T2 Biosystem Slashes FY23 Sepsis Product Revenue Forecast

T2 Biosystems, Inc. TTOO announced preliminary results for the second quarter of 2023.

The company is expected to achieve second-quarter total revenue of $2 million. It includes sepsis test panel revenue of $1.3 million, representing an increase of 7% compared to the prior year.

T2 ended the second quarter with a $0.4 million sepsis test backorder.

In the second quarter, T2 secured a multi-year contract with a European distributor for 7 T2Dx Instruments and sepsis test panels for Poland.

T2  implemented a restructuring program in May 2023, including a workforce reduction of nearly 30%.

The company expects to exit the quarter with cash and equivalents worth $16.1 million.

The company now expects full-year 2023 total sepsis and related product revenue of $9.5 million-$10.5 million (down from the prior view of $11.0 million-$13.0 million), representing growth of 13% to 25%, compared to $8.4 million in 2022.

The company plans to announce the complete second quarter 2023 financial results in August.

Price Action: TTOO shares are trading lower by 12% to $0.1318 on the last check Wednesday.