Amid Plunging COVID-19 Test Sales T2 Biosystems Cuts Annual Guidance, Shares Fall

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  • T2 Biosystems Inc TTOO expects Q3 sales of approximately $3.7 million, including product revenue of around $2.6 million, representing a Y/Y decrease of 50% and 40%, respectively, below the consensus of $7.2 million.
  • The fall is driven by lower sales of COVID-19 tests and reduced BARDA revenue offset by increased sepsis test sales.
  • The company sees sepsis and related revenue (non-COVID product revenue) of approximately $2.3 million, representing a record number for a single quarter, up 24% Y/Y.
  • It executed contracts for 11 T2Dx Instruments during Q3, including 3 in the U.S. and eight outside the U.S., compared to 8 total instruments in the prior year.
  • T2 Biosystems received Option 3 of the contract with BARDA, valued at $3.7 million.
  • The funding will advance the U.S. clinical trials for the T2Resistance Panel and T2Biothreat Panel and FDA submissions expected in Q4 of 2022 and early 2023, respectively.
  • Cash, cash equivalents, marketable securities, and restricted cash totaled $21.5 million as of September 30, 2022.
  • The company expects FY22 sales of $22-$23 million, down from the previous guidance of $28-$31 million and the consensus of $28.5 million.
  • It expects to close 50 to 55 T2Dx Instrument contracts in 2022, versus 60 - 70 expected earlier.
  • T2 Biosystems also approved a reverse stock split of 1 for every 50 shares. The reverse stock split will become effective today.
  • Price Action: TTOO shares are down 32.10% at $0.05 on the last check Wednesday.
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