Summary by Moomoo AI
T2 Biosystems achieved Q3 2024 total revenue of $2.0 million, up 34% YoY, driven by strong sepsis test panel revenue of $1.4 million. The company secured 11 new T2Dx Instrument contracts, including 1 in the U.S. and 10 internationally. A significant commercial milestone was reached through an exclusive U.S. distribution agreement with Cardinal Health for the sepsis product portfolio.The company received FDA clearance for the T2Candida Panel's use in pediatric patients and advanced the T2Resistance Panel toward FDA 510(k) submission expected in Q1 2025. Additionally, T2 Biosystems successfully defended a key patent against bioMerieux's opposition in the European Patent Office.Financial results showed a net loss of $10.1 million ($0.57 per share) compared to $15.4 million ($3.45 per share) in Q3 2023. Cash position stood at $2.1 million as of September 30, with $4.3 million raised via ATM during Q3 and an additional $3.2 million since quarter-end. The company projects Q4 2024 sepsis product revenue between $2.5-3.5 million.
