Business
TELA Bio Reports Third Quarter 2022 Financial Results
MALVERN, Pa., Nov. 09, 2022 (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., Nov. 09, 2022 (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 third quarter ended September 30, 2022. Recent Highlights Reported revenue of $11.2 million for the third quarter, representing growth of 46% over the same quarter of 2021;Increased demand for OviTex® and OviTex PRS Reinforced Tissue Matrix products in the third quarter of 2022, resulting in a year-over-year revenue increase for each product of approximately 29% and 108%, respectively;Closed on an oversubscribed underwritten public offering yielding net proceeds of $34.4 million; andPublished 24-month BRAVO Study Results in Annals of Medicine and Surgery, highlighting a low 2.6% recurrence rate and clinically meaningful improvements in patient quality of life. \"We are very pleased to report another consecutive quarter of strong revenue growth and increased market adoption of our OviTex products despite lingering headwinds from COVID-19 affecting hospital staffing and procedure volumes. We anticipate a steady return to more customary procedure volumes as the impact of COVID-19 continues to subside. Furthermore, we expect the recently published favorable OviTex clinical data and growing market access through our recent GPO and Integrated Delivery Network contracts to be important growth drivers going forward,” said Antony Koblish, co-founder, President and Chief Executive Officer of TELA Bio. \"Additionally, following the close of our recent oversubscribed public offering in August that yielded net proceeds of $34.4 million, we believe we are now even better positioned to accelerate expansion of our sales force and advance our business development initiatives and R&D programs as we seek to expand our product portfolio and its broad uptake.\" Third Quarter 2022 Financial Results Revenue was $11.2 million in the third quarter of 2022, an increase of 46% compared to the prior year period. The increase was due to the expansion of our commercial organization, increased penetration within existing customer accounts and stronger international sales. Gross profit was $7.3 million in the third quart...