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$1.30s the new bottom could see some action now
The T2Bacteria Panel is the only FDA-cleared diagnostic test able to detect sepsis-causing bacterial species directly-from-blood, in just 3-5 hours.
T2 Biosystems Announces Preliminary Third Quarter 2024 Financial Results
Source: GlobeNewswire Inc.
T2 Biosystems, Inc. (NASDAQ: TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced preliminary unaudited financial and operational results for the third quarter 2024.
Recent Financial and Operational Highlights (unaudited)
Achieved third quarter total revenue of $2.0 million, representing an increase of 35% compared to the prior year period, driven by increased sepsis test revenue and instrument revenue.
Achieved sepsis test panel revenue of $1.6 million, representing an increase of 42% compared to the prior year period, driven by increased T2Bacteria® Panel revenue in the U.S.
Executed contracts for 11 T2Dx® Instruments during the third quarter, including 1 in the U.S. and 10 internationally.
Expanded international distribution network by entering into an exclusive distribution agreement covering Malaysia and Indonesia.
Recent Pipeline and Clinical Highlights
Received clearance from the U.S. Food and Drug Administration (FDA) to market the T2Candida® Panel for pediatric patients.
Advanced the T2Resistance® Panel toward U.S. FDA 510(k) submission which is expected to occur during the fourth quarter of 2024.
Defended successfully against an opposition of a key patent for the Company’s innovative direct-from-blood pathogen detection method filed with the European Patent Office by bioMerieux.
The article “Changing the Culture of Blood Culture” recently published in The Lancet, a world-leading medical journal, highlighted the weaknesses of blood culture, and the ideal characteristics of culture-independent diagnostics consistent with the features and benefits provided by the T2Bacteria Panel, the T2Candida Panel, and the T2Resistance Panel.
“During the third quarter, our team delivered total revenue growth of 35% compared to the prior year period, which included more than a 200% increase in sales of the T2Bacteria Panel in the U.S., and more than a 75% increase in sales of the T2Dx Instrument in international markets,” stated John Sperzel, Chairman and CEO of T2 Biosystems. “In addition, we successfully defended a key European patent that protects our direct-from-blood detection methods, we received FDA-clearance to market and sell the T2Candida Panel for pediatrics, and we advanced the T2Resistance Panel toward FDA submission which we expect to occur during the fourth quarter of 2024.”
2024 Financial Outlook
The Company now expects fourth quarter 2024 total sepsis product revenue of $2.5 million to $3.5 million, representing growth of 49% to 109% compared to the fourth quarter of 2023. The Company’s 2024 revenue guidance consists entirely of sepsis product revenue and does not include potential sales of the T2Biothreat™ Panel or the T2Lyme™ Panel.
About T2 Biosystems
T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. T2 Biosystems’ products are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology and include the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel, the T2Resistance® Panel, and the T2Biothreat™ Panel. T2 Biosystems has an active pipeline of future products, including the U.S. T2Resistance Panel, the T2Lyme™ Panel, and the expended T2Candida Panel to add the detection of Candida auris. For more information, please visit www.t2biosystems.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, as well as statements that include the words “expect,” “may,” “should,” “anticipate,” and similar statements of a future or forward-looking nature. The preliminary financial results for the third quarter contained in this press release contain forward-looking statements and are subject to the completion of management’s and the audit committee’s final reviews and our other financial closing procedures and are therefore subject to change. You should not place undue reliance on such preliminary information and estimates because they may prove to be materially inaccurate. The preliminary information and estimates have not been compiled or examined by our independent auditors and they are subject to revision as we prepare our financial statements as of and for the quarter ended September 30, 2024, including all disclosures required by U.S. generally accepted accounting principles. While we believe that such preliminary information and estimates are based on reasonable assumptions, actual results may vary, and such variations may be material. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, (i) any inability to (a) continue to operate as a going concern and raise additional debt or equity financing necessary to fund working capital, make capital expenditures and service our debt, (b) realize anticipated benefits from commitments, contracts or products; (c) successfully execute strategic priorities; (d) bring products to market; (e) expand product usage or adoption; (f) obtain customer testimonials; (g) accurately predict growth assumptions; (h) realize anticipated revenues; (i) incur expected levels of operating expenses; or (j) increase the number of high-risk patients at customer facilities; (ii) failure of early data to predict eventual outcomes; (iii) failure to make or obtain anticipated FDA filings or clearances within expected time frames or at all; or (iv) the factors discussed under Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission, or SEC, on April 1, 2024, and other filings the Company makes with the SEC from time to time, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While the Company may elect to update such forward-looking statements at some point in the future, unless required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change. Thus, no one should assume that the Company’s silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
Investor Contact:
Philip Trip Taylor, Gilmartin Group
ir@T2Biosystems.com
415-937-5406
Primary Logo
#TTOO 🔥 offering news! Buy the dip? $ttoo
John Sperzel, CEO of this shit company- contact informaiton
Email Address: jsperzel@t2biosystems.com
Phone Number 781-457-1220
Totally agree.. but maybe before jail he can get one or two more reverse splits done
What's with the volume!!! Over 20,000,000 dollar traded on TTOO today.
Ttoo
Why would anyone buy into this Ttoo BULLSHIT.? They just scammed a lot of people out of their money. WAKE UP PEOPLE!
10 cents coming! Then another R/S...
It'll Happen without a doubt $TTOO coming soon to a theater near you! 💥🏁🎬️
a boulder over TTOO's head, at any moment they could declare the delisting from Nasdaq to OTC. Is it worth the risk of holding a title like that? I say no !!!
Ttoo
T2 Biosystems shares plummeted 47% on forecasts of lower revenue in the third-quarter.
The stock is down 93% on the year so far. Trading was paused for volatility twice Friday before resuming at 9:55 a.m. ET.
they are almost all companies born in OTC. when you move from Nasdaq to OTC, it is always seen and judged as a downgrading of the company. so not good.
however TTOO will not go on OTC...
Plenty of big companies trade on the OTC my dude.
I hope you're joking...
if you go OTC you're done for. you're done with the big investors, and also retail. they would take you to a cap. market value of one or two million dollars. you would no longer have the problem of the dollar price, the shorts will definitively destroy you...
especially if you switch from Nasdaq to OTC. it would be an irreparable defeat...
Not necessarily...OTC can give them time to rebuild and re list on Nasdaq if they choose. But I don't think this Co is long for this earth.
The hearing usually takes 35-40 days...
they have to sell the company by the end of the year...
or it will be OTC, and therefore the end of the company...
Extension until hearing. At hearing they need to demonstrate how they will get compliant. How do you see them finding 22 million in market cap?
$TTOO--Keeping my short going here...Target $2
having paid 20k, they will have an extension...
There is no remedy. Can't create 22 million in market cap out of thin air.
nothing is decided...
there's this:
The Company has paid the applicable fee of $20,000 and expects to promptly file a request for a new hearing before the Panel, which request will suspend any further action by Nasdaq at least pending the issuance of the Panel's decision and the expiration of any extension that could be granted by the Panel to the Company following the hearing.
The Company's common stock will remain listed and eligible for trading on Nasdaq pending the outcome of the hearing. There is no guarantee, however, that the Panel will grant the Company's request to continue to list or that the Company will demonstrate compliance with all applicable listing criteria prior to the expiration of any extension that may be granted by the Panel for this purpose...
Game over
OTC bound.
Ttoo
PERFORMANCE
5 Day
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-97.23%
1 Year
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Still a POS!!!!
Where are the catalysts to drive thisnhigher?
How high can we go today? Any guess?
at the beginning of the year it was trading at $140, a rebound is very likely. naturally only with any news would it launch a missile into orbit...
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This section maintained by INV4 Saving lives and improving healthcare by empowering clinicians to effectively treat patients faster At T2 Biosystems, our mission is to save lives and improve healthcare by empowering clinicians to get patients on the right therapy faster. We come to work every day to solve critical needs in healthcare diagnostics with innovative solutions built on our game-changing T2 Magnetic Resonance (T2MR®) detection technology. Sepsis claims more lives annually than breast cancer, prostate cancer, and AIDS combined. We’re focused on eradicating deaths due to sepsis by developing tools that help identify the most common and deadly sepsis-causing pathogens faster than ever before. Speed is critical in sepsis management. The faster patients receive effective treatment, the more likely they are to survive and have better outcomes. Better yet, early targeted therapy for bloodstream infections may prevent the progression to sepsis altogether. Our blood tests provide actionable results in just 3 to 5 hours. The only other way to identify the species-specific diagnosis requires a blood culture, which can take 1 to 5 days or more. Today, T2 Biosystems panels are getting patients on the right therapy faster, and the expedited identification of negative test results allows rapid de-escalation of unneeded therapy. In partnership with hospitals around the world, T2 Biosystems technology is uniquely positioned to strike a huge blow to sepsis and the hundreds of thousands of lives it takes each year. Our T2Bacteria® and T2Candida® Panels run on the automated T2Dx® Instrument. They are the first and only FDA-cleared blood tests that identify sepsis-causing pathogens without the wait for blood culture. As hospitals continue to adopt our technology, it will represent a paradigm shift that can potentially result in thousands of patients going home to their families instead of the tragic, and potentially avoidable, alternative. We have an active pipeline of future products, including the T2Cauris™ Panel, and T2Lyme™ Panel, as well as additional products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers, and biothreat pathogens About our name: T2 refers to the measurement of the reaction of water molecules in the presence of magnetic fields. This is what our T2MR technology measures, and it is the inspiration behind our company’s name. T2Dx Instrument Breakthrough technology enabling direct detection from whole blood The FDA-cleared T2Dx® Instrument is a fully automated, walk away, clinical multiplex benchtop diagnostic system capable of running tests directly from whole blood. The benefits of the T2Dx Instrument include
The T2Dx Instrument serves nearly 200 hospitals worldwide and is powered by T2 Magnetic Resonance (T2MR®) technology. ================================== Innovative T2MR®applications currently in development T2 Biosystems has multiple diagnostic applications in development, all designed to enable further breakthroughs in rapid and accurate therapy for patients. The diagnostics are focused on critical, unmet needs in healthcare, where solutions can serve a dual role of improving patient care while reducing costs. T2Resistance® Panel: T2 Biosystems has partnered with Allergan and CARB-X to develop panels with additional bacterial species and resistance markers. The T2Resistance Panel detects gram-negative and gram-positive resistance markers and is currently available for research use only (RUO) in the U.S. and CE marked on November 20, 2019. T2Cauris™ Panel RUO: Direct detection of the emerging superbug Candida auris in patient skin and blood samples and hospital environmental samples are now available for research use only (RUO) assays. The CDC* validated the T2Cauris Panel RUO swab test on patient skin samples and published their 2017 findings in Mycoses. 1. ANSON FUNDS MANAGEMENT LP Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission. Major institutions are defined as firms or individuals that exercise investment discretion, over the assets of others, in excess of $100 Million. Major institutions include financial holdings companies, banks, insurance companies, mutual fund managers, portfolio managers, self managed pension and endowment funds. The report is limited to equity securities, including common and equivalents, convertible preferred and convertible bonds. The report does not include fixed income, real estate, or cash equivalents. Reports are filed within 45 days after calendar quarter end with the vast majority of updates occurring near the 45th day of the quarter. About Institutional Holdings Institutional Holdings information can be used to gauge the volatility and value on the company’s stock. https://www.nasdaq.com/market-activity/stocks/ttoo/institutional-holdings Contact 101 Hartwell Avenue |
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