Business
TELA Bio Reports First Quarter 2023 Financial Results
MALVERN, Pa., May 11, 2023 (GLOBE NEWSWIRE) -- TELA Bio, Inc. ("TELA Bio"), a commercial-stage medical technology company focused on providing innovative
About this update from Tela Bio, Inc.
[{"type":"text","content":"MALVERN, Pa., May 11, 2023 (GLOBE NEWSWIRE) -- TELA Bio, Inc. (\"TELA Bio\"), 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, 2023. Recent Highlights Reported revenue of $11.9 million for the first quarter, representing growth of 45% over the first quarter period of 2022;Increased demand for OviTex® and OviTex PRS Reinforced Tissue Matrix in the first quarter of 2023, resulting in a year-over-year revenue increase for each product of approximately 42% and 52%, respectively;Announced 510(k) Clearance for OviTex PRS Long-Term Resorbable for plastic and reconstructive surgery;Closed on an underwritten public offering yielding net proceeds of approximately $46.4 million; andReaffirms its full year 2023 revenue guidance with a range of $60 million to $65 million. \"We are pleased with TELA’s solid performance in the first quarter of 2023, having increased revenue by 45% year-over-year,\" said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. \"We anticipate the recent closing of our follow-on offering will help us accelerate the expansion of our commercial organization and further leverage our growing product portfolio and deepening GPO access to drive market penetration. Despite looming macroeconomic challenges, we continue to expect revenue growth and surgeon adoption to accelerate throughout the remainder of 2023.\" First Quarter 2023 Financial Results Revenue was $11.9 million in the first quarter of 2023, an increase of 45% compared to the same period in 2022. The increase was due to the expansion of our commercial organization, the addition of new customers, increased penetration within existing customer accounts, and stronger international sales. Gross profit was $7.9 million in the first quarter of 2023, or 66% of revenue, compared to $5.0 million, or 61% of revenue, in the same period in 2022. The increase in gross margin was primarily due to better inventory management practices resulting in a decrease in the reserve for excess and obsolete inventory as a percentage of revenue as compared to the prior year period. Operating expenses were $19.2 million...