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T2 Biosystems Preliminary Q3 Revenues up 33 Percent; Reaches Deal With Cardinal Health

NEW YORK – T2 Biosystems on Monday reported that its preliminary Q3 revenues rose 33 percent year over year.

The firm saw total revenue of $2.0 million, up from approximately $1.5 million in Q3 2023 and driven by increased sepsis test revenue and instrument revenue. The Lexington, Massachusetts-based company achieved sepsis test panel revenue of $1.6 million, up 42 percent from the prior-year quarter and driven by increased T2Bacteria Panel revenue in the US. T2Bacteria sales increased more than 200 percent, T2 Chairman and CEO John Sperzel said in a statement.

T2 executed contracts for 11 T2Dx instruments during the quarter, one in the US and 10 internationally, the company said in a statement.

The firm said it now expects Q4 2024 total sepsis product revenue of between $2.5 million to $3.5 million, which would mark growth of between 49 percent and 109 percent compared to Q4 2023. The guidance consists entirely of sepsis product revenue and does not include possible sales of the T2Biothreat Panel or the T2Lyme Panel.

Sperzel also noted that the company has advanced its T2Resistance panel toward submission to the US Food and Drug Administration and expects to submit the test in the fourth quarter.

In a separate announcement, T2 Biosystems said that it has entered into an exclusive multi-year distribution agreement with Cardinal Health to sell T2's direct-from-blood tests for sepsis-causing pathogens, including the T2Bacteria Panel and the T2Candida Panel, as well as the T2Dx instrument in the US.

The agreement "will dramatically increase our representation with hospital customers who are eager to add culture-independent diagnostics to strengthen their sepsis clinical care," Sperzel said in a statement. "We expect this collaboration to greatly expand our access to the US hospital market as Cardinal Health has an extensive commercial and distribution infrastructure that includes capital equipment specialists who will sell the T2Dx instrument."