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, Inc. (NASDAQ:TTOO) announced its T2SARS-CoV-2™ Panel can detect the Mu (B.1.621) and Iota (B.1.526) variants of SARS-CoV-2, enhancing its capabilities against COVID-19. CEO John Sperzel highlighted this expansion of detection technology, which already includes the Delta and other variants. The panel shows high clinical sensitivity (95%) and specificity (100%) and delivers results in under two hours using the T2Dx® Instrument. This advancement is particularly significant as data suggests COVID-19 can lead to sepsis.
T2 Biosystems (NASDAQ:TTOO) announced plans to consolidate operations into a new 70,000 sq. ft. facility in Billerica, Massachusetts, set to occur in the second half of 2022. This move aims to enhance efficiency, reduce operating costs, and attract talent within the competitive Massachusetts life sciences market. The new site will feature state-of-the-art laboratory and manufacturing spaces to support the development of current and future products, including T2 Biosystems' pathogen detection technologies.
T2 Biosystems has launched initiatives for Sepsis Awareness Month, highlighting the critical role of rapid diagnostics amid rising sepsis cases linked to COVID-19. Studies show COVID-19 patients are 22% more likely to develop sepsis compared to influenza patients. The company plans awareness campaigns throughout September, including social media efforts and sponsorships of key events like the Sepsis Alliance Summit. T2's T2Bacteria® and T2Candida® Panels facilitate quick identification of pathogens, aiming to improve patient outcomes and reduce healthcare costs.
T2 Biosystems, Inc. (NASDAQ:TTOO) reported strong financial results for Q2 2021, achieving a total revenue of $6.7 million, a remarkable 162% increase year-over-year. Product revenue surged by 253% to $3.7 million, driven by heightened sepsis test sales. The net loss for the quarter was $(12.5) million, or $(0.08) per share. The company anticipates full-year 2021 revenue to range between $24.0 million and $26.0 million but has adjusted product revenue expectations down to $14.0 million to $15.0 million, citing lower T2SARS-CoV-2 Panel sales.
T2 Biosystems, a leader in rapid detection of sepsis-causing pathogens, announced participation in the Canaccord Genuity 41st Annual Growth Conference on August 11, 2021, at 3:00 PM ET. Interested individuals can access the live and recorded webcast on the Company’s website. T2 Biosystems is dedicated to enhancing patient care by enabling faster treatment options through its advanced diagnostic products, including the T2Dx® Instrument and various pathogen detection panels, all powered by proprietary T2 Magnetic Resonance technology.
T2 Biosystems, Inc. (NASDAQ:TTOO) will report its second-quarter 2021 financial results after market close on August 5, 2021. Following the earnings release, management will host a conference call at 4:30 p.m. ET. The event can be accessed via a live and archived webcast at their website. T2 Biosystems specializes in rapid detection of sepsis-causing pathogens and offers several diagnostic products powered by T2 Magnetic Resonance technology, aiming to enhance patient care while reducing costs.
T2 Biosystems (NASDAQ:TTOO) announced on July 19, 2021, the issuance of inducement awards to eleven new employees under its Inducement Award Plan. The awards include options to purchase 321,000 shares with an exercise price of $1.06, the closing price on July 8, 2021. Options vest over four years, with 25% vesting after one year. This initiative aims to attract talent while complying with Nasdaq rules, supporting T2’s mission in rapid pathogen detection.
T2 Biosystems (NASDAQ:TTOO) is set to participate in three upcoming virtual conferences focusing on rapid diagnostic technology for bloodstream infections and sepsis. The conferences include the World Microbe Forum from June 20-24, the Sepsis Tech and Innovation 2021 on June 23, and the 31st European Congress of Clinical Microbiology & Infectious Diseases on July 12. CEO John Sperzel highlighted the significance of addressing sepsis, which accounts for nearly 20% of global deaths, emphasizing that their products, such as the T2Candida® and T2Bacteria® panels, offer rapid results crucial for effective management.
T2 Biosystems (NASDAQ:TTOO) announced its 2021 Annual Meeting of Stockholders scheduled for June 25, 2021. The Board of Directors fully supports all proposals on the proxy and urges stockholders to participate. CEO John Sperzel emphasized the significance of these proposals in a video message available on the company's Investor Relations site. Stockholders of record as of April 28, 2021, are eligible to vote. Proxy materials and additional shareholder information can be accessed through the SEC's website.
T2 Biosystems (TTOO) reported strong financial results for Q1 2021, with total revenue rising 173% to $7.0 million, including product revenue surging 345% to $4.7 million. Sepsis test utilization in the U.S. increased by 85%, resulting in an annualized test run rate of approximately $111,000 per instrument. The company sold 4 T2Dx instruments, expanded its salesforce to 9 Regional Account Managers, and modified existing contracts to enhance product development. Despite a net loss of $(10.7) million, T2 holds $43.9 million in cash and expects full-year revenues between $24 million and $26 million.
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