Home Trending Stocks Here is why T2 Biosystems Inc (TTOO) stock turnaround on Thursday?

Here is why T2 Biosystems Inc (TTOO) stock turnaround on Thursday?

T2 Biosystems Inc (TTOO) stock started the Thursday, May 6, 2021 trading session in negative mode. TTOO share lost 7.94% to close at $1.16 per share. Later in the after-market session, TTO shares gained 15.52% to close at $1.34 per share.

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TTOO shares have surged 120.95% over the last 12 months, and they have declined 17.73% in the past week. Over the past three months, the stock has lost 51.67%, while over the past six months, it has shed 14.07%.

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Let’s have a look at its recent developments.

Recent financial results

On May 6, 2021, T2 Biosystems Increleased its financial results for the three months ended March 31, 2021.

Q1 2021 financial highlights

  • Total revenue for the first quarter of 2021 was $7.0 million compared to $2.55 million for the prior-year period.
  • Operating expenses decreased by $0.6 million compared to Q1 2020 and were $10.9 million in Q1 2021.
  • T2 Biosystems suffered a net loss of $10.7 million, $0.07 per share in Q1 2021, compared to a net loss of $14.9 million, $0.22 per share in Q1 2020.
  • On March 31, 2021, T2 Biosystems had cash, equivalents, marketable securities and restricted cash of $43.9 million. 

2021 financial guideline

  • T2 Biosystems is expecting total revenue for the full year 2021 to be between $24.0 million and $26.0 million.
  • The company is expecting to close at least 30 T2Dx Instrument contracts in 2021. 

Accelerating product development initiatives

On May 06, 2021, T2 Biosystems, Incmodified the terms of its existing contract with the Biomedical Advanced Research and Development Authority (BARDA).

The multi-year contract between BARDA and T2 Biosystems is valued at up to $69.0 million and terms and conditions were modified to accelerate the development of multiple products that are being funded under the contract.

Medical journal findings confirmed the Magnetic resonance (T2MR) technology benefits

On April 27, 2021,Expert Review of Medical Devicesconfirmed that the utilization of T2 Biosystems’ Magnetic Resonance (T2MR®) technology for identification of bloodstream infections (BSIs) provides faster time to detection, a faster transition to targeted microbial therapy, faster de-escalation of empirical therapy, and shorter Intensive Care Unit (ICU) and hospital stay, and with comparable mortality rate versus the current blood culture standard.

Inducement Grants

On March 26, 2021, T2 Biosystems, Incissued inducement awards to eighteen new employees.

The inducement award approved by the independent compensation committee of T2 Biosystems’ board of directors provides an option to purchase 413,000 shares of T2 Biosystems common stock at $1.68 per share to its eighteen new employees and have a ten-year term.

The awards were announced on March 25, 2021, under T2 Biosystems’ Inducement Award Plan which was implemented on March 1, 2018.

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Conclusion

The improved financial results announcement was the reason behind its gains in the after-market session on Thursday and we are hopeful that TTOO will continue its surge on Friday to end the week on a positive note.

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