The following is a summary of the T2 Biosystems, Inc. (TTOO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• T2 Biosystems reported Q1 2024 sepsis product revenue of $2.1 million, a 25% increase year-over-year and 23% increase quarter-over-quarter.

• The company completed a debt-to-equity conversion of $30 million in the last 30 days, enhancing its possibility of meeting NASDAQ listing requirements.

• Total debt and associated interest payments have decreased by about 80% over the past year.

• It filed an S-1 registration to raise up to $10 million through new securities offering, aimed to provide working capital and assist in achieving strategic objectives.

• The company reported a net loss of $13.5 million or $2.66 per share for Q1 2024, which is less compared to a net loss of $18 million or $131.77 per share in Q1 2023.

• Cash and cash equivalents at the end of Q1 2024 stood at $6.2 million.

• The company implemented cost reduction measures, targeting control of costs, reduction of inventory, and improvement in product gross margins.

Business Progress:

• T2 Biosystems signed eight new T2Dx instrument contracts, and expanded international distribution via a new agreement in Qatar. They also extended a supplier agreement with Vizient in the U.S. until March 31, 2025.

• New research results were published supporting T2Resistance Panel for practical hospital use and demonstrating improved patient outcomes with T2Candida Panel.

• The company announced plans to launch their T2Lyme Panel in Q3 2024 as a laboratory developed test (LDT).

• A 510(k) premarket notification submission to FDA is planned, to expand the use of T2Candida and T2Bacteria Panels to pediatric testing.

• Agreements were made with Dr. Robin Robinson to potentially secure government contracts for the T2 Biothreat panel.

• Total sepsis product revenues are expected to grow between 49% and 64% to $10 million to $11 million in 2024 over 2023.

• Significant market expansion is underway with FDA clearance for adding acinetobacter to the T2Bacteria Panel being achieved, new product launch plans for Lyme detection, and exploring grants for further R&D efforts.

More details: T2 Biosystems IR

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