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Mar 31, 2020
T2 Biosystems Q1 2020 Earnings Report
Reported an increase in total revenue and a decrease in product revenue, while implementing cost-saving initiatives.
Key Takeaways
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.
Total revenue increased by 43% to $2.5 million compared to the prior year period.
Product revenue decreased by 20% to $1.0 million compared to the prior year period.
Research revenue increased by 218% to $1.5 million compared to the prior year period.
Net loss was $15.0 million, or $0.22 per share, compared to a net loss of $15.1 million, or $0.34 per share in the prior year period.
Revenue by Segment
Forward Guidance
Due to disruption and uncertainties related to the ongoing COVID-19 pandemic, the Company suspended financial and operational guidance for 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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