T2 Biosystems Announces Preliminary Fourth Quarter 2019 Financial Results

Enters Exclusive Distribution Agreement to Expand Sales in Israel

LEXINGTON, Mass., Jan. 09, 2020 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the development of innovative diagnostic products for critical unmet needs in healthcare, today announced preliminary revenue and business results for the three months ended December 31, 2019.

Preliminary Fourth Quarter Financial Performance Highlights:

• Fourth quarter total revenue of approximately $3.0 million, an increase of 67% compared to the prior year period.
• Fourth quarter product revenue of approximately $1.5 million, an increase of 15% compared to the prior year period.
• Fourth quarter research and grant contribution revenues of approximately $1.5 million. 
• Secured contracts for 10 T2Dx Instruments in the fourth quarter.

“We ended the year with positive momentum in our business, with the addition of new customers and expansion of patient testing at existing customers, a clear sign that the value of our products is being realized,” said John McDonough, chairman of T2 Biosystems. “In November, we secured CE Mark for the T2Resistance Panel, providing another potential growth catalyst for 2020 along with NTAP reimbursement for T2Bacteria, our multi-million dollar government contract, and a new group purchasing (GPO) contract with Premier. This is all against a backdrop of continued high mortality rates, hospital costs, and overutilization of antibiotics that are often unnecessary and associated with conventional methods of diagnosing bloodstream infections, underscoring the growth opportunity for our tests.”

Additional Preliminary Financial Results:

• In the fourth quarter of 2019, the Company raised $4.8 million net proceeds from the sale of 3.8 million shares through its ATM facility and has not utilized its $30.0 million equity credit line.
• As of December 31, 2019, the Company had cash and cash equivalents of $11.0 million.

Complete fourth quarter and full year 2019 financial results will be announced with the company’s fourth quarter financial highlights and corporate update press release and conference call. The Company’s fourth quarter and full year 2019 financial results are preliminary and are subject to the completion of the Company’s 2019 audit.