T2 Biosystems (TTOO) Falls 21% From Q1 Earnings
T2 Biosystems (TTOO) fell sharply around 21% upon the release of their Q1 earnings. The Q1 report indicated a larger net loss for the quarter than last year’s, which disappointed investors. The net loss for the first quarter of 2022 was $16.5M compared to a net loss of $10.7M in 2021. On the positive side, revenue increased 4% compared to Q1 2021 driven by increased BARDA contract activities.
TTOO is located in the PRISM MedDiagnostics Index, which fell 3.7% on Friday.
About T2 Biosystems
The Company, a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. The Company’s products, which are powered by the Company’s proprietary T2 Magnetic Resonance (T2MR®) technology, include the T2Dx® Instrument, the T2Candida® Panel, the T2Bacteria® Panel, the T2Resistance® Panel, and the T2SARS-CoV-2™ Panel. The Company has an active pipeline of future products, including the T2Biothreat Panel, the T2Cauris™ Panel, the T2Lyme™ Panel, as well as additional products for the detection of bacterial and fungal pathogens and associated antimicrobial resistance markers, and biothreat pathogens.