T2 Biosystems, Inc. (NASDAQ:TTOO) Preliminary Q3 2023 Earnings Call Transcript October 12, 2023 4:30 PM ET

Company Participants

Trip Taylor - IR

John Sperzel - Chairman & CEO

Conference Call Participants

Kyle Mikson - Canaccord

Ben Haynor - Alliance Global Partners

Operator

Greetings. Welcome to T2 Biosystems Preliminary Third Quarter 2023 Financial Results and Business Update Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, Trip Taylor, Investor Relations. Trip, you may begin.

Trip Taylor

Thank you, operator. I'd 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 31, 2023, 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 2023 results and business update call. Today, I will start by discussing our market opportunity and performance during the third quarter, including both the progress we have made across our three corporate priorities and updated financial outlook for the remainder of 2023. I will then address the press release that we issued earlier today before providing closing remarks and opening the call for questions and answers.

Our mission at T2 Biosystems is to fundamentally change the way medicine is practiced through transformative, culture-independent diagnostics that improve the lives of patients around the world. We are applying our patented technology in three areas, sepsis, bioterrorism, and Lyme disease. These three markets also share a common need that we will discuss during today's call. That is the need for rapid detection and targeted treatment. Importantly, we believe these markets collectively represent a multi-billion dollar market opportunity.