Business
TELA Bio Reports Fourth Quarter and Full Year 2021 Financial Results
MALVERN, Pa., March 21, 2022 (GLOBE NEWSWIRE) -- TELA Bio, Inc. ("TELA") (Nasdaq: TELA), a commercial-stage medical technology company focused on providing
About this update from Tela Bio, Inc.
[{"type":"text","content":"MALVERN, Pa., March 21, 2022 (GLOBE NEWSWIRE) -- TELA Bio, Inc. (\"TELA\") (Nasdaq: 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 fourth quarter and full year ended December 31, 2021. Recent Highlights Reported revenue of $8.4 million for the fourth quarter and $29.5 million for the full year 2021, representing growth of 48% and 62%, respectively, over the corresponding periods of 2020Announced publication of 12-month results from the BRAVO Study with continued positive outcomes through 24 monthsEntered into an exclusive distribution agreement with Next Science to market its proprietary SiteGuard No Rinse Antimicrobial Solution across the US plastic reconstructive market “2021 was an outstanding year for TELA Bio, and despite the December 2021 emergence of the Omicron variant, we finished the year with a very strong fourth quarter,” said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. “Throughout 2021 our Company made significant progress across the board – increasing market share, growing our customer base, producing further strong clinical data, and strengthening our leadership team. As we enter 2022, we believe we are well positioned for significant growth as our novel preservation and restoration products are gaining significant mindshare with patients, surgeons, and payors.” Fourth Quarter 2021 Financial Results Revenue was $8.4 million in the fourth quarter of 2021, an increase of 48% compared to the prior year. The increase was due to the expansion of the commercial organization and a faster productivity ramp from the Company’s most recent sales hires stemming from its “Playbook90” training and performance measurement program. Gross profit was $5.7 million in the fourth quarter of 2021, or 68% of revenue, compared to $3.7 million, or 65% of revenue, in the same period in 2020. The increase in gross margin was due primarily to a decrease in the reserve for excess and obsolete inventory as a percentage of revenue as compared to the prior year. Operating expenses were $13.3 million in the fourth quarter of 2021, compared to $10.4 million in the same period in 2020. The i...