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 significant financial and operational results for Q4 and full year 2020, showing strong revenue growth and an improved balance sheet. Q4 revenue is expected at $7.8 million, up 155% year-over-year, with product revenue at $5.8 million, a 274% increase. Full year 2020 revenue is projected at $18.1 million, a 118% increase. The company amended its loan agreement with CRG, extending payment periods and reducing revenue targets, while enhancing its installed base of T2Dx Instruments amid rising demand for COVID testing.
T2 Biosystems (TTOO) announced that its T2SARS-CoV-2™ Panel can detect multiple SARS-CoV-2 variants, including those from the UK, South Africa, and the U.S. The panel boasts a clinical sensitivity of 95% and specificity of 100%. Following extensive genomic analysis of over 42,000 sequences, the test can effectively identify 99.99% of SARS-CoV-2 viruses, including the B.1.1.7 and B.1.351 variants. Results are available in under two hours, with the T2Dx® Instrument able to process up to sixty samples daily. The company aims to enhance patient outcomes amidst the ongoing pandemic.
T2 Biosystems (NASDAQ:TTOO) has appointed Aparna Ahuja, MD, as its new Chief Medical Officer, effective immediately. Dr. Ahuja brings extensive experience from her previous role at Becton Dickinson and a strong background in laboratory medicine and diagnostics. The company highlights the growing importance of rapid diagnostics for sepsis management amidst global health challenges. T2 Biosystems is known for its FDA-cleared T2Bacteria® and T2Candida® Panels, which enable rapid detection of sepsis-causing pathogens from blood samples, enhancing patient outcomes.
T2 Biosystems (NASDAQ: TTOO), a leader in rapid detection of sepsis-causing pathogens, will participate in the Canaccord Genuity Virtual MedTech & Diagnostics Forum on November 19, 2020, at 2:30 PM ET. The presentation will be accessible via a live and recorded webcast on the company’s website.
The company is dedicated to enhancing patient care and lowering costs with innovative products like the T2Dx® Instrument and various diagnostic panels, driven by their proprietary T2 Magnetic Resonance (T2MR®) technology.
T2 Biosystems (NASDAQ:TTOO) reported a remarkable 213% increase in total revenues for Q3 2020, reaching $5.2 million. Product sales surged by 219% to $3.8 million, bolstered by record sales of 32 T2Dx instruments, a 167% increase year-over-year. The company also saw substantial growth in T2Bacteria and T2Candida panel revenues, up 70% and 38% respectively. Additionally, T2 received Emergency Use Authorization for its COVID-19 diagnostic test and secured a $10.5 million contract option from BARDA. The full-year revenue outlook now ranges from $19.0 million to $20.0 million.
John Sperzel, President and CEO of T2 Biosystems, joins the Advisory Board of Sepsis Alliance to enhance efforts in sepsis awareness and management. His role on the Industry Council aims to leverage industry expertise to improve sepsis care across the U.S. Sepsis Alliance, the leading nonprofit focused on sepsis, has significantly raised awareness about the condition, which now impacts many lives. Sperzel’s personal experience with sepsis underscores his commitment to this cause, aligning with T2 Biosystems’ goal of advancing sepsis diagnostics.
T2 Biosystems (NASDAQ:TTOO) has announced that it will report its third-quarter 2020 financial results after the market closes on November 4, 2020. Following the release, company management will host a conference call at 4:30 p.m. ET. Investors can listen to the live and archived webcast on T2 Biosystems' website or by dialing the provided numbers. The company is recognized for its rapid detection of sepsis-causing pathogens and has a pipeline of products, including the T2Dx Instrument and various diagnostic panels.
T2 Biosystems (NASDAQ:TTOO) is participating in the inaugural Sepsis Alliance Summit on September 16-17, 2020, to raise sepsis awareness during September, which is Sepsis Awareness Month. The summit, organized by the Sepsis Alliance, underscores the urgent need for rapid diagnostic tests for sepsis and COVID-19. T2's virtual booth will present its products, including the T2SARS-CoV-2™ Panel, which recently received Emergency Use Authorization from the FDA. Sepsis claims approximately 270,000 lives in the U.S. annually and costs the healthcare system nearly $41 billion.
T2 Biosystems (NASDAQ:TTOO) announced the continuation of the New Technology Add-on Payment (NTAP) for its T2Bacteria® Panel for Fiscal Year 2021 by the U.S. Centers for Medicare & Medicaid Services (CMS). This payment of $97.50 covers 65% of the average price of the panel, enhancing hospital reimbursement for treating sepsis. The T2Bacteria Panel is the first diagnostic test to receive NTAP approval, allowing rapid identification of sepsis-causing pathogens from whole blood within 3 to 5 hours. This technology aims to improve patient outcomes and reduce sepsis mortality rates.
T2 Biosystems, Inc. (NASDAQ:TTOO) has received Emergency Use Authorization (EUA) from the FDA for its COVID-19 diagnostic test, the T2SARS-CoV-2™ Panel. This test detects the SARS-CoV-2 virus and delivers results in under two hours from a nasopharyngeal swab. It demonstrated a sensitivity of 95% and specificity of 100%. The company is increasing manufacturing capacity to meet anticipated demand. The T2Dx® Instrument can also conduct tests for sepsis-causing pathogens, aiding in the timely treatment of critically ill patients.
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