Business
TELA Bio Reports First Quarter 2022 Financial Results
MALVERN, Pa., May 10, 2022 (GLOBE NEWSWIRE) -- TELA Bio, Inc. ("TELA"), a commercial-stage medical technology company focused on providing innovative
About this update from Tela Bio, Inc.
[{"type":"text","content":"MALVERN, Pa., May 10, 2022 (GLOBE NEWSWIRE) -- TELA Bio, Inc. (\"TELA\"), a commercial-stage medical technology company focused on providing innovative soft-tissue reconstruction solutions that optimize clinical outcomes by prioritizing the preservation and restoration of the patient's own anatomy, today reported financial results for the first quarter ended March 31, 2022. Recent Highlights Reported revenue of $8.2 million for the first quarter, representing growth of 40% over the corresponding period of 2021;Increased demand for OviTex® and OviTex PRS Reinforced Tissue Matrix products in the first quarter of 2022, resulting in a year-over-year revenue increase for each product of approximately 21% and 111%, respectively;Ended the first quarter with 50 sales reps and remain on track for 55 sales reps by midyear; andAppointed D. Taylor Ocasio as the Company's new General Counsel. \"Our latest results reflect another solid quarter for our soft-tissue reconstruction solutions. Strong demand for our novel preservation and restoration products grew throughout the quarter and has continued into the second quarter,\" said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. \"We were especially encouraged by the positive response to our third hands-on medical education course held in March, which was attended by over 30 healthcare personnel. The popularity of these courses remains strong and our next hands-on event will be held later this week. These educational activities and our growing sales force combined with the continued shift from plastic mesh to natural repair solutions and our ever-increasing volume of compelling clinical research, lead us to believe that 2022 will be a breakout year for TELA Bio.\" First Quarter 2022 Financial Results Revenue was $8.2 million in the first quarter of 2022, an increase of 40% compared to the prior year. The increase was due to the expansion of our commercial organization, increased penetration within our existing customer accounts and stronger international sales. Gross profit was $5.0 million in the first quarter of 2022, or 61% of revenue, compared to $3.5 million, or 59% of revenue, in the same period in 2021. The increase in gross margin was due primarily to a decrease in the excess and obsolete inventory adjustments as a percentage of revenue as compared to the ...