T2 Biosystems plunges on downbeat Q3 prelim revenue

T2 Biosystems

13/10/2023 12:12

** Shares of diagnostics company T2 Biosystems  TTOO.O  fall
42.6% to $9.98 premarket 
    ** Co on Thursday reported preliminary Q3 revenue of $1.5
mln, below analysts' average estimate of $2.6 mln, according to
LSEG data
    ** Adds co is facing a $1 mln reduction in BARDA revenue
    ** Biomedical Advanced Research and Development Authority
(BARDA) is a U.S government department that provides grants and
other assistance to help with development of necessary vaccines,
drugs, therapies, and diagnostic tools 
        ** Co will report complete Q3 results in November
  
    ** Up to last close, shares down nearly double YTD

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))