T2 Biosystems Announces Preliminary Fourth Quarter and Full Year 2020 Results
Financial and Operational Highlights
- Preliminary unaudited fourth quarter 2020 total revenue is expected to be
$7.8 million , including product revenue of$5.8 million , representing growth of 155% and 274% respectively, compared to the prior year period - Preliminary unaudited full year 2020 total revenue is expected to be
$18.1 million , including product revenue of$11.7 million , representing growth of 118% and 119% respectively, compared to the prior year period - Sold 21 T2Dx® Instruments in the fourth quarter, including 19 in the
U.S. - Sold 53 T2Dx Instruments in 2020, including 47 in the
U.S. , more than doubling theU.S. installed base in 2020 - Achieved
U.S. sepsis test utilization growth resulting in a fourth quarter annualized run rate of approximately$86,000 per legacy instrument andU.S. COVID test utilization growth resulting in a fourth quarter annualized run rate of approximately$265,000 per instrument sold in 2020 - Unaudited cash, cash equivalents, current and long-term marketable securities, and restricted cash totaled
$52.7 million as ofDecember 31, 2020 - In
January 2021 , the Company’s Term Loan Agreement with CRG was amended to extend the interest-only and principal payment periods toDecember 31, 2022 , and to reduce the minimum product revenue target for the twenty-four month period beginning onJanuary 1, 2020
“During 2020, our team made meaningful progress toward our three corporate priorities: accelerating our commercialization, improving our operations, and advancing our new product pipeline. Amid the global health emergency, we took rapid action to meet the COVID-19 testing needs of
The Company’s fourth quarter and full year 2020 financial results are preliminary and are subject to the completion of the Company’s 2020 audit. Complete fourth quarter and full year 2020 financial results will be announced in early March.
About
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 expected operating results, such as revenue growth, earnings, instrument sales, and test utilization growth, 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. 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
Media Contact:
Gina Kent, Vault Communications
gkent@vaultcommunications.com
610-455-2763
Investor Contact:
philip@gilmartinIR.com
415-937-5406
Source: T2 Biosystems, Inc.