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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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