T2 Biosystems Announces Preliminary Second Quarter 2020 Financial Results
01 July 2020 - 6:04AM
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.
Forward-Looking Statements This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
contained in this press release that do not relate to matters of
historical fact should be considered forward-looking statements,
including, without limitation, statements regarding the
T2SARS-CoV-2 panel’s results, the T2Dx® Instrument’s simultaneous
testing capacity, the ability to target patients under intensive
care, the benefit of early identification of bacterial or fungal
infections,, as well as statements that include the words “expect,”
“intend,” “plan”, “believe”, “project”, “forecast”, “estimate,”
“may,” “should,” “anticipate,” and similar statements of a future
or forward looking nature. These forward-looking statements are
based on management's current expectations. The preliminary,
estimated financial results for the first quarter contained in this
press release contain forward-looking statements and are subject to
the completion of management’s and the audit committee’s final
reviews and our other financial closing procedures and are
therefore subject to change. You should not place undue reliance on
such preliminary information and estimates because they may prove
to be materially inaccurate. The preliminary information and
estimates have not been compiled or examined by our independent
auditors and they are subject to revision as we prepare our
financial statements as of and for the quarter ending June 30,
2020, including all disclosures required by U.S. generally accepted
accounting principles, and as our auditors conduct their review of
these financial statements. While we believe that such preliminary
information and estimates are based on reasonable assumptions,
actual results may vary, and such variations may be material.
These statements are neither promises nor guarantees, but
involve known and unknown risks, uncertainties and other important
factors that may cause actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including, but not limited to, (i) any inability to (a)
realize anticipated benefits from commitments, contracts or
products; (b) successfully execute strategic priorities; (c) bring
products to market; (d) expand product usage or adoption; (e)
obtain customer testimonials; (f) accurately predict growth
assumptions; (g) realize anticipated revenues; (h) incur expected
levels of operating expenses; or (i) increase the number of
high-risk patients at customer facilities; (ii) failure of early
data to predict eventual outcomes; (iii) failure to make or
obtain anticipated FDA filings or clearances within expected time
frames or at all; or (iv) the factors discussed under Item 1A.
"Risk Factors" in the company's Annual Report on Form 10-K for the
year ended December 31, 2019, filed with the U.S. Securities and
Exchange Commission, or SEC, on March 16, 2020, and other filings
the company makes with the SEC from time to time. These and
other important factors could cause actual results to differ
materially from those indicated by the forward-looking statements
made in this press release. Any such forward-looking statements
represent management's estimates as of the date of this press
release. While the company may elect to update such forward-looking
statements at some point in the future, unless required by law, it
disclaims any obligation to do so, even if subsequent events cause
its views to change. Thus, no one should assume that the Company’s
silence over time means that actual events are bearing out as
expressed or implied in such forward-looking statements.
These forward-looking statements should not be relied upon as
representing the company's views as of any date subsequent to the
date of this press release.
Media Contact: Gina Kent, Vault
Communications gkent@vaultcommunications.com
610-455-2763
Investor Contact: Philip Trip Taylor, Gilmartin
Group philip@gilmartinIR.com 415-937-5406
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