T2 Biosystems Inc. (TTOO) shares soared 26.93% in after-hours on Thursday, September 09, 2021, and closed the daily trading at $1.10. In regular trading also, TTOO’s stock gained 0.77%. TTOO shares have fallen 31.76% over the last 12 months, and they have moved down 6.30% in the past week. Over the past three months, the stock has lost 37.20%, while over the past six months, it has declined 56.01%.
Let’s have a look at its recent news and developments.
TTOO T2SARS-CoV-2™ update
On September 09, 2021, T2 Biosystems, Inc (TTOO) announced that its T2SARS-CoV-2™ Panel—a molecular diagnostic test that detects SARS-CoV-2, the virus responsible for COVID-19 infections—is capable of detecting the Mu (B.1.621) and Iota (B.1.526) variants of the SARS-CoV-2 virus, which were recently confirmed to be present in the United States.
TTOO expanding its facilities in Massachusetts
On September 08, 2021, T2 Biosystems, Inc (TTOO) announced its plans to consolidate its existing facilities and expand into a newly leased facility in Billerica, Massachusetts. The Company will consolidate its existing operations in Lexington, MA and Wilmington, MA into 70,000 square feet. the facility in Billerica, MA to accommodate current and future growth.
TTOO and Sepis Awareness
On September 01, 2021, T2 Biosystems, Inc (TTOO) announced its efforts in recognition of Sepis Awareness Month to educate on the importance of rapid diagnostic technologies at a time when sepsis is the most common complication observed in severe cases of COVID-19.
Sepsis is the body’s immune response to infection and is considered a medical emergency that requires rapid diagnosis and treatment. It causes 11 million deaths worldwide each year, contributing to 20 per cent of all deaths globally and taking more lives than cancer.
TTOO recent financial results announcement
On August 05, 2021, T2 Biosystems, Inc (TTOO) released its financial results for the three months ended June 30, 2021.
Q2 2021 financial highlights
- TTOO reported revenue of $6.7 million in Q2 2021 compared to $2.5 million in Q2 2020.
- Total cost and expenses for the second quarter of 2021 were $17.5 million, compared to $11.4 million in Q2 2020.
- It suffered a net loss of $5 million or $0.08 per share in Q2 2021 compared to a net loss of $10.7 million, $0.09 per share, in the prior-year period.
- As of June 30, 2021, the company had cash, equivalents, marketable securities, and restricted cash of $53.3 million.
2021 Revised Financial Outlook
For FY 2021, TTOO is now expecting
- Revenue to be in the range of $24.0 million to $26.0 million.
- Product revenue to be in the range of $14.0 million to $15.0 million.
Conclusion
TTOO stock performed well on Thursday after the company confirmed that its T2SARS-CoV-2™ can detect the new variants of Coronavirus and we can expect to continue its surge on Friday as well.
