2Resistance® Panel, and T2SARS-CoV-2™
Panel and are powered by the Company’s proprietary T2 Magnetic
Resonance (T2MR®) technology. T2 Biosystems has an active pipeline
of future products, including the T2Cauris™ Panel, T2Lyme™ Panel,
T2Biothreat Panel, as well as additional products for the detection
of bacterial and fungal pathogens and associated antimicrobial
resistance markers.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements, including, without limitation, statements regarding our
revenue results and cash balance, financial outlook, cost
improvement measures, timing of completion of clinical trials,
anticipated strategic priorities, status of product development
pipeline, product demand, commitments or opportunities, and growth
expectations or targets, , as well as statements that include the
words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,”
“estimate,” “may,” “should,” “anticipate,” and similar statements
of a future or forward looking nature. These forward-looking
statements are based on management’s current expectations. These
statements are neither promises nor guarantees, but involve known
and unknown risks, uncertainties and other important factors that
may cause actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including, but not limited to, (i) any inability to (a)
realize anticipated benefits from commitments, contracts or
products; (b) successfully execute strategic priorities; (c) bring
products to market; (d) expand product usage or adoption; (e)
obtain customer testimonials; (f) accurately predict growth
assumptions; (g) realize anticipated revenues; (h) incur expected
levels of operating expenses; or (i) increase the number of
high-risk patients at customer facilities; (ii) failure of early
data to predict eventual outcomes; (iii) failure to make or obtain
anticipated FDA filings or clearances within expected time frames
or at all; or (iv) the factors discussed under Item 1A. “Risk
Factors” in the company’s Annual Report on Form 10-K for the year
ended December 31, 2021, filed with the U.S. Securities and
Exchange Commission, or SEC, on March 23, 2022, and other filings
the company makes with the SEC from time to time. These and other
important factors could cause actual results to differ materially
from those indicated by the forward-looking statements made in this
press release. Any such forward-looking statements represent
management’s estimates as of the date of this press release. While
the company may elect to update such forward-looking statements at
some point in the future, unless required by law, it disclaims any
obligation to do so, even if subsequent events cause its views to
change. Thus, no one should assume that the Company’s silence over
time means that actual events are bearing out as expressed or
implied in such forward-looking statements. These forward-looking
statements should not be relied upon as representing the company’s
views as of any date subsequent to the date of this press
release.
Investor Contact:Philip Trip Taylor, Gilmartin
Groupir@T2Biosystems.com 415-937-5406
T2 Biosystems (NASDAQ:TTOO)
Historical Stock Chart
From Mar 2024 to Apr 2024
T2 Biosystems (NASDAQ:TTOO)
Historical Stock Chart
From Apr 2023 to Apr 2024