Business
TELA Bio Announces First Quarter 2021 Financial Results
MALVERN, Pa., May 13, 2021 (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 13, 2021 (GLOBE NEWSWIRE) -- TELA Bio, Inc. (\"TELA\") (Nasdaq: TELA), a commercial stage medical technology company focused on designing, developing, and marketing innovative tissue reinforcement materials to address unmet needs in soft tissue reconstruction, today reported financial results for the first quarter ended March 31, 2021. First Quarter 2021 Financial Results and Business Highlights Reported revenue of $5.9 million for the first quarter of 2021, increasing 58% over the first quarter of 2020;OviTex LPR product line continues to experience high utilization in robotic and MIS procedures and the first quarter of 2021 represented the highest volume quarter for LPR products; Hosted successful Key Opinion Leader Webinar featuring surgeons speaking on their use of OviTex® Reinforced Tissue Matrix for simple and complex hernia procedures; andPublished additional positive data, including initial two-year data, from the BRAVO study evaluating OviTex® Reinforced Tissue Matrix for the treatment of ventral hernias showing favorable recurrence rates. \"We are very pleased with our revenue growth in the first quarter despite the ongoing headwinds from COVID-19, and we are encouraged by the increasing demand for our products, particularly our LPR product line, as we head into the second quarter,\" said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. \"Along with the expected improvement of procedure volumes throughout 2021, we anticipate the current litigation surrounding synthetic mesh may increase patient demand for non-synthetic options. OviTex was purposefully designed to provide patients a more natural repair, and we believe TELA Bio is well-positioned to experience top-line growth in 2021 as the portfolio is expected to gain increased utilization by general and plastic reconstructive surgeons.\" First Quarter 2021 Financial Results Revenue was $5.9 million for the first quarter of 2021, an increase of 58% compared to the prior year period despite experiencing increased volatility in demand for our products in January due to the COVID-19 resurgence. 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. Gross profit was $3.5 million f...