T2 Biosystem Slashes FY23 Sepsis Product Revenue Forecast
Portfolio Pulse from Nabaparna Bhattacharya
T2 Biosystems has announced preliminary Q2 2023 results, expecting total revenue of $2 million, including $1.3 million from sepsis test panel revenue. The company has also secured a multi-year contract with a European distributor. However, T2 has reduced its full-year 2023 total sepsis and related product revenue forecast to $9.5 million-$10.5 million, down from $11.0 million-$13.0 million. Following the announcement, T2 shares are trading lower by 12%.
July 12, 2023 | 1:38 pm
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T2 Biosystems has reduced its FY23 sepsis product revenue forecast, leading to a 12% drop in its share price.
The company's reduced revenue forecast for its sepsis product line is a negative signal to investors, leading to a decrease in the stock price. The announcement of preliminary Q2 results and a new contract did not offset the negative impact of the reduced forecast.
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