TTOO - T2 Biosystems stock falls 17% as Q1 net loss widens Y/Y

T2 Biosystems (NASDAQ:TTOO) stock fell May 6, a day after it reported its Q1 results. Q1 revenue rose +4% Y/Y to $7.23M. The company said product revenue declined 17% Y/Y to 3.84M, mainly due to decreased COVID-19 test sales. Meanwhile, contribution revenue grew +47% Y/Y to $3.39M. Net loss widened to -$16.5M, compared to -$10.66M in Q1 2021. Operating expenses (research and development and selling, general and administrative expenses) were $15.9M, rising $5M compared to the prior year period. As of March 31, 2022 cash and marketable securities were $20.5M. Outlook: T2 Biosystems (TTOO) said it continues to expect full year 2022 total revenue to be between $28M and $31M, including product revenue range of $16M to $17M and research contribution revenue of $12M to $14M. Consensus Revenue Estimate for 2022 is $29.67M. The company continues to expect to close 60 to 70 T2Dx Instrument contracts in 2022 and COVID-19 revenue to

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T2 Biosystems stock falls 17% as Q1 net loss widens Y/Y