News
T2 Biosystems Announces Second Quarter 2024 Financial Results
T2 Biosystems (NASDAQ:TTOO) announced its Q2 2024 financial results, highlighting record quarterly and first half sepsis test revenue, with 27% and 25% growth respectively compared to the prior year. The company achieved total revenue of $2.0 million, all from sepsis product sales. T2 Biosystems executed contracts for 2 T2Dx® Instruments outside the U.S. and signed multiple international distribution agreements. The company also strengthened its balance sheet by converting $30.0 million of term loan debt and raised $8.0 million through a private placement stock sale.
Key pipeline developments include completing clinical studies for the T2Lyme Panel, submitting a 510(k) for pediatric testing with the T2Candida® Panel, and advancing the T2Resistance Panel toward FDA submission. The company reiterated its 2024 financial outlook, expecting full year sepsis product revenue of $10.0 million to $11.0 million, representing 49% to 64% growth compared to 2023.
T2 Biosystems (NASDAQ:TTOO) ha annunciato i risultati finanziari del secondo trimestre del 2024, evidenziando entrate record trimestrali e nel primo semestre dai test per la sepsi, con una crescita rispettivamente del 27% e del 25% rispetto all’anno precedente. L’azienda ha raggiunto un fatturato totale di 2,0 milioni di dollari, tutto proveniente dalle vendite di prodotti per la sepsi. T2 Biosystems ha eseguito contratti per 2 strumenti T2Dx® al di fuori degli Stati Uniti e ha firmato diversi accordi di distribuzione internazionale. Inoltre, l’azienda ha rafforzato il proprio bilancio convertendo 30,0 milioni di dollari di debito del prestito a termine e ha raccolto 8,0 milioni di dollari tramite la vendita di azioni in private placement.
Sviluppi chiave nel pipeline includono il completamento degli studi clinici per il T2Lyme Panel, la presentazione di un 510(k) per il test pediatrico con il T2Candida® Panel e l’avanzamento del T2Resistance Panel verso la submission alla FDA. L’azienda ha ribadito le proprie aspettative finanziarie per il 2024, prevedendo entrate annuali dai prodotti per la sepsi di 10,0 milioni a 11,0 milioni di dollari, con una crescita compresa tra il 49% e il 64% rispetto al 2023.
T2 Biosystems (NASDAQ:TTOO) anunció sus resultados financieros del segundo trimestre de 2024, destacando ingresos récord trimestrales y del primer semestre por pruebas de sepsis, con un crecimiento del 27% y del 25% respectivamente en comparación con el año anterior. La compañía logró ingresos totales de 2.0 millones de dólares, todos procedentes de ventas de productos para la sepsis. T2 Biosystems ejecutó contratos para 2 instrumentos T2Dx® fuera de EE.UU. y firmó múltiples acuerdos de distribución internacional. La empresa también fortaleció su balance al convertir 30.0 millones de dólares de deuda de préstamo a plazo y recaudó 8.0 millones de dólares mediante la venta privada de acciones.
Los desarrollos clave en el pipeline incluyen la finalización de estudios clínicos para el T2Lyme Panel, la presentación de un 510(k) para pruebas pediátricas con el T2Candida® Panel, y el avance del T2Resistance Panel hacia la presentación ante la FDA. La compañía reiteró su pronóstico financiero para 2024, esperando ingresos por productos de sepsis de 10.0 millones a 11.0 millones de dólares, lo que representa un crecimiento del 49% al 64% en comparación con 2023.
T2 바이오시스템(TNASDAQ:TTOO)은 2분기 2024 재무 결과를 발표하면서 역대 분기 및 상반기 패혈증 검사 수익이 각각 27% 및 25% 성장했다고 강조했습니다. 회사는 총 200만 달러의 수익을 기록했으며, 이는 모두 패혈증 제품 판매에서 발생했습니다. T2 바이오시스템은 미국 외부에서 2개의 T2Dx® 기기를 위한 계약을 체결하고 여러 국제 유통 계약을 체결했습니다. 또한, 3천만 달러의 장기 대출 부채를 전환하고, 800만 달러를 프라이빗 플레시먼트 주식 판매를 통해 모금함으로써 재무 상태를 강화했습니다.
주요 파이프라인 개발에는 T2Lyme 패널에 대한 임상 연구 완료, T2Candida® 패널을 사용한 소아 검사에 대한 510(k) 제출, T2Resistance 패널의 FDA 제출을 위한 진전이 포함되어 있습니다. 회사는 2024년 재무 전망을 재확인하며, 패혈증 제품 연간 수익이 1000만에서 1100만 달러에 이를 것으로 예상하고 있으며, 이는 2023년에 비해 49%에서 64% 성장할 것으로 보입니다.
T2 Biosystems (NASDAQ:TTOO) a annoncé ses résultats financiers pour le deuxième trimestre 2024, mettant en évidence des revenus trimestriels et semestriels record pour les tests de sepsis, avec une croissance de 27 % et 25 % respectivement par rapport à l’année précédente. L’entreprise a réalisé un chiffre d’affaires total de 2,0 millions de dollars, provenant entièrement des ventes de produits de sepsis. T2 Biosystems a exécuté des contrats pour deux instruments T2Dx® en dehors des États-Unis et a signé plusieurs accords de distribution internationale. De plus, l’entreprise a renforcé son bilan en convertissant 30,0 millions de dollars de dettes de prêt à terme et a levé 8,0 millions de dollars par le biais d’une vente d’actions en placement privé.
Les développements clés du pipeline incluent l’achèvement d’études cliniques pour le T2Lyme Panel, la soumission d’un 510(k) pour des tests pédiatriques avec le T2Candida® Panel, et l’avancement du T2Resistance Panel vers une soumission à la FDA. L’entreprise a réaffirmé ses prévisions financières pour 2024, s’attendant à des revenus totaux de produits de sepsis de 10,0 millions à 11,0 millions de dollars, représentant une croissance de 49 % à 64 % par rapport à 2023.
T2 Biosystems (NASDAQ:TTOO) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 angekündigt, wobei Rekordeinnahmen aus Sepsistests im Quartal und im ersten Halbjahr hervorgehoben werden, mit einem Wachstum von 27% und 25% im Vergleich zum Vorjahr. Das Unternehmen erzielte Gesamteinnahmen von 2,0 Millionen Dollar, die alle aus dem Verkauf von Sepsisprodukten stammten. T2 Biosystems setzte Verträge für 2 T2Dx®-Instrumente außerhalb der USA um und unterzeichnete mehrere internationale Vertriebsvereinbarungen. Das Unternehmen stärkte auch seine Bilanz, indem es 30,0 Millionen Dollar von einem Terminkredit umwandelte und 8,0 Millionen Dollar durch den Verkauf von Aktien im Rahmen einer Privatplatzierung einbrachte.
Zu den wichtigen Pipeline-Entwicklungen gehören der Abschluss klinischer Studien für das T2Lyme-Panel, die Einreichung eines 510(k) für pädiatrische Tests mit dem T2Candida®-Panel und der Fortschritt des T2Resistance-Panels in Richtung FDA-Einreichung. Das Unternehmen bekräftigte seine Finanzprognose für 2024 und erwartet für das Gesamtjahr Einnahmen aus Sepsisprodukten zwischen 10,0 Millionen und 11,0 Millionen Dollar, was einem Wachstum von 49% bis 64% im Vergleich zu 2023 entspricht.
Positive
- Record quarterly and first half sepsis test revenue, with 27% and 25% growth respectively
- Executed contracts for 2 T2Dx® Instruments and 6 additional instruments in July 2024
- Signed multiple international distribution agreements in the Middle East and Asia
- Converted $30.0 million of term loan debt, reducing total debt and quarterly interest payments by approximately 80%
- Raised $8.0 million in gross proceeds through a private placement stock sale
- 27% improvement in loss from operations compared to Q2 2023
- Completed clinical studies for T2Lyme Panel and submitted 510(k) for T2Candida® Panel pediatric testing
Negative
- Total revenue remained flat at $2.0 million compared to the prior year period
- Net loss of $9.2 million in Q2 2024, compared to $6.3 million in Q2 2023
- Cash and cash equivalents decreased to $4.2 million as of June 30, 2024, from $6.2 million as of March 31, 2024
T2 Biosystems’ Q2 2024 results present a mixed picture. The company achieved record quarterly and first-half sepsis test revenue, growing 27% and 25% respectively year-over-year. This growth was primarily driven by increased sales of T2Bacteria® and T2Resistance® panels, indicating strong market traction for these products.
However, total revenue remained flat at $2.0 million due to declines in international instrument sales. This suggests a shift in revenue mix towards higher-margin test sales, which could be positive for long-term profitability if the trend continues.
The company’s efforts to strengthen its balance sheet are noteworthy. By converting $30.0 million of term loan debt to equity, T2 Biosystems has reduced both total debt and quarterly interest payments by approximately 80%. This should provide some financial breathing room and improve cash flow.
Operating loss improved by 27% year-over-year, decreasing from $13.1 million to $9.6 million. This improvement, coupled with cost reduction measures in R&D and SG&A, indicates progress towards operational efficiency. However, the company is still burning cash, with cash and equivalents decreasing from $6.2 million to $4.2 million quarter-over-quarter, despite raising $8.0 million through a private placement.
The reiterated 2024 guidance of $10.0 million to $11.0 million in sepsis product revenue represents significant growth but also highlights the company’s reliance on this segment. Investors should monitor the progress of new products like the T2Lyme Panel and potential FDA clearances, as these could diversify revenue streams and drive future growth.
T2 Biosystems’ focus on rapid detection of sepsis-causing pathogens and antibiotic resistance genes positions it well in the critical field of sepsis management. The record sales of T2Bacteria® and T2Resistance® panels underscore the clinical need for rapid, culture-independent diagnostic tools in sepsis care.
The company’s pipeline developments are promising. The completion of clinical studies for the T2Lyme Panel, set to launch as a laboratory developed test (LDT) in Q3 2024, could open up a new market segment. Lyme disease diagnosis is notoriously challenging and a rapid, accurate test could significantly impact patient care.
The submission of a 510(k) premarket notification to expand the T2Candida® Panel to pediatric testing is another positive step. Invasive candidiasis in children is a serious concern and expanding the panel’s use to this population could improve outcomes and expand the product’s market.
The advancement of the T2Resistance Panel toward FDA 510(k) submission is crucial. With antibiotic resistance being a global health threat, a rapid test for resistance genes could be a game-changer in appropriate antibiotic stewardship.
The new data presented at ASM Microbe 2024 demonstrating the clinical benefits of the culture-independent T2Candida Panel further validates the company’s technology. As healthcare systems increasingly recognize the importance of rapid diagnostics in sepsis management, T2 Biosystems’ products could see increased adoption.
However, it’s important to note that the company faces competition in the molecular diagnostics space and the success of its products will depend on their performance in real-world clinical settings and the company’s ability to effectively market them to healthcare providers.
07/29/2024 – 04:05 PM
Achieved record quarterly and first half sepsis test revenue, representing growth of 27% and 25% respectively compared to the prior year periods
LEXINGTON, Mass., July 29, 2024 (GLOBE NEWSWIRE) — T2 Biosystems, Inc. (NASDAQ:TTOO) (the “Company”), a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, today announced financial and operational results for the second quarter ended June 30, 2024.
Recent Financial and Operational Highlights
- Achieved second quarter 2024 total revenue of $2.0 million, all from sepsis product sales.
- Achieved record quarterly and first half sepsis test revenue, representing growth of 27% and 25% respectively compared to the prior year periods, led by T2Bacteria® and T2Resistance® panel sales.
- Executed contracts for 2 T2Dx® Instruments during the second quarter, both from outside the U.S., and have executed contracts for 6 additional instruments in July 2024.
- Signed multiple international distribution agreements in the Middle East and Asia, including Qatar, Hong Kong, Malaysia, Indonesia, and Macau.
- Strengthened balance sheet by converting $30.0 million of term loan debt with CRG Servicing LLC (“CRG”) in exchange for T2 Biosystems equity, reducing both total debt and quarterly interest payments to CRG by approximately 80% percent from May 2023 amounts.
- Raised $8.0 million in gross proceeds through a private placement stock sale executed in May 2024.
- $9.6 million loss from operations in the second quarter of 2024, a 27% improvement compared to $13.1 million in the second quarter of 2023.
Recent Pipeline and Clinical Highlights
- Completed clinical studies required to launch the T2Lyme Panel as a laboratory developed test (LDT) in the third quarter of 2024.
- Submitted a 510(k) premarket notification to the U.S. FDA to expand the use of the T2Candida® Panel to include pediatric testing.
- Advanced the T2Resistance Panel toward U.S. FDA 510(k) submission, now expected to occur during the fourth quarter of 2024.
- Presented new data at the American Society for Microbiology (ASM) Microbe 2024 conference demonstrates the clinical benefits of the culture-independent T2Candida Panel.
“We are highly encouraged by the record second quarter and record first half of 2024 sepsis test revenue, driven by increased sales of the T2Bacteria Panel, which can be attributed to effective commercial execution,” stated John Sperzel, Chairman and CEO of T2 Biosystems. “Moving forward, we expect incremental sepsis revenue growth as a result of the recently FDA-cleared expanded T2Bacteria Panel, to include the detection of Acinetobacter baumannii, potential U.S. distribution partnership with a multibillion dollar healthcare company, and recently signed international distribution agreements in five new countries. We believe the launch of the T2Lyme Panel as a Laboratory Developed Test (LDT), planned for the third quarter of 2024, represents a significant growth opportunity. Finally, we continue to prioritize enhancing our operations and implementing cost reduction measures to improve cash flow.”
Second Quarter 2024 Financial Results
Total revenue for the second quarter of 2024 was $2.0 million, flat compared to the prior year period. Sepsis test revenue grew 27% compared to the prior year period, led by T2Bacteria® and T2Resistance® panel sales. The increased in sepsis test revenue was offset by declines in international instrument sales.
Cost of product revenue for the second quarter of 2024 was $2.7 million, a 45% decrease compared to the prior year period driven by increased test sales and lower instrument sales. Research and development expenses were $3.4 million, a 13% decrease compared to the prior year period, driven by decreased clinical trial activities. Selling, general and administrative expenses were $5.5 million, a 13% decrease compared to the prior year period driven by decreased headcount spending.
Loss from operations was $9.6 million in the second quarter of 2024, a 27% improvement compared to a $13.1 million loss from operations in the second quarter of 2023.
Net loss for the second quarter of 2024 was $9.2 million, $0.66 per share, compared to a net loss of $6.3 million, or $7.84 per share, in the prior year period.
Cash and cash equivalents totaled $4.2 million as of June 30, 2024, compared to $6.2 million as of March 31, 2024. The Company raised $8.0 million in gross proceeds through a private placement stock sale executed in the second quarter of 2024.
Reiterated 2024 Financial Outlook
The Company continues to expect full year 2024 total sepsis product revenue of $10.0 million to $11.0 million, representing growth of 49% to 64%, compared to $6.7 million in 2023. The Company’s 2024 revenue guidance consists entirely of sepsis product revenue and does not include potential sales of the T2Biothreat Panel or the T2Lyme Panel.
Webcast and Conference Call Information
The Company’s management team will host a conference call today, July 29, 2024, beginning at 4:30 pm ET. Investors interested in listening to the call may do so by dialing 888-506-0062 for domestic callers or 973-528-0011 for International callers and using conference ID 109834 approximately five minutes prior to the start time. A live and recorded webcast of the call will be available on the “Investors” section of the Company’s website at www.t2biosystems.com.
About T2 Biosystems
T2 Biosystems, a leader in the rapid detection of sepsis-causing pathogens and antibiotic resistance genes, is dedicated to improving patient care and reducing the cost of care by helping clinicians effectively treat patients faster than ever before. T2 Biosystems’ products include the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel, the T2Resistance® Panel, and the T2Biothreat™ Panel, and are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology. T2 Biosystems has an active pipeline of future products, including the U.S. T2Resistance Panel, the Candida auris test, and the T2Lyme™ Panel. For more information, please visit www.t2biosystems.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about global commercial expansion and international strategy, and the potential for strong growth in the region, as well as statements that include the words “expect,” “may,” “should,” “anticipate,” and similar statements of a future or forward-looking nature. The financial information included herein have not been compiled or examined by our independent auditors and they are subject to revision as we prepare our financial statements as of and for the quarter ended June 30, 2024, including all disclosures required by U.S. generally accepted accounting principles. While we believe that such information and estimates are based on reasonable assumptions, actual results may vary, and such variations may be material. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, (i) any inability to (a) continue to operate as a going concern and raise additional debt or equity financing necessary to fund working capital, make capital expenditures and service our debt, (b) realize anticipated benefits from commitments, contracts or products; (c) successfully execute strategic priorities; (d) bring products to market; (e) expand product usage or adoption; (f) obtain customer testimonials; (g) accurately predict growth assumptions; (h) realize anticipated revenues; (i) incur expected levels of operating expenses; or (j) increase the number of high-risk patients at customer facilities; (ii) failure of early data to predict eventual outcomes; (iii) failure to make or obtain anticipated FDA filings or clearances within expected time frames or at all; or (iv) the factors discussed under Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission, or SEC, on April 1, 2024, and other filings the Company makes with the SEC from time to time, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While the Company may elect to update such forward-looking statements at some point in the future, unless required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change. Thus, no one should assume that the Company’s silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
Investor Contact:
Philip Trip Taylor, Gilmartin Group
ir@T2Biosystems.com
415-937-5406
| T2 Biosystems, Inc. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (In thousands, except share and per share data) | ||||||||
| (Unaudited) | ||||||||
| June 30, 2024 |
December 31, 2023 |
|||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,246 | $ | 15,689 | ||||
| Accounts receivable, net | 1,297 | 1,420 | ||||||
| Inventories | 5,169 | 4,819 | ||||||
| Prepaid expenses and other current assets | 2,283 | 3,261 | ||||||
| Total current assets | 12,995 | 25,189 | ||||||
| Property and equipment, net | 1,517 | 1,658 | ||||||
| Operating lease right-of-use assets | 6,656 | 7,395 | ||||||
| Restricted cash | 551 | 551 | ||||||
| Other assets | 1 | 4 | ||||||
| Total assets | $ | 21,720 | $ | 34,797 | ||||
| Liabilities and stockholders’ deficit | ||||||||
| Current liabilities: | ||||||||
| Notes payable to related party | $ | 11,787 | $ | 41,284 | ||||
| Accounts payable | 1,686 | 1,527 | ||||||
| Accrued expenses and other current liabilities | 4,276 | 4,905 | ||||||
| Accrued final payment fee on Term Loan with related party | 1,315 | 4,807 | ||||||
| Operating lease liability | 1,687 | 1,616 | ||||||
| Derivative liability related to Term Loan with related party | 424 | 1,554 | ||||||
| Derivative liabilities with placement agent | 894 | — | ||||||
| Warrant liabilities | 1,091 | 235 | ||||||
| Deferred revenue | 237 | 224 | ||||||
| Total current liabilities | 23,397 | 56,152 | ||||||
| Operating lease liabilities, net of current portion | 5,746 | 6,598 | ||||||
| Deferred revenue, net of current portion | 74 | 83 | ||||||
| Total liabilities | 29,217 | 62,833 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ deficit | ||||||||
| Common stock, $0.001 par value; 400,000,000 shares authorized; 17,394,249 and 4,058,381 shares issued and outstanding on June 30, 2024 and December 31, 2023, respectively | 17 | 4 | ||||||
| Additional paid-in capital | 599,559 | 556,256 | ||||||
| Accumulated deficit | (607,073 | ) | (584,296 | ) | ||||
| Total stockholders’ deficit | (7,497 | ) | (28,036 | ) | ||||
| Total liabilities and stockholders’ deficit | $ | 21,720 | $ | 34,797 | ||||
| T2 Biosystems, Inc. | ||||||||||||||||
| Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product revenue | $ | 1,952 | $ | 1,964 | $ | 4,013 | $ | 3,619 | ||||||||
| Contribution revenue | — | — | — | 423 | ||||||||||||
| Total revenue | 1,952 | 1,964 | 4,013 | 4,042 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of product revenue | 2,693 | 4,869 | 6,895 | 8,864 | ||||||||||||
| Research and development | 3,361 | 3,850 | 7,082 | 8,321 | ||||||||||||
| Selling, general and administrative | 5,473 | 6,296 | 12,211 | 13,595 | ||||||||||||
| Total costs and expenses | 11,527 | 15,015 | 26,188 | 30,780 | ||||||||||||
| Loss from operations | (9,575 | ) | (13,051 | ) | (22,175 | ) | (26,738 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense to related party | (478 | ) | (1,541 | ) | (1,657 | ) | (3,063 | ) | ||||||||
| Change in fair value of derivative related to Term Loan with related party | 1,238 | 1,022 | 1,130 | 252 | ||||||||||||
| Change in fair value of derivatives with placement agent | (322 | ) | — | (322 | ) | — | ||||||||||
| Change in fair value of warrant liabilities | (138 | ) | 7,192 | (110 | ) | 5,888 | ||||||||||
| Other, net | 32 | 31 | 357 | (651 | ) | |||||||||||
| Total other income (expense) | 332 | 6,704 | (602 | ) | 2,426 | |||||||||||
| Net loss | $ | (9,243 | ) | $ | (6,347 | ) | $ | (22,777 | ) | $ | (24,312 | ) | ||||
| Net loss per share — basic and diluted | $ | (0.66 | ) | $ | (7.84 | ) | $ | (2.37 | ) | $ | (51.23 | ) | ||||
| Weighted-average number of common shares used in computing net loss per share — basic and diluted | 14,095,348 | 809,168 | 9,595,079 | 474,609 | ||||||||||||
| Other comprehensive loss: | ||||||||||||||||
| Net loss | $ | (9,243 | ) | $ | (6,347 | ) | $ | (22,777 | ) | $ | (24,312 | ) | ||||
| Total other comprehensive income, net of taxes | — | — | — | — | ||||||||||||
| Comprehensive loss | $ | (9,243 | ) | $ | (6,347 | ) | $ | (22,777 | ) | $ | (24,312 | ) | ||||
FAQ
What was T2 Biosystems’ (TTOO) total revenue for Q2 2024?
T2 Biosystems reported total revenue of $2.0 million for Q2 2024, all from sepsis product sales.
How much did T2 Biosystems’ (TTOO) sepsis test revenue grow in Q2 2024?
T2 Biosystems achieved 27% growth in sepsis test revenue for Q2 2024 compared to the prior year period.
What is T2 Biosystems’ (TTOO) financial outlook for 2024?
T2 Biosystems expects full year 2024 total sepsis product revenue of $10.0 million to $11.0 million, representing growth of 49% to 64% compared to 2023.
How much debt did T2 Biosystems (TTOO) convert in Q2 2024?
T2 Biosystems converted $30.0 million of term loan debt with CRG Servicing in exchange for equity, reducing total debt and quarterly interest payments by approximately 80%.
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
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Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
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Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
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Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
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Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
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Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
|
a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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a. Position/status |
Director |
|||||
|
b. Initial Notification/Amendment |
Initial notification |
|||||
|
||||||
|
a name |
Volta Finance Limited |
|||||
|
b. LAW |
2138004N6QDNAZ2V3W80 |
|||||
|
a. Description of the financial instrument, type of instrument |
Ordinary actions |
|||||
|
b. Identification code |
GG00B1GHHH78 |
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c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
|||||
|
d. Price(s) |
€5.2 per share |
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|
e. Volume(s) |
Total: 3380 |
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|
f. Transaction date |
August 1, 2024 |
|||||
|
g. Location of transaction |
At the Market – London |
|||||
|
The) |
B) |
w) |
It is) |
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|
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
Aggregate Volume: Price: |
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CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
*****
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
*****
This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
*****
This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
*****
This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
*****
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
Subscribe to the Yahoo Finance Tech Newsletter. (Yahoo Finance)
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Read the latest financial and business news from Yahoo Finance
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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