T2 Biosystems, Inc. (NASDAQ:TTOO) Q3 2022 Results Conference Call November 10, 2022 4:30 PM ET
Company Participants
Emma Poalillo - IR, Gilmartin Group
John Sperzel - Chairman, CEO
John Sprague - CFO
Brett Giffin - CCO
Conference Call Participants
Kyle Mikson - Canaccord
Vidyun Bais - BTIG
Steve Brozak - WBB
Operator
Ladies and gentlemen, welcome to the T2 Biosystems Incorporated Third Quarter 2022 Earnings Conference Call.
Your host for today, Emma Poalillo. You might now begin.
Emma Poalillo
Thank you, operator. I would like to remind everyone that comments made by management today and answers to questions will include forward-looking statements. Those include statements related to T2 Biosystems' future financial and operating results and plans for developing and marketing new products.
Forward-looking statements are based on estimates and assumptions as of today and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by these statements including the risks and uncertainties described in T2 Biosystems' annual report on Form 10-K filed with the SEC on March 23, 2022, and other filings the company makes with the SEC from time to time. The company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
With that, I would like to turn the call over to Chairman and CEO, John Sperzel. John?
John Sperzel
Thank you all for joining our third quarter 2022 earnings call. Today, I will review the company's performance during the third quarter, highlighting a number of recent accomplishments and discuss the progress we are making across our 3 corporate priorities. I will then turn the call over to John Sprague, our Chief Financial Officer, who will review our third quarter financial results before I provide some closing remarks and we open the call for questions and answers.
During the third quarter, the T2 Biosystems team achieved total revenue of $3.7 million, including product revenue of $2.6 million and R& D revenue of $1.1 million. Importantly, our product sales included $2.4 million of sepsis and related product revenue, which excludes COVID-19 product sales, representing a 24% increase compared to the prior year period. We entered into contracts for 11 T2Dx instruments during the third quarter, including 3 in the United States and 8 internationally, bringing our year-to-date totals through the first 9 months of 2022 to 20 instruments in the U. S. and 18 internationally. Our team has realized a number of important accomplishments in recent months.