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Jun 30, 2023
T2 Biosystems Q2 2023 Earnings Report
Achieved record quarterly sepsis test panel orders and received FDA Breakthrough Device Designation for Candida auris test
Key Takeaways
T2 Biosystems reported a decrease in total revenue for Q2 2023, primarily due to reduced BARDA contribution revenues, but achieved record quarterly sepsis test panel orders and secured the second largest sepsis-driven instrument order in company history.
Total revenue for the second quarter was $2.0 million, a 67% decrease compared to the prior year period, primarily due to a $3.4 million reduction in BARDA research contribution revenues.
Sepsis test panel revenue was $1.3 million, representing an increase of 7% compared to the prior year period, despite ending the quarter with a $350 thousand sepsis test backorder.
Executed contracts for 11 T2Dx Instruments during the second quarter, including 4 in the U.S. and 7 internationally.
Cash and cash equivalents totaled $16.1 million as of June 30, 2023, and the Company raised an additional $10.9 million in net proceeds through ATM sales during the third quarter.
Revenue by Segment
Forward Guidance
The Company now expects full year total sepsis and related product revenue of $9.5 million to $10.5 million, representing growth of 13% to 25%, compared to 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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