Business
TELA Bio Announces Second Quarter 2020 Financial Results
MALVERN, Pa., Aug. 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., Aug. 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 second quarter ended June 30, 2020. \n Recent Highlights Reported revenue of $3.5 million for the second quarter of 2020, increasing 6% over the second quarter of 2019 Completed an underwritten public offering raising approximately $45.0 million in net proceeds Announced interim analysis from the BRAVO post-market study, showing low hernia recurrence and complication rates Proactively managed near-term expenses to control spending and maintain financial flexibility in response to the COVID-19 pandemic \"Our achievements in the second quarter demonstrate our team's resilience and flexibility to continue to support our patients and customers despite the many challenges associated with the pandemic,\" said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. \"We were pleased by our performance in the quarter, highlighted by the positive interim results we saw with our BRAVO study, the innovative ways in which we have been able to engage our customers virtually, and the completion of a successful follow-on offering. While our results are encouraging, there continues to be uncertainty due to the rapidly evolving environment associated with COVID-19 and the recent outbreaks in certain regions of the country. Despite this, our team remains firmly resolute in achieving our operational objectives and executing our strategic initiatives to ensure that TELA Bio is well positioned for strong growth over the long-term.\" Second Quarter 2020 Financial Results Revenue was $3.5 million for the second quarter of 2020, an increase of 6% compared to the prior year period. Though our revenue increased over the prior year period, it was impacted by lower than expected procedural volumes as a result of hospitals and patients deferring elective procedures and other factors related to the COVID-19 pandemic. Gross profit was $2.1 million for the second quarter of 2020, or 59% of revenue, compared to $1.9 million, or 58% of revenue, in the same period in 2019. The increase in gross margin was due to the dec...