$2.01 Million in Sales Expected for T2 Biosystems Inc (NASDAQ:TTOO) This Quarter

Wall Street brokerages expect T2 Biosystems Inc (NASDAQ:TTOO) to announce $2.01 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for T2 Biosystems’ earnings, with the highest sales estimate coming in at $2.10 million and the lowest estimate coming in at $1.95 million. T2 Biosystems posted sales of $3.93 million in the same quarter last year, which suggests a negative year over year growth rate of 48.9%. The firm is scheduled to report its next earnings report on Thursday, August 1st.

According to Zacks, analysts expect that T2 Biosystems will report full-year sales of $19.34 million for the current fiscal year, with estimates ranging from $17.80 million to $21.00 million. For the next financial year, analysts forecast that the firm will report sales of $42.09 million, with estimates ranging from $35.38 million to $50.00 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover T2 Biosystems.

T2 Biosystems (NASDAQ:TTOO) last released its earnings results on Thursday, May 2nd. The medical equipment provider reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.04). The firm had revenue of $1.80 million during the quarter, compared to analyst estimates of $1.38 million. T2 Biosystems had a negative net margin of 535.26% and a negative return on equity of 325.79%. The business’s revenue was down 21.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.36) earnings per share.

Several brokerages have recently issued reports on TTOO. Alliance Global Partners began coverage on T2 Biosystems in a research note on Thursday, May 16th. They issued a “buy” rating and a $5.00 price objective for the company. HC Wainwright set a $10.00 price objective on T2 Biosystems and gave the company a “buy” rating in a research note on Friday, June 7th. Cantor Fitzgerald reiterated a “buy” rating and issued a $10.00 price objective on shares of T2 Biosystems in a research note on Friday, May 3rd. Zacks Investment Research cut T2 Biosystems from a “hold” rating to a “sell” rating in a research note on Tuesday, March 5th. Finally, ValuEngine cut T2 Biosystems from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $7.63.

NASDAQ TTOO traded down $0.13 during trading on Tuesday, hitting $1.76. The stock had a trading volume of 794,788 shares, compared to its average volume of 1,038,593. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.81 and a quick ratio of 0.76. The company has a market cap of $78.04 million, a P/E ratio of -1.40 and a beta of 1.86. T2 Biosystems has a twelve month low of $1.35 and a twelve month high of $9.98.

Several institutional investors and hedge funds have recently made changes to their positions in TTOO. Vanguard Group Inc. grew its holdings in shares of T2 Biosystems by 8.6% during the 3rd quarter. Vanguard Group Inc. now owns 1,621,740 shares of the medical equipment provider’s stock valued at $12,082,000 after purchasing an additional 128,724 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of T2 Biosystems by 61.8% during the 4th quarter. Rhumbline Advisers now owns 37,472 shares of the medical equipment provider’s stock valued at $113,000 after purchasing an additional 14,306 shares during the last quarter. Creative Planning grew its holdings in shares of T2 Biosystems by 28.0% during the 4th quarter. Creative Planning now owns 19,200 shares of the medical equipment provider’s stock valued at $58,000 after purchasing an additional 4,200 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in T2 Biosystems during the 4th quarter valued at $37,000. Finally, Algert Global LLC boosted its position in T2 Biosystems by 148.6% during the 4th quarter. Algert Global LLC now owns 66,351 shares of the medical equipment provider’s stock valued at $200,000 after buying an additional 39,661 shares during the period. Institutional investors and hedge funds own 46.23% of the company’s stock.

About T2 Biosystems

T2 Biosystems, Inc, an in vitro diagnostics company, develops diagnostic products and product candidates in the United States and internationally. It provides T2 Magnetic Resonance platform that enables detection of pathogens, biomarkers, and other abnormalities in various unpurified patient sample types, including whole blood, plasma, serum, saliva, sputum, and urine.

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