T2 Biosystems Reports Third Quarter 2019 Financial Highlights and Provides Corporate Update Breakthrough quarter with CMS NTAP reimbursement and endorsement; new multi-million dollar government contract; Contract with Pr

T2 Biosystems Reports Third Quarter 2019 Financial Highlights and Provides Corporate Update

Breakthrough quarter with CMS NTAP reimbursement and endorsement; new multi-million dollar government contract; Contract with Premier; and

$1.4 million in product revenue

LEXINGTON, Mass., November 12, 2019 (GLOBE NEWSWIRE) T2 Biosystems, Inc. (NASDAQ:TTOO) (the

Company, T2, or T2 Biosystems ), a leader in the development and commercialization of innovative medical diagnostic products for critical unmet needs in healthcare, announced today the operating highlights and

preliminary financial results for the third quarter ended September 30, 2019. Due to a ransom cyber-attack on the Company s information technology ( IT ) systems, the Company is reporting full revenue, new contracts and cash flow

highlights as a part of this earnings release along with preliminary earnings estimates. We have determined that additional time is needed to input expense and other information into the Company s enterprise resource planning ( ERP )

system and the Company believes it is on track to finalize that information and file on the Company s Form 10-Q for the third quarter 2019 by November 18, the extended due date for filing. We will

file the appropriate form with the SEC to secure an extension. The Company did not pay a ransom and worked with an external firm experienced in this matter who also determined that there was no evidence that customer or company data was exfiltrated.

The Company s IT systems have recovered from the cyber-attack, other than completing the abovementioned data input process, and the interruption caused by the attack did not materially affect the Company s operations.

Third Quarter Financial Performance Highlights:

Third Quarter Business Highlights:

During the third quarter we achieved several milestones, including delivering on key business

objectives while making progress with changes to our commercial team and strategy to accelerate the new customer sales cycle, said John McDonough, chairman and chief executive officer at T2. We continue to see solid quarter-to-quarter growth in T2Bacteria testing revenue, and we are on track to receive a CE mark approval for the T2Resistance Panel before the end of the calendar year. In

the near-term, we expect to benefit from a strong sales pipeline and several recent external validators of our technology, including the NTAP from CMS, our new government contract, and the Breakthrough Technology contract with Premier Inc. We also

continue to expand our market opportunity with the launch of the T2Resistance Panel RUO, and the addition of new international distribution partners.

Additional Financial Results:

Weighted average shares outstanding were 46.1 million in the third

quarter, compared to 43.8 million in last year s third quarter.

The Company is reiterating its full year 2019 financial guidance as follows:

host a conference call today with the investment community at 8:30 a.m. Eastern Time to discuss the financial highlights and other business developments. Interested parties may access the live call via telephone by dialing 1-877-407-9208 (U.S.) or

1-201-493-6784 (International). To listen to the live call via T2 s website, go to www.t2biosystems.com, in the

Investors/Events & Presentations section. A webcast replay of the call will be available following the conclusion of the call, also in the Investors/Events & Presentations section of the website.

T2 Biosystems, a leader in the development and commercialization of innovative medical diagnostic products for critical unmet needs in healthcare, 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,

T2Candida Panel, and T2Bacteria Panel, which was recently announced as the first and only

in-vitro diagnostic test to receive approval for a New Technology Add-on Payment by CMS, are powered by the proprietary T2 Magnetic Resonance technology. T2 Biosystems

has an active pipeline of future products, including products for the detection of additional species and antibiotic resistance markers of sepsis pathogens, and tests for Lyme disease. 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 regarding additional patients, timing of testing patients, anticipated product benefits, strategic priorities, product expansion or opportunities, growth expectations or targets, timing of FDA filings or

clearances and anticipated operating expenses, as well as statements that include the words expect, intend, plan , believe , project , forecast , estimate,

may, should, anticipate, and similar statements of a future or forward looking nature. 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) realize anticipated benefits from commitments, contracts or products; (b) successfully execute strategic priorities; (c) bring

products to market; (d) expand product usage or adoption; (e) obtain customer testimonials; (f) accurately predict growth assumptions; (g) realize anticipated revenues; (h) incur expected levels of operating expenses; or

(i) 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, 2018, filed with the U.S. Securities and

Exchange Commission, or SEC, on March 14, 2019, and other filings the Company makes with the SEC from time to time. 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.

Gina Kent, Vault Communications

Zack Kubow, W2O Group