T2 Biosystems Announces Third Quarter 2024 Financial 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) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato totale di 2,0 milioni di dollari, in aumento del 34% rispetto all'anno precedente. I ricavi del pannello di test per la sepsi hanno raggiunto 1,4 milioni di dollari, anch'essi in crescita del 34%. L'azienda ha ottenuto 11 contratti per gli strumenti T2Dx® e ha avviato un accordo di distribuzione esclusivo negli Stati Uniti con Cardinal Health. La perdita netta è stata di 10,1 milioni di dollari (0,57 dollari per azione), in miglioramento rispetto alla perdita di 15,4 milioni di dollari nel terzo trimestre 2023. La posizione di cassa era di 2,1 milioni di dollari al 30 settembre, con ulteriori 4,3 milioni di dollari raccolti tramite ATM nel terzo trimestre. L'azienda prevede che i ricavi dei prodotti per la sepsi nel quarto trimestre 2024 siano compresi tra 2,5 e 3,5 milioni di dollari.
T2 Biosystems (NASDAQ:TTOO) reportó los resultados financieros del tercer trimestre de 2024 con un ingreso total de 2.0 millones de dólares, un aumento del 34% en comparación con el año anterior. Los ingresos del panel de pruebas de sepsis alcanzaron 1.4 millones de dólares, también con un incremento del 34%. La compañía aseguró 11 contratos para los instrumentos T2Dx® e inició un acuerdo de distribución exclusivo en EE. UU. con Cardinal Health. La pérdida neta fue de 10.1 millones de dólares (0.57 dólares por acción), mejorando respecto a la pérdida de 15.4 millones de dólares en el tercer trimestre de 2023. La posición de efectivo era de 2.1 millones de dólares al 30 de septiembre, con otros 4.3 millones de dólares recaudados a través de ATM durante el tercer trimestre. La compañía proyecta ingresos por productos de sepsis en el cuarto trimestre de 2024 entre 2.5 y 3.5 millones de dólares.
T2 바이오시스템즈 (NASDAQ:TTOO)는 2024년 3분기 재무 결과를 보고하며 총 수익이 200만 달러에 도달했다고 밝혔습니다. 이는 전년 대비 34% 증가한 수치입니다. 패혈증 검사 패널의 수익은 140만 달러에 도달하여, 또한 34% 증가했습니다. 이 회사는 11개의 T2Dx® 기계 계약을 확보했으며, 카드날 헬스와 독점적인 미국 유통 계약을 체결했습니다. 순손실은 1010만 달러 (주당 0.57 달러)로, 2023년 3분기 1540만 달러에서 개선되었습니다. 9월 30일 기준 현금 잔고는 210만 달러였으며, 3분기 동안 ATM을 통해 추가로 430만 달러를 조달했습니다. 회사는 2024년 4분기 패혈증 제품 수익을 250만에서 350만 달러 사이로 예상하고 있습니다.
T2 Biosystems (NASDAQ:TTOO) a annoncé les résultats financiers du troisième trimestre 2024 avec un chiffre d'affaires total de 2,0 millions de dollars, en hausse de 34 % par rapport à l'année précédente. Les revenus des panneaux de tests de sepsis ont atteint 1,4 million de dollars, enregistrant également une augmentation de 34 %. L'entreprise a sécurisé 11 contrats d'instrument T2Dx® et a lancé un accord de distribution exclusif aux États-Unis avec Cardinal Health. La perte nette s'élevait à 10,1 millions de dollars (0,57 dollar par action), s'améliorant par rapport à une perte de 15,4 millions de dollars au troisième trimestre 2023. La position de trésorerie était de 2,1 millions de dollars au 30 septembre, avec 4,3 millions de dollars supplémentaires levés via des distributeurs automatiques pendant le troisième trimestre. L'entreprise prévoit que les revenus des produits de sepsis pour le quatrième trimestre 2024 se situeront entre 2,5 et 3,5 millions de dollars.
T2 Biosystems (NASDAQ:TTOO) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Gesamterlös von 2,0 Millionen Dollar, was einem Anstieg von 34 % im Vergleich zum Vorjahr entspricht. Die Einnahmen aus dem Sepsis-Testpanel beliefen sich auf 1,4 Millionen Dollar, was ebenfalls einem Anstieg von 34 % entspricht. Das Unternehmen sicherte sich 11 Verträge für das T2Dx® Instrument und begann eine exklusive Vertriebsvereinbarung in den USA mit Cardinal Health. Der Nettoverlust betrug 10,1 Millionen Dollar (0,57 Dollar pro Aktie) und verbesserte sich im Vergleich zu einem Verlust von 15,4 Millionen Dollar im 3. Quartal 2023. Die Liquiditätslage betrug zum 30. September 2,1 Millionen Dollar, mit zusätzlichen 4,3 Millionen Dollar, die im 3. Quartal über den Geldautomaten (ATM) gesammelt wurden. Das Unternehmen prognostiziert für das 4. Quartal 2024 Einnahmen aus Sepsis-Produkten zwischen 2,5 und 3,5 Millionen Dollar.
- 34% increase in total revenue to $2.0 million
- 34% growth in sepsis test panel revenue to $1.4 million
- 173% sales growth in T2Bacteria Panel in U.S.
- 78% growth in international instrument sales
- Reduced net loss compared to prior year ($10.1M vs $15.4M)
- Successfully raised $4.3M through ATM offering
- Continued net loss of $10.1 million in Q3
- Low cash position of $2.1 million as of September 30
- Cost of product revenue increased 4% year-over-year
- Ongoing reliance on ATM funding for operations
Insights
The Q3 results show mixed signals for T2 Biosystems. While the
The Cardinal Health distribution agreement and FDA clearance for pediatric use of T2Candida® Panel are positive developments for market expansion. However, the company's Q4 guidance of
The successful defense of the patent against bioMerieux and The Lancet article highlighting the advantages of culture-independent diagnostics strengthen T2's market position. The FDA clearance for pediatric use of T2Candida® Panel expands the addressable market significantly. The pipeline progress with T2Resistance® Panel moving toward FDA submission in Q1 2025 shows continued innovation.
The collaboration with Prxcision for AI-powered decision support could enhance the clinical utility of T2's diagnostic platform. The
Achieved
LEXINGTON, Mass., Nov. 14, 2024 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO) (the “Company”), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced financial and operational results for the third quarter ended September 30, 2024.
Recent Financial and Commercial Highlights
- Achieved third quarter total revenue of
$2.0 million , representing an increase of34% compared to the prior year period. - Achieved sepsis test panel revenue of
$1.4 million , representing an increase of34% compared to the prior year period, driven by increased U.S. T2Bacteria® Panel revenue. - Executed contracts for 11 T2Dx® Instruments during the third quarter, including 1 in the U.S. and 10 internationally.
- Initiated exclusive U.S. distribution agreement with Cardinal Health for the commercialization of the T2Biosystems Sepsis product portfolio, expanding access to the U.S. hospital market
- Launched co-marketing collaboration with Prxcision, Inc., for rapid direct-from-blood diagnostics and AI-powered decision support platform to provide hospitals with a solution that is designed to deliver rapid identification of pathogens directly from blood in hours, not days, paired with real-time insights and information to help guide the best possible treatment decisions
Recent Pipeline and Clinical Highlights
- Received clearance from the U.S. Food and Drug Administration (FDA) to market the T2Candida® Panel for pediatric patients.
- Advanced the T2Resistance® Panel toward U.S. FDA 510(k) submission which is expected to occur during the first quarter of 2025.
- Defended successfully against an opposition of a key patent for the Company’s innovative direct-from-blood pathogen detection method filed with the European Patent Office by bioMerieux.
- The article “Changing the Culture of Blood Culture” recently published in The Lancet, a world-leading medical journal, highlighted the weaknesses of blood culture, and the more ideal characteristics of culture-independent diagnostics consistent with the features and benefits provided by the T2Bacteria Panel, the T2Candida Panel, and the T2Resistance Panel.
“In the third quarter T2Biosystems generated strong revenue growth driven by
Third Quarter 2024 Financial Results
Total revenue for the third quarter of 2024 was
Cost of product revenue for the third quarter of 2024 was
Net loss for the third quarter of 2024 was
Cash and cash equivalents totaled
2024 Financial Outlook
The Company expects fourth quarter 2024 total sepsis product revenue of
Webcast and Conference Call Information
The Company’s management team will host a conference call today, November 14, 2024, beginning at 4:30 pm ET. Investors interested in listening to the call may do so by dialing 877-545-0320 for domestic callers or 973-528-0002 for International callers and using conference ID 903508 approximately five minutes prior to the start time. A live and recorded webcast of the call will be available on the “Investors” section of the Company’s website at www.t2biosystems.com.
About T2 Biosystems
T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. T2 Biosystems’ products include the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel, the T2Resistance® Panel, and the T2Biothreat™ Panel, and are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems has an active pipeline of future products, including the U.S. T2Resistance Panel, the Candida auris test, and the T2Lyme™ Panel. For more information, please visit www.t2biosystems.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about global commercial expansion and international strategy, and the potential for strong growth in the region, as well as statements that include the words “expect,” “may,” “should,” “anticipate,” and similar statements of a future or forward-looking nature. The financial information included herein have not been compiled or examined by our independent auditors and they are subject to revision as we prepare our financial statements as of and for the quarter ended September 30, 2024, including all disclosures required by U.S. generally accepted accounting principles. While we believe that such information and estimates are based on reasonable assumptions, actual results may vary, and such variations may be material. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, (i) any inability to (a) continue to operate as a going concern and raise additional debt or equity financing necessary to fund working capital, make capital expenditures and service our debt, (b) realize anticipated benefits from commitments, contracts or products; (c) successfully execute strategic priorities; (d) bring products to market; (e) expand product usage or adoption; (f) obtain customer testimonials; (g) accurately predict growth assumptions; (h) realize anticipated revenues; (i) incur expected levels of operating expenses; or (j) increase the number of high-risk patients at customer facilities; (ii) failure of early data to predict eventual outcomes; (iii) failure to make or obtain anticipated FDA filings or clearances within expected time frames or at all; or (iv) the factors discussed under Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission, or SEC, on April 1, 2024, and other filings the Company makes with the SEC from time to time, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While the Company may elect to update such forward-looking statements at some point in the future, unless required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change. Thus, no one should assume that the Company’s silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
Investor Contact:
Philip Trip Taylor, Gilmartin Group
ir@T2Biosystems.com
415-937-5406
| T2 Biosystems, Inc. Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 2,083 | $ | 15,689 | ||||
| Accounts receivable, net | 2,033 | 1,420 | ||||||
| Inventories | 3,825 | 4,819 | ||||||
| Prepaid expenses and other current assets | 1,845 | 3,261 | ||||||
| Total current assets | 9,786 | 25,189 | ||||||
| Property and equipment, net | 1,477 | 1,658 | ||||||
| Operating lease right-of-use assets | 6,268 | 7,395 | ||||||
| Restricted cash | 551 | 551 | ||||||
| Other assets | — | 4 | ||||||
| Total assets | $ | 18,082 | $ | 34,797 | ||||
| Liabilities and stockholders’ deficit | ||||||||
| Current liabilities: | ||||||||
| Notes payable to related party | $ | 11,922 | $ | 41,284 | ||||
| Accounts payable | 4,210 | 1,527 | ||||||
| Accrued expenses and other current liabilities | 4,627 | 4,905 | ||||||
| Accrued final payment fee on Term Loan with related party | 1,306 | 4,807 | ||||||
| Operating lease liability | 1,724 | 1,616 | ||||||
| Derivative liability related to Term Loan with related party | 347 | 1,554 | ||||||
| Warrant liabilities | 66 | 235 | ||||||
| Deferred revenue | 233 | 224 | ||||||
| Total current liabilities | 24,435 | 56,152 | ||||||
| Operating lease liabilities, net of current portion | 5,298 | 6,598 | ||||||
| Deferred revenue, net of current portion | 59 | 83 | ||||||
| Total liabilities | 29,792 | 62,833 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ deficit | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 18 | 4 | ||||||
| Additional paid-in capital | 605,182 | 556,256 | ||||||
| Accumulated deficit | (619,910 | ) | (584,296 | ) | ||||
| Total stockholders’ deficit | (11,710 | ) | (28,036 | ) | ||||
| Total liabilities and stockholders’ deficit | $ | 18,082 | $ | 34,797 | ||||
| T2 Biosystems, Inc. Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product revenue | $ | 1,985 | $ | 1,472 | $ | 5,998 | $ | 5,091 | ||||||||
| Contribution revenue | — | — | — | 423 | ||||||||||||
| Total revenue | 1,985 | 1,472 | 5,998 | 5,514 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of product revenue | 4,101 | 3,925 | 10,996 | 12,789 | ||||||||||||
| Research and development | 2,667 | 2,663 | 9,749 | 10,984 | ||||||||||||
| Selling, general and administrative | 5,378 | 5,980 | 17,589 | 19,575 | ||||||||||||
| Impairment of property and equipment | — | 2,511 | — | 2,511 | ||||||||||||
| Total costs and expenses | 12,146 | 15,079 | 38,334 | 45,859 | ||||||||||||
| Loss from operations | (10,161 | ) | (13,607 | ) | (32,336 | ) | (40,345 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense to related party | (370 | ) | (1,119 | ) | (2,027 | ) | (4,182 | ) | ||||||||
| Change in fair value of derivative related to Term Loan with related party | 77 | 184 | 1,207 | 436 | ||||||||||||
| Change in fair value of warrant liabilities | 321 | (930 | ) | 169 | 4,958 | |||||||||||
| Other, net | 16 | 47 | 373 | (604 | ) | |||||||||||
| Total other income (expense) | 44 | (1,818 | ) | (278 | ) | 608 | ||||||||||
| Net loss | $ | (10,117 | ) | $ | (15,425 | ) | $ | (32,614 | ) | $ | (39,737 | ) | ||||
| Net loss per share — basic and diluted | $ | (0.57 | ) | $ | (3.45 | ) | $ | (2.63 | ) | $ | (21.79 | ) | ||||
| Weighted-average number of common shares used in computing net loss per share — basic and diluted | 17,892,606 | 4,477,321 | 12,381,110 | 1,823,485 | ||||||||||||
FAQ
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