Shares of T2 Biosystems (NASDAQ: TT00) were down more than 46% as of 10:45 a.m. on Friday after the healthcare company announced preliminary third-quarter earnings and a reverse stock split on Thursday. The stock is down more than 93% this year.

T2 Biosystems is a diagnostics company that focuses on detecting sepsis-causing pathogens and antibiotic resistance genes. On Thursday, the company said it expected third-quarter revenue of $1.5 million, down 60% year over year, blaming the drop mainly on a $1 million reduction in Biomedical Advanced Research and Development Authority revenue. 

T2 also said it expects full-year revenue of $7.5 million, down 10% compared to last year because of a sepsis test panel backorder.

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Source Fool.com