TTOO - T2 Biosystems sheds 28% on restructuring plans and Q1 miss

2023-05-23 09:58:35 ET

• T2 Biosystems ( NASDAQ: TTOO ) lost ~28% in the morning hours Tuesday after the diagnostics company announced lower-than-expected Q1 2023 financials and disclosed a restructuring program amid plans to seek strategic alternatives.
• The Lexington, Massachusetts-based biotech said that nearly 30% of its staff left the company last week under the restructuring initiative, which it has put in place to lower its annual operating costs and ready the firm to evaluate strategic alternatives.
• An advisory firm assists the company in exploring all available strategic alternatives, including a potential acquisition, merger, or sale of assets.
• With its Q1 2023 financials, T2 Biosystems ( TTOO ) reported $2.1M revenue for the quarter, a ~71% YoY rise, and its net loss stood at $18.0M, marking a ~9% YoY rise while cash and cash equivalents totaled $10.1M, largely unchanged from 2022 year-end.
• While reaffirming its 2023 guidance, T2 Biosystems ( TTOO ) said that the layoffs are expected to significantly lower its cash usage in the quarters ahead.

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