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).
T2 Biosystems is operating like a development-stage company, with external financing rather than product sales carrying the business.
FY2023 cash burn was almost identical in operating and free cash flow at about-$48M , while capital spending was only$192K , so the drain came from day-to-day operations and development work rather than expansion. Financing inflows of$52.7M effectively replaced that burn, showing the business was sustained by capital raising, not by customer receipts.
Even after reductions, R&D spend still exceeded revenue in FY2023, which means the company is behaving more like a platform still being funded into existence than a scaled commercial operation. Expense reduction bought time, but the revenue base fell from
The balance sheet still shows short-term strain: current assets of
Financial Health Signals
We are recalculating T2 Biosystems's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
T2 Biosystems scores -29.06, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.4M) relative to total liabilities ($62.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
T2 Biosystems passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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
Earnings & Revenue
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 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.
Cash & Balance Sheet
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 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.
Margins & Returns
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.
Capital Allocation
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 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0M+1.7% | $2.0M-5.3% | $2.1M+22.8% | $1.7M+14.1% | $1.5M-25.1% | $2.0M-5.5% | $2.1M-62.1% | $5.5M |
| 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+17.4% | $3.2M+19.0% | $2.7M-30.8% | $3.9M-13.9% | $4.5M-4.0% | $4.7M |
| SG&A Expenses | $5.4M-1.7% | $5.5M-18.8% | $6.7M+28.2% | $5.3M-12.1% | $6.0M-5.0% | $6.3M-13.7% | $7.3M+11.4% | $6.6M |
| Operating Income | -$10.2M-6.1% | -$9.6M+24.0% | -$12.6M-35.2% | -$9.3M+31.5% | -$13.6M-4.3% | -$13.1M+4.6% | -$13.7M-43.8% | -$9.5M |
| Interest Expense | N/A | N/A | N/A | N/A | $1.1M-27.4% | $1.5M+1.2% | $1.5M-0.4% | $1.5M |
| 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-30.9% | -$10.3M+33.0% | -$15.4M-143.0% | -$6.3M+64.7% | -$18.0M-77.9% | -$10.1M |
| EPS (Diluted) | $-0.57+10.9% | $-0.64 | $-2.66 | N/A | $-3.45 | $-7.84 | $-131.77 | N/A |
TTOO Balance Sheet
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $18.1M-16.8% | $21.7M-12.3% | $24.8M-28.9% | $34.8M-19.6% | $43.3M+16.6% | $37.1M+13.4% | $32.7M-4.6% | $34.3M |
| Current Assets | $9.8M-24.7% | $13.0M-16.5% | $15.6M-38.2% | $25.2M-23.4% | $32.9M+37.7% | $23.9M+26.1% | $18.9M-2.2% | $19.4M |
| Cash & Equivalents | $2.1M-50.9% | $4.2M-31.6% | $6.2M-60.4% | $15.7M-35.5% | $24.3M+51.2% | $16.1M+59.0% | $10.1M-2.1% | $10.3M |
| Inventory | $3.8M-26.0% | $5.2M+10.7% | $4.7M-3.1% | $4.8M+12.6% | $4.3M-1.3% | $4.3M-12.1% | $4.9M+15.2% | $4.3M |
| Accounts Receivable | $2.0M+56.7% | $1.3M-18.3% | $1.6M+11.8% | $1.4M+24.7% | $1.1M-15.6% | $1.3M+2.0% | $1.3M-38.8% | $2.2M |
| 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-0.5% | $62.8M+0.5% | $62.5M-15.0% | $73.6M-11.0% | $82.6M+11.7% | $74.0M |
| Current Liabilities | $24.4M+12.1% | $21.8M-61.3% | $56.3M+0.2% | $56.2M+1.3% | $55.5M-16.0% | $66.1M+270.5% | $17.8M+76.0% | $10.1M |
| 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-34.7% | -$28.0M-45.7% | -$19.2M+47.2% | -$36.4M+27.0% | -$49.9M-25.8% | -$39.7M |
| Retained Earnings | -$616.9M-1.7% | -$606.8M-1.5% | -$597.8M-2.3% | -$584.3M-1.8% | -$574.0M-2.8% | -$558.5M-1.1% | -$552.2M-3.4% | -$534.2M |
TTOO Cash Flow Statement
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.3M+32.3% | -$9.2M+20.9% | -$11.7M-24.1% | -$9.4M+29.7% | -$13.4M-8.1% | -$12.4M+4.3% | -$12.9M-25.3% | -$10.3M |
| Capital Expenditures | N/A | N/A | N/A | $26K+100.0% | $13K-60.6% | $33K-72.5% | $120K+233.3% | $36K |
| Free Cash Flow | N/A | N/A | N/A | -$9.4M+29.6% | -$13.4M-7.9% | -$12.4M+4.9% | -$13.1M-26.0% | -$10.4M |
| Investing Cash Flow | N/A | N/A | N/A | -$26K-100.0% | -$13K+60.6% | -$33K+72.5% | -$120K-233.3% | -$36K |
| Financing Cash Flow | $4.1M-43.8% | $7.3M+230.6% | $2.2M+171.2% | $812K-96.2% | $21.6M+17.7% | $18.4M+55.2% | $11.8M+1484.0% | $748K |
| 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 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| 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%-56.3pp | -555.0%+369.4pp | -924.4%-259.9pp | -664.5%-5.9pp | -658.7%-485.0pp | -173.6% |
| Net Margin | -509.7%-50.5pp | -459.2%+197.5pp | -656.7%-40.8pp | -615.8%+432.0pp | -1047.9%-724.7pp | -323.2%+541.4pp | -864.5%-680.3pp | -184.2% |
| 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%-24.9pp | -29.7%+5.9pp | -35.6%-18.6pp | -17.1%+37.8pp | -54.9%-25.5pp | -29.4% |
| Current Ratio | 0.40-0.2 | 0.60+0.3 | 0.28-0.2 | 0.45-0.1 | 0.59+0.2 | 0.36-0.7 | 1.06-0.8 | 1.91 |
| Debt-to-Equity | -2.54+2.1 | -4.68-3.0 | -1.66+0.6 | -2.24+1.0 | -3.25-1.2 | -2.02-0.4 | -1.66+0.2 | -1.87 |
| FCF Margin | N/A | N/A | N/A | -562.4%+348.4pp | -910.7%-278.4pp | -632.4%-3.9pp | -628.5%-439.5pp | -189.0% |
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 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.
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 Altman Z-Score?
T2 Biosystems (TTOO) has an Altman Z-Score of -29.06, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is T2 Biosystems's Piotroski F-Score?
T2 Biosystems (TTOO) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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.