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Sep 30, 2022
T2 Biosystems Q3 2022 Earnings Report
T2 Biosystems reported a decrease in total revenue driven by decline in COVID-19 test sales and reduced BARDA revenue, offset by increased sepsis test sales and a net loss for the quarter.
Key Takeaways
T2 Biosystems announced third quarter 2022 financial results, reporting a total revenue of $3.7 million, including product revenue of $2.6 million. The company achieved record quarterly sepsis and related revenue of $2.4 million. Net loss for the quarter was $17.4 million, or $2.95 per share. They expect full year 2022 total revenue of $22.0 to $23.0 million.
Achieved third quarter total revenue of $3.7 million, including product revenue of $2.6 million.
Achieved sepsis and related revenue (non-COVID product revenue) of $2.4 million, representing a record number for a single quarter and an increase of 24% compared to the prior year period.
Executed contracts for 11 T2Dx® Instruments during the third quarter, including 3 in the U.S. and 8 outside the U.S.
Completed all milestones for Option 2B of the multiple-year product development contract with BARDA and received Option 3 of the contract, valued at $3.7 million, to finalize U.S. clinical trials and complete FDA submission for the T2Biothreat™ Panel and the T2Resistance® Panel.
Revenue by Segment
Forward Guidance
The Company expects full year 2022 total revenue of $22.0 to $23.0 million, including product revenue of $11.5 to $12.0 million and research contribution revenue of $10.5 to $11.0 million. The Company expects to close 50 to 55 T2Dx Instrument contracts in 2022.
Historical Earnings Impact
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