Gold prices set for weekly drop as strong dollar weighs; Trump tariffs in focus
T2 Biosystems (NASDAQ:TTOO), Inc., a medical device company based in Lexington, Massachusetts, has been warned of a potential delisting from The Nasdaq Capital Market due to non-compliance with the exchange's minimum bid price requirement.
Currently trading at $0.45 per share with a market capitalization of just $9.43 million, the company received a notification from Nasdaq on Thursday, December 12, 2024, indicating that its common stock had closed below the minimum $1.00 per share required for continued listing over the past thirty consecutive business days. According to InvestingPro data, the stock has experienced a dramatic decline of nearly 93% year-to-date, reflecting significant financial challenges.
This notice follows a previous warning issued on November 7, 2024, where T2 Biosystems was informed that its market value of listed securities had fallen below the minimum $35 million threshold required by Nasdaq's Listing Rule 5550(b)(2) for thirty consecutive trading days.
InvestingPro analysis reveals concerning financial metrics, including a weak Financial Health Score of 1.51 out of 10, significant debt burden, and rapidly depleting cash reserves. InvestingPro subscribers have access to 15 additional key insights about the company's financial situation.
In response to the latest notice, T2 Biosystems has not been granted a grace period by Nasdaq due to an existing "Mandatory Panel Monitor" condition. Instead, a delisting determination has been issued, which is currently stayed because the company has requested a hearing and paid a non-refundable fee of $20,000.
The hearing is scheduled for January 9, 2025, and any further action by Nasdaq will be postponed until the Panel's decision is released. During this period, T2 Biosystems' common stock will continue to be listed and trade on Nasdaq.
As of now, T2 Biosystems has not made any further public comments on the matter. The company's financial challenges are reflected in its concerning metrics, including a negative gross profit margin of -248% and a current ratio of 0.4, indicating potential liquidity issues.
In other recent news, T2 Biosystems reported a 34% increase in revenue for the third quarter of 2024, reaching $2.0 million. This growth was primarily driven by the FDA-cleared T2Bacteria Panel, which saw a 173% surge in sales. Additionally, the company secured 11 T2Dx instrument contracts, contributing to a 78% rise in international sales.
T2 Biosystems has also expanded its reach through strategic partnerships, including an exclusive commercial distribution agreement with Cardinal Health (NYSE:CAH) targeting over 6,000 US hospitals, and new distribution agreements in Malaysia and Indonesia. Another noteworthy collaboration is with Precision Inc. for an AI decision support platform.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.