- T2 Biosystems Inc's TTOO second-quarter revenues rose 162% Y/Y to $6.7 million, slightly ahead of the consensus of $6.12 million, primarily due to increased test panel sales.
- The firm reported product revenue of $3.7 million, up 253%, while contribution revenue doubled to $3.0 million, driven by the U.S. Department of Health and Human Services' Biomedical Advanced Research and Development Authority (BARDA) contract activity.
- T2 generated the U.S. sepsis test panel utilization annualized run rate of approximately $98,000 per legacy sepsis instrument.
- In the quarter, T2 received a New Technology Add-on Payment (NTAP) extension for the T2Bacteria panel from the US Centers for Medicare and Medicaid Services for FY22.
- T2 plans to initiate a clinical trial for the panel in the first quarter of 2022.
- T2 posted a net loss of $(0.08) per share, compared to $(0.09) per share a year ago, in line with the consensus loss of $(0.08).
- T2 finished Q2 with $32.7 million in cash and cash equivalents and $20.1 million in marketable securities.
- Outlook: T2 expects FY21 revenue of $24.0 million - $26.0 million.
- It lowered product revenue expectations to $14.0 million - $15.0, from $16.0 - $18.0 million, previously.
- The firm said this was driven by lower T2SARS-CoV-2 panel sales partially offset by increased sepsis test panel sales.
- Research and contribution revenue is expected to be $10.0 million - $11.0 million, compared to $8.0 million prior, driven by accelerated progress under the BARDA contract.
- T2 continues to expect to enter into at least 30 T2Dx Instrument contracts in 2021.
- Price Action: TTOO shares are down 8.55% at $1.07 during the market session on the last check Friday.
TTOOT2 Biosystems Inc
$0.1200-10.4%
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