Business
TELA Bio Reports Second Quarter 2024 Financial Results and Reiterates Full Year 2024 Revenue Guidance
MALVERN, Pa., Aug. 12, 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., Aug. 12, 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 second quarter ended June 30, 2024. Recent Highlights Reported revenue of $16.1 million in the second quarter, representing growth of 11% over the prior year period of 2023;Appointed Greg Firestone as Chief Commercial Officer on May 20, 2024 to drive our next phase of revenue growth by enhancing sales representative training, regional supervision, and performance measurement and accountability;Launched our robotically compatible OviTex IHR Reinforced Tissue Matrix in the U.S. to target the high-volume inguinal hernia market;Saw the launch of NIVIS Fibrillar Collagen Pack by its new owner in the second quarter, triggering the receipt of quarterly revenue share payments beginning in the third quarter of this year and ranging from $3 million to $7 million in total over the next eight quarters; andReiterated full year 2024 revenue guidance of $74.5 million to $76.5 million, representing 27% to 31% year-over-year growth. “TELA delivered double-digit growth in the second quarter notwithstanding some market disruptions from customer-targeted cyberattacks that we believe led to a shortfall in procedures at some of our largest or most rapidly growing contracted accounts,” said Antony Koblish, President and CEO of TELA Bio. “We believe many of these factors, including most notably a ransomware attack at one of our national GPOs, have been resolved and we are seeing signs of normalized growth returning in the third quarter. As a result, we expect to deliver another year of high growth and are reiterating our 2024 revenue target of $74.5 million to $76.5 million. Under new sales leadership, we are also intensely focused on improving the productivity and efficiency of our commercial organization and have initiated programs that will maximize sales and rep productivity and will provide operational leverage. We believe that with these efforts, as well as the contribution from the NIVIS revenue share, our cash and cash equivalents will be sufficient to fund us to profitability.” Second Quarter 2024 Financial Results Revenue was $16.1 million in the second quarter of 2024, an increase of 11% compared to the same pe...