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T2 Biosystems Reports Preliminary Drop in Q2 Revenues, Cuts Workforce

NEW YORK — T2 Biosystems on Wednesday announced a year-over-year decline in its preliminary second quarter revenues and accompanying expense reductions.

The Lexington, Massachusetts-based company said it expects its total revenues for the three months ended June 30 to be between $5.8 million and $6.1 million, below the $6.7 million it posted for the second quarter of 2021.

T2 Biosystems anticipates product revenue of $2.5 million to $2.7 million and research revenue of $3.3 million to $3.4 million. In comparison, product revenue in Q2 2021 was $3.7 million, while it reported no research revenue in the prior-year period.

As of June 1, the firm reduced its expenses by cutting 34 existing and 20 planned positions, a plan that it says will decrease operating expenses by about a fifth.

During the quarter, T2 Biosystems also raised $4.6 million through the sale of 25.9 million shares. The firm expects cash and cash equivalents of around $14.3 million as of June 30. It anticipates full-year 2022 total revenue of between $28 million and $31 million, in line with projections from earlier this year. The firm also continues to expect COVID-19-related revenue to decrease to $3.5 million this year from $9.5 million a year ago.

CEO John Sperzel said in a statement that T2 Biosystems executed contracts for a dozen of its T2Dx instruments in the second quarter — half in the US and half abroad — and saw a 13 percent bump in sepsis test panel sales compared to the first quarter of 2022. T2 is also moving forward with clinical trials of its T2Resistance Panel for antibiotic resistance genes and T2Biothreat Panel for biothreat-related pathogens, and is also developing new sepsis products.

"We also took proactive steps during the second quarter to reduce our operating expenses," Sperzel noted.

T2 Biosystems will announce complete Q2 results in early August.

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