On October 12, 2022, the Company reported the following preliminary unaudited financial and operational results for the quarter ended September 30, 2022:
| | • | | Estimated third quarter total revenue is expected to be approximately $3.7 million, including estimated product revenue of approximately $2.6 million. |
| | • | | Estimated third quarter sepsis and related revenue (non-Covid product revenue) is estimated to be approximately $2.3 million. |
| | • | | Executed contracts for 11 T2Dx® Instruments during the third quarter, including 3 in the U.S. and 8 outside the U.S. |
| | • | | Sold 1 T2Dx Instrument to a large U.S. laboratory service provider in October, to be deployed in one of that provider’s U.S. managed-hospital laboratories for sepsis testing. |
| | • | | Cash, cash equivalents, marketable securities, and restricted cash are estimated to be approximately $21.5 million as of September 30, 2022. Cash used in operations is estimated to be approximately $12.1 million, cash used to purchase other working capital and equipment is estimated to be approximately $3.6 million, offset by ATM proceeds of approximately $22.9 million. |
In addition, on October 12, 2022, the Company reported that at the Annual Meeting, the stockholders of the Company, representing approximately 70% of the voting power of the outstanding capital stock, approved an amendment to the Company’s restated certificate of incorporation (the “Certificate of Incorporation”) to effect a reverse stock split (the “Reverse Stock Split”) of the Common Stock, at a reverse split ratio ranging from any whole number between and including 1-for-10 and 1-for-50, with the exact ratio to be determined at the discretion of the Board of Directors of the Company (the “Board”). Following the Annual Meeting, on October 11, 2022, the Board approved the Reverse Stock Split at the ratio of 1-for-50. The Company’s Common Stock is expected to begin trading on a split-adjusted basis when the market opens on October 13, 2022 under the existing trading symbol, “TTOO.”
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release 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, financial outlook, instrument contracts, timing of filing of an FDA submission, impact of operating expense reductions, plans to develop a diagnostic test for monkeypox, anticipated strategic priorities, product demand, commitments or opportunities, and growth expectations or targets, as well as statements that include the words “expect,” “may,” “should,” “anticipate,” and similar statements of a future or forward looking nature. 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) 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
