- T2 Biosystems Inc (NASDAQ:TTOO) expects Q2 FY22 revenues of $5.8 million – $6.1 million, below the consensus of $6.87 million.
- The interim numbers include product revenue of $2.5 million – $2.7 million and research revenue of $3.3 million – $3.4 million.
- Executed contracts for 12 T2Dx Instruments during Q2, consisting of 6 in the U.S. and six outside the U.S.
- The company implemented expense reductions by eliminating 34 existing and 20 planned positions and decreasing operating expenses by approximately 20%.
- Also See: T2 Biosystems Secures Additional BARDA Funding To Develop Blood Test Panels To Detect Sepsis-Causing Pathogens.
- The company continues to expect FY22 revenue of $28.0 million – $31.0 million, compared to the consensus of $29.33 million.
- T2 Biosystems expects FY product revenue of $16.0 million – $17.0 million and research contribution revenue of $12.0 million – $14.0 million.
- It expects to close 60 – 70 T2Dx Instrument contracts in 2022 and COVID-19 revenue to decrease from $9.5 million to $3.5 million.
- Price Action: TTOO shares are down 19.47% at $0.15 during the market session on the last check Wednesday.
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