T2 Biosystems Announces Fourth Quarter & Full Year 2021 Financial Results
Full Year 2021 and Recent Highlights
- Achieved full year 2021 total revenue of
$28.1 million , including product revenue of$16.6 million , representing increases of 55% and 43%, respectively, compared to the prior year - Achieved full year 2021 sepsis test panel revenue of
$5.1 million , representing an increase of 46% compared to the prior year - Achieved full year 2021 research and contribution revenue of
$11.4 million , representing an increase of 77% compared to the prior year - Executed contracts for 32 T2Dx® Instruments in 2021, including 17 instrument contracts during the fourth quarter
- Expanded international commercialization by entering into exclusive distributor agreements in
Mexico ,Singapore ,South Korea ,Taiwan ,Norway ,Finland , and Türkiye - Strengthened leadership team by hiring industry veterans
Aparna Ahuja MD as Chief Medical Officer, andBrett Giffin as Chief Commercial Officer, and significantly expanded sales, marketing, clinical and medical affairs teams - Initiated
U.S. clinical trials for the T2Resistance® Panel and T2Biothreat® Panel inDecember 2021 , enabling potential filing of FDA submissions for both products during 2022 - Amended term loan agreement with CRG, extending both the interest-only period and the maturity date to
December 31, 2023
“We made substantial progress across our three corporate priorities during 2021: accelerating our sales, enhancing our operations and advancing our pipeline,” stated
Fourth Quarter 2021 Financial Results
Total revenue for the fourth quarter of 2021 was
Operating expenses for the fourth quarter of 2021 were
Net loss for the fourth quarter of 2021 was
Full Year 2021 Financial Results
Total revenue for 2021 was
Operating expenses for 2021 were
Net loss for 2021 was
Cash, equivalents, marketable securities and restricted cash were
2022 Financial Outlook
The Company expects full year 2022 total revenue of
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, timing of filing of an FDA submission, 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. 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:
mdominick@vaultcommunications.com
773-369-4255
Investor Contact:
ir@T2Biosystems.com
415-937-5406
T2 Biosystems, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
2021 | 2020 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 22,245 | $ | 16,793 | |||
Marketable securities | 9,996 | 25,396 | |||||
Accounts receivable | 5,134 | 5,099 | |||||
Inventories | 3,909 | 3,636 | |||||
Prepaid expenses and other current assets | 3,110 | 2,660 | |||||
Total current assets | 44,394 | 53,584 | |||||
Property and equipment, net | 4,675 | 3,771 | |||||
Operating lease right-of-use assets | 9,766 | 11,034 | |||||
Restricted cash | 1,551 | 551 | |||||
Marketable securities | — | 10,002 | |||||
Other assets | 153 | 136 | |||||
Total assets | $ | 60,539 | $ | 79,078 | |||
Liabilities and stockholders’ equity (deficit) | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,832 | $ | 2,058 | |||
Accrued expenses and other current liabilities | 8,338 | 7,512 | |||||
Deferred revenue | 518 | 230 | |||||
Total current liabilities | 11,688 | 9,800 | |||||
Notes payable | 47,790 | 45,235 | |||||
Operating lease liabilities, net of current portion | 9,359 | 10,533 | |||||
Deferred revenue, net of current portion | 28 | 424 | |||||
Derivative liability | — | 1,010 | |||||
Other liabilities | 4,577 | 3,350 | |||||
Stockholders’ equity (deficit): | |||||||
Preferred stock, |
— | — | |||||
Common stock, |
166 | 148 | |||||
Additional paid-in capital | 459,151 | 431,544 | |||||
Accumulated other comprehensive (loss) income | (4 | ) | 9 | ||||
Accumulated deficit | (472,216 | ) | (422,975 | ) | |||
Total stockholders’ equity (deficit) | (12,903 | ) | 8,726 | ||||
Total liabilities and stockholders’ equity (deficit) | $ | 60,539 | $ | 79,078 |
T2 Biosystems, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share data)
(Unaudited)
Year ended | |||||||
2021 | 2020 | ||||||
Revenue: | |||||||
Product revenue | $ | 16,646 | $ | 11,677 | |||
Research revenue | - | 11 | |||||
Contribution revenue | 11,412 | 6,442 | |||||
Total revenue | 28,058 | 18,130 | |||||
Costs and expenses: | |||||||
Cost of product revenue | 20,703 | 21,280 | |||||
Research and development | 21,801 | 16,112 | |||||
Selling, general and administrative | 28,527 | 22,094 | |||||
Total costs and expenses | 71,031 | 59,486 | |||||
Loss from operations | (42,973 | ) | (41,356 | ) | |||
Other income (expense): | |||||||
Interest income | 112 | 14 | |||||
Interest expense | (6,586 | ) | (5,518 | ) | |||
Other income, net | 206 | 62 | |||||
Total other expense | (6,268 | ) | (5,442 | ) | |||
Net loss | (49,241 | ) | (46,798 | ) | |||
Net loss per share — basic and diluted | $ | (0.31 | ) | $ | (0.39 | ) | |
Weighted-average number of common shares used in computing net loss per share — basic and diluted | 158,861,418 | 121,331,464 | |||||
Other comprehensive loss: | |||||||
Net loss | $ | (49,241 | ) | $ | (46,798 | ) | |
Net unrealized gain (loss) on marketable securities arising during the period | (4 | ) | 13 | ||||
Less: net realized gain on marketable securities included in net loss | (9 | ) | (4 | ) | |||
Total other comprehensive loss, net of taxes | (13 | ) | 9 | ||||
Comprehensive loss | $ | (49,254 | ) | $ | (46,789 | ) |
T2 Biosystems, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share data)
(Unaudited)
Three Months ended | |||||||
2021 |
2020 |
||||||
Revenue: | |||||||
Product revenue | $ | 4,012 | $ | 5,834 | |||
Contribution revenue | 2,968 | 1,954 | |||||
Total revenue | 6,980 | 7,788 | |||||
Costs and expenses: | |||||||
Cost of product revenue | 5,362 | 7,476 | |||||
Research and development | 5,353 | 3,764 | |||||
Selling, general and administrative | 6,544 | 4,868 | |||||
Total costs and expenses | 17,259 | 16,108 | |||||
Loss from operations | (10,279 | ) | (8,320 | ) | |||
Other income (expense): | |||||||
Interest income | 94 | 12 | |||||
Interest expense | (1,954 | ) | (1,610 | ) | |||
Other income, net | (5 | ) | 9 | ||||
Total other expense | (1,865 | ) | (1,589 | ) | |||
Net loss | (12,144 | ) | (9,909 | ) | |||
Net loss per share — basic and diluted | $ | (0.07 | ) | $ | (0.07 | ) | |
Weighted-average number of common shares used in computing net loss per share — basic and diluted | 166,172,579 | 148,018,044 | |||||
Other comprehensive loss: | |||||||
Net loss | $ | (12,144 | ) | $ | (9,909 | ) | |
Net unrealized gain (loss) on marketable securities arising during the period | (13 | ) | 48 | ||||
Less: net realized (gain) loss on marketable securities included in net loss | 5 | (3 | ) | ||||
Total other comprehensive loss, net of taxes | (8 | ) | 45 | ||||
Comprehensive loss | $ | (12,152 | ) | $ | (9,864 | ) |
Source: T2 Biosystems, Inc.