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, leader in rapid sepsis detection, will host an Analyst and Investor Day on April 12, 2022, at 12:00 PM ET. The virtual event will present the company’s commercial strategy and product pipeline. A panel discussion will feature medical professionals discussing the clinical value of T2 Biosystems' sepsis products. Attendees can access the live webcast and presentation on the company’s Investor Relations site. A replay will be available post-event. T2 Biosystems’ innovative products include the T2Dx® Instrument and various panels for pathogen detection.
T2 Biosystems, Inc. (NASDAQ:TTOO) reported a 55% increase in total revenue for 2021, totaling $28.1 million, with product revenue rising by 43% to $16.6 million. Sepsis test panel revenue grew 46% to $5.1 million. The company executed contracts for 32 T2Dx Instruments and expanded international distribution. Despite these gains, Q4 revenue decreased by 10% to $7.0 million, attributed to a decline in COVID-19 test sales. T2 expects 2022 revenue between $28.0 million and $31.0 million and plans to double sepsis revenue.
T2 Biosystems, Inc. (NASDAQ:TTOO) announced exclusive distribution agreements in Norway, Finland, and Türkiye to market its T2Dx Instruments and sepsis diagnostic panels. This expansion is driven by rising blood stream infections (BSIs) in Norway and Finland and the high prevalence of sepsis in Türkiye. The T2Dx Instrument enables rapid detection of pathogens and antibiotic resistance within hours, enhancing patient care. T2's CEO stated that these regions represent significant growth potential for the company's products.
T2 Biosystems, Inc. (NASDAQ:TTOO) announced the successful amendment of its Term Loan Agreement with CRG Servicing LLC, extending the interest-only period and maturity date to December 31, 2023. This extension is crucial for enhancing balance sheet flexibility, enabling further growth initiatives. CRG expressed confidence in T2 Biosystems' progress with its diagnostic technology aimed at rapid detection of sepsis-causing pathogens. The company continues to improve patient care while advancing its product pipeline, potentially positioning itself for future growth.
T2 Biosystems, Inc. (NASDAQ: TTOO) announced it will report its financial results for Q4 and FY 2021 on February 17, 2022, after market close. The company will host a conference call at 4:30 p.m. ET that day, providing details on its financial performance and developments in its product pipeline, including rapid detection technologies for sepsis-causing pathogens. Investors can access the call via a live webcast or by phone.
T2 Biosystems (NASDAQ:TTOO) announced the issuance of inducement awards to eighteen new employees on January 26, 2022. These awards, totaling options for 473,500 shares, were granted under the company's Inducement Award Plan. The options have a ten-year term with an exercise price of $0.398, based on the stock's closing price on the award date. Vesting occurs over four years, with 25% vesting on the first anniversary. T2 Biosystems specializes in rapid detection of sepsis-causing pathogens, aiming to enhance patient care and reduce costs.
T2 Biosystems (NASDAQ:TTOO) announced that its T2SARS-CoV-2™ Panel successfully detects Omicron COVID-19 subvariants BA.1, BA.2, and BA.3. With the Omicron variant comprising 99.9% of infections in the U.S., the company performed in silico analysis on over 8,600 sequences, confirming the panel's effectiveness. The T2SARS-CoV-2 Panel offers 95% clinical sensitivity and 100% specificity, yielding results in under two hours. Hospitals continue to demand this molecular testing as it enhances patient care and antimicrobial stewardship, correlating with bacterial co-infections linked to COVID-19.
T2 Biosystems, Inc. (NASDAQ:TTOO) reported preliminary financial results for Q4 and the full year 2021, achieving total revenues of $27.7 million, a 53% increase year-over-year. Product revenues grew 43% to $16.7 million. In Q4, total revenue was $6.6 million, with product revenue at $4.0 million. The company executed contracts for 32 T2Dx® Instruments, generating $5.1 million in U.S. sepsis test panel revenue, a 46% growth. As of December 31, 2021, cash totaled $33.7 million. Future product submissions are anticipated for 2022.
T2 Biosystems, Inc. (NASDAQ:TTOO) has initiated a U.S. clinical trial for its T2Biothreat® Panel, aimed at detecting six biothreat pathogens in blood samples within 3-5 hours. This panel, which operates on the T2Dx® Instrument, targets pathogens identified as threats by the U.S. Government, such as B. anthracis and Y. pestis. The company plans to submit for FDA approval in 2022, with trial costs estimated between $400,000 to $500,000. T2 Biosystems expresses confidence in the trial's success and emphasizes the importance of their technology in national safety.
T2 Biosystems, a leader in rapid sepsis detection, has initiated a U.S. clinical trial for its T2Resistance® Panel, which identifies 13 antibiotic resistance genes directly from blood in 3-5 hours. This move aims to support an FDA submission in 2022, following the evaluation of up to 1,500 patients across 10 hospitals. The trial is projected to cost $2.5 million. With FDA's 'Breakthrough Device' designation, the T2Resistance® Panel could revolutionize treatment for antibiotic-resistant infections, addressing a major public health threat.
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