T2 Biosystems, Inc. ( TTOO Quick Quote TTOO - Free Report) is expected to release second-quarter 2020 results in the early weeks of August. The company reported earnings surprise of 21.4% in the last reported quarter. Q2 Estimates
The Zacks Consensus Estimate for second-quarter 2020 bottom line is pegged at a loss of 18 cents per share.
Factors to Note
Growing test panel instrument sales are likely to get reflected in T2 Biosystems’ second-quarter produce revenues. This, in turn, might have contributed to the company’s performance in the to-be-reported quarter.
Per the preliminary announcement, second-quarter 2020 total revenues are expected between $2.4 million and $2.6 million. Product revenues are estimated in the range of $1-$1.1 million. Further, research and grant contribution revenues are anticipated in the band of $1.4-$1.5 million.
In June, the company announced the U.S. launch of the T2SARS-CoV-2 Panel – the new molecular diagnostic test for the identification of SARS-CoV-2 (the virus causing COVID-19).
In March, T2 Biosystems — the only company with solutions to detect sepsis causing pathogens — received a multiyear Innovative Technology contract from Vizient, Inc. Further, in the same month, the company announced a worldwide licensing agreement of COVID-19, novel coronavirus assay from Hackensack Meridian Health’s Center for Discovery and Innovation. The assay will be adapted to run on T2 Biosystems’ FDA-cleared T2Dx Instrument. These developments are likely to have positively impacted the company’s second-quarter performance. In 2020, the company has been focused on advancing programs funded by the $69 million milestone-based government contract awarded in September 2019. This includes the next generation instrument and expanded panel, and a novel biothreat panel. This, in turn, may get reflected in the company’s second-quarter results. Earnings Whispers
Per our proven model, a combination of a positive
Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is not the case here as you will see below. Earnings ESP: T2 Biosystems has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Zacks Rank: The company carries a Zacks Rank #3. Stocks Worth a Look
Here are some medical stocks worth considering as these have the right combination of elements to post an earnings beat this quarter.
Integra LifeSciences Holdings Corporation ( IART Quick Quote IART - Free Report) has an Earnings ESP of +20.69% and a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here. Exact Sciences Corporation ( EXAS Quick Quote EXAS - Free Report) has an Earnings ESP of +6.69% and a Zacks Rank of 2. Hologic, Inc. ( HOLX Quick Quote HOLX - Free Report) has an Earnings ESP of +14.56% and a Zacks Rank of 3. These Stocks Are Poised to Soar Past the Pandemic
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