T2 Biosystems Reports Preliminary Fourth Quarter Results and Operational Progress
-- On Track to Meet or Exceed Commercial Guidance and Regulatory Timelines --
Fourth Quarter Preliminary Performance and Recent Operational Highlights:
- Secured commitments in the fourth quarter that will provide access to an estimated 100,000 additional patients annually considered to be at high risk for sepsis infections across 18 new hospitals in the U.S. and
Europe . The company had set a target of adding 150,000 new high-risk patients over a 12-month period beginning onOctober 1, 2016 or before the targeted launch of the T2BacteriaTM Panel in the fourth quarter of 2017. Closed commitments in the quarter represent approximately 67 percent of the 12-month target. - Secured eight new contracts covering those 18 hospitals in the quarter; four contracts representing 14 hospitals in the U.S. and four with European institutions.
- Estimated preliminary product revenue indicates year-over-year growth by over 50 percent compared to the 2015 fourth quarter, driven primarily by an increase in T2Candida® Panel sales due to increased patient testing across the installed base.
- Increased worldwide installed base to include 143 hospitals with access to the T2Dx® Instrument, representing an estimated 445,000 high risk patients annually who are considered to be at high risk of sepsis infections – an approximate 95% percent year-over-year increase in high-risk patients.
- Continued progress with T2Bacteria Panel, remaining on track for an anticipated mid-2017
FDA filing. - Executed a debt refinancing that positively impacts cash flow with a minimum of three years of interest-only payments, while extending the company’s borrowing limit to
$40 million with the potential option to draw an additional$10 million upon theT2Bacteria Panel achievingFDA clearance. - Announced a collaboration with
Allergan to develop a novel diagnostic panel that detects bacterial species and gram-negative resistance for patients at risk for or suffering from sepsis. Allergan’s physician-facing sales force may cooperatively market T2 Biosystems’ menu of sepsis diagnostics to targeted hospitals around the world. - Operating expenses are expected to be within a range of
$11.5 million and$12.0 million .
“We are very pleased with our commercial progress and operational results in the fourth quarter,” said
About
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. 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, the performance of the Company's diagnostic products and the ability to bring such products to market. 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. For more information on risk factors for
Media Contact:Susan Heins ,Pure Communications susan@purecommunicationsinc.com 864-346-8336 Investor Contact:Matt Clawson ,Pure Communications matt@purecommunicationsinc.com 949-370-8500