Reiterates 2019 revenue and new contract guidance
LEXINGTON, Mass., May 24, 2019 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the development of innovative diagnostic products for critical unmet needs in healthcare, announced today that John McDonough, chief executive officer, and John Sprague, chief financial officer, are scheduled to participate in the Singular Research Spring Select Web Call on Thursday, May 30, 2019 at 3:00 pm ET. In addition, the Company is reiterating its 2019 guidance of a doubling of revenue and securing 70-80 T2Dx instrument contracts.
During the presentation, Mr. McDonough will provide an overview of the Company and highlight some of the key attributes of the Company’s technology:
- The T2Bacteria Panel covers 90% of the deadly ESKAPE bacteria – those commonly resistant to broad spectrum antibiotics.1 When combined with standard protocols that start patients on a broad spectrum antibiotic the result is that approximately 90% of patients may be delivered an effective therapy within 3 to 5 hours, instead of days if treatment is solely dependent on blood-culture-based, probability-driven therapy used broadly today.2
- The species currently included in the T2Candida panel account for >95% of invasive candidiasis.345 The rapid detection of Candida enables physicians to provide targeted treatment quickly, and research has shown this can reduce a positive sepsis patient's length of stay in the hospital. In addition, a rapid negative result can prevent unnecessary administration of antimicrobials, further reducing costs and preventing or reducing antimicrobial resistance.
- The T2Dx Instrument and associated T2Bacteria and T2Candida Panels are the first and only FDA-cleared tests to identify sepsis-causing bacteria and fungal pathogens directly from whole blood, without the wait for blood culture. All other FDA-cleared tests are blood-culture dependent and rely on that often lengthy and inaccurate process, while many infections become more dangerous with every passing hour.
The presentation will be webcast live and may be accessed by visiting the Investors/Events & Presentations section of the Company’s website at www.t2biosystems.com. A replay of the webcast will be available shortly after the conclusion of the presentation and will be archived on the Company's website for 90 days following the presentation.
About Singular Research
Singular Research aims to be the most trusted supplier of independent, trusted, single-source research on small-to-micro cap companies to the small-to-medium sized Hedge Fund manager. The firm’s picks have gained 299.3% since inception in 2004, compared with a gain of 116.4% for the Russell 2000 and 77.8% for the S&P 500 over the same period. The Singular Research Spring Select Web Call features their top growth and value ideas for total return in 2019.
About T2 Biosystems
T2 Biosystems, a leader in the development and commercialization of innovative medical diagnostic products for critical unmet needs in healthcare, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. T2 Biosystems’ products include the T2Dx® Instrument, T2Candida® Panel, and T2Bacteria® Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems has an active pipeline of future products, including products for the detection of additional species and antibiotic resistance markers of sepsis pathogens, and tests for Lyme disease.
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 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. 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 December 31, 2018, filed with the U.S. Securities and Exchange Commission, or SEC, on March 14, 2019, and other filings the company makes with the SEC from time to time. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While the company may elect to update such forward-looking statements at some point in the future, unless required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change. Thus, no one should assume that the Company’s silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this press release.
1 Karlowskey, J. A., Jones, M. E., Draghi, D. C. et al (2004) Prevalence and antimicrobial susceptibilities of bacteria isolated from blood cultures of hospitalized patients in the United States in 2002. Annals of Clinical Microbiology and Antimicrobials 2004 3:7.
2 Kumar, A., Ellis, P., Arabi, Y., et al. (2009). Initiation of inappropriate antimicrobial therapy results in a fivefold reduction of survival in human septic shock. CHEST Journal, 136(5), 1237-1248.
3 Clancy, C. J., Pappas, P. G., Vazquez, J. et al. (2018). Detecting Infections Rapidly and Easily for Candidemia Trial, Part 2 (DIRECT2): A Prospective, Multicenter Study of the T2Candida Panel. Clinical Infectious Diseases, 66, 1678-1686.
4 Pfaller MA, Moet GJ, Messer SA et al. (2011) Candida bloodstream infections: comparison of species distributions and antifungal resistance patterns in community-onset and nosocomial isolates in the SENTRY Antimicrobial Surveillance Program, 2008–2009. Antimicrob. Agents Chemother. 55, 561–566.
5 Pfaller MA, Neofytos D, Diekema D et al. (2012) Epidemiology and outcomes of candidemia in 3648 patients: data from the Prospective Antifungal Therapy (PATH Alliance(R)) Registry, 2004–2008. Diagn. Microbiol. Infect. Dis. 74, 323–331.
Gina Kent, Vault Communications
Zack Kubow, W2O Group
Source: T2 Biosystems, Inc.