On October 7, 2024, T2 Biosystems, Inc., a medical diagnostic company, announced its preliminary financial results for the third quarter ended September 30, 2024. The company reported a 35% increase in total revenue, amounting to $2.0 million, compared to the same period in the previous year. This growth was primarily attributed to a rise in sepsis test revenue and instrument sales. Specifically, the sepsis test panel revenue saw a 42% increase, reaching $1.6 million, largely due to the T2Bacteria Panel's performance in the U.S. market. Additionally, T2 Biosystems executed contracts for 11 T2Dx Instruments, with one sale in the U.S. and ten internationally. The company also expanded its international distribution network through an exclusive agreement covering Malaysia and Indonesia. Notably, the U.S. Food and Drug Administration (FDA) granted clearance...Show More

On October 7, 2024, T2 Biosystems, Inc., a medical diagnostic company, announced its preliminary financial results for the third quarter ended September 30, 2024. The company reported a 35% increase in total revenue, amounting to $2.0 million, compared to the same period in the previous year. This growth was primarily attributed to a rise in sepsis test revenue and instrument sales. Specifically, the sepsis test panel revenue saw a 42% increase, reaching $1.6 million, largely due to the T2Bacteria Panel's performance in the U.S. market. Additionally, T2 Biosystems executed contracts for 11 T2Dx Instruments, with one sale in the U.S. and ten internationally. The company also expanded its international distribution network through an exclusive agreement covering Malaysia and Indonesia. Notably, the U.S. Food and Drug Administration (FDA) granted clearance for the T2Candida Panel for pediatric patients and the company is preparing for a U.S. FDA 510(k) submission for the T2Resistance Panel, expected in the fourth quarter of 2024. Furthermore, T2 Biosystems successfully defended a key patent in Europe against an opposition filed by bioMerieux. The company also entered into an exclusive distribution agreement with Cardinal Health 200, LLC in the United States for its FDA-cleared diagnostics products. Looking ahead, T2 Biosystems anticipates fourth-quarter 2024 total sepsis product revenue to be between $2.5 million and $3.5 million, which would represent a significant increase compared to the fourth quarter of 2023.