T2 Biosystems, Inc. (NASDAQ:TTOO) Q3 2024 Earnings Conference Call November 14, 2024 4:30 PM ET

Company Participants

Trip Taylor - Investor Relations
John Sperzel - Chairman & Chief Executive Officer
John Sprague - Chief Financial Officer

Conference Call Participants

Yi Chen - H.C. Wainwright

Operator

Greetings. Welcome to the T2 Biosystems Incorporated Third Quarter 2024 Earnings Conference 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 with Investor Relations. 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 April 1, 2024, 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'd like to turn the call over to Chairman and CEO, John Sperzel. John?

John Sperzel

Thank you all for joining our third quarter 2024 results call. I'll start by discussing our recent highlights and providing an update on the progress across our three corporate priorities, before turning the call over to John Sprague, our Chief Financial Officer, who will review our financial results. I will then provide closing remarks before opening the call for questions-and-answers.

T2 Biosystems is focused primarily on sepsis, and I will remind everyone that sepsis continues to take an enormous Human and Economic Toll. Sepsis is the leading cause of death in US Hospitals and claims the lives of approximately 350,000 Americans annually. Sepsis represents the leading cost of hospitalization in the United States, costing our healthcare system an estimated $62 billion annually.

Lastly, sepsis is the leading cause of 30-day hospital readmission in the United States with 19% of sepsis survivors re-hospitalized within 30 days and 40% within 90 days. On previous earnings calls, I've described the limitations of blood culture-based diagnostics, which are the current standard-of-care for the management of patients suspected of sepsis. Relying on blood culture as a clinical specimen for patients at risk of sepsis, represents several challenges, including poor sensitivity, which can lead to false negative results or missed infections and slow time to results, typically one to five days.