T2 Biosystems Q2 Sales Below Expectations, Sticks To Annual Guidance

T2 Biosystems Q2 Sales Below Expectations, Sticks To Annual Guidance
  • T2 Biosystems Inc's 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.

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