T2 Biosystems Announces Third Quarter 2021 Financial Results
11/04/2021 - 04:05 PM
LEXINGTON, Mass., Nov. 04, 2021 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens, today announced financial results for the three months ended September 30, 2021.
Recent Highlights
Achieved third quarter revenue of $7.4 million , including product revenue of $4.3 million , representing growth of 42% and 15% , respectively, compared to the prior year period Generated third quarter U.S. sepsis test panel utilization annualized run rate of $115,000 per legacy sepsis instrument, representing growth of 55% compared to the prior year period Sold 8 T2Dx® Instruments during the third quarter Expanded commercialization into the Asia-Pacific region signing distribution agreements in Korea and Singapore, resulting in two T2Dx Instruments sold during the third quarter and have received contracts for four T2Dx Instruments to be sold during the fourth quarter Received Option 2A of the multiple year product development contract with BARDA valued at $6.4 million , following successful completion of Option 1 development milestones Unveiled new clinical data at industry conferences with presentation of poster session and abstract data showcasing the effectiveness of T2 Biosystems’ culture-independent rapid diagnostic technologies Appointed industry veteran Brett Giffin as Chief Commercial Officer and appointed industry expert Laura Adams to the Board of Directors “Our third quarter results demonstrate meaningful progress across our corporate priorities, accelerating our sales, enhancing our operations, and advancing our pipeline,” stated John Sperzel, Chairman and CEO of T2 Biosystems. “We believe our commercial and medical affairs investments will enable greater adoption and utilization of our current sepsis products, and our pipeline of new products will lead to even greater growth opportunities.”
Third Quarter 2021 Financial Results $7.4 million , an increase of 42% compared to the prior year period. Product revenue for the third quarter of 2021 was $4.3 million , an increase of 15% compared to the prior year period, driven by increased test panel sales. Research and contribution revenue for the third quarter of 2021 was $3.1 million , an increase of 110% compared to the prior year period, driven by increased BARDA contract activity.
Operating expenses for the third quarter of 2021 were $14.9 million , an increase of $5.9 million compared to the prior year period, driven by increased BARDA contract research and development activity, increased commercial headcount and tradeshow activity and an ERP system implementation.
Net loss for the third quarter of 2021 was $14.0 million , $0.08 per share, compared to a net loss of $11.3 million , $0.08 per share, in the prior year period.
Cash, equivalents, marketable securities, and restricted cash were $43.6 million as of September 30, 2021.
2021 Financial Outlook $25.0 million and $27.0 million . Product revenue is now expected to be between $15.0 million and $16.0 million . Research and contribution revenue is expected to be between $10.0 million and $11.0 million unchanged from the prior guidance. The Company continues to expect to enter into at least 30 T2Dx Instrument contracts in 2021.
Webcast and Conference Call Information www.t2biosystems.com .
About T2 Biosystems
Forward-Looking Statements
Media Contact: gkent@vaultcommunications.com
Investor Contact: philip@gilmartinIR.com
T2 BIOSYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2021 December 31, 2020 Assets Current assets: Cash and cash equivalents $ 22,047 $ 16,793 Marketable securities 20,042 25,396 Accounts receivable 4,222 5,099 Inventories 4,822 3,636 Prepaid expenses and other current assets 3,327 2,660 Total current assets 54,460 53,584 Property and equipment, net 3,813 3,771 Operating lease right-of-use assets 10,052 11,034 Restricted cash 1,551 551 Marketable securities — 10,002 Other assets 161 136 Total assets $ 70,037 $ 79,078 Liabilities and stockholders’ (deficit) equity Current liabilities: Accounts payable $ 2,616 $ 2,058 Accrued expenses and other current liabilities 8,169 7,512 Deferred revenue 613 230 Total current liabilities 11,398 9,800 Notes payable 47,132 45,235 Operating lease liabilities, net of current portion 9,665 10,533 Deferred revenue, net of current portion 50 424 Derivative liability — 1,010 Other liabilities 4,255 3,350 Commitments and contingencies Stockholders’ (deficit) equity: Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding at September 30, 2021 and December 31, 2020 — — Common stock, $0.001 par value; 400,000,000 shares authorized; 165,967,924 and 148,078,974 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively 165 148 Additional paid-in capital 457,440 431,544 Accumulated other comprehensive income 4 9 Accumulated deficit (460,072 ) (422,975 ) Total stockholders’ (deficit) equity (2,463 ) 8,726 Total liabilities and stockholders’ (deficit) equity $ 70,037 $ 79,078
T2 BIOSYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue: Product revenue $ 4,306 $ 3,757 $ 12,634 $ 5,843 Research revenue — — — 11 Contribution revenue 3,122 1,488 8,444 4,488 Total revenue 7,428 5,245 21,078 10,342 Costs and expenses: Cost of product revenue 4,720 6,833 15,341 13,804 Research and development 6,384 3,782 16,448 12,348 Selling, general and administrative 8,536 5,266 21,983 17,226 Total costs and expenses 19,640 15,881 53,772 43,378 Loss from operations (12,212 ) (10,636 ) (32,694 ) (33,036 ) Other income (expense): Interest income 6 1 18 2 Interest expense (1,919 ) (647 ) (4,632 ) (3,908 ) Other income, net 163 27 211 53 Total other expense (1,750 ) (619 ) (4,403 ) (3,853 ) Net loss $ (13,962 ) $ (11,255 ) $ (37,097 ) $ (36,889 ) Net loss per share — basic and diluted $ (0.08 ) $ (0.08 ) $ (0.24 ) $ (0.33 ) Weighted-average number of common shares used in computing net loss per share — basic and diluted 165,882,334 147,793,891 156,397,584 112,371,006
