On July 29, 2024, T2 Biosystems, a leader in rapid detection of sepsis-causing pathogens, announced its financial results for the second quarter ended June 30, 2024. The company reported a total revenue of $2.0 million, which remained flat compared to the previous year. However, sepsis test revenue saw a significant increase, with record quarterly and first half revenues growing by 27% and 25% respectively, driven by sales of T2Bacteria and T2Resistance panels. The loss from operations improved by 27%, decreasing to $9.6 million from $13.1 million in the same quarter of the previous year. The net loss was reported at $9.2 million, or $0.66 per share, compared to a net loss of $6.3 million, or $7.84 per share, in the prior year period. Cash and cash equivalents were reported at $4.2 million as of June 30, 2024. The company...Show More

On July 29, 2024, T2 Biosystems, a leader in rapid detection of sepsis-causing pathogens, announced its financial results for the second quarter ended June 30, 2024. The company reported a total revenue of $2.0 million, which remained flat compared to the previous year. However, sepsis test revenue saw a significant increase, with record quarterly and first half revenues growing by 27% and 25% respectively, driven by sales of T2Bacteria and T2Resistance panels. The loss from operations improved by 27%, decreasing to $9.6 million from $13.1 million in the same quarter of the previous year. The net loss was reported at $9.2 million, or $0.66 per share, compared to a net loss of $6.3 million, or $7.84 per share, in the prior year period. Cash and cash equivalents were reported at $4.2 million as of June 30, 2024. The company also highlighted the conversion of $30.0 million of term loan debt into equity, reducing debt and interest payments significantly. Additionally, T2 Biosystems executed contracts for 2 T2Dx Instruments and signed multiple international distribution agreements. The company completed clinical studies for the T2Lyme Panel and submitted a 510(k) premarket notification to the U.S. FDA for pediatric testing of the T2Candida Panel. The company reiterated its full-year 2024 revenue guidance of $10.0 million to $11.0 million for sepsis product revenue, representing a growth of 49% to 64% compared to 2023.