Business
TELA Bio Reports Fourth Quarter and Full Year 2022 Financial Results
MALVERN, Pa., March 21, 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., March 21, 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 fourth quarter and full year ended December 31, 2022. Recent Highlights Reported revenue of $11.6 million for the fourth quarter and $41.4 million for the full year 2022, representing growth of 39% and 41%, respectively, over the corresponding periods of 2021;Increased demand for OviTex® and OviTex PRS Reinforced Tissue Matrix products during the full year 2022, resulting in a year-over-year revenue increase for each product of approximately 26% and 92%, respectively;Announced U.S. commercial launch of NIVISTM Fibrillar Collagen Pack to expand product portfolio into healing of surgical wounds;Announced U.S. Commercial Launch of Two New OviTex LPR device configurations to support repair of large abdominal hernias using robotic and laparoscopic techniques; andAwarded a three-year dual-source agreement in the biosynthetic category with a national group purchasing organization (GPO). \"TELA has completed yet another year of impressive growth, achieving a 41% year-over-year increase in annual revenues, in spite of significant macroeconomic headwinds throughout the year that at times resulted in lower than expected procedure volumes,\" said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. \"Our growing product portfolio, including the introduction of complimentary soft tissue preservation and restoration initiatives along with OviTex products specifically designed to expand our reach in robotic and larposcopic procedures, should continue to drive market share for our OviTex products. We expect that these additions, coupled with our compelling clinical data and widening GPO access will lead to increased adoption of our products. We remain confident in an exceptionally solid foundation for expansion, and we anticipate our broadening sales team will continue to sustain meaningful revenue growth throughout 2023.\" Fourth Quarter 2022 Financial Results Revenue was $11.6 million in the fourth quarter of 2022, an increase of 39% compared to the same period in 2021. The in...