HomeTop MoversT2 Biosystems Inc. (TTOO) stock plummeted on Thursday, but Why?

T2 Biosystems Inc. (TTOO) stock plummeted on Thursday, but Why?

T2 Biosystems Inc. (TTOO) shares declined 7.69% in after-hours on Thursday, August 05, 2021, and closed the daily trading at $1.08 per share. in the regular trading session of Thursday, TTOO’s stock lost 3.31%. The stock volume remained 6.07 million shares, which was higher than the average daily volume of 4.43 million shares within the past 50 days. TTOO shares have fallen by 30.77% over the last 12 months, and they have moved up12.50% in the past week. Over the past three months, the stock has gained 0.86%, while over the past six months, it has declined 51.25%.

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TTOO recent financial results announcement

On August 05, 2021, T2 Biosystems, Inc (TTOO) released its financial results for the three months ended June 30, 2021.


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Q2 2021 financial highlights

  • TTOO reported revenue of $6.7 million in Q2 2021 compared to $2.5 million in Q2 2020.
  • Total cost and expenses for the second quarter of 2021 were $17.5 million, compared to $11.4 million in Q2 2020.
  • It suffered a net loss of $5 million or $0.08 per share in Q2 2021 compared to a net loss of $10.7 million, $0.09 per share, in the prior-year period.
  • As of June 30, 2021, the company had cash, equivalents, marketable securities, and restricted cash of $53.3 million.

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2021 Revised Financial Outlook

FOR FY 2021, TTOO is now expecting

  • Revenue to be in the range of $24.0 million to $26.0 million.
  • Product revenue to be in the range of $14.0 million to $15.0 million.

TTOO Participation in the upcoming conference

T2 Biosystems Inc (TTOO) will participate in the upcoming Canaccord Genuity 41st Annual Growth Conference on August 11, 2021, at 3:00 pm ET.

Inducement grants

On July 19, 2021, T2 Biosystems, Inc (TTOO) issued inducement awards to eleven new employees.

The awards were made on July 8, 2021, under T2 Biosystems’ Inducement Award Plan (the “Inducement Plan”), which was adopted on March 1, 2018, and amended and restated on January 8, 2020, and provides for the granting of equity awards to new employees of T2 Biosystems.

TTOO Participation in the recent conferences

  • TTOO participated at the European Society of Clinical Microbiology and Infectious Diseases (ESCMID) 31st European Congress of Clinical Microbiology & Infectious Diseases(ECCMID) which was held on July 12, 2021.
  • T2 Biosystems, Inc was also present at the American Society for Microbiology’s (ASM) and Federation of European Microbiological Societies (FEMS) World Microbe Forum which was held on June 20-24, 2021.
  • The company also took part in Sepsis Alliance’s inaugural Sepsis Tech and Innovation 2021conference which was held on June 23, 2021.

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Conclusion

The TTOO stock plummeted on Thursday after it announced the financial results and revised its financial outlook for FY 2021 which was a bit setback for the investors. Its decline can continue on Friday as well.

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