Business
TELA Bio Announces First Quarter 2020 Financial Results
MALVERN, Pa., May 12, 2020 (GLOBE NEWSWIRE) -- TELA Bio, Inc. ("TELA") (Nasdaq: TELA), a commercial stage medical technology company focused on designing,
About this update from Tela Bio, Inc.
[{"type":"text","content":"MALVERN, Pa., May 12, 2020 (GLOBE NEWSWIRE) -- TELA Bio, Inc. (\"TELA\") (Nasdaq: TELA), a commercial stage medical technology company focused on designing, developing and marketing a new category of tissue reinforcement materials to address unmet needs in soft tissue reconstruction, today reported financial results for the first quarter ended March 31, 2020. \n Recent Highlights Reported revenue of $3.7 million for the first quarter of 2020, increasing 13% over the first quarter of 2019Continued progress on BRAVO Study with successful completion of 20-patient follow-up at 24-months, which has shown a 0% rate of hernia recurrence among those 20 patients, and 2% among the first 57 patients who reached one-year follow-upImplemented preemptive measures to curtail near-term spending to maintain financial flexibility \"We want to express our gratitude to our partners in the medical community who continue to support and treat patients in need amidst this pandemic. I also want to thank our TELA Bio employees who have shown resilience and have come together to serve and support our patients and customers,” said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. “Despite a positive start to the year, the deferral of elective surgical procedures in which our products would be used has negatively impacted our revenues in the first quarter of 2020. As we navigate through this pandemic and look toward recovery, I am confident in our strong foundation of innovative products and dedicated team. We believe we have structured our response to mitigate business disruption and remain in a strategic position of strength to drive growth over the long-term.” First Quarter 2020 Financial Results Revenue was $3.7 million for the first quarter of 2020, an increase of 13% compared to the prior year period. The increase in revenue was primarily driven by an increase in unit sales of our products due to the expansion of our commercial organization and increased penetration within existing customer accounts. Though TELA’s revenue increased over the prior year period, it was impacted by lower than expected procedure volumes in the second half of March 2020 due to hospitals and patients deferring elective procedures and other factors related to the COVID-19 pandemic. Gross profit was $2.2 million for the first quarter of 2020, or 59...