Business
TELA Bio Announces Third Quarter 2019 Financial Results
Revenue increased 80% year-over-year to $4.0 million Completed initial public offering in November 2019, raising net proceeds of $50.7 million MALVERN, Pa.,
About this update from Tela Bio, Inc.
[{"type":"text","content":"Revenue increased 80% year-over-year to $4.0 million Completed initial public offering in November 2019, raising net proceeds of $50.7 million MALVERN, Pa., Dec. 18, 2019 (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 three months ended September 30, 2019. \n “Continued strong growth in the third quarter demonstrates that customers recognize the value of our products, including improved performance over existing soft tissue reconstruction materials,” said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. “In November we successfully completed our initial public offering, which enables us to expand our marketing activities to support the ongoing commercialization of our OviTex and OviTex PRS product lines.” Third Quarter 2019 Financial Results Revenue was $4.0 million for the third quarter of 2019, an increase of 80% compared to $2.2 million in the same period in 2018. 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 $2.6 million for the third quarter of 2019, or 66% of revenue, compared to $1.4 million, or 62% of revenue, in the same period in 2018. The increase in gross profit as a percentage of revenue was due primarily to the decrease in the charge recognized for excess and obsolete inventory adjustments as a percentage of revenue in the third quarter of 2019 as compared to the same quarter last year.Sales and marketing expenses were $4.7 million in the third quarter of 2019, compared to $3.6 million in the same period in 2018. The increase was due to expansion of the salesforce and related activities, increased recruiting and consulting fees, and the BRAVO post-market study. General and administrative expenses were $1.2 million in the third quarter of 2019, compared to $1.4 million in the same period in 2018. The decrease was due primarily to lower legal expenses, partially offset by an increase in consulting fees and personnel costs.Research and development expenses were $0.5 milli...