Business
TELA Bio Announces Fourth Quarter and Full Year 2020 Financial Results
MALVERN, Pa., March 24, 2021 (GLOBE NEWSWIRE) -- TELA Bio, Inc. ("TELA"), a commercial-stage medical technology company focused on designing, developing, and
About this update from Tela Bio, Inc.
[{"type":"text","content":"MALVERN, Pa., March 24, 2021 (GLOBE NEWSWIRE) -- TELA Bio, Inc. (\"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 fourth quarter and full year ended December 31, 2020. Recent Highlights Recognized revenue of $5.7 million for the fourth quarter and $18.2 million for the full year 2020, representing increases of 17% and 18%, respectively, over the corresponding periods of 2019Conducted virtual VIP tours and educational webinars to approximately 200 surgeons as part of the TELA LIVE virtual programsContinued to expand the commercial team to drive growth initiativesPublished 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 \"Despite the many challenges of COVID-19, we continue to see momentum in our business and were able to generate fourth quarter and 2020 revenue growth,\" said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. \"I am very proud and humbled by the way our team came together over the past year during these uncertain times. Over the course of 2020, we focused on engaging our customers virtually, optimizing our product portfolio, and completing the 12-month analysis of our patients in our BRAVO study. As a result of these accomplishments and our strong financial position, we believe we are well positioned to gain market share and accelerate revenue growth over the long term.\" The BRAVO study is a multi-center prospective study designed to evaluate the clinical performance of OviTex Reinforced Tissue Matrix for the treatment of ventral hernias. Seventy-six (76) patients have completed their 12-month follow-up with only two having experienced a hernia recurrence, both adjacent to the original repair with the OviTex repairs remaining intact. Fifty-one (51) patients reached the 24-month follow-up with none experiencing a recurrence. \"While we intend to build on this momentum in 2021, I am deeply saddened to report the recent loss of our Chief Medical Officer and co-founder, Maarten Persenaire, who died unexpectantly on March 7th. Maarten was instrumental in ...