T2 Biosystems Announces Preliminary Fourth Quarter and Full Year 2020 Results
Strengthens Balance Sheet Through Amendment of Loan Agreement with CRG
LEXINGTON, Mass., Jan. 26, 2021 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a global leader in the rapid detection of sepsis-causing pathogens, today announced preliminary unaudited
financial and operational results for the fourth quarter and full year 2020.
Financial and Operational Highlights
- Preliminary unaudited fourth quarter 2020 total revenue is expected to be $7.8 million, including product revenue of $5.8 million, representing growth of 155% and 274% respectively, compared to the prior year period
- Preliminary unaudited full year 2020 total revenue is expected to be $18.1 million, including product revenue of $11.7 million, representing growth of 118% and 119% respectively, compared to the prior year period
- Sold 21 T2Dx Instruments in the fourth quarter, including 19 in the U.S.
- Sold 53 T2Dx Instruments in 2020, including 47 in the U.S., more than doubling the U.S. installed base in 2020
- Achieved U.S. sepsis test utilization growth resulting in a fourth quarter annualized run rate of approximately $86,000 per legacy instrument and U.S. COVID test utilization growth resulting in a fourth quarter annualized run rate of approximately $265,000 per instrument sold in 2020
- Unaudited cash, cash equivalents, current and long-term marketable securities, and restricted cash totaled $52.7 million as of December 31, 2020
- In January 2021, the Company’s Term Loan Agreement with CRG was amended to extend the interest-only and principal payment periods to December 31, 2022, and to reduce the minimum product revenue
target for the twenty-four month period beginning on January 1, 2020
“During 2020, our team made meaningful progress toward our three corporate priorities: accelerating our commercialization, improving our operations, and advancing our new product pipeline. Amid the global health emergency, we took rapid action to meet the COVID-19 testing needs of U.S. hospitals by developing and commercializing the T2SARS-CoV-2 Panel. This has accelerated our business case and our business profile by allowing us to significantly increase our installed base of T2Dx Instruments in U.S. hospitals,” said John Sperzel, President and CEO of T2 Biosystems. “We saw increased adoption of our T2Dx Instruments in the second half of the year, showed meaningful improvement in the annualized test utilization of our sepsis and COVID test panels, and ended the year with a strong balance sheet. While the COVID testing needs of our customers will continue to fluctuate as we experienced in the fourth quarter, we are confident that we are entering 2021 in a stronger position, and are excited to drive continued adoption of our products and sustained growth through increased utilization of our highly-differentiated sepsis products.”