TTOO - T2 Biosystems trades lower amid preliminary Q4 revenue results

• T2 Biosystems ( NASDAQ: TTOO ) reported Q4 revenue of $5.5M, beating consensus of $5.47M, as per preliminary results.
• Q4 Product revenue was $2.2M while research contribution revenue amounted to $3.3M.
• The company's full year 2022 total revenue was $22.3M ( consensus of $22.27M), according to preliminary data.
• "We made considerable progress across the business during 2022, achieving record sepsis product revenue and sepsis-driven T2Dx Instrument units," said T2 Biosystems Chairman and CEO John Sperzel.
• The company said it achieved record full year 2022 sepsis-driven T2Dx Instruments, totaling 51 contracts, consisting of 27 from the U.S. and 24 from outside the U.S.
• T2 Biosystems noted that it implemented expense reductions and cost of goods improvements during Q2 2022 reducing its workforce and decreasing operating expenses by about 20%.
• As of Dec. 31, 2022, cash, cash equivalents and restricted cash were $11.9M.
• The company plans to report complete Q4 and full year 2022 results in March.
• TTOO -1.90% to $1.81 premarket Jan. 24

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