SomaLogic, T2 Bio, Interpace report Q2 revenue declines

2022 08 16 15 52 9941 Business Financial Stock Drop 400

SomaLogic, T2 Biosystems, and Interpace Biosciences announced second-quarter results after the market closed on Monday.

For the three months ended June 30, Boulder, CO-based SomaLogic reported revenues of $14.1 million, a decline of 29% compared to $19.8 million in Q2 2021, missing the analysts' average estimate of $24.8 million.

Q2 net loss was $23 million, or a loss of $.13 per share, compared to a loss of $13.3 million, or a loss of $.12 per share, in Q2 2021.

The proteomics firm said it now expects revenue for full year 2022 of $80 million to $90 million, a decline from its previously announced range of $105 million to $110 million.

T2 Biosystems on Monday reported second quarter revenues of $5.9 million, a decline of 12% compared to $6.7 million in Q2 2021, missing the analysts' average estimate of $6.1 million.

For the three months ended June 30, the Lexington, MA-based firm reported product revenues of $2.6 million, down 30% year-over-year.

Overall, revenue declines were driven by lower sales of its T2SARS-CoV-2 tests, the firm said.

Its Q2 net loss was $18 million, or a loss of $.10 per share, compared to a net loss of $12.5 million, or a loss of $.08 per share, in the prior-year period.

The company, a developer of direct-from-blood infectious disease tests, continues to expect full-year 2022 total revenue of $28 to $31 million, including product revenue of $16 million to $17 million and research contribution revenue of $12 million to $14 million.

Interpace Biosciences reported second-quarter revenues of $9.4 million, down 16% compared to $11.2 million in Q2 2021.

For the three months ended June 30, the Parsippany, NJ-based developer of molecular diagnostic and other types of tests reported a net loss of $3.9 million, or a loss of $.93 per share, compared to a net loss of $3.4 million, or a loss of $.84 per share, in the Q2 2021.

The firm noted that during the second quarter, Novitas, a Medicare contractor, told it that the pricing for one of its flagship thyroid cancer screening tests was reduced by 70%, retroactive to the beginning of 2022.

In Tuesday morning trading on the Nasdaq, SomaLogic shares were trading flat at $4.13; T2 Biosystems shares were down more than 20% to almost $.16, and shares of Interpace Biosciences were trading down more than 9% at $2.27.

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