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- T2 Biosystems Inc's (NASDAQ:TTOO) Q2 revenue reached $5.9 million, including product revenue of $2.6 million, representing decreases of 12% Y/Y and 30%, respectively, driven by lower sales of T2SARS-CoV-2 tests.
- The sales came in at the lower end of the interim sales, missing the consensus of $6.13 million.
- In Q2, the company executed 12 T2Dx Instruments contracts, including 6 in the U.S. and six outside the U.S., +300% Y/Y.
- Generated core sepsis test revenue of $1.2 million, a Y/Y decrease of 3%.
- T2 posted a net loss of $(0.10) per share, compared to $(0.08) per share a year ago.
- T2 finished Q2 with $14.3 million in cash and cash equivalents.
- The company recently implemented expense reductions, reducing the workforce and operating expenses by approximately 20%.
- Outlook: T2 continues to expect FY22 revenue of $28-$31 million, compared to the consensus of $28.6 million.
- The guidance includes product revenue of $16-$17 million and research contribution revenue of $12-$14 million.
- The company expects to close 60 - 70 T2Dx Instrument contracts in 2022, and COVID-19 revenue to decrease from $9.5 million to $3.5 million.
- Price Action: TTOO shares are down 19.4% at $0.1653 during the premarket session on the last check Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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