TELA Bio Reports Strong First Quarter Growth, Expands Product Portfolio

TELA Bio

MALVERN, PATELA Bio, Inc. (NASDAQ: TELA) recently disclosed its first-quarter financial results for 2024, showcasing significant growth and strategic advancements. The company reported a revenue of $16.6 million, marking a 39% increase over the previous year and continuing its impressive streak of at least 35% year-over-year growth for the 13th consecutive quarter.

This surge in revenue is attributed to heightened demand for its OviTex® and OviTex PRS Reinforced Tissue Matrix products, which saw respective sales increases of about 31% and 54%. In a strategic move to bolster its leadership team, TELA Bio welcomed Howard N. Langstein, MD, FACS, as Vice President of Medical Affairs and Surgeon Strategy. Furthermore, the company announced the full U.S. commercial launch of its Robotic-Compatible OviTex IHR for laparoscopic and robotic-assisted inguinal hernia repairs.

In light of these developments, TELA Bio has raised its full-year revenue forecast for 2024 to between $74.5 million and $76.5 million, representing 27% to 31% growth from the previous year. Antony Koblish, the company’s co-founder, President, and CEO, highlighted the strategic product launches and growing market share as key drivers of this robust momentum.

The financial results for the quarter further detail a gross profit of $11.3 million, or 68% of revenue, thanks to improved inventory management. However, operating expenses rose to $23.7 million due to expansion efforts and increased activities in research and development. Despite these higher costs, the company significantly reduced its loss from operations to $4.8 million, aided by a one-time gain from the sale of assets related to the NIVIS Fibrillar Collagen Pack Device to MiMedx.

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TELA Bio’s promising start to 2024 highlights its strategic focus on innovation and market expansion. The company’s successful portfolio diversification and operational enhancements not only demonstrate its resilience but also position it well for continued growth in the competitive medical technology market.

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