T2 Biosystems, Inc. (NASDAQ:TTOO) CEO Q2 2022 Results Earnings Conference Call August 15, 2022 4:30 PM ET

Company Participants

Emma Poalillo - Investor Relations, Gilmartin Group

John Sperzel - Chairman and Chief Executive Officer

John Sprague - Chief Financial Officer

Conference Call Participants

Stephen Brozak - WBB Securities

Operator

Good day and welcome to T2 Biosystems Second Quarter 2022 Earnings Conference Call. All participants are in listen-only mode. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Emma Poalillo.

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 second quarter 2022 earnings call. I'll start with an overview of our performance during the second quarter, and provide an update on our commercial, operational and new product pipeline progress. I will then turn the call over to our Chief Financial Officer, John Sprague, to review our second quarter financial results before I provide closing remarks and we open the call for questions and answers.

First, I'd like to comment briefly on today's filings, including our press release and Form 10-Q to disclose the results our business operations during the second quarter of 2022 and our preliminary proxy to disclose the proposals to be voted on at the annual stockholder meeting to be held on October 11, 2022. We planned the filing of these documents to coincide with today's call to facilitate open and transparent communication with our stockholders. We will address each of these during our prepared remarks.

During the second quarter, we took actions to improve our cost structure and our balance sheet. On June 1, we implemented workforce and expense reductions that we expect to yield operating expense reductions of approximately 20% and should favorably impact the second half of 2022. It's important to note that we did not reduce positions in sales or in manufacturing.