NEW YORK – T2 Biosystems reported Tuesday that its preliminary fourth quarter product revenues rose 37 percent on record sales of its sepsis tests.
The developer of molecular diagnostics systems and assays said product revenues for the quarter ended Dec. 31 were $2.3 million, a record for the firm.
T2's full-year 2024 preliminary product revenues, meanwhile, rose 23 percent to $8.3 million. In 2024, T2 executed 27 contracts for its T2Dx Instruments, including four in the US and 23 outside the US.
"We made considerable progress across the business during 2024, increasing our global installed base of T2Dx Instruments and generating record sales for our sepsis test panels, including record US sales of the T2Bacteria Panel and record international sales of the T2Resistance Panel," John Sperzel, chairman and CEO of T2 Biosystems, said in a statement. "We believe we are well positioned heading into 2025, and we expect to accelerate our product sales, enhance our operations, and continue to advance our new product pipeline."
In 2024, T2 obtained US Food and Drug Administration 510(k) clearance to expand its T2Bacteria panel to include Acinetobacter baumannii and expanded its T2Candida panel to include pediatric testing. Its product pipeline also includes three assays that have received FDA breakthrough device designation: the T2Resistance Panel, the T2Lyme Panel, and the Candida auris test.
T2 also entered an exclusive, multiyear contract with healthcare products distributor Cardinal Health to sell its T2Dx Instrument, the T2Bacteria Panel, and the T2Candida Panel, and it entered a comarketing collaboration with Prxcision to market its rapid direct-from-blood diagnostics with Prxcision's AI-based decision support platform.
Also in 2024, T2 further expanded its international distribution network to include the Netherlands, Belgium, Qatar, Vietnam, Malaysia, and Indonesia in 2024, and it reentered Switzerland. The firm also extended a multiyear capital equipment supplier agreement with group purchasing company Vizient through March 31, 2026, and converted $30 million of a long-term loan with entities affiliated with CRG Servicing into T2 Biosystems' common stock, which it said reduced debt and quarterly interest payments by approximately 80 percent year over year.
Finally, in 2024 T2 announced plans to license its proprietary technology as it advanced its T2Resistance Panel toward an anticipated 510(k) submission in Q1 2025.
However, in addition to its progress in 2024, the firm also received a delisting notice from the Nasdaq in December and subsequently requested a hearing to potentially stave off that action.
The Lexington, Massachusetts-based company ended the year with cash and cash equivalents of $1.7 million.
Shares of T2 were up 1 percent at $.41 in Tuesday morning trading on the Nasdaq.