- The stock price of T2 Biosystems (TTOO) fell by over 3.5% intraday today. This is why.
The stock price of T2 Biosystems (TTOO) fell by over 3.5% intraday today.
Why: T2 Biosystems announced preliminary unaudited financial and operational results for the fourth quarter and full year of 2022.
Full Year 2022 and Recent Highlights (unaudited)
- Achieved full-year 2022 total revenue of $22.3 million, including product revenue of $11.3 million and research contribution revenue of $11.0 million
- Achieved fourth quarter total revenue of $5.5 million, including product revenue of $2.2 million and research contribution revenue of $3.3 million
- Achieved the record full-year 2022 sepsis and related product revenue globally, and record fourth-quarter sepsis test revenue in the U.S.
- Achieved record full-year 2022 sepsis-driven T2Dx Instruments, totaling 51 contracts, consisting of 27 from the U.S. and 24 from outside the U.S.
- Advanced U.S. clinical trials for the T2Resistance Panel and T2Biothreat Panel
- Initiated studies to expand the T2Bacteria Panel to include the detection of Acinetobacter baumannii, the tenth most common pathogen that has a crude ICU mortality rate of 34.0% to 43.4%
- Received FDA Breakthrough Device Designation and LymeX Award for the T2Lyme™ Panel, and announced plans to complete the development of, and commercialize the T2Lyme Panel
- Implemented expense reductions and cost of goods improvements during the second quarter of 2022 reducing our workforce and decreasing operating expenses by approximately 20%
- Cash, cash equivalents, and restricted cash totaled $11.9 million as of December 31, 2022
The company’s fourth quarter and full year 2022 financial results are preliminary and are subject to the completion of the audit of the company’s 2022 financial statements. And the complete fourth quarter and full year 2022 financial results will be announced in March.
“We made considerable progress across the business during 2022, achieving record sepsis product revenue and sepsis-driven T2Dx Instrument units. We are very excited by the progress on our near-term new product pipeline, the advancement of the U.S. clinical trials for the T2Resistance Panel and the T2Biothreat Panel, and the development of plans for the T2Lyme Panel and expanded T2Bacteria Panel. Heading into 2023, we believe we are well-positioned to accelerate product sales growth, enhance product gross margins, and drive toward profitability.”
- John Sperzel, Chairman and CEO of T2 Biosystems