T2 Biosystems reports Q2 EPS (66c), consensus (97c)

Reports Q2 revenue $1.95M, consensus $2.1M. “We are highly encouraged by the record second quarter and record first half of 2024 sepsis test revenue, driven by increased sales of the T2Bacteria Panel, which can be attributed to effective commercial execution,” stated John Sperzel, Chairman and CEO of T2 Biosystems. “Moving forward, we expect incremental sepsis revenue growth as a result of the recently FDA-cleared expanded T2Bacteria Panel, to include the detection of Acinetobacter baumannii, potential U.S. distribution partnership with a multibillion dollar healthcare company, and recently signed international distribution agreements in five new countries. We believe the launch of the T2Lyme Panel as a Laboratory Developed Test (LDT), planned for the third quarter of 2024, represents a significant growth opportunity. Finally, we continue to prioritize enhancing our operations and implementing cost reduction measures to improve cash flow.”