T2 Biosystems Announces Preliminary First Quarter 2020 Financial Results
The Company continues to leverage its technology and scientific expertise to aid in the COVID-19 response while prioritizing the health and safety of its employees and customers.
The licensed coronavirus assay has been used by healthcare professionals within the
Preliminary Unaudited First Quarter Financial Results
- Estimated first quarter 2020 total revenue is expected to be in the range of
$2.2 million to$2.6 million , compared to$1.8 million in total revenue the first quarter of 2019.- Estimated first quarter product revenue is expected to be in the range of
$0.9 million to$1.1 million , compared to product revenue of$1.3 million in the prior year period. - Estimated first quarter research and grant contribution revenues are expected to be in the range of
$1.3 million to$1.5 million , compared to research and grant contribution revenue of$0.5 million in the prior year period.
- Estimated first quarter product revenue is expected to be in the range of
- Cash and cash equivalents as of
March 31, 2020 are expected to be approximately$30.0 million .
“As a result of impacts from the COVID-19 pandemic, we recently began to experience disruption to our commercial operations. We are unsure of the magnitude or duration of these impacts in 2020, and we are making the necessary adjustments to minimize impact to our business,” said President and Chief Executive Officer,
2020 Financial Outlook
Due to uncertainties related to the on-going COVID-19 pandemic, the Company has suspended financial and operational guidance for 2020.
The Company expects to provide complete first quarter 2020 financial results in early May.
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, the adaptation of the COVID-19 test on the Company’s T2Dx® Instrument, additional patients, timing of testing patients, anticipated product benefits, strategic priorities, product expansion or opportunities, growth expectations or targets, timing of FDA filings or clearances and anticipated operating expenses, 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. The preliminary, estimated financial results for the first quarter contained in this document are subject to the completion of management’s and the audit committee's final reviews and our other financial closing procedures and are therefore subject to change. 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:
Gina Kent, Vault Communications
gkent@vaultcommunications.com
610-455-2763
Investor Contact:
philip@gilmartinIR.com
415-937-5406
Source: T2 Biosystems, Inc.