TTOO - T2 Biosystems GAAP EPS of -$2.95 misses by $0.90 revenue of $3.68M misses by $1.05M
- T2 Biosystems press release ( NASDAQ: TTOO ): Q3 GAAP EPS of -$2.95 misses by $0.90 .
- Revenue of $3.68M (-50.5% Y/Y) misses by $1.05M .
- Achieved sepsis and related revenue (non-COVID product revenue) of $2.4 million, representing a record number for a single quarter and an increase of 24% compared to the prior year period.
- Executed contracts for 11 T2Dx ® Instruments during the third quarter, including 3 in the U.S. and 8 outside the U.S., increasing the totals through the first nine months of 2022, to 20 in the U.S. and 18 internationally.
- Amended term loan agreement with CRG, extending both the interest-only period and the maturity date to December 30, 2024.
- Cash, cash equivalents and restricted cash were $21.5 million as of September 30, 2022 and cash provided by the ATM was $22.9 million.
- 2022 Outlook: The Company expects full year 2022 total revenue of $22.0 to $23.0 million, including product revenue of $11.5 to $12.0 million and research contribution revenue of $10.5 to $11.0 million. The Company expects to close 50 to 55 T2Dx Instrument contracts in 2022.
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T2 Biosystems GAAP EPS of -$2.95 misses by $0.90, revenue of $3.68M misses by $1.05M