T2 Biosystems Announces Fourth Quarter & Full Year 2020 Financial Results
Recent Highlights
- Achieved 2020 revenue of
$18.1 million , including product revenue of$11.7 million , representing growth of 118% and 119%, respectively, compared to the prior year period - Achieved record quarterly revenue of
$7.8 million , including product revenue of$5.8 million , representing growth of 154% and 273%, respectively, compared to the prior year period - Sold 57 T2Dx® Instruments in 2020, including 47 in the
U.S. , more than doubling theU.S. installed base - Sold 21 T2Dx Instruments in the fourth quarter, including 19 in the
U.S. - Increased
U.S. sepsis test utilization by 72%, resulting in a fourth quarter annualized run rate of approximately$86,000 per legacy sepsis instrument and achievedU.S. COVID test utilization growth resulting in a fourth quarter annualized run rate of approximately$265,000 per instrument sold in 2020 - Determined the T2SARS-CoV-2™ Panel is capable of detecting SARS-CoV-2 virus variants including those identified in the
United Kingdom ,South Africa andBrazil , along with 99.99% of all currently identified variants based on sequence alignments and in silico analysis - Appointed
Aparna Ahuja , MD as Chief Medical Officer to drive clinical programs and raise Company visibility within the medical laboratory community
“We made considerable progress across the business during 2020, including building strong demand for our products. Total product sales increased by 119%, including 284% in the U.S. market. We sold 57 new T2Dx Instruments, including 47 in the
Fourth Quarter 2020 Financial Results
Total revenue for the fourth quarter of 2020 was
Operating expenses for the fourth quarter of 2020 were
Net loss for the fourth quarter of 2020 was
Full Year 2020 Financial Results
Total revenue for 2020 was
Operating expenses for 2020 were
Net loss for 2020 was
Cash, equivalents, marketable securities and restricted cash were
2021 Financial Outlook
The Company expects full year 2021 total revenue to be between
Webcast and Conference Call Information
T2’s management team will host a conference call today,
About T2 Biosystems
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our revenue results and cash balance, financial outlook, anticipated strategic priorities, product demand, commitments or opportunities, and growth expectations or targets, as well as statements that include the words “expect,” “intend,” “plan”, “believe”, “project”, “forecast”, “estimate,” “may,” “should,” “anticipate,” and similar statements of a future or forward looking nature. Furthermore, statements contained in this document relating to the recent global outbreak of the novel coronavirus disease (COVID-19), the impact of which remains inherently uncertain on our financial results, are forward-looking statements. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, (i) any inability to (a) realize anticipated benefits from commitments, contracts or products; (b) successfully execute strategic priorities; (c) bring products to market; (d) expand product usage or adoption; (e) obtain customer testimonials; (f) accurately predict growth assumptions; (g) realize anticipated revenues; (h) incur expected levels of operating expenses; or (i) increase the number of high-risk patients at customer facilities; (ii) failure of early data to predict eventual outcomes; (iii) failure to make or obtain anticipated FDA filings or clearances within expected time frames or at all; or (iv) the factors discussed under Item 1A. “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended
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T2 Biosystems, Inc.
Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
2020 | 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 16,793 | $ | 11,033 | |||
Marketable securities | 25,396 | — | |||||
Accounts receivable | 5,099 | 2,825 | |||||
Inventories | 3,636 | 3,599 | |||||
Prepaid expenses and other current assets | 2,660 | 1,438 | |||||
Total current assets | 53,584 | 18,895 | |||||
Property and equipment, net | 3,771 | 5,845 | |||||
Operating lease right-of-use assets | 11,034 | 3,360 | |||||
Restricted cash | 551 | 180 | |||||
Marketable securities | 10,002 | — | |||||
Other assets | 136 | 206 | |||||
Total assets | $ | 79,078 | $ | 28,486 | |||
Liabilities and stockholders’ (deficit) equity | |||||||
Current liabilities: | |||||||
Notes payable | $ | — | $ | 42,902 | |||
Accounts payable | 2,058 | 3,753 | |||||
Accrued expenses and other current liabilities | 7,512 | 11,207 | |||||
Derivative liability | — | 2,425 | |||||
Deferred revenue | 230 | 285 | |||||
Total current liabilities | 9,800 | 60,572 | |||||
Notes payable, net of current portion | 45,235 | — | |||||
Operating lease liabilities, net of current portion | 10,533 | 1,873 | |||||
Deferred revenue, net of current portion | 424 | 46 | |||||
Derivative liability | 1,010 | — | |||||
Other liabilities | 3,350 | — | |||||
Commitments and contingencies (see Notes 13) | |||||||
Stockholders’ (deficit) equity: | |||||||
Preferred stock, |
— | — | |||||
Common stock, |
147 | 51 | |||||
Additional paid-in capital | 431,545 | 342,121 | |||||
Accumulated other comprehensive loss | 9 | — | |||||
Accumulated deficit | (422,975 | ) | (376,177 | ) | |||
Total stockholders’ (deficit) equity | 8,726 | (34,005 | ) | ||||
Total liabilities and stockholders’ (deficit) equity | $ | 79,078 | $ | 28,486 |
T2 Biosystems, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited, in thousands, except share and per share data)
Year ended | |||||||
2020 | 2019 | ||||||
Revenue: | |||||||
Product revenue | $ | 11,677 | $ | 5,327 | |||
Research revenue | 11 | 563 | |||||
Contribution revenue | 6,442 | 2,445 | |||||
Total revenue | 18,130 | 8,335 | |||||
Costs and expenses: | |||||||
Cost of product revenue | 21,280 | 16,763 | |||||
Research and development | 16,919 | 16,326 | |||||
Selling, general and administrative | 21,287 | 27,304 | |||||
Total costs and expenses | 59,486 | 60,393 | |||||
Loss from operations | (41,356 | ) | (52,058 | ) | |||
Interest expense, net | (5,504 | ) | (7,348 | ) | |||
Other income, net | 62 | 400 | |||||
Net loss and comprehensive loss | (46,798 | ) | (59,006 | ) | |||
Net loss per share — basic and diluted | $ | (0.39 | ) | $ | (1.30 | ) | |
Weighted-average number of common shares used in computing net loss per share — basic and diluted | 121,331,464 | 45,507,754 |
T2 Biosystems, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited, in thousands, except share and per share data)
Q4 2020 | Q4 2019 | ||||||
Revenue: | |||||||
Product revenue | $ | 5,834 | $ | 1,562 | |||
Research revenue | - | 294 | |||||
Contribution revenue | 1,954 | 1,213 | |||||
Total revenue | 7,788 | 3,069 | |||||
Costs and expenses: | |||||||
Cost of product revenue | 7,476 | 3,611 | |||||
Research and development | 4,036 | 4,279 | |||||
Selling, general and administrative | 4,596 | 7,546 | |||||
Total costs and expenses | 16,108 | 15,436 | |||||
Loss from operations | (8,320 | ) | (12,367 | ) | |||
Interest expense, net | (1,598 | ) | (1,690 | ) | |||
Other income, net | 9 | 16 | |||||
Net loss and comprehensive loss | (9,909 | ) | (14,041 | ) | |||
Net loss per share — basic and diluted | $ | (0.07 | ) | $ | (0.29 | ) | |
Weighted-average number of common shares used in computing net loss per share — basic and diluted | 148,018,044 | 47,870,662 |
Source: T2 Biosystems, Inc.