T2 Biosystems Announces Third Quarter 2020 Financial Results
Recent Highlights
- Achieved record quarterly revenue of
$5.2 million , including product revenue of$3.8 million , representing growth of 213% and 219% respectively, compared to the prior year period - Sold record 32 T2Dx® Instruments in the third quarter, including 28 instruments in the
U.S. , an increase of 167% compared to the prior year period - Increased T2Bacteria® and T2Candida® Panel revenue by 70% and 38% respectively, compared to the prior year, demonstrating significant growth in the sepsis portfolio
- Received Emergency Use Authorization (EUA) for the T2SARS-CoV-2® Panel molecular diagnostic test run on the FDA-cleared T2Dx Instrument to detect the virus responsible for COVID-19
- Completed all milestones in the base phase of the product development contract awarded by BARDA, leading to the subsequent exercise of the first contract option valued at
$10.5 million - Received New Technology Add-on Payment (NTAP) extension for the
T2Bacteria Panel from theU.S. Centers for Medicare & Medicaid Services (CMS) for fiscal year 2021
“The third quarter was transformational for
Third Quarter 2020 Financial Results
Total revenue for the third quarter of 2020 was
Costs and operating expenses for the third quarter of 2020 were
Net loss for the third quarter of 2020 was
Total cash, cash equivalents, current and long-term marketable securities, and restricted cash were
2020 Financial Outlook
The Company has increased its expectation of full year 2020 total revenue to be between
Fourth Quarter 2020 Financial Outlook
The Company expects fourth quarter 2020 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
Media Contact:
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Investor Contact:
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415-937-5406
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) (Unaudited) |
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2020 |
2019 |
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Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 19,059 | $ | 11,033 | ||||
Marketable securities | 21,990 | — | ||||||
Accounts receivable | 3,860 | 2,825 | ||||||
Inventories | 3,569 | 3,599 | ||||||
Prepaid expenses and other current assets | 2,969 | 1,438 | ||||||
Total current assets | 51,447 | 18,895 | ||||||
Property and equipment, net | 3,585 | 5,845 | ||||||
Operating lease right-of-use assets | 1,729 | 3,360 | ||||||
Restricted cash | 551 | 180 | ||||||
Marketable securities | 20,186 | — | ||||||
Other assets | 133 | 206 | ||||||
Total assets | $ | 77,631 | $ | 28,486 | ||||
Liabilities and stockholders’ equity (deficit) | ||||||||
Current liabilities: | ||||||||
Notes payable | $ | — | $ | 42,902 | ||||
Accounts payable | 2,407 | 3,753 | ||||||
Accrued expenses and other current liabilities | 7,654 | 11,207 | ||||||
Derivative liability | — | 2,425 | ||||||
Deferred revenue | 290 | 285 | ||||||
Total current liabilities | 10,351 | 60,572 | ||||||
Notes payable, net of current portion | 44,612 | — | ||||||
Operating lease liabilities, net of current portion | 479 | 1,873 | ||||||
Deferred revenue, net of current portion | 300 | 46 | ||||||
Derivative liability | 1,235 | — | ||||||
Other liabilities | 3,080 | — | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity (deficit): | ||||||||
Preferred stock, shares issued and outstanding at 2019 |
— | — | ||||||
Common stock, 147,954,385 and 50,651,535 shares issued and outstanding at |
147 | 51 | ||||||
Additional paid-in capital | 430,529 | 342,121 | ||||||
Accumulated other comprehensive loss | (36 | ) | — | |||||
Accumulated deficit | (413,066 | ) | (376,177 | ) | ||||
Total stockholders’ equity (deficit) | 17,574 | (34,005 | ) | |||||
Total liabilities and stockholders’ equity (deficit) | $ | 77,631 | $ | 28,486 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share data) (Unaudited) |
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Three Months Ended |
Nine Months Ended |
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2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenue: | ||||||||||||||||
Product revenue | $ | 3,757 | $ | 1,177 | $ | 5,843 | $ | 3,765 | ||||||||
Research revenue | — | 56 | 11 | 269 | ||||||||||||
Contribution revenue | 1,488 | 444 | 4,488 | 1,232 | ||||||||||||
Total revenue | 5,245 | 1,677 | 10,342 | 5,266 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of product revenue | 6,833 | 3,944 | 13,804 | 13,153 | ||||||||||||
Research and development | 3,965 | 4,098 | 12,883 | 12,047 | ||||||||||||
Selling, general and administrative | 5,083 | 5,981 | 16,691 | 19,756 | ||||||||||||
Total costs and expenses | 15,881 | 14,023 | 43,378 | 44,956 | ||||||||||||
Loss from operations | (10,636 | ) | (12,346 | ) | (33,036 | ) | (39,690 | ) | ||||||||
Interest expense, net | (646 | ) | (1,876 | ) | (3,906 | ) | (5,658 | ) | ||||||||
Other income, net | 27 | 51 | 53 | 383 | ||||||||||||
Net loss | $ | (11,255 | ) | $ | (14,171 | ) | $ | (36,889 | ) | $ | (44,965 | ) | ||||
Net loss per share — basic and diluted | $ | (0.08 | ) | $ | (0.31 | ) | $ | (0.33 | ) | $ | (1.01 | ) | ||||
Weighted-average number of common shares used in computing | ||||||||||||||||
net loss per share — basic and diluted | 147,793,891 | 45,413,215 | 112,371,006 | 44,711,463 | ||||||||||||
Other comprehensive loss: | ||||||||||||||||
Net loss | $ | (11,255 | ) | $ | (14,171 | ) | $ | (36,889 | ) | $ | (44,965 | ) | ||||
Net unrealized gain (loss) on marketable securities | (36 | ) | — | (36 | ) | — | ||||||||||
Comprehensive loss | $ | (11,291 | ) | $ | (14,171 | ) | $ | (36,925 | ) | $ | (44,965 | ) |
Source: T2 Biosystems, Inc.