T2 Biosystems Announces Preliminary Second Quarter 2020 Financial Results

Launches the T2SARS-CoV-2 Panel under FDA EUA Guidelines

LEXINGTON, Mass., June 30, 2020 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens, today announced unaudited preliminary financial result estimates for the quarter ended June 30, 2020. In addition, the Company announced the U.S. launch of the T2SARS-CoV-2 Panel, the new molecular diagnostic test for the detection of SARS-CoV-2, the virus that is responsible for COVID-19 infections.

Preliminary Unaudited Second Quarter Financial Results:

• Estimated second quarter 2020 total revenue is expected to be in the range of $2.4 million to $2.6 million, compared to $1.8 million in the prior year period.
  • Estimated second quarter product revenue is expected to be in the range of $1.0 million to $1.1 million, compared to $1.3 million in the prior year period.
  • Estimated second quarter research and grant contribution revenues are expected to be in the range of $1.4 million to $1.5 million, compared to $0.5 million in the prior year period.
• During the second quarter of 2020, the Company raised $8.4 million of net proceeds from the sale of 6.4 million shares through its ATM facility.
• Cash and cash equivalents as of June 30, 2020 are expected to be approximately $36.5 million.

“Amid the COVID-19 pandemic, we have seen increased test utilization at existing U.S. customer sites, a clear sign of the clinical utility of our sepsis-related products,” said John Sperzel, President and Chief Executive Officer of T2 Biosystems. “I am extremely proud of the speed at which our team developed and validated a high-quality SARS-CoV-2 molecular diagnostic test. We are pleased to have met our expedited launch timeline to provide our U.S. customers with a fast and accurate test to assist in the management of COVID-19 patients. Our platform is now able to identify acute COVID-19 infections, and support patients under intensive care who may be susceptible to bacterial or fungal infections.”

The Company expects to provide complete second quarter 2020 financial results in early August.

About T2 Biosystems
T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. T2 Biosystems’ products include the T2Dx Instrument, T2Candida Panel, the T2Bacteria Panel, the T2Resistance Panel, and the T2SARS-CoV-2 Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR) technology. T2 Biosystems has an active pipeline of future products, including the T2Cauris Panel, and T2Lyme Panel, as well as additional products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers, as well as biothreat pathogens.