TTOO - T2 Biosystems reports Q2 revenue and FY23 guidance
2023-07-12 08:59:02 ET
- T2 Biosystems ( NASDAQ: TTOO ) reports Q2 revenue of $2M from product sales. Sepsis test panel revenue of $1.3M, an annual growth of 7%, despite ending the Q2 with a $0.4M.
- Executed contracts for 11 T2Dx Instruments during Q2, including 4 in the U.S. and 7 internationally.
- Announced workforce reduction of nearly 30% during restructuring program in May 2023.
- Converted $10M term loan debt in exchange for 48,345,798 common shares and Series B Convertible Preferred Stock convertible into 93,297,259 shares of common stock.
- $16.1M cash and cash equivalents as of June 30, 2023, including $18.5 million of net proceeds from the sale of shares through the ATM facility in the second quarter.
- The Company now expects full year 2023 total sepsis and related product revenue of $9.5 million to $10.5 million, representing growth of 13% to 25%, compared to $8.4 million in 2022.
- TTOO -7.6% premarket to $0.1385
- Source: Press Release
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T2 Biosystems reports Q2 revenue and FY23 guidance