T2 Biosystems Announces Fourth Quarter and Full Year 2019 Financial Results
Fourth Quarter and Recent Business and Financial Performance Highlights
- Achieved fourth quarter total revenue of
$3.1 million and product revenue of$1.6 million , representing increases of 71% and 18% respectively, compared to the prior year period - Received CE mark for the
T2Resistance Panel , allowing commercialization throughout theEuropean Union and other CE mark geographies - Secured new contracts for ten T2Dx Instruments during the fourth quarter of 2019
- Appointed
John Sperzel as Chief Executive Officer andTony Pare as Chief Commercial Officer
Full Year 2019 Business and Financial Performance Highlights
- Awarded a contract for up to
$69 million in milestone-based product development funding from aU.S. government agency; one of the largest grants ever awarded to a diagnostics company - Received a New Technology Add-on Payment (NTAP) for the
T2Bacteria Panel from the Centers for Medicare and Medicaid Services (CMS); the first in-vitro diagnostic test with this designation - Received Breakthrough Device designation from the
U.S. Food and Drug Administration (FDA) forT2Resistance Panel , which is now available for research use only (RUO) in the U.S. market - Signed Breakthrough Technology contract with Premier, Inc., a group purchasing organization, providing access and contracted pricing to approximately 4,000
U.S. hospitals - Restructured the CRG Term Loan Agreement, extending the interest-only payment period through
December 2021 and reducing minimum revenue targets - Expanded commercial distribution to include thirty-six countries
“The T2 Biosystems team achieved a number of important clinical and operational milestones in 2019,” said
Fourth Quarter 2019 Financial Results
Total revenue for the fourth quarter of 2019 was
Operating expenses for the fourth quarter of 2019 were
Net loss for the fourth quarter of 2019 was
Full Year 2019 Financial Results
Total revenue for 2019 was
Operating expenses for 2019 were
Net loss for 2019 was
Cash and equivalents as of
2020 Financial Outlook
Management projects revenue for the full year 2020 to range from
Webcast and Conference Call Information
T2’s management team will host a conference call today,
About T2 Biosystems
Media Contact:
Gina Kent, Vault Communications
gkent@vaultcommunications.com
610-455-2763
Investor Contact:
philip@gilmartinIR.com
415-937-5406
| T2 Biosystems, Inc. Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) |
||||||||
| 2019 | 2018 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 11,033 | $ | 50,805 | ||||
| Accounts receivable | 2,825 | 1,786 | ||||||
| Prepaid expenses and other current assets | 1,438 | 1,340 | ||||||
| Inventories | 3,599 | 2,677 | ||||||
| Total current assets | 18,895 | 56,608 | ||||||
| Property and equipment, net | 5,845 | 7,315 | ||||||
| Operating lease right-of-use assets | 3,360 | — | ||||||
| Restricted cash | 180 | 180 | ||||||
| Other assets | 206 | 206 | ||||||
| Total assets | $ | 28,486 | $ | 64,309 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Notes payable | $ | 42,902 | $ | 42,373 | ||||
| Accounts payable | 3,753 | 744 | ||||||
| Accrued expenses and other current liabilities | 11,207 | 6,073 | ||||||
| Derivative liability | 2,425 | 2,142 | ||||||
| Deferred revenue | 285 | 697 | ||||||
| Current portion of lease incentives | — | 268 | ||||||
| Total current liabilities | 60,572 | 52,297 | ||||||
| Lease incentives, net of current portion | — | 492 | ||||||
| Operating lease liabilities, net of current portion | 1,873 | — | ||||||
| Deferred revenue, net of current portion | 46 | 133 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, |
— | — | ||||||
| Common stock, |
49 | 44 | ||||||
| Additional paid-in capital | 342,123 | 328,514 | ||||||
| Accumulated deficit | (376,177 | ) | (317,171 | ) | ||||
| Total stockholders’ equity | (34,005 | ) | 11,387 | |||||
| Total liabilities and stockholders’ equity | $ | 28,486 | $ | 64,309 | ||||
| T2 Biosystems, Inc. Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) |
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| Year ended | ||||||||||||
| 2019 | 2018 | 2017 | ||||||||||
| Revenue: | ||||||||||||
| Product revenue | $ | 5,327 | $ | 4,805 | $ | 3,440 | ||||||
| Research revenue | 563 | 5,695 | 1,226 | |||||||||
| Contribution revenue | 2,445 | — | — | |||||||||
| Total revenue | 8,335 | 10,500 | 4,666 | |||||||||
| Costs and expenses: | ||||||||||||
| Cost of product revenue | 16,763 | 15,404 | 12,028 | |||||||||
| Research and development | 16,326 | 14,489 | 23,733 | |||||||||
| Selling, general and administrative | 27,304 | 25,697 | 22,757 | |||||||||
| Total costs and expenses | 60,393 | 55,590 | 58,518 | |||||||||
| Loss from operations | (52,058 | ) | (45,090 | ) | (53,852 | ) | ||||||
| Interest expense, net | (7,348 | ) | (6,682 | ) | (8,907 | ) | ||||||
| Other income, net | 400 | 619 | 331 | |||||||||
| Net loss and comprehensive loss | (59,006 | ) | (51,153 | ) | (62,428 | ) | ||||||
| Net loss per share — basic and diluted | $ | (1.30 | ) | $ | (1.26 | ) | $ | (1.94 | ) | |||
| Weighted-average number of common shares used in computing net loss per share — basic and diluted | 45,507,754 | 40,558,826 | 32,131,512 | |||||||||
Source: T2 Biosystems, Inc.