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TELA Bio, Inc. (NASDAQ: TELA) is a pioneering medical technology company based in Malvern, Pennsylvania, dedicated to transforming the field of soft tissue reconstruction. With a mission to provide advanced, cost-effective solutions, TELA Bio focuses on enhancing clinical outcomes by prioritizing the preservation and restoration of a patient's own anatomy.
The company offers two primary product lines: OviTex and OviTex PRS Reinforced Tissue Matrices. These products are designed to improve clinical outcomes and reduce costs in hernia repair, abdominal wall reconstruction, and plastic and reconstructive surgery. OviTex, a reinforced tissue matrix, leverages the body's natural healing response while minimizing long-term exposure to synthetic materials.
In recent developments, TELA Bio has launched LIQUIFIX, the first approved adhesive-based product for affixing mesh without penetrating patient tissue. This innovation underscores TELA Bio's commitment to providing surgeons with cutting-edge, economically viable solutions that align with modern clinical practices.
Financially, TELA Bio is experiencing significant growth. For the first quarter of 2024, the company reported a revenue increase of 39% year-over-year, reaching $16.6 million. This growth is attributed to a mature sales force, strategic product launches, and an expanding customer base. Despite operational losses, the company achieved a notable decrease in net loss, demonstrating improved financial management and operational efficiency.
Moreover, TELA Bio actively collaborates with leading surgeons to continuously innovate and address the unmet needs in soft tissue repair. The company's partnership with experts ensures that its products meet the highest standards of efficacy and safety.
For the latest updates, TELA Bio frequently hosts earnings conference calls and webcasts, providing valuable insights into its financial performance and strategic initiatives. Investors and stakeholders can access these resources via the investor section of the company's website.
In summary, TELA Bio, Inc. is a dynamic and forward-looking company poised to make significant advancements in medical technology. By combining innovation with practical solutions, TELA Bio aims to reinvigorate the soft tissue reconstruction market and provide substantial benefits to hospitals, surgeons, and patients alike.
TELA Bio (NASDAQ: TELA), a commercial-stage medical technology company specializing in soft-tissue reconstruction solutions, has announced its plan to report second quarter 2024 financial results on Monday, August 12, 2024. The company will host a conference call and webcast at 4:30 p.m. ET on the same day to discuss the financial results and provide a corporate update.
Investors interested in participating in the conference call are required to register online at least a day in advance or a minimum of 15 minutes before the call starts. A live webcast and replay of the event will be accessible through the Events & Presentations page in the investor section of TELA Bio's website.
On June 4, 2024, TELA Bio, a medical technology company specializing in soft-tissue reconstruction solutions, announced the appointment of Jeffrey Blizard to its Board of Directors. Blizard is currently the Global Head of Surgical Sales at Abiomed, a medical device company within Johnson & Johnson's MedTech segment. TELA Bio's CEO, Antony Koblish, emphasized Blizard's extensive sales leadership and experience as important to enhancing their sales force. Blizard expressed enthusiasm about joining during a period of significant growth and confident in his ability to contribute to TELA's success.
TELE Bio (NASDAQ: TELA) has appointed Greg Firestone as its new Chief Commercial Officer, effective May 20, 2024. Mr. Firestone, who has been with the company since 2017, will now oversee commercial operations, including key product launches, sales team training, market development, and strategic initiatives. His extensive experience includes executive roles in the healthcare sector and founding multiple companies. The appointment is viewed as a strategic move to enhance market share and operational efficiency as the company aims for strong year-end performance.
TELA Bio, Inc. announced the approval of inducement grants of restricted stock units to newly-hired employees. The grants cover 20,250 shares of common stock and were approved on May 6, 2024. The restricted stock units will vest over four years, contingent on the employees' continued service with TELA Bio.
TELA Bio, Inc. reported strong financial results for Q1 2024, with revenue reaching $16.6 million, a 39% increase from the same period in 2023. The company achieved its 13th consecutive quarter of over 35% year-over-year growth and increased full-year revenue guidance to $74.5 million to $76.5 million. Gross profit was $11.3 million, operating expenses rose to $23.7 million, resulting in a loss from operations of $4.8 million. However, a one-time gain of $7.6 million from the sale of assets to MiMedx helped offset the loss, leading to a net loss of $5.7 million.
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