T2 Biosystems Announces Preliminary Fourth Quarter and Full Year 2020 Results
January 26 2021 - 4:44PM
T2 Biosystems, Inc. (NASDAQ:TTOO), a global leader in the
rapid detection of sepsis-causing pathogens, today announced
preliminary unaudited financial and operational results for the
fourth quarter and full year 2020.
Financial and Operational Highlights
- Preliminary unaudited fourth quarter 2020 total revenue is
expected to be $7.8 million, including product revenue of $5.8
million, representing growth of 155% and 274% respectively,
compared to the prior year period
- Preliminary unaudited full year 2020 total revenue is expected
to be $18.1 million, including product revenue of $11.7 million,
representing growth of 118% and 119% respectively, compared to the
prior year period
- Sold 21 T2Dx® Instruments in the fourth quarter, including 19
in the U.S.
- Sold 53 T2Dx Instruments in 2020, including 47 in the U.S.,
more than doubling the U.S. installed base in 2020
- Achieved U.S. sepsis test utilization growth resulting in a
fourth quarter annualized run rate of approximately $86,000 per
legacy instrument and U.S. COVID test utilization growth resulting
in a fourth quarter annualized run rate of approximately $265,000
per instrument sold in 2020
- Unaudited cash, cash equivalents, current and long-term
marketable securities, and restricted cash totaled $52.7 million as
of December 31, 2020
- In January 2021, the Company’s Term Loan Agreement with CRG was
amended to extend the interest-only and principal payment periods
to December 31, 2022, and to reduce the minimum product revenue
target for the twenty-four month period beginning on January 1,
2020
“During 2020, our team made meaningful progress toward our three
corporate priorities: accelerating our commercialization, improving
our operations, and advancing our new product pipeline. Amid the
global health emergency, we took rapid action to meet the COVID-19
testing needs of U.S. hospitals by developing and commercializing
the T2SARS-CoV-2™ Panel. This has accelerated our business case and
our business profile by allowing us to significantly increase our
installed base of T2Dx Instruments in U.S. hospitals,” said John
Sperzel, President and CEO of T2 Biosystems. “We saw increased
adoption of our T2Dx Instruments in the second half of the year,
showed meaningful improvement in the annualized test utilization of
our sepsis and COVID test panels, and ended the year with a strong
balance sheet. While the COVID testing needs of our customers will
continue to fluctuate as we experienced in the fourth quarter, we
are confident that we are entering 2021 in a stronger position, and
are excited to drive continued adoption of our products and
sustained growth through increased utilization of our
highly-differentiated sepsis products.”
The Company’s fourth quarter and full year 2020 financial
results are preliminary and are subject to the completion of the
Company’s 2020 audit. Complete fourth quarter and full year 2020
financial results will be announced in early March.
About T2 BiosystemsT2 Biosystems, a leader in
the rapid detection of sepsis-causing pathogens, 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, T2Candida®
Panel, the T2Bacteria® Panel, the T2Resistance™ Panel, and the
T2SARS-CoV-2™ Panel and are powered by the proprietary T2 Magnetic
Resonance (T2MR®) technology. T2 Biosystems has an active pipeline
of future products, including the T2Cauris™ Panel, and T2Lyme™
Panel, as well as additional products for the detection of
bacterial and fungal pathogens and associated antimicrobial
resistance markers, and biothreat pathogens.
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 expected
operating results, such as revenue growth, earnings, instrument
sales, and test utilization growth, 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, 2019, filed with the U.S. Securities and
Exchange Commission, or SEC, on March 16, 2020, 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.
Media Contact:Gina Kent, Vault
Communicationsgkent@vaultcommunications.com 610-455-2763
Investor Contact:Philip Trip Taylor, Gilmartin
Groupphilip@gilmartinIR.com 415-937-5406
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