T2 Biosystems (TTOO) Announces Preliminary Third Quarter 2024 Financial Results

T2 Biosystems, Inc. (NASDAQ: TTOO), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced preliminary unaudited financial and operational results for the third quarter 2024.

Recent Financial and Operational Highlights (unaudited)

• Achieved third quarter total revenue of $2.0 million, representing an increase of 35% compared to the prior year period, driven by increased sepsis test revenue and instrument revenue.
• Achieved sepsis test panel revenue of $1.6 million, representing an increase of 42% compared to the prior year period, driven by increased T2Bacteria® Panel revenue in the U.S.
• Executed contracts for 11 T2Dx® Instruments during the third quarter, including 1 in the U.S. and 10 internationally.
• Expanded international distribution network by entering into an exclusive distribution agreement covering Malaysia and Indonesia.

Recent Pipeline and Clinical Highlights

• Received clearance from the U.S. Food and Drug Administration (FDA) to market the T2Candida® Panel for pediatric patients.
• Advanced the T2Resistance® Panel toward U.S. FDA 510(k) submission which is expected to occur during the fourth quarter of 2024.
• Defended successfully against an opposition of a key patent for the Company’s innovative direct-from-blood pathogen detection method filed with the European Patent Office by bioMerieux.
• The article “Changing the Culture of Blood Culture” recently published in The Lancet, a world-leading medical journal, highlighted the weaknesses of blood culture, and the ideal characteristics of culture-independent diagnostics consistent with the features and benefits provided by the T2Bacteria Panel, the T2Candida Panel, and the T2Resistance Panel.

“During the third quarter, our team delivered total revenue growth of 35% compared to the prior year period, which included more than a 200% increase in sales of the T2Bacteria Panel in the U.S., and more than a 75% increase in sales of the T2Dx Instrument in international markets,” stated John Sperzel, Chairman and CEO of T2 Biosystems. “In addition, we successfully defended a key European patent that protects our direct-from-blood detection methods, we received FDA-clearance to market and sell the T2Candida Panel for pediatrics, and we advanced the T2Resistance Panel toward FDA submission which we expect to occur during the fourth quarter of 2024.”

2024 Financial Outlook

The Company now expects fourth quarter 2024 total sepsis product revenue of $2.5 million to $3.5 million, representing growth of 49% to 109% compared to the fourth quarter of 2023. The Company’s 2024 revenue guidance consists entirely of sepsis product revenue and does not include potential sales of the T2Biothreat™ Panel or the T2Lyme™ Panel.

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