Summary by Moomoo AI
T2 Biosystems achieved record product revenues of $2.3M in Q4 2024 and $8.3M for full-year 2024, representing YoY increases of 37% and 23% respectively, driven by record sepsis test sales. The company executed contracts for 27 T2Dx Instruments in 2024, with 23 for international markets and 4 for the U.S.The company secured significant commercial partnerships, including an exclusive U.S. distribution agreement with Cardinal Health for T2Dx Instrument and panels, and expanded its international distribution network to six new countries. Financial improvements included converting $30M of term loan into common stock, reducing debt and quarterly interest payments by approximately 80%.Notable regulatory achievements included FDA 510(k) clearances for expanded T2Bacteria Panel capabilities and pediatric testing for T2Candida Panel. The company plans to submit T2Resistance Panel for FDA 510(k) clearance in Q1 2025, while successfully defending a key European patent for its direct-from-whole blood detection method.
