Recent Highlights (unaudited)
- Achieved full year 2021 total revenue of
$27.7 million , including product revenue of$16.7 million , representing an increase of 53% and 43%, respectively compared to the prior year - Achieved fourth quarter total revenue of
$6.6 million , including fourth quarter product revenue of$4.0 million - Executed contracts for 32 T2Dx® Instruments in 2021, including 17 T2Dx® Instrument contracts during the fourth quarter, consisting of 3 from the
U.S. and 14 from outside theU.S. - Generated full year 2021 U.S. sepsis test panel revenue of
$5.1 million , representing growth of 46% compared to the prior year - Hired a veteran Chief Commercial Officer and significantly expanded our sales, marketing, clinical and medical affairs teams
- Initiated clinical trials for the T2Resistance® Panel and T2Biothreat® Panel in December, enabling potential filing of FDA submissions for both products during 2022
- Expanded commercialization in
Asia Pacific andLatin America regions by entering into distributor agreements inTaiwan ,Singapore ,South Korea , andMexico - Cash, cash equivalents, marketable securities, and restricted cash totaled
$33.7 million as ofDecember 31, 2021
“We made considerable progress across the business throughout 2021, including a 53% increase in total revenue, a 43% increase in product revenue, continued improvement in product gross margins, and meaningful advances across our new product pipeline,” stated
The Company’s fourth quarter and full year 2021 financial results are preliminary and are subject to the completion of the Company’s 2021 audit. Complete fourth quarter and full year 2021 financial results will be announced in early March.
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, timing of filing of an FDA submission, 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:
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gkent@vaultcommunications.com
610-455-2763
Investor Contact:
philip@gilmartinIR.com
415-937-5406
Source:
2022 GlobeNewswire, Inc., source