T2 Biosystems third-quarter loss widens on a YOY basis
Source: IRIS | 02 Nov, 2016, 11.30PM
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 T2 Biosystems, Inc. (TTOO) saw its loss widen to $12,783 million, or $0.51 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $11,644 million, or $0.57 a share. Revenue during the quarter grew 3.34 percent to $1,084 million from $1,049 million in the previous year period. Gross margin for the quarter stood at negative 74.72 percent as compared to a positive 20.97 percent for the previous year period. Operating loss for the quarter was $11,945 million, compared with an operating loss of $11,165 million in the previous year period. “2016 continues to be a transformative year for T2 Biosystems,” said President and Chief Executive Officer John McDonough. “We have taken a number of strategic actions to position us for long-term sustainable growth, including our announced partnerships with Allergan and Bayer, and the injection of new capital from Canon U.S.A. The Allergan partnership illustrates how our sepsis diagnostics product line can enable new and better use of anti-infective therapeutics, while the commercial elements of the partnership allow us to reduce the size of our direct commercial sales efforts until the launch of T2Bacteria. Partnerships represent significant third-party endorsement of our technology and the critical role our platform can play in the clinical management of patients. As such, we are actively working to expand our partnership pipeline.” Working capital increases sharply
T2 Biosystems has recorded an increase in the working capital over the last year. It stood at $59,247 million as at Sep. 30, 2016, up 173,126.71 percent or $59,212.80 million from $34.20 million on Sep. 30, 2015. Current ratio was at 4.20 as on Sep. 30, 2016, down from 5.05 on Sep. 30, 2015. Debt increases substantially
T2 Biosystems has witnessed an increase in total debt over the last one year. It stood at $32,741 million as on Sep. 30, 2016, up 157,604.35 percent or $32,720.24 million from $20.76 million on Sep. 30, 2015. Total debt was 35.59 percent of total assets as on Sep. 30, 2016, compared with 39.08 percent on Sep. 30, 2015. Debt to equity ratio was at 0.65 as on Sep. 30, 2016, down from 0.87 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
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