Welcome to our dedicated page for T2 Biosystems news (Ticker: TTOO), a resource for investors and traders seeking the latest updates and insights on T2 Biosystems stock.
T2 Biosystems, Inc. (Symbol: TTOO) is a pioneering company in the field of in vitro diagnostics, dedicated to improving patient health through advanced diagnostic products. The company’s core focus is on developing rapid diagnostic tools aimed at detecting sepsis-causing pathogens and antibiotic resistance genes. Sepsis, a condition that accounts for one out of two hospital deaths, is a primary target for T2 Biosystems.
Utilizing its proprietary T2 Magnetic Resonance platform, or T2MR®, the company has launched FDA-cleared products such as the T2Dx Instrument, T2Bacteria Panel, and T2Candida Panel. These products enable faster, more accurate detection of pathogens, allowing clinicians to make informed treatment decisions earlier. T2 Biosystems is also working on an array of other diagnostic solutions targeting hemostasis, bacteria, and Lyme disease. Notably, the T2Lyme Panel is slated for commercial launch in the third quarter of 2024.
Recent achievements highlight the company’s growth and stability. T2 Biosystems has recently achieved double-digit growth in sepsis product revenue and significantly reduced its total debt by approximately 80% over the past year. The company is a leader in the rapid detection of sepsis-causing pathogens, powered by its proprietary T2 Magnetic Resonance technology. These advancements not only promise to lower mortality rates but also aim to enhance patient outcomes and reduce healthcare costs.
T2 Biosystems is committed to fostering an innovative and inclusive work environment. The company actively seeks to attract and retain top talent, encouraging a culture of growth and excellence. For those interested in joining the mission to transform medical diagnostics, open positions can be found on their website.
T2 Biosystems (NASDAQ: TTOO) has announced the sale of four T2Dx® Instruments to its European distributor, marking significant commercial expansion in multiple EU countries. The sale includes a second instrument to a major reference hospital, a first-time installation in a new country, and two instruments to existing market countries.
The company's T2Resistance Panel, which runs on the FDA-cleared T2Dx® Instrument, can detect 13 antibiotic resistance genes directly from blood samples in 3-5 hours without waiting for blood culture. A recent prospective study published in March 2024 demonstrated the panel's high accuracy with 94.7% sensitivity and 97.4% specificity, rapid results delivery (4.4 vs 58.3 hours), and positive clinical interventions in 41% of study patients.
T2 Biosystems (NASDAQ: TTOO) has announced shipping over 250,000 sepsis tests globally, demonstrating growing adoption of their direct-from-whole-blood technology. A meta-analysis of 14 controlled studies showed their tests provide results 77 hours faster than blood culture-based diagnostics, with patients receiving targeted therapy 42 hours sooner and experiencing shorter hospital stays (5.0 fewer ICU days, 4.8 fewer hospital days).
A March 2024 study in the Journal of Clinical Microbiology highlighted the T2Resistance Panel's performance with 94.7% sensitivity and 97.4% specificity, delivering results in 4.4 hours versus 58.3 hours for standard methods. The company's FDA-cleared products, including the T2Dx Instrument, T2Bacteria Panel, and T2Candida Panel, can detect pathogens directly from whole blood in 3-5 hours without waiting for blood culture results.
T2 Biosystems (NASDAQ: TTOO) has extended its capital equipment supplier agreement with Vizient, Inc. through March 31, 2026. The agreement covers the T2Dx® Instrument, T2Bacteria® Panel, and T2Candida® Panel - the only FDA-cleared products for detecting sepsis-causing pathogens directly from whole blood.
Vizient, the largest member-driven healthcare performance improvement company in the US, serves organizations representing approximately $140 billion in annual purchasing volume, including over 65% of acute care hospitals and 97% of academic medical centers. The extension provides Vizient members continued access to contracted pricing and broader exposure to T2 Biosystems' diagnostic technology.
T2 Biosystems (NASDAQ: TTOO) has announced plans to license its proprietary technology for detecting sepsis-causing pathogens directly from whole blood. The company aims to generate non-dilutive capital through licensing agreements and create new royalty revenue streams. Their patented sample processing technology can be adapted to other detection methods, including fluorescence, potentially enabling broader diagnostic applications.
The company recently defended a key patent against opposition from bioMerieux and another diagnostics company at the European Patent Office. T2 Biosystems' technology powers the T2Dx Instrument, T2Bacteria Panel, and T2Candida Panel - the only FDA-cleared diagnostics that can detect sepsis-causing pathogens directly from whole blood in 3-5 hours, without waiting for blood culture results.
T2 Biosystems (NASDAQ:TTOO) reported Q3 2024 financial results with total revenue of $2.0 million, up 34% year-over-year. Sepsis test panel revenue reached $1.4 million, also increasing 34%. The company secured 11 T2Dx® Instrument contracts and initiated an exclusive U.S. distribution agreement with Cardinal Health. Net loss was $10.1 million ($0.57 per share), improving from $15.4 million loss in Q3 2023. Cash position stood at $2.1 million as of September 30, with additional $4.3 million raised via ATM during Q3. The company projects Q4 2024 sepsis product revenue between $2.5-3.5 million.
T2 Biosystems (NASDAQ:TTOO), a company specializing in rapid detection of sepsis-causing pathogens and antibiotic resistance genes, has announced it will release its third quarter 2024 financial results after market close on Thursday, November 14, 2024. The company will host a conference call at 4:30 p.m. Eastern Time to discuss the results and provide business updates. Investors can access the call via webcast at www.t2biosystems.com or by dialing 877-545-0320 (US/Canada) or 973-528-0002 (International) using passcode 903508.
T2 Biosystems, a leader in rapid sepsis pathogen and antibiotic resistance gene detection, has announced a business update call scheduled for October 10, 2024, at 4:30pm ET. The call will provide additional details on recent developments and address select shareholder questions submitted in advance to ir@T2Biosystems.com.
Investors can access the call through:
- A live and archived webcast at www.t2biosystems.com (Investors page, Events & Presentations section)
- Dialing 1-888-506-0062 (US/Canada) or 1-973-528-0011 (International) with passcode 702677
Participants are advised to dial in approximately ten to five minutes before the start time.
T2 Biosystems (NASDAQ: TTOO) and Prxcision have announced a co-marketing collaboration to combat antimicrobial resistance (AMR) and improve sepsis treatment. The partnership aims to combine T2 Biosystems' rapid, direct-from-blood diagnostics with Prxcision's AI-powered pRxcision® platform to provide faster pathogen identification and real-time treatment guidance.
This collaboration is expected to revolutionize sepsis management by enabling clinicians to detect pathogens within hours and make informed treatment decisions quickly. The integrated solution aims to prevent antibiotic misuse, reduce resistance, and potentially save lives by addressing the critical time factor in sepsis treatment, where each hour of delay can increase mortality risk by up to 8%.
The partnership is positioned to drive product adoption and create growth opportunities in the healthcare market by offering hospitals a comprehensive tool to improve patient outcomes and reduce costs associated with AMR and sepsis management.
T2 Biosystems (NASDAQ: TTOO) has entered into a multi-year exclusive U.S. agreement with Cardinal Health (NYSE: CAH) for the distribution of its FDA-cleared direct-from-blood diagnostics for rapid sepsis detection. The agreement covers the T2Dx® Instrument, T2Bacteria® Panel, and T2Candida® Panel. This collaboration is expected to significantly expand T2 Biosystems' access to the U.S. hospital market.
T2 Biosystems' technology can detect sepsis-causing pathogens directly from blood in 3-5 hours, without waiting for blood culture results. The T2Bacteria Panel detects six pathogens responsible for nearly 75% of U.S. bacterial bloodstream infections, while the T2Candida Panel detects five Candida species accounting for up to 95% of U.S. Candida bloodstream infections. Both panels demonstrate high sensitivity and specificity.
T2 Biosystems (NASDAQ: TTOO) announced preliminary unaudited financial results for Q3 2024, reporting a 35% increase in total revenue compared to the prior year period. Key highlights include:
- Total revenue of $2.0 million
- Sepsis test panel revenue of $1.6 million, up 42% year-over-year
- Executed contracts for 11 T2Dx® Instruments
- Expanded international distribution to Malaysia and Indonesia
- Received FDA clearance for T2Candida® Panel for pediatric patients
- Advanced T2Resistance® Panel toward FDA 510(k) submission
The company expects Q4 2024 total sepsis product revenue of $2.5 million to $3.5 million, representing growth of 49% to 109% compared to Q4 2023.
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