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Sep 30, 2021
T2 Biosystems Q3 2021 Earnings Report
Achieved revenue growth and expanded commercialization into the Asia-Pacific region.
Key Takeaways
T2 Biosystems reported a 42% increase in total revenue to $7.4 million for the third quarter of 2021, driven by growth in both product revenue and research and contribution revenue. The company sold 8 T2Dx Instruments and expanded into the Asia-Pacific region. The net loss for the quarter was $14.0 million, or $0.08 per share.
Third quarter revenue reached $7.4 million, a 42% increase year-over-year, with product revenue growing by 15% to $4.3 million.
U.S. sepsis test panel utilization annualized run rate was $115,000 per legacy sepsis instrument, a 55% increase compared to the prior year period.
8 T2Dx Instruments were sold during the third quarter.
Expanded commercialization into the Asia-Pacific region, signing distribution agreements in Korea and Singapore.
Revenue by Segment
Forward Guidance
The Company is raising its revenue expectations to reflect its third quarter results and now expects revenue for the full year 2021 to be between $25.0 million and $27.0 million. Product revenue is now expected to be between $15.0 million and $16.0 million. Research and contribution revenue is expected to be between $10.0 million and $11.0 million unchanged from the prior guidance. The Company continues to expect to enter into at least 30 T2Dx Instrument contracts in 2021.
Positive Outlook
- Full year 2021 revenue expected to be between $25.0 million and $27.0 million.
- Product revenue is now expected to be between $15.0 million and $16.0 million.
- Research and contribution revenue is expected to be between $10.0 million and $11.0 million.
- The Company continues to expect to enter into at least 30 T2Dx Instrument contracts in 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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