T2 Biosystems upgraded to Buy from Neutral at Alliance Global Partners » 11:5201/2301/23/20
Alliance Global Partners…
Alliance Global Partners upgraded T2 Biosystems to Buy from Neutral with a $1.80 price target.
|Over a week ago|
T2 Biosystems promotes Tony Pare to CCO » 07:3701/1301/13/20
T2 Biosystems announced…
T2 Biosystems announced that its CEO John Sperzel, has promoted Tony Pare to the newly created position of CCO, effective immediately. Mr. Pare previously served as Vice President and General Manager - International at T2 Biosystems.
T2 Biosystems enters exclusive distribution agreement » 16:3501/0901/09/20
T2 Biosystems announced…
T2 Biosystems announced that it entered into an exclusive distribution agreement that allows it to introduce the T2Resistance, T2Bacteria, and T2Candida Panels. This new distribution agreement has the potential to expand in Israel, a country with more than 40 target hospitals. With this expansion, T2 technology is now available in 36 countries outside of the United States. Incoming T2 Biosystems President and CEO, John Sperzel, who assumed the role on January 8, said, "T2's breakthrough ability to detect and identify dangerous pathogens directly from a blood sample is unique in the industry, and represents a significant opportunity to improve the care of patients suspected of sepsis. The Company passed some fundamental milestones in the second half of 2019, and I look forward to working with the talented T2 team to drive adoption and continued growth of our business."
T2 Biosystems reports preliminary Q4 revenue roughly $3M, consensus $3.67M » 16:3401/0901/09/20
Reports preliminary Q4…
Reports preliminary Q4 product revenue roughly $1.5M, up 15%. Reports preliminary Q4 research and grant contribution revenues of roughly $1.5M. "We ended the year with positive momentum in our business, with the addition of new customers and expansion of patient testing at existing customers, a clear sign that the value of our products is being realized," said John McDonough, chairman of T2 Biosystems. "In November, we secured CE Mark for the T2Resistance Panel, providing another potential growth catalyst for 2020 along with NTAP reimbursement for T2Bacteria, our multi-million dollar government contract, and a new group purchasing contract with Premier. This is all against a backdrop of continued high mortality rates, hospital costs, and overutilization of antibiotics that are often unnecessary and associated with conventional methods of diagnosing bloodstream infections, underscoring the growth opportunity for our tests."
T2 Biosystems CEO John McDonough to depart role, John Sperzel to succeed » 16:2101/0901/09/20
T2 Biosystems (TTOO)…
T2 Biosystems (TTOO) announced that its board has appointed diagnostics industry veteran John Sperzel as president and CEO, effective immediately. Sperzel, who will also join the board, succeeds John McDonough, who will continue with his board leadership role serving as non-executive chairman. Sperzel most recently served as president and CEO of Chembio Diagnostics (CEMI) from 2014 through 2020. Under his leadership, Chembio established direct U.S. and international sales teams resulting in growth, entered collaborations with two pharmaceutical companies to create additional revenue opportunities and made commercial investments in Latin America and Southeast Asia.
|Over a month ago|
T2 Biosystems downgraded to Neutral at Janney Montgomery Scott » 07:3611/2611/26/19
As previously reported,…
As previously reported, Janney Montgomery Scott analyst Paul Knight downgraded T2 Biosystems to Neutral from Buy with a $2.00 fair value estimate. A lack of commercial adoption, coupled with the company's recently announced dilutive financing arrangements, could put pressure on the stock, said Knight, although he does acknowledge that the "unprecedented" New Technology Add-on Payments ruling for T2Bacteria made by CMS in August has the potential to be a significant catalyst.
T2 Biosystems downgraded to Neutral from Buy at Janney Montgomery Scott » 06:3911/2611/26/19
Janney Montgomery Scott…
Janney Montgomery Scott analyst Paul Knight downgraded T2 Biosystems to Neutral from Buy with a $2 price target.
T2 Biosystems announces granting of CE Mark for T2Resistance Panel » 07:3711/2011/20/19
T2 Biosystems and CARB-X…
T2 Biosystems and CARB-X announced the granting of a CE-Mark to the T2Resistance Panel. With CE-Mark, T2 Biosystems has met the requirements of the In-Vitro Diagnostics Directive and can market the T2Resistance Panel within the European Economic Area. The panel, which was developed with support from CARB-X, was the first diagnostic to graduate from CARB-X's portfolio and is now the first CARB-X-powered product to be approved for use in human whole blood specimens from patients. The T2Resistance Panel identifies 13 of the most serious resistance genes on the antibiotic-resistance threat list published by the Centers for Disease Control and Prevention, including genes indicating resistance to common empiric antibiotic therapies such as carbapenems, vancomycin, penicillin and more. It is the first diagnostic test that can detect all of these resistance markers directly from whole blood-in three to five hours. To receive CARB-X funding, T2 Biosystems had to demonstrate to an advisory panel consisting of global experts in the antimicrobial resistance and diagnostic fields that the innovation had the potential to significantly accelerate and improve the detection and diagnosis of serious drug-resistant bacterial infections, and to contribute to the global fight against drug-resistant bacteria.
T2 Biosystems selloff appears overdone, says Canaccord » 07:3511/1311/13/19
Canaccord analyst Mark…
Canaccord analyst Mark Massaro said the recent selloff in T2 Biosystems shares appears to be overdone. He noted the company delivered and inline quarter despite being having had ransom cyber-attack which lasted for several weeks and required the company to work in overdrive and perform manual operations for their business while seeking a remedy. He thinks the selloff is an over-reaction but Massaro lowered his price target to $3.00 from $3.50 on T2 Biosystems shares.
T2 Biosystems sees FY19 revenue $8.7M-$9.6M, consensus $9.32M » 07:3911/1211/12/19
The Company expects to…
The Company expects to secure contracts of 45 to 50 T2Dx Instruments in 2019. A combination of cost control efforts and growth in revenue is expected to reduce quarterly cash burn to below $8 million in the fourth quarter of 2019. Operating expenses, excluding cost of product revenue, are expected to be $10.5 million to $11.5 million in the fourth quarter of 2019. Total costs and expenses will include non-cash depreciation and stock-based compensation expenses of approximately $1.5 million per quarter. The Company believes that an additional $40 million of capital is required to achieve neutral cash flow.