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Dec 31, 2022
T2 Biosystems Q4 2022 Earnings Report
T2 Biosystems reported a decrease in total revenue and product revenue compared to the prior year period, while research contribution revenues increased. The company also reported a net loss for the quarter.
Key Takeaways
T2 Biosystems announced its Q4 2022 financial results, reporting a total revenue of $5.5 million, a 21% decrease compared to the prior year period. Product revenue decreased by 45% to $2.2 million, while research contribution revenues increased by 10% to $3.3 million. The company's net loss for the quarter was $10.4 million, or $1.41 per share.
Total revenue for Q4 2022 was $5.5 million, a decrease of 21% compared to the prior year period.
Product revenue for Q4 2022 was $2.2 million, a decrease of 45% compared to the prior year period, driven by an 89% decline in COVID-19 test sales.
Research contribution revenues were $3.3 million, an increase of 10% compared to the prior year period.
Net loss for the fourth quarter of 2022 was $10.4 million, $1.41 per share.
Revenue by Segment
Forward Guidance
The Company expects full year 2023 total sepsis and related product revenue of $11.0 million to $13.0 million, representing growth of 31% to 55%, compared to $8.4 million in 2022.
Positive Outlook
- The Company expects full year 2023 total sepsis and related product revenue of $11.0 million to $13.0 million
- Expected revenue represents growth of 31% to 55%, compared to $8.4 million in 2022.
- Focus on product revenue.
- Advanced U.S. clinical trial for the T2Resistance® Panel
- Completed the U.S. clinical trial for the T2BiothreatTM Panel, demonstrating high sensitivity and specificity exceeding target performance requirements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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