T2 Biosystems Financials
This page shows T2 Biosystems (TTOO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2023 annual data. Scores normalized against common benchmarks. How we calculate these scores
T2 Biosystems has an operating margin of -690.4%, meaning the company retains $-690 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -247.5% the prior year.
T2 Biosystems's revenue declined 67.8% year-over-year, from $22.3M to $7.2M. This contraction results in a growth score of 0/100.
T2 Biosystems's current ratio of 0.45 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
While T2 Biosystems generated -$48.1M in operating cash flow, capex of $192K consumed most of it, leaving -$48.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
T2 Biosystems passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, T2 Biosystems generates $0.96 in operating cash flow (-$48.1M OCF vs -$50.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
T2 Biosystems generated $7.2M in revenue in fiscal year 2023. This represents a decrease of 67.8% from the prior year.
T2 Biosystems's EBITDA was -$48.8M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 9.9% from the prior year.
T2 Biosystems generated -$48.3M in free cash flow in fiscal year 2023, representing cash available after capex. This represents an increase of 5.2% from the prior year.
T2 Biosystems reported -$50.1M in net income in fiscal year 2023. This represents an increase of 19.2% from the prior year.
T2 Biosystems earned $-19.19 per diluted share (EPS) in fiscal year 2023. This represents an increase of 98.4% from the prior year.
T2 Biosystems held $15.7M in cash against $0 in long-term debt as of fiscal year 2023.
T2 Biosystems had 4M shares outstanding in fiscal year 2023. This represents an increase of 5159.4% from the prior year.
T2 Biosystems's operating margin was -690.4% in fiscal year 2023, reflecting core business profitability. This is down 443.0 percentage points from the prior year.
T2 Biosystems's net profit margin was -696.2% in fiscal year 2023, showing the share of revenue converted to profit. This is down 418.2 percentage points from the prior year.
T2 Biosystems invested $14.2M in research and development in fiscal year 2023. This represents a decrease of 45.0% from the prior year.
T2 Biosystems invested $192K in capex in fiscal year 2023, funding long-term assets and infrastructure. This represents a decrease of 43.4% from the prior year.
TTOO Income Statement
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'22 | Q3'23 | Q2'23 | Q1'23 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0M+1.7% | $2.0M-5.3% | $2.1M-62.4% | $5.5M+49.1% | $3.7M-37.8% | $5.9M-18.3% | $7.2M+3.6% | $7.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $2.7M-20.6% | $3.4M-9.7% | $3.7M-20.1% | $4.7M-26.9% | $6.4M-20.6% | $8.0M+20.6% | $6.7M+24.3% | $5.4M |
| SG&A Expenses | $5.4M-1.7% | $5.5M-18.8% | $6.7M+2.8% | $6.6M-6.6% | $7.0M-10.3% | $7.8M-15.2% | $9.2M+41.0% | $6.5M |
| Operating Income | -$10.2M-6.1% | -$9.6M+24.0% | -$12.6M-32.4% | -$9.5M+39.7% | -$15.8M-5.2% | -$15.0M-1.1% | -$14.9M-44.5% | -$10.3M |
| Interest Expense | $1.1M-27.4% | $1.5M+1.2% | $1.5M-0.4% | $1.5M-2.1% | $1.6M+15.9% | $1.3M-18.4% | $1.6M-40.7% | $2.8M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$10.1M-12.9% | -$9.0M+33.8% | -$13.5M-34.0% | -$10.1M+41.9% | -$17.4M+3.7% | -$18.0M-9.3% | -$16.5M-35.8% | -$12.1M |
| EPS (Diluted) | $-0.57+10.9% | $-0.64 | $-2.66 | $-917.53 | $-294.65 | $-5.10-4.9% | $-4.86 | N/A |
TTOO Balance Sheet
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'22 | Q3'23 | Q2'23 | Q1'23 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $18.1M-16.8% | $21.7M-12.3% | $24.8M-27.9% | $34.3M-21.9% | $44.0M+11.0% | $39.6M-19.2% | $49.0M-19.0% | $60.5M |
| Current Assets | $9.8M-24.7% | $13.0M-16.5% | $15.6M-19.6% | $19.4M-33.0% | $28.9M+16.9% | $24.7M-26.3% | $33.5M-24.5% | $44.4M |
| Cash & Equivalents | $2.1M-50.9% | $4.2M-31.6% | $6.2M-39.9% | $10.3M-49.3% | $20.4M+54.1% | $13.2M+40.6% | $9.4M-57.8% | $22.2M |
| Inventory | $3.8M-26.0% | $5.2M+10.7% | $4.7M+9.0% | $4.3M+1.0% | $4.2M-25.2% | $5.7M+9.7% | $5.2M+32.3% | $3.9M |
| Accounts Receivable | $2.0M+56.7% | $1.3M-18.3% | $1.6M-26.6% | $2.2M+37.1% | $1.6M-42.0% | $2.7M-37.6% | $4.4M-15.1% | $5.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $29.8M+7.9% | $27.6M-55.8% | $62.5M-15.5% | $74.0M-2.2% | $75.6M-1.9% | $77.1M+3.3% | $74.7M+1.7% | $73.4M |
| Current Liabilities | $24.4M+12.1% | $21.8M-61.3% | $56.3M+455.5% | $10.1M-7.4% | $10.9M-17.0% | $13.2M+4.1% | $12.7M+8.4% | $11.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$11.7M-98.5% | -$5.9M+84.4% | -$37.8M+4.7% | -$39.7M-25.2% | -$31.7M+15.6% | -$37.5M-46.3% | -$25.7M-98.8% | -$12.9M |
| Retained Earnings | -$616.9M-1.7% | -$606.8M-1.5% | -$597.8M-11.9% | -$534.2M-1.9% | -$524.1M-3.4% | -$506.7M-3.7% | -$488.7M-3.5% | -$472.2M |
TTOO Cash Flow Statement
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'22 | Q3'23 | Q2'23 | Q1'23 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.3M+32.3% | -$9.2M+20.9% | -$11.7M-13.1% | -$10.3M+35.0% | -$15.9M-59.7% | -$10.0M+31.1% | -$14.4M-46.7% | -$9.8M |
| Capital Expenditures | $26K-21.2% | $33K-72.5% | $120K+233.3% | $36K-71.4% | $126K-14.9% | $148K+410.3% | $29K-85.4% | $199K |
| Free Cash Flow | -$9.4M+24.0% | -$12.4M+4.9% | -$13.1M-26.0% | -$10.4M+35.3% | -$16.0M-58.6% | -$10.1M+30.2% | -$14.5M-44.1% | -$10.0M |
| Investing Cash Flow | -$26K+21.2% | -$33K+72.5% | -$120K-233.3% | -$36K+71.4% | -$126K-101.3% | $9.8M+34065.5% | -$29K-100.3% | $9.8M |
| Financing Cash Flow | $4.1M-43.8% | $7.3M+230.6% | $2.2M+194.4% | $748K-96.8% | $23.2M+491.3% | $3.9M+226.2% | $1.2M+402.9% | $239K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TTOO Financial Ratios
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'22 | Q3'23 | Q2'23 | Q1'23 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -511.9%-21.4pp | -490.5%+120.8pp | -611.4%-437.7pp | -173.6%+256.1pp | -429.7%-175.6pp | -254.1%-48.7pp | -205.4%-58.1pp | -147.3% |
| Net Margin | -509.7%-50.5pp | -459.2%+197.5pp | -656.7%-472.5pp | -184.2%+288.3pp | -472.5%-167.4pp | -305.1%-77.1pp | -228.0%-54.0pp | -174.0% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -56.0%-14.7pp | -41.3%+13.4pp | -54.7%-25.2pp | -29.4%+10.1pp | -39.5%+6.0pp | -45.5%-11.9pp | -33.6%-13.6pp | -20.1% |
| Current Ratio | 0.40-0.2 | 0.60+0.3 | 0.28-1.6 | 1.91-0.7 | 2.64+0.8 | 1.87-0.8 | 2.64-1.2 | 3.80 |
| Debt-to-Equity | -2.54+2.1 | -4.68-3.0 | -1.66+0.2 | -1.87+0.5 | -2.39-0.3 | -2.06+0.9 | -2.91+2.8 | -5.69 |
| FCF Margin | -562.4%+70.0pp | -632.4%-3.9pp | -628.5%-439.5pp | -189.0%+246.9pp | -435.9%-265.0pp | -170.9%+29.1pp | -200.0%-56.2pp | -143.8% |
Note: Shareholder equity is negative (-$28.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.45), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is T2 Biosystems's annual revenue?
T2 Biosystems (TTOO) reported $7.2M in total revenue for fiscal year 2023. This represents a -67.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is T2 Biosystems's revenue growing?
T2 Biosystems (TTOO) revenue declined by 67.8% year-over-year, from $22.3M to $7.2M in fiscal year 2023.
Is T2 Biosystems profitable?
No, T2 Biosystems (TTOO) reported a net income of -$50.1M in fiscal year 2023, with a net profit margin of -696.2%.
What is T2 Biosystems's earnings per share (EPS)?
T2 Biosystems (TTOO) reported diluted earnings per share of $-19.19 for fiscal year 2023. This represents a 98.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is T2 Biosystems's EBITDA?
T2 Biosystems (TTOO) had EBITDA of -$48.8M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization.
What is T2 Biosystems's operating margin?
T2 Biosystems (TTOO) had an operating margin of -690.4% in fiscal year 2023, reflecting the profitability of core business operations before interest and taxes.
What is T2 Biosystems's net profit margin?
T2 Biosystems (TTOO) had a net profit margin of -696.2% in fiscal year 2023, representing the share of revenue converted into profit after all expenses.
What is T2 Biosystems's free cash flow?
T2 Biosystems (TTOO) generated -$48.3M in free cash flow during fiscal year 2023. This represents a 5.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is T2 Biosystems's operating cash flow?
T2 Biosystems (TTOO) generated -$48.1M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.
What are T2 Biosystems's total assets?
T2 Biosystems (TTOO) had $34.8M in total assets as of fiscal year 2023, including both current and long-term assets.
What are T2 Biosystems's capital expenditures?
T2 Biosystems (TTOO) invested $192K in capital expenditures during fiscal year 2023, funding long-term assets and infrastructure.
How much does T2 Biosystems spend on research and development?
T2 Biosystems (TTOO) invested $14.2M in research and development during fiscal year 2023.
How many shares does T2 Biosystems have outstanding?
T2 Biosystems (TTOO) had 4M shares outstanding as of fiscal year 2023.
What is T2 Biosystems's current ratio?
T2 Biosystems (TTOO) had a current ratio of 0.45 as of fiscal year 2023, which is below 1.0, which may suggest potential liquidity concerns.
What is T2 Biosystems's debt-to-equity ratio?
T2 Biosystems (TTOO) had a debt-to-equity ratio of -2.24 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is T2 Biosystems's return on assets (ROA)?
T2 Biosystems (TTOO) had a return on assets of -143.9% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.
What is T2 Biosystems's cash runway?
Based on fiscal year 2023 data, T2 Biosystems (TTOO) had $15.7M in cash against an annual operating cash burn of $48.1M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is T2 Biosystems's debt-to-equity ratio negative or unusual?
T2 Biosystems (TTOO) has negative shareholder equity of -$28.0M as of fiscal year 2023, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is T2 Biosystems's Piotroski F-Score?
T2 Biosystems (TTOO) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are T2 Biosystems's earnings high quality?
T2 Biosystems (TTOO) has an earnings quality ratio of 0.96x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is T2 Biosystems?
T2 Biosystems (TTOO) scores 0 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.