T2 Biosystems Announces Preliminary Q4 Revenue Of $1.7M Vs $2.4M Est.; FY23 Revenue Of $7.2M Vs $7.9M Est.; FY24 Revenue Of $10M-$11M Vs $10.8M Est
Portfolio Pulse from Benzinga Newsdesk
T2 Biosystems, Inc. (TTOO) reported preliminary Q4 revenue of $1.7M, missing the $2.4M estimate, and FY23 revenue of $7.2M, below the $7.9M estimate. The company expects FY24 revenue of $10M-$11M, against a $10.8M estimate. TTOO achieved record U.S. sales of the T2Bacteria Panel, expanded its international distribution, and received FDA clearances for its products. It also presented a plan to regain Nasdaq compliance and amended its term loan agreement to strengthen its balance sheet.
February 15, 2024 | 9:24 pm
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NEUTRAL IMPACT
T2 Biosystems reported lower-than-expected Q4 and FY23 revenues but expects significant growth in FY24. The company has received FDA clearances and is working on regaining Nasdaq compliance.
Despite missing revenue estimates for Q4 and FY23, TTOO's positive outlook for FY24, FDA clearances, and strategic financial moves could stabilize its stock price. However, the missed estimates and the need to regain Nasdaq compliance introduce uncertainty, leading to a neutral short-term impact score.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100