Business
TELA Bio Reports First Quarter 2024 Financial Results
MALVERN, Pa., May 09, 2024 (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 09, 2024 (GLOBE NEWSWIRE) -- TELA Bio, Inc. (\"TELA Bio\"), a commercial-stage medical technology company focused on providing innovative soft-tissue reconstruction solutions today reported financial results for the first quarter ended March 31, 2024. Recent Highlights Reported revenue of $16.6 million in the first quarter, representing growth of 39% over the prior year period of 2023;Delivered the 13th consecutive quarter of at least 35% year-over-year growth;Increased demand for OviTex® and OviTex PRS Reinforced Tissue Matrix products during the first quarter, resulting in a year-over-year revenue increase for each product of approximately 31% and 54%, respectively;Appointed Howard N. Langstein, MD, FACS, as Vice President of Medical Affairs and Surgeon Strategy;Commenced full U.S. commercial launch of Robotic-Compatible OviTex IHR (Inguinal Hernia Repair) Reinforced Tissue Matrix, specifically for use in laparoscopic and robotic-assisted inguinal hernia repairs; andIncreased full year 2024 revenue guidance to $74.5 million to $76.5 million, representing 27% to 31% year-over-year growth. “We’ve begun 2024 with strong momentum led by a maturing sales force, strategic product portfolio launches, and sustained market share growth across our OviTex portfolio,” said Antony Koblish, co-founder, President, and Chief Executive Officer of TELA Bio. “TELA Bio is focused on optimizing this growth phase, driving our sales force towards a more balanced selling approach across the Hernia and PRS franchises, generating increasing operating leverage over time, and continuing to deliver value to surgeons and patients. Q1 was a strong quarter and we believe the rest of 2024 will continue to showcase the progress TELA is delivering on key strategic priorities.” First Quarter 2024 Financial Results Revenue was $16.6 million in the first quarter of 2024, an increase of 39% compared to the same period in 2023. The increase was due to an increase in unit sales of our products and the continued expansion of the commercial organization, which resulted in increased penetration of existing customer accounts, the addition of new customers, and growing international sales. Gross profit was $11.3 million in the first quarter of 2024, or 68% of revenue, compared to $7.9 million, or 66% of revenue, in the same period in 2023. The increase i...