T2 Biosystems, Inc. (TTOO), a Massachusetts-based biotechnology company, on Tuesday reported its preliminary financial and operational results for the fourth quarter and full year ending December 31, 2024.
The company reported record product revenues of $2.3 million for the fourth quarter of 2024 and $8.3 million for the full year, driven by strong sepsis test sales, reflecting increases of 37% and 23%, respectively, compared to last year.
As of December 31, 2024, cash and cash equivalents amounted to $1.7 million.
John Sperzel, Chairman and CEO of T2 Biosystems said, "We made considerable progress across the business during 2024, increasing our global installed base of T2Dx Instruments, and generating record sales for our sepsis test panels, including record U.S. sales of the T2Bacteria Panel and record international sales of the T2Resistance Panel. We entered into an exclusive U.S. commercial distribution agreement with Cardinal Health during the fourth quarter, which we expect to be a commercial growth driver, and we are training Cardinal's sales team the week of January 6."
Tuesday TTOO is currently trading at $0.41 at the Nasdaq Capital Market.
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