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Jun 30, 2020
T2 Biosystems Q2 2020 Earnings Report
Announced second quarter 2020 financial results, highlighted by a revenue increase and the launch of the T2SARS-CoV-2 Panel.
Key Takeaways
T2 Biosystems reported a 41% increase in total revenue for the second quarter of 2020, driven by a significant rise in research and contribution revenue. The company also launched its T2SARS-CoV-2 Panel and strengthened its balance sheet through stock sales.
Total revenue increased by 41% to $2.6 million compared to the prior year period.
Product revenue decreased by 18% to $1.0 million due to lower instrument sales internationally.
Research and contribution revenue increased by 185% to $1.5 million, driven by increased U.S. government contract funding.
Net loss decreased to $10.7 million, or $0.09 per share, compared to $15.6 million, or $0.35 per share, in the prior year period.
Revenue by Segment
Forward Guidance
T2 Biosystems reissued its full-year 2020 revenue guidance, expecting total revenues between $18.0 million and $20.0 million, including product revenues between $13.0 million and $14.0 million and research and contribution revenues between $5.0 million and $6.0 million.
Positive Outlook
- Full year 2020 total revenues expected between $18.0 million to $20.0 million.
- Product revenues expected between $13.0 million to $14.0 million.
- Research and contribution revenues expected between $5.0 million to $6.0 million.
- Expect to receive 60 T2Dx Instrument sales contracts in the U.S. in 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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