Business
TELA Bio Reports Second Quarter 2023 Financial Results
MALVERN, Pa., Aug. 09, 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., Aug. 09, 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 second quarter ended June 30, 2023. Recent Highlights Revenue of $14.5 million in the second quarter, representing growth of 39% over the second quarter of 2022;Revenue of $26.4 million for the first half of 2023, representing growth of 42% over the same period of 2022;Demand for OviTex® and OviTex PRS Reinforced Tissue Matrix increased in the second quarter of 2023, resulting in year-over-year revenue growth of approximately 43% and 31%, respectively;Results from a consumer survey highlighted strong consumer desire for shared-decision making and surgeon expertise in innovative, more natural hernia repair options;Underwritten public offering yielded net proceeds of approximately $46.4 million; andFull year 2023 revenue guidance reaffirmed, with a range of $60.0 million to $65.0 million. \"We are pleased to report another quarter of sequential growth for TELA, driven by increased momentum in the sales organization and improving macroeconomic conditions for elective procedure volumes,” said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. “In the first half of 2023, we grew our top line, increased market share, and launched innovative products and product enhancements to address the varying needs of surgeons and patients in an expanding soft tissue market. We look forward to leveraging our strong first-half performance into the third and fourth quarters and beyond.” Second Quarter 2023 Financial Results Revenue was $14.5 million in the second quarter of 2023, an increase of 39% 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 growing international sales. Gross profit was $10.2 million in the second quarter of 2023, or 70% of revenue, compared to $6.6 million, or 63% 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...