T2 Biosystems Announces First Quarter 2021 Financial Results
Recent Highlights
- Achieved first quarter 2021 revenue of
$7.0 million , including product revenue of$4.7 million , representing growth of 173% and 345%, respectively, compared to the prior year period - Increased
U.S. sepsis test utilization by 85% compared to the prior year period, resulting in a first quarter annualized test run rate of approximately$111,000 per legacy sepsis instrument - Sold 4 T2Dx® Instruments during the first quarter, including 1 in the
U.S. and 3 internationally - Expanded
U.S. salesforce to 9 Regional Account Managers - Announced newly published independent study concluding the use of T2 sepsis panels provides faster time to detection, faster time to targeted therapy, and shortened length-of-stay
- Confirmed the T2SARS-CoV-2TM Panel is capable of detecting the India B.1.617 variant of the SARS-CoV-2 virus based on sequence alignments and in silico analysis
- Modified terms of existing BARDA contract to add T2Resistance® Panel and accelerate development of comprehensive sepsis panel, next generation instrument, and biothreat panel
“Entering 2021, we set three corporate priorities: accelerating our sales, improving our operations, and advancing our pipeline. We are very pleased with our progress during the first quarter, which included 173% total revenue growth, 345% product revenue growth and 85% sepsis test revenue growth,” stated
First Quarter 2021 Financial Results
Total revenue for the first quarter of 2021 was
Operating expenses for the first quarter of 2021 were
Net loss for the first quarter of 2021 was
Cash, equivalents, marketable securities and restricted cash were
2021 Financial Outlook
The Company continues to expect revenue for the full year 2021 to be between
Webcast and Conference Call Information
T2’s management team will host a conference call today,
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, financial outlook, anticipated strategic priorities, product demand, commitments or opportunities, and growth expectations or targets, 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
Media Contact:
Gina Kent, Vault Communications
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610-455-2763
Investor Contact:
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415-937-5406
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)
2021 | 2020 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 10,691 | $ | 16,793 | |||
Marketable securities | 22,617 | 25,396 | |||||
Accounts receivable | 4,034 | 5,099 | |||||
Inventories | 4,525 | 3,636 | |||||
Prepaid expenses and other current assets | 2,720 | 2,660 | |||||
Total current assets | 44,587 | 53,584 | |||||
Property and equipment, net | 4,202 | 3,771 | |||||
Operating lease right-of-use assets | 10,606 | 11,034 | |||||
Restricted cash | 551 | 551 | |||||
Marketable securities | 10,002 | 10,002 | |||||
Other assets | 104 | 136 | |||||
Total assets | $ | 70,052 | $ | 79,078 | |||
Liabilities and stockholders’ (deficit) equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,907 | $ | 2,058 | |||
Accrued expenses and other current liabilities | 6,094 | 7,512 | |||||
Deferred revenue | 400 | 230 | |||||
Total current liabilities | 10,401 | 9,800 | |||||
Notes payable | 45,855 | 45,235 | |||||
Operating lease liabilities, net of current portion | 10,255 | 10,533 | |||||
Deferred revenue, net of current portion | 281 | 424 | |||||
Derivative liability | 181 | 1,010 | |||||
Other liabilities | 3,645 | 3,350 | |||||
Commitments and contingencies | |||||||
Stockholders’ (deficit) equity: | |||||||
Preferred stock, |
— | — | |||||
Common stock, |
148 | 148 | |||||
Additional paid-in capital | 432,905 | 431,544 | |||||
Accumulated other comprehensive income | 16 | 9 | |||||
Accumulated deficit | (433,635 | ) | (422,975 | ) | |||
Total stockholders’ (deficit) equity | (566 | ) | 8,726 | ||||
Total liabilities and stockholders’ (deficit) equity | $ | 70,052 | $ | 79,078 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended | |||||||
2021 | 2020 | ||||||
Revenue: | |||||||
Product revenue | $ | 4,650 | $ | 1,045 | |||
Contribution revenue | 2,306 | 1,500 | |||||
Total revenue | 6,956 | 2,545 | |||||
Costs and expenses: | |||||||
Cost of product revenue | 5,790 | 4,671 | |||||
Research and development | 4,665 | 4,780 | |||||
Selling, general and administrative | 6,203 | 6,655 | |||||
Total costs and expenses | 16,658 | 16,106 | |||||
Loss from operations | (9,702 | ) | (13,561 | ) | |||
Other income (expense): | |||||||
Interest income | 6 | — | |||||
Interest expense | (1,013 | ) | (1,417 | ) | |||
Other income, net | 49 | 29 | |||||
Total other expense | (958 | ) | (1,388 | ) | |||
Net loss | $ | (10,660 | ) | $ | (14,949 | ) | |
Net loss per share — basic and diluted | $ | (0.07 | ) | $ | (0.22 | ) | |
Weighted-average number of common shares used in computing | |||||||
net loss per share — basic and diluted | 148,231,412 | 68,637,322 | |||||
Other comprehensive loss: | |||||||
Net loss | $ | (10,660 | ) | $ | (14,949 | ) | |
Change in net unrealized gain on marketable securities, net of taxes: | |||||||
Net unrealized gain on marketable securities arising during the period | 9 | — | |||||
Less: net realized gain on marketable securities included in net loss | (2 | ) | — | ||||
Net unrealized gain on marketable securities | 7 | — | |||||
Comprehensive loss | $ | (10,653 | ) | $ | (14,949 | ) |
Source: T2 Biosystems, Inc.