Summary by Moomoo AI
T2 Biosystems, a leader in rapid detection of sepsis-causing pathogens, announced its financial results for the third quarter ended September 30, 2024. The company reported a 34% increase in total revenue, reaching $2.0 million, compared to the same period in the previous year. This growth was primarily driven by a 34% rise in sepsis test panel revenue, largely due to increased U.S. sales of the T2Bacteria Panel. T2 Biosystems also executed contracts for 11 T2Dx Instruments, expanded its U.S. market access through an exclusive distribution agreement with Cardinal Health, and launched a co-marketing collaboration with Prxcision, Inc. Additionally, the company received FDA clearance to market the T2Candida Panel for pediatric patients and is advancing the T2Resistance Panel towards FDA 510(k) submission, expected in the first quarter of 2025. Despite these advancements, the company reported a net loss of $10.1 million, or $(0.57) per share, for the quarter. As of September 30, 2024, T2 Biosystems had cash and cash equivalents of $2.1 million and raised $4.3 million in net proceeds through an ATM during the quarter.
