T2 Biosystems announces first quarter 2024 financial results

T2 Biosystems, Inc. announced unaudited financial and operational results for the first quarter ended March 31, 2024.

“We believe T2 Biosystems has reached an inflection point, having achieved double digit sepsis product sales growth in the first quarter, made significant advances across the product pipeline that we anticipate will drive further growth in 2024, and transformed the Company’s balance sheet to better support the continued advancement of our corporate priorities,” stated John Sperzel, Chairman and CEO of T2 Biosystems. “Looking ahead, we plan to launch T2Lyme Panel and file the FDA submission for the T2Resistance Panel during the third quarter of 2024. We are extremely excited about the future of T2Biosystems and believe the Company is well positioned for growth.”

First quarter 2024 financial results
Sepsis product revenue for the first quarter of 2024 was $2.1 million, representing a 25% increase compared to the prior year period, led by T2Candida Panel sales and strong T2Resistance Panel sales internationally.

Cost of product revenue for the first quarter of 2024 was $4.2 million, a 5% increase compared to the prior year period driven by increased sales volume. Research and development expenses were $3.7 million, a 17% decrease compared to the prior year period, driven by decreased BARDA contract activities. Selling, general and administrative expenses were $6.7 million, an 8% decrease compared to the prior year period driven by decreased headcount.

Net loss for the first quarter of 2024 was $13.5 million, $2.66 per share, compared to a net loss of $18.0 million, or $131.77 per share, in the prior year period.

Cash and cash equivalents totaled $6.2 million as of March 31, 2024, compared to $15.7 million as of December 31, 2023. The Company raised $2.2 million in net proceeds through ATM sales in the first quarter of 2024. In the past 12 months the Company has reduced its total outstanding indebtedness from $50.5 million to $10.5 million as of May 6, 2024, a 79% reduction.

Reiterated 2024 financial outlook
The Company continues to expect full year 2024 total sepsis product revenue of $10.0 million to $11.0 million, representing growth of 49% to 64%, compared to $6.7 million in 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.
MB Bureau