T2 Biosystems shares tumble on 2018 earnings release

Shares in T2 Biosystems (NSDQ:TTOO) have fallen nearly 20% today after the diagnostics maker posted its full year 2018 earnings. For the full year, the Lexington, Mass.-based company posted losses of $51.2 million, or $1.26 per share, on sales of $10.5 million, seeing losses shrink 18.1% while sales grew 125% compared with the previous year. For its fourth quarter, T2 Biosystems reported total sales of $1.8 million, up 6% when compared to the same period during the previous year. “2018 was a year of major achievements for the company highlighted by the FDA clearance of the T2Bacteria panel, which has driven record levels of new interest from hospitals and allowed us to accelerate the growth of our installed base. In the fourth quarter we secured a record 14 new system contracts, contributing to 25 secured in the second half of the year, which came in at the top of our expectations. The earliest of these new T2Bacteria panel customers have now completed the installation, validation and training processes and are beginning to test patients. Concurrently, we anticipate the body of clinical evidence supporting T2Bacteria Panel will grow this year, along with the sharing of best practices and experience between hospitals. We expect this steady increase of T2Bacteria panel activity to drive greater recurring revenue through 2019, and along with growing system contracts, will contribute to achieving our revenue growth guidance for 2019 and a doubling of revenue again in 2020....
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Diagnostics MassDevice Earnings Roundup Wall Street Beat T2 Biosystems Inc. Source Type: news