T2 Biosystems Earnings Reports

T2 Biosystems reported a 34% increase in total revenue compared to the prior year period, driven by strong growth in T2Bacteria panel sales in the U.S. and international instrument sales. The company also highlighted recent commercial and pipeline advancements, including a distribution agreement with Cardinal Health and FDA clearance for the T2Candida Panel for pediatric patients.

T2 Biosystems announced financial results for Q2 2024, with total revenue of $2.0 million, all from sepsis product sales. The company experienced a $9.6 million loss from operations, a 27% improvement compared to the previous year. They reiterated the 2024 full year total sepsis product revenue guidance of $10.0 million to $11.0 million.

T2 Biosystems reported a 25% increase in sepsis product revenue compared to the prior year period. They have also reduced their debt by approximately 80%.

T2 Biosystems reported a decrease in total revenue for Q2 2023, primarily due to reduced BARDA contribution revenues, but achieved record quarterly sepsis test panel orders and secured the second largest sepsis-driven instrument order in company history.

T2 Biosystems reported a total revenue of $2.1 million for Q1 2023, a 71% decrease compared to the prior year, with a net loss of $18.0 million, or $1.32 per share. The company is exploring strategic alternatives and implemented a restructuring program to preserve capital.

T2 Biosystems announced its Q4 2022 financial results, reporting a total revenue of $5.5 million, a 21% decrease compared to the prior year period. Product revenue decreased by 45% to $2.2 million, while research contribution revenues increased by 10% to $3.3 million. The company's net loss for the quarter was $10.4 million, or $1.41 per share.

T2 Biosystems announced third quarter 2022 financial results, reporting a total revenue of $3.7 million, including product revenue of $2.6 million. The company achieved record quarterly sepsis and related revenue of $2.4 million. Net loss for the quarter was $17.4 million, or $2.95 per share. They expect full year 2022 total revenue of $22.0 to $23.0 million.

T2 Biosystems announced financial results for the second quarter ended June 30, 2022, with total revenue of $5.9 million, a decrease of 12% compared to the prior year period. The company executed contracts for 12 T2Dx Instruments, a 300% increase compared to the prior year period. Net loss for the quarter was $18.0 million, or $0.10 per share.

T2 Biosystems reported a 4% increase in total revenue to $7.2 million for Q1 2022, driven by increased BARDA contract activities which was offset by decreased COVID-19 test panel sales. The company executed contracts for 15 T2Dx Instruments, expanded international commercialization, and advanced its product pipeline.

T2 Biosystems reported a decrease in total revenue for Q4 2021, with $7.0 million, a 10% decrease compared to the prior year period. The decrease was driven by increased sepsis test panel sales and BARDA contract activities offset by decreased COVID-19 test panel sales. The company's net loss for the quarter was $12.1 million, or $0.07 per share.

T2 Biosystems reported a 42% increase in total revenue to $7.4 million for the third quarter of 2021, driven by growth in both product revenue and research and contribution revenue. The company sold 8 T2Dx Instruments and expanded into the Asia-Pacific region. The net loss for the quarter was $14.0 million, or $0.08 per share.

T2 Biosystems reported a strong second quarter with a 162% increase in total revenue to $6.7 million, driven by a 253% increase in product revenue. The company's net loss was $(12.5) million, or $(0.08) per share. The company achieved the final revenue covenant of $20.0 million for the CRG debt agreement.

T2 Biosystems reported a strong first quarter with a 173% increase in total revenue and a 345% increase in product revenue compared to the prior year period. The company is focused on accelerating sales, enhancing operations, and advancing its pipeline, with sepsis test sales showing significant growth.

T2 Biosystems reported a 213% increase in total revenue to $5.2 million for the third quarter of 2020, driven by a 219% increase in product revenue and a 198% increase in research and contribution revenue. The company's net loss decreased to $11.3 million, or $0.08 per share, compared to $14.2 million, or $0.31 per share, in the prior year period.

T2 Biosystems reported a 41% increase in total revenue for the second quarter of 2020, driven by a significant rise in research and contribution revenue. The company also launched its T2SARS-CoV-2 Panel and strengthened its balance sheet through stock sales.

T2 Biosystems reported a 43% increase in total revenue, driven by a significant rise in research revenue, but experienced a decrease in product revenue. The company implemented cost-saving measures, including a headcount reduction, to strengthen its balance sheet and reduce operating expenses. They are also developing a SARS-CoV-2 molecular diagnostic test.

T2 Biosystems reported a 71% increase in total revenue for Q4 2019 compared to the prior year period, with total revenue reaching $3.1 million. Product revenue increased by 18% to $1.6 million, and research revenue increased by 200% to $1.5 million. The net loss for the quarter was $14.1 million, or $0.30 per share.