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.
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.
T2 Biosystems (NASDAQ: TTOO) announced it will release its second quarter 2020 financial results on August 11, 2020, after market close. A conference call will follow at 4:30 p.m. ET, where management will discuss the results. Interested investors can access the live and archived webcast on T2's website. The company specializes in the rapid detection of sepsis-causing pathogens and offers various diagnostic panels, powered by its proprietary T2 Magnetic Resonance technology. The firm is also advancing its product pipeline with new detection panels.
T2 Biosystems (NASDAQ:TTOO) has validated its COVID-19 molecular diagnostic test, the T2SARS-CoV-2 Panel, which is now commercially available following EMA requirements for FDA EUA. The test offers results in under two hours with a sensitivity of 95% and specificity of 100%, using a nasopharyngeal swab. The T2Dx Instrument supports this test and can also run additional FDA-cleared panels for bacterial and fungal sepsis detection, significantly reducing time for results compared to traditional methods. This advancement aims to improve patient outcomes and optimize the treatment of critically ill patients.
On June 30, 2020, T2 Biosystems (NASDAQ:TTOO) announced preliminary financial results for Q2 2020, projecting revenues between $2.4 million and $2.6 million, up from $1.8 million the previous year. Product revenues are anticipated between $1.0 million and $1.1 million, down from $1.3 million in the same quarter last year. Additionally, research and grant contributions are expected to reach $1.4 million to $1.5 million, a significant increase from $0.5 million. The company also launched the T2SARS-CoV-2 Panel for COVID-19 testing and raised $8.4 million through share sales.
T2 Biosystems (NASDAQ:TTOO) announced the appointment of three new Board members, enhancing clinical and commercialization expertise while diversifying the board. The new directors are Thierry Bernard (CEO, QIAGEN), Dr. Ninfa Saunders (CEO, Navicent Health), and Robin Toft (CEO, Toft Group). These appointments aim to accelerate sales, improve operations, and advance the product pipeline. The company also acknowledged the contributions of three departing board members. This leadership change is expected to fortify T2 Biosystems’ commitment to innovative diagnostic technology aimed at improving patient outcomes.
T2 Biosystems (TTOO) announced its Q1 2020 financial results, showcasing total revenue of $2.5 million, a 43% year-over-year increase. However, product revenue decreased by 20% to $1 million. Notably, research revenue surged 218% to $1.5 million. Despite efforts to reduce costs, operating expenses rose to $16.1 million, largely impacted by a $1.2 million inventory write-down due to COVID-19. The company reported a net loss of $15 million ($0.22 per share), which is slightly improved from the previous year. Cash reserves stand at $36.5 million.
FAQ
What is the current stock price of T2 Biosystems (TTOO)?
What is the market cap of T2 Biosystems (TTOO)?
What is T2 Biosystems, Inc. known for?
What are the core products of T2 Biosystems?
What proprietary technology does T2 Biosystems use?
What recent financial achievements has T2 Biosystems made?
When is the T2Lyme Panel expected to launch?
Where can I find job opportunities at T2 Biosystems?
How does T2 Biosystems aim to impact healthcare?
Who can I contact for investor-related inquiries?
What areas of unmet medical need is T2 Biosystems targeting?
How does T2MR® technology benefit patient care?
