T2 Biosystems Announces Preliminary Second Quarter 2020 Financial Results
LEXINGTON, Mass., June 30, 2020 (GLOBE NEWSWIRE) -- T2 Biosystems, Inc. (NASDAQ:TTOO), a leader in the rapid detection of sepsis-causing pathogens, today announced unaudited preliminary financial result estimates for the quarter ended June 30, 2020. In addition, the Company announced the U.S. launch of the T2SARS-CoV-2™ Panel, the new molecular diagnostic test for the detection of SARS-CoV-2, the virus that is responsible for COVID-19 infections.
Preliminary Unaudited Second Quarter Financial Results:
“Amid the COVID-19 pandemic, we have seen increased test utilization at existing U.S. customer sites, a clear sign of the clinical utility of our sepsis-related products,” said John Sperzel, President and Chief Executive Officer of T2 Biosystems. “I am extremely proud of the speed at which our team developed and validated a high-quality SARS-CoV-2 molecular diagnostic test. We are pleased to have met our expedited launch timeline to provide our U.S. customers with a fast and accurate test to assist in the management of COVID-19 patients. Our platform is now able to identify acute COVID-19 infections, and support patients under intensive care who may be susceptible to bacterial or fungal infections.”
The Company expects to provide complete second quarter 2020 financial results in early August.
About T2 Biosystems
These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, (i) any inability to (a) realize anticipated benefits from commitments, contracts or products; (b) successfully execute strategic priorities; (c) bring products to market; (d) expand product usage or adoption; (e) obtain customer testimonials; (f) accurately predict growth assumptions; (g) realize anticipated revenues; (h) incur expected levels of operating expenses; or (i) increase the number of high-risk patients at customer facilities; (ii) failure of early data to predict eventual outcomes; (iii) failure to make or obtain anticipated FDA filings or clearances within expected time frames or at all; or (iv) the factors discussed under Item 1A. "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2019, filed with the U.S. Securities and Exchange Commission, or SEC, on March 16, 2020, and other filings the company makes with the SEC from time to time. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While the company may elect to update such forward-looking statements at some point in the future, unless required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change. Thus, no one should assume that the Company’s silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this press release.
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