T2 Biosystems (TTOO) has released an update.
In a robust financial update, a company reported a total revenue of $7.2 million for 2023, buoyed by its sepsis and related products, alongside a standout fourth quarter yielding $1.7 million from product sales including the T2Bacteria Panel in the U.S. They also cleared their sepsis test backorder and gained FDA clearances for expanding their diagnostic panel uses. Additionally, they secured a Phase 2 award for their T2Lyme Panel and are progressing towards further FDA submissions. To address Nasdaq compliance, they presented a plan and amended their loan agreement, extending the maturity date and lowering cash requirements. The company also expanded its market reach with exclusive distribution agreements in several European countries and Vietnam.
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