T2 Biosystems Shares Slide As Interim Q2 Sales Trail Consensus

T2 Biosystems Inc TTOO expects Q2 FY22 revenues of $5.8 million - $6.1 million, below the consensus of $6.87 million.
The interim numbers include product revenue of $2.5 million - $2.7 million and research revenue of $3.3 million - $3.4 million.
Executed contracts for 12 T2Dx Instruments during Q2, consisting of 6 in the U.S. and six outside the U.S.
The company implemented expense reductions by eliminating 34 existing and 20 planned positions and decreasing operating expenses by approximately 20%.
Also See: T2 Biosystems Secures Additional BARDA Funding To Develop Blood Test Panels To Detect Sepsis-Causing Pathogens.
The company continues to expect FY22 revenue of $28.0 million - $31.0 million, compared to the consensus of $29.33 million.
T2 Biosystems expects FY product revenue of $16.0 million - $17.0 million and research contribution revenue of $12.0 million - $14.0 million.
It expects to close 60 - 70 T2Dx Instrument contracts in 2022 and COVID-19 revenue to decrease from $9.5 million to $3.5 million.
Price Action: TTOO shares are down 19.47% at $0.15 during the market session on the last check Wednesday.

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