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Jun 30, 2021
T2 Biosystems Q2 2021 Earnings Report
Announced second quarter 2021 financial results, demonstrating revenue growth and progress across corporate priorities.
Key Takeaways
T2 Biosystems reported a strong second quarter with a 162% increase in total revenue to $6.7 million, driven by a 253% increase in product revenue. The company's net loss was $(12.5) million, or $(0.08) per share. The company achieved the final revenue covenant of $20.0 million for the CRG debt agreement.
Achieved second quarter 2021 revenue of $6.7 million, a 162% increase year-over-year.
Product revenue grew by 253% to $3.7 million compared to the prior year period.
Generated a U.S. sepsis test panel utilization annualized run rate of approximately $98,000 per legacy sepsis instrument.
Sold 3 T2Dx® Instruments and expanded the use of T2Bacteria® and T2Candida® Panels in 3 additional accounts.
Revenue by Segment
Forward Guidance
The Company continues to expect revenue for the full year 2021 to be between $24.0 million and $26.0 million. Product revenue is now expected to be between $14.0 million and $15.0 million, compared to the previous expectation of between $16.0 to $18.0 million, driven by lower T2SARS-CoV-2 Panel sales partially offset by increased sepsis test panel sales. Research and contribution revenue is now expected to be between $10.0 million and $11.0 million, compared to the previous expectation of $8.0 million, driven by accelerated progress under the BARDA contract. The Company continues to expect to enter into at least 30 T2Dx Instrument contracts in 2021.
Positive Outlook
- Revenue for the full year 2021 is expected to be between $24.0 million and $26.0 million.
- Research and contribution revenue is now expected to be between $10.0 million and $11.0 million.
- Progress is accelerating under the BARDA contract.
- The Company continues to expect to enter into at least 30 T2Dx Instrument contracts in 2021.
Challenges Ahead
- Product revenue is now expected to be between $14.0 million and $15.0 million, compared to the previous expectation of between $16.0 to $18.0 million.
- Lower T2SARS-CoV-2 Panel sales are driving the decrease in product revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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