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Mar 31, 2022
T2 Biosystems Q1 2022 Earnings Report
Results driven by strong sepsis-focused instrument placements in the United States
Key Takeaways
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.
Achieved first quarter total revenue of $7.2 million, including product revenue of $3.8 million and research contribution revenue of $3.4 million.
Executed contracts for 15 T2Dx® Instruments during the first quarter, including 11 in the U.S. and 4 outside the U.S.
Expanded international commercialization by entering into exclusive distributor agreements in Norway, Finland, and Türkiye.
Received Option 2B of the contract with BARDA, valued at $4.4 million, to advance the U.S. clinical trials for the T2Biothreat® Panel and T2Resistance® Panel and continue development of the Company’s next-generation diagnostics for the detection of bloodstream infections and antimicrobial resistance.
T2 Biosystems
T2 Biosystems
T2 Biosystems Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.com Forward Guidance
The Company continues to expect full year 2022 total revenue of $28.0 to $31.0 million, including product revenue of $16.0 to $17.0 million and research contribution revenue of $12.0 to $14.0 million. The Company continues to expect to close 60 to 70 T2Dx Instrument contracts in 2022 and COVID-19 revenue to decrease from $9.5 to $3.5 million.