T2 Biosystems Q1 2021 Earnings Report
Key Takeaways
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.
Total revenue increased by 173% to $7.0 million compared to the prior year period.
Product revenue increased by 345% to $4.7 million, driven by increased sepsis and COVID-19 test sales.
Annualized sepsis test utilization increased to $111,000 per instrument, up 85% year-over-year and 32% sequentially.
The company is on track to close at least 30 T2Dx Instrument contracts during 2021.
T2 Biosystems
T2 Biosystems
T2 Biosystems Revenue by Segment
Forward Guidance
T2 Biosystems expects total revenue for the full year 2021 to be between $24.0 million and $26.0 million, including product revenues of $16.0 million to $18.0 million and research and contribution revenues of $8.0 million. The company also expects to close at least 30 T2Dx Instrument contracts in 2021.
Positive Outlook
- Increased access to hospital personnel is anticipated as the year progresses, especially in the second half.
- Greater opportunity to sell new T2Dx Instruments for sepsis testing.
- Opportunity to add sepsis test panels to customers currently utilizing only the T2SARS-CoV-2 Panel.
- Opportunity to drive broader adoption of sepsis test panels in legacy sepsis accounts.
- 70% of 2021 T2Dx Instrument sales are expected to occur in the second half of the year, primarily for sepsis testing.