Business
TELA Bio Announces Preliminary Revenue for Fourth Quarter and Full Year 2019
Preliminary fourth quarter 2019 revenue increased 94%-102% year-over-year to $4.7 million to $4.9 million Preliminary full year 2019 revenue increased 85%-87%
About this update from Tela Bio, Inc.
[{"type":"text","content":"Preliminary fourth quarter 2019 revenue increased 94%-102% year-over-year to $4.7 million to $4.9 million Preliminary full year 2019 revenue increased 85%-87% year-over-year to $15.3 million to $15.5 million MALVERN, Pa., Jan. 10, 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 announces unaudited preliminary revenue for the fourth quarter and full year 2019.\n The company expects reported revenue for the fourth quarter of 2019 to be $4.7 million to $4.9 million, an increase of 94%-102% compared to $2.4 million in the fourth quarter of 2018. The company expects reported revenue for the full year of 2019 to be $15.3 million to $15.5 million, an increase of 85%-87% compared to $8.3 million for the full year of 2018. These strong results in the fourth quarter and full year 2019 were driven by expansion of the commercial organization, increased penetration within existing customer accounts, as well as the introduction of larger sizes of OviTex during 2019. The Company expects reported cash, cash equivalents and short-term investments to be approximately $54.6 million at December 31, 2019. “I am pleased with our fourth quarter results as well as the progress we made in 2019 to drive adoption of our OviTex and OviTex PRS product lines,” said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. “We intend to build on this momentum in 2020 as we continue to expand our commercial team, focus on implementation of our GPO contracts, increase our marketing activities, and drive operational excellence.” The company has not yet completed closing its books for the fourth quarter or full year 2019, and the preliminary revenue and cash amounts for the fourth quarter and full year 2019 set forth in this press release represent the most current information available to management and reflect estimates and assumptions. This financial information is preliminary, unaudited and subject to adjustments. It does not present all information necessary to understanding the company’s fourth quarter and full-year financials results for 2019. Due to the completion of the company’s financial closing and review process, a...