NEW YORK – T2 Biosystems reported a 67 percent year-over-year drop in second quarter revenues this week, attributed to a $3.4 million reduction in research contribution revenues from the US Department of Health and Human Services' Biomedical Advanced Research and Development Authority (BARDA). The Lexington, Mass.-based firm reported Q2 revenues of $2.0 million, compared to $5.9 million in the year-ago period. Product revenues were down 23 percent to $2.0 million from $2.6 million, which T2 attributed to the decline in COVID-19 test sales partially offset by increased sepsis test sales. The firm recognized sepsis test panel revenues of $1.3 million, which it said represented an increase of 7 percent compared to the prior-year period despite ending the quarter with a $350,000 sepsis test backorder. In the quarter, T2 also executed 11 contracts for its T2Dx instrument and secured a multiyear contract with a distributor in Europe to supply seven T2Dx Instruments and sepsis test panels to customers in Poland. T2 received breakthrough device designation from the US Food and Drug Administration in the quarter for its a direct-from-blood assay to detect Candida auris. It also received an extension to comply with Nasdaq listing requirements through Nov. 20. The company ended the quarter with $16.1 million in cash and cash equivalents.
Personalis this week reported an 8 percent decrease in year-over-year revenues for the second quarter. The Fremont, California-based firm booked $16.7 million in revenues for Q2, down from $18.2 million in the same quarter last year. Revenues from pharma tests and services, enterprise sales, and other customers dipped 3 percent to $13.7 million from $14.2 million a year ago, while revenues from population sequencing for the US Department of Veterans Affairs decreased 25 percent to $3.0 million from $4.0 million in Q2 2022. Personalis' net loss for the quarter amounted to $24.0 million, or $.50 per share, down from a net loss of $27.5 million, or $.60 per share, in the year-ago quarter. For the third quarter, the company expects approximately $17 million in revenues, including $14 million from pharma tests and services, enterprise sales, and other customers and $3 million from population sequencing. For full-year 2023, Personalis anticipates revenues in the range of $70 million to $72 million and a net loss of approximately $103 million. As of June 30, the company had $97.2 million in cash and cash equivalents and $40.0 million in short-term investments.
Standard BioTools this week reported that its Q2 revenues jumped 47 percent year over year on strong product sales. For the three months ended June 30, the South San Francisco, California-based omics research tools company posted $27.7 million in revenues compared to $18.8 million a year ago. Product revenue grew 78 percent to $21.7 million while service revenue was flat at $5.8 million. In April, the company launched the Hyperion XTi Imaging System for spatial proteomics and shipped its first revenue-generating units during the quarter with a "growing order backlog," the firm said in a statement. Standard BioTools also launched an upgrade to its X9 High-Throughput Genomics System to enable next-generation sequencing library preparation. During Q2, the company also reduced its operating expenses including a 51 percent drop in R&D spending to $6.2 million and a 25 percent pullback in SG&A expenses to $22.6 million. Standard BioTools narrowed its Q2 net loss to $17.0 million, or $.22 per share, from $63.5 million, or $.82 per share, a year ago. The company finished the quarter with $142.3 million in cash and cash equivalents.
Biodesix this week reported an 8 percent increase in its second quarter revenues. The Boulder, Colorado-based firm saw $11.9 million in total revenues compared to $11.0 million in the same period of 2022. Discounting COVID-19 testing, which the company no longer performs, total revenues were up 48 percent year over year. Revenues from Biodesix's core lung nodule diagnostic business were $11.4 million, up 58 percent year over year from $7.3 million, while its biopharma services revenue dropped 43 percent to $423,000 from $744,000. The firm's net loss for the quarter was $13.4 million, or $.17 per share, compared to a loss of $15.8 million, or $.40 per share, in Q2 2022. The company ended the quarter with cash and cash equivalents totaling $17.4 million and reaffirmed its full-year 2023 outlook of between $52 million and $55 million in total revenue.
MyHealthChecked this week reported a sharp drop in revenues for the first half of 2023, to £2.5 million ($3.2 million) from £9.8 million in H1 2022, due to a reduction in demand for COVID-19 tests. Revenues were mainly driven by sales of COVID-19 lateral flow tests for at-home use through pharmacy retailers. In May, the company signed an agreement with pharmacy chain Boots to offer MyHealthChecked's full range of at-home testing products. As of June 30, the company had £5 million in cash left.