Summary by Moomoo AI
T2 Biosystems, an in vitro diagnostics company, reported a decrease in product revenue from $11.3 million in 2022 to $6.8 million in 2023, a $4.5 million drop primarily due to lower consumables sales and other factors. The company also saw a significant decrease in contribution revenue, from $11.0 million in 2022 to $0.4 million in 2023, following the expiration of a BARDA contract. Total revenue fell by $15.1 million year-on-year, while cost of product revenue decreased by $5.6 million due to various cost-saving measures. Research and development expenses and selling, general and administrative expenses also saw reductions of $11.6 million and $5.8 million, respectively. Despite these cost reductions, T2 Biosystems incurred a net loss of $50.1 million in 2023, an improvement from the $62.0 million net loss in 2022. The company's accumulated deficit reached $584.3 million...Show More