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Jun 30, 2024
T2 Biosystems Q2 2024 Earnings Report
Achieved record quarterly and first half sepsis test revenue, representing growth of 27% and 25% respectively compared to the prior year periods.
Key Takeaways
T2 Biosystems announced financial results for Q2 2024, with total revenue of $2.0 million, all from sepsis product sales. The company experienced a $9.6 million loss from operations, a 27% improvement compared to the previous year. They reiterated the 2024 full year total sepsis product revenue guidance of $10.0 million to $11.0 million.
Total revenue for the second quarter of 2024 was $2.0 million, flat compared to the prior year period.
Sepsis test revenue grew 27% compared to the prior year period, led by T2Bacteria® and T2Resistance® panel sales.
Loss from operations was $9.6 million in the second quarter of 2024, a 27% improvement compared to a $13.1 million loss from operations in the second quarter of 2023.
Cash and cash equivalents totaled $4.2 million as of June 30, 2024, compared to $6.2 million as of March 31, 2024.
T2 Biosystems
T2 Biosystems
Forward Guidance
The Company continues to expect full year 2024 total sepsis product revenue of $10.0 million to $11.0 million, representing growth of 49% to 64%, compared to $6.7 million in 2023.
Positive Outlook
- Expect incremental sepsis revenue growth as a result of the recently FDA-cleared expanded T2Bacteria Panel.
- Potential U.S. distribution partnership with a multibillion dollar healthcare company.
- Recently signed international distribution agreements in five new countries.
- Launch of the T2Lyme Panel as a Laboratory Developed Test (LDT), planned for the third quarter of 2024, represents a significant growth opportunity.
- Prioritize enhancing operations and implementing cost reduction measures to improve cash flow.