Business
TELA Bio Announces Fourth Quarter and Full Year 2019 Financial Results
MALVERN, Pa., March 27, 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., March 27, 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 fourth quarter and full year ended December 31, 2019. \n Recent Highlights Recognized revenue of $4.9 million for the fourth quarter and $15.4 million for the full year 2019, representing increases of 100% and 87% respectively, over the corresponding periods of 2018 Awarded a group purchasing agreement for its full portfolio of OviTex hernia repair and OviTex PRS products Continued to expand marketing activities to support the ongoing commercialization of OviTex and OviTex PRS product lines Published positive one-year data from the BRAVO study evaluating OviTex for the treatment of ventral hernias Completed its IPO raising $50.6 million in net proceeds \"2019 was a year of many accomplishments, including significant revenue growth driven by the adoption of our OviTex® and OviTex® PRS product lines, expansion of our commercial organization, the signing of a major group purchasing agreement, publication of compelling clinical data, and the completion of a successful IPO,\" said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. \"As we look towards 2020, we share in a collective concern for the impact of the COVID-19 pandemic across the globe. While it is too early and uncertain to determine the actual effects of this pandemic on our business, we are beginning to feel the impact and intend to use many of our business levers to best position our Company for the long-term, leveraging our strong clinical data, sales, marketing and GPO strategies.\" Fourth Quarter 2019 Financial Results Revenue was $4.9 million for the fourth quarter of 2019, an increase of 100% compared to the prior year period. This increase was due primarily to the expansion of the commercial organization, increased penetration within existing customer accounts, as well as the introduction of larger sizes of OviTex during 2019. Gross profit was $3.0 million for the fourth quarter of 2019, or 61% of revenue, compared to $1.0 million, or 42% of revenue, in the same period in 2018. The increase in gross margin was due ...