On Monday, T2 Biosystems, Inc. (NASDAQ: TTOO) shares experienced a significant increase on the US stock market following the post-market disclosure of its second-quarter 2024 results. In the extended trading session, TTOO stock value increased 22.78% to $5.82. That followed a regular-session fall of 6.88%, where shares finished at $4.74.
How Well T2 Biosystems Performed?
In line with the same time last year, T2 Biosystems (TTOO) reported total sales of $2.0 million. The T2Bacteria and T2Resistance panels had robust sales, which contributed to a notable 27% rise in the company’s sepsis test revenue. Remaining at $9.2 million, or $0.66 per share, was the quarter’s net loss; for the previous year, it was $6.3 million, or $7.84 per share.
Strategic Initiatives and Expansion
Looking ahead, T2 Biosystems anticipates further growth in sepsis-related revenue. This expectation is bolstered by the recent FDA clearance of an expanded T2Bacteria Panel, which now includes the detection of Acinetobacter baumannii. The company also foresees potential U.S. distribution partnerships with a major healthcare company and has recently secured international distribution agreements in five new countries.
Additionally, the upcoming launch of the T2Lyme Panel as a Laboratory Developed Test (LDT) in the third quarter of 2024 presents another significant growth opportunity.
International Expansion and Partnership
T2 Biosystems announced separately that a territory-exclusive distribution arrangement for Indonesia and Malaysia had been signed. The T2Dx Instrument, T2Bacteria Panel, T2Candida Panel, and T2Resistance Panel shall all be marketed by the recently designated distributor in accordance with this agreement.
This agreement signifies continued momentum in T2 Biosystems’ international commercial expansion, particularly in the Asia Pacific region, following recent market entries in Hong Kong and Macau.
One of the most important global health goals is to improve patient care for people who are at risk of sepsis. T2 Biosystems helps with this endeavor by offering culture-independent diagnostics to its distributor partners in Indonesia and Malaysia. The company’s footprint in the Asia Pacific region is further increased by the new distribution deal.
