T2 Biosystems Q2 Earnings Edges Wall Street Estimates On Higher Test Panels Volumes, Expects Lower COVID-19 Test Sales In FY21 - T2 Biosystems (NASDAQ:TTOO)

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.

Market News and Data brought to you by Benzinga APIs