Item 8.01 Other Events.
On March 24, 2020, T2 Biosystems, Inc. (the “Company”) reported the following preliminary unaudited first quarter financial results:
| | • | | Estimated first quarter 2020 total revenue is expected to be in the range of $2.2 million to $2.6 million, compared to $1.8 million in total revenue the first quarter of 2019. |
| | • | | Estimated first quarter product revenue is expected to be in the range of $0.9 million to $1.1 million, compared to product revenue of $1.3 million in the prior year period. |
| | • | | Estimated first quarter research and grant contribution revenues are expected to be in the range of $1.3 million to $1.5 million, compared to research and grant contribution revenue of $0.5 million in the prior year period. |
| | • | | Cash and cash equivalents as of March 31, 2020 are expected to be approximately $30.0 million. |
On March 24, 2020, the Company also announced that it has entered into a worldwide licensing agreement for a rapidCOVID-19, novel coronavirus test developed by the Center of Discovery and Innovation at Hackensack Meridian Health. Under terms of the agreement, the Company will adapt the coronavirus test to run on its T2Dx® Instrument, the same instrument used for theFDA-cleared T2Bacteria® and T2Candida® Panels.
Forward-Looking Statements
This Current Report onForm 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report onForm 8-K that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our revenue results and cash balance, the adaptation of theCOVID-19 test on the Company’s T2Dx® Instrument, additional patients, timing of testing patients, anticipated product benefits, strategic priorities, product expansion or opportunities, growth expectations or targets, timing of FDA filings or clearances and anticipated operating expenses, as well as statements that include the words “expect,” “intend,” “plan”, “believe”, “project”, “forecast”, “estimate,” “may,” “should,” “anticipate,” and similar statements of a future or forward looking nature. The preliminary, estimated financial results for the first quarter contained in this Current Report on Form 8-K contain forward-looking statements and are subject to the completion of management’s and the audit committee’s final reviews and our other financial closing procedures and are therefore subject to change. You should not place undue reliance on such preliminary information and estimates because they may prove to be materially inaccurate. The preliminary information and estimates have not been compiled or examined by our independent auditors and they are subject to revision as we prepare our financial statements as of and for the quarter ending March 31, 2020, including all disclosures required by U.S. generally accepted accounting principles, and as our auditors conduct their review of these financial statements. While we believe that such preliminary information and estimates are based on reasonable assumptions, actual results may vary, and such variations may be material.
Furthermore, statements contained in this document relating to the recent global outbreak of the novel coronavirus disease(COVID-19), the impact of which remains inherently uncertain on our financial results, are forward-looking statements. These forward-looking statements are based on management’s current expectations. 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)
