Business
TELA Bio Reports Record Second Quarter 2021 Revenues Driven by Increased Demand
MALVERN, Pa., Aug. 11, 2021 (GLOBE NEWSWIRE) -- TELA Bio, Inc. ("TELA") (Nasdaq: TELA), a commercial-stage medical technology company focused on designing,
About this update from Tela Bio, Inc.
[{"type":"text","content":"MALVERN, Pa., Aug. 11, 2021 (GLOBE NEWSWIRE) -- TELA Bio, Inc. (\"TELA\") (Nasdaq: TELA), a commercial-stage medical technology company focused on designing, developing, and marketing innovative tissue reinforcement materials to address unmet needs in soft tissue reconstruction, today reported second quarter 2021 financial results. Second Quarter 2021 Financial Results and Business Highlights Reported revenue of $7.6 million for the second quarter of 2021, increasing 116% year-over-year and 29% sequentially;Increased demand for all OviTex® Reinforced Tissue Matrix hernia products in the second quarter with robotic-assisted and minimally invasive hernia procedures representing approximately 50% of all OviTex hernia procedures in the quarter;Achieved strong quarter-over-quarter and sequential growth in both OviTex LPR and OviTex PRS revenue; andInitiated BRAVO II prospective clinical study evaluating OviTex Reinforced Tissue Matrix for the robotic repair of ventral hernias. \"Throughout the quarter, broad demand for all of our reinforced tissue matrix products continued to grow, and we delivered record second quarter revenue,\" said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. \"The time and effort our team invested during the pandemic, in reaching out to current and prospective customers through our TELA LIVE virtual program, is bearing fruit. While the uncertainties of another wave of COVID-19 could affect our future revenue growth, I believe we are ideally positioned to continue to experience strong growth in market share and revenue throughout the remainder of 2021 and beyond.\" Second Quarter 2021 Financial Results Revenue was $7.6 million for the second quarter of 2021, an increase of 116% compared to the prior year period and up 29% compared to the first quarter of 2021. The increase in revenue was primarily driven by an increase in unit sales of our products due to the expansion of our commercial organization, an increase in customer accounts, and increased penetration with existing customer accounts. Gross profit was $5.1 million for the second quarter of 2021, or 67% of revenue, compared to $2.1 million, or 59% of revenue, in the same period in 2020. The increase was primarily due to the decrease in the charge recognized for excess and obsolete inventory adjustments as a percentage of re...