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Mar 31, 2023
T2 Biosystems Q1 2023 Earnings Report
Announced first quarter 2023 financial results, filed FDA submission for T2Biothreat Panel, implemented a restructuring program and announced exploration of strategic alternatives.
Key Takeaways
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.
Achieved first quarter total revenue of $2.1 million, including sepsis and related product revenue of $1.7 million and research contribution revenue of $0.4 million.
Increased sepsis panel revenue by 11% year over year, driven by increased T2Bacteria® Panel sales of 109% in the U.S. and 55% globally.
Executed contracts for 5 T2Dx® Instruments during the first quarter.
Filed FDA submission for T2Biothreat™ Panel.
Revenue by Segment
Forward Guidance
The Company reiterates its full year 2023 financial outlook and continues to expect total sepsis and related product revenue of $11.0 million to $13.0 million, representing growth of 31% to 55%, compared to $8.4 million in 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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