LEXINGTON, Mass. – T2 Biosystems, Inc. (NASDAQ:TTOO), a company specializing in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, announced today its intention to commercialize the T2Lyme Panel in the third quarter of 2024.
This new laboratory-developed test (LDT) is designed to provide early detection of Lyme disease and will be available to U.S. reference laboratories without the need for the T2Dx Instrument, which the company suggests could improve throughput and reduce costs.
In addition to the T2Lyme Panel plans, T2 Biosystems has shared recent business updates, including a publication in the Journal of Clinical Microbiology that highlights the clinical benefits of the T2Resistance Panel. The publication cites high accuracy and faster detection times that can positively impact clinical interventions.
The company has also engaged Dr. Robin Robinson, former Director of the Biomedical Advanced Research and Development Authority (BARDA), as a strategic advisor to assist with the commercialization of the T2Biothreat Panel.
A recent extension from the Nasdaq Hearings Panel has been granted to T2 Biosystems to regain compliance with the Nasdaq's $35 million Market Value of Listed Securities requirement by May 20, 2024.
John Sperzel, Chairman and CEO of T2 Biosystems, expressed optimism about the company's direction, citing the upcoming launch of the T2Lyme Panel, the validation of the T2Resistance Panel, and increased engagement on the T2Biothreat Panel as potential growth catalysts.
For the fiscal year 2024, T2 Biosystems continues to project total sepsis and related product revenue to be between $10.0 million and $11.0 million, which would represent a significant increase from the $6.7 million reported in 2023. This forecast does not account for potential sales from the T2Lyme Panel or the T2Biothreat Panel.
The company's product portfolio, powered by its proprietary T2 Magnetic Resonance technology, includes various panels for the detection of pathogens and resistance genes.
This article is based on a press release statement from T2 Biosystems, Inc.
InvestingPro Insights
As T2 Biosystems (NASDAQ:TTOO) gears up to commercialize the T2Lyme Panel, the company's financial health and market performance are critical for investors to consider. With a market capitalization of just $17.21 million, T2 Biosystems is navigating a challenging financial landscape. The company has been rapidly burning through cash, which is evident in its significant negative gross profit margin of -283.22% for the last twelve months as of Q3 2023. This raises concerns about the sustainability of its operations without additional financing or a substantial increase in revenue.
The company's stock performance also reflects investor sentiment, with a 52-week price low, indicating that the stock is trading near its lowest point in the past year. This could suggest that the market has substantial concerns about the company's future prospects. The price performance over the last week, with a total return of -24.13%, underscores the volatility and investor caution surrounding T2 Biosystems.
InvestingPro Tips highlight several challenges for T2 Biosystems, including the significant debt burden and the analysts' anticipation of a sales decline in the current year. These factors, combined with the expectation that the company will not be profitable this year, paint a cautious picture for potential investors.
For those interested in deeper analysis and additional insights, there are 16 more InvestingPro Tips available for T2 Biosystems at https://www.investing.com/pro/TTOO. These tips could provide further clarity on the company's financial position and market performance. Investors looking to access these insights can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.