Summary by Moomoo AI
T2 Biosystems, an in vitro diagnostics company, reported product revenue of $1.952 million for the quarter ended June 30, 2024, a slight decrease from $1.964 million in the same period the previous year. The company's cost of product revenue decreased significantly to $2.693 million from $4.869 million year-on-year, reflecting improved manufacturing efficiencies. Research and development expenses also saw a reduction to $3.361 million from $3.850 million, while selling, general and administrative expenses dropped to $5.473 million from $6.296 million. The net loss for the quarter was $8.963 million, compared to $6.347 million in the prior year. T2 Biosystems has faced challenges including a lease dispute and subsequent termination, with the landlord seeking damages. The company has responded with a counterclaim and intends to pursue legal remedies. Despite these issues, T2 Biosystems believes...Show More
