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Sep 30, 2020
T2 Biosystems Q3 2020 Earnings Report
T2 Biosystems experienced significant revenue growth driven by record product sales and BARDA contract activity.
Key Takeaways
T2 Biosystems reported a 213% increase in total revenue to $5.2 million for the third quarter of 2020, driven by a 219% increase in product revenue and a 198% increase in research and contribution revenue. The company's net loss decreased to $11.3 million, or $0.08 per share, compared to $14.2 million, or $0.31 per share, in the prior year period.
Achieved record quarterly revenue of $5.2 million, a 213% increase year-over-year.
Product revenue reached $3.8 million, representing a 219% increase year-over-year.
Sold a record 32 T2Dx Instruments, including 28 in the U.S., a 167% increase year-over-year.
Increased T2Bacteria and T2Candida Panel revenue by 70% and 38% respectively, year-over-year.
Revenue by Segment
Forward Guidance
The Company has increased its expectation of full year 2020 total revenue to be between $19.0 million to $20.0 million, including product revenue between $13.0 million to $14.0 million and research and contribution revenue of approximately $6.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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