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TELA Bio, Inc. develops and commercializes soft-tissue reconstruction solutions for surgeons, with a focus on products designed to preserve and restore patient anatomy while limiting long-term exposure to permanent synthetic materials. Its OviTex portfolio includes configurations used in hernia repair and abdominal wall reconstruction, including ventral, inguinal and hiatal procedures.
Company news commonly covers quarterly and annual results, revenue guidance, commercial execution, product portfolio updates, credit and capital actions, board and leadership changes, and equity compensation grants made under Nasdaq inducement-grant rules.
TELA Bio, Inc. has announced a public offering of its common stock, with underwriters given a 30-day option to purchase an additional 15% of the shares. The offering is subject to market conditions and may vary in size and terms. TELA intends to use the proceeds for general corporate purposes, including sales and marketing, research and development, and working capital. The offering will be conducted under a shelf registration statement effective since December 29, 2020. Jefferies, Piper Sandler, and Lake Street are joint book-running managers. This press release does not serve as an offer to sell or a solicitation for purchase of these securities.
TELA Bio, a commercial-stage medical technology company, has announced that its OviTex Reinforced Tissue Matrix will be featured in three case reports at the 2023 SAGES conference in Montreal from March 29 - April 1. These presentations will focus on the use of OviTex in robotic-assisted hernia repair, showcasing its distinctive design that facilitates minimally invasive procedures. The reports include complex cases such as robotic hernia repairs in immunosuppressed patients and the treatment of Spigelian hernias. TELA Bio aims to optimize surgical outcomes while reducing reliance on permanent synthetic materials.
TELA Bio (NASDAQ: TELA) has received 510(k) clearance from the FDA for its OviTex PRS Long-Term Resorbable product, designed to reinforce soft tissue in plastic and reconstructive surgery. This addition complements the existing OviTex PRS portfolio, enhancing its offerings with a fully resorbable polymer and bi-directional stretch. The company aims to optimize clinical outcomes while prioritizing patient anatomy preservation. CEO Antony Koblish emphasizes this product's role in expanding clinical utility and reflecting TELA's commitment to innovation in soft-tissue repair.
TELA Bio, Inc. reported strong financial results for Q4 2022 and full year 2022, achieving revenue of $11.6 million in Q4 and $41.4 million for the full year, marking growth of 39% and 41% respectively year-over-year. The increases were driven by heightened demand for OviTex® and OviTex PRS products, with year-over-year growth of 26% and 92%. Despite operational losses of $10 million for Q4 and $44.3 million for the full year, TELA anticipates revenue growth of 45% to 57% in 2023, projecting revenue between $60 million and $65 million. A new dual-source agreement and product launches further support their optimistic outlook.
TELA Bio (NASDAQ: TELA) announces positive findings from six studies demonstrating the effectiveness of OviTex Reinforced Tissue Matrix in hernia repair and abdominal wall reconstruction. Published in 2022, these studies encompass data from 280 patients, showcasing lower complication and recurrence rates compared to traditional mesh products. The research highlights OviTex as a superior alternative in various applications, aligning with the growing demand for safer surgical options. With over two million hernia repairs expected in the US and Europe this year, TELA aims to enhance patient outcomes through innovative soft-tissue solutions.
TELA Bio, Inc. (NASDAQ: TELA), a company focused on innovative soft-tissue reconstruction solutions, will report its fourth quarter and full year 2022 financial results on March 21, 2023. A conference call and webcast will follow at 4:30 p.m. ET to discuss these results and provide corporate updates. TELA Bio aims to optimize clinical outcomes by prioritizing the preservation of patients' anatomy, providing economically effective solutions while minimizing long-term exposure to synthetic materials. Investors and interested parties can register for the call in advance or access a replay on TELA's website.
TELA Bio (NASDAQ: TELA), a commercial-stage medical technology company, announced the approval of restricted stock units covering 2,600 shares for three newly-hired employees, effective February 21, 2023. This grant was made under the Nasdaq Rule 5635(c)(4) inducement grant exception, as part of the employees' compensation and to encourage their acceptance of employment with TELA Bio. The restricted stock units will vest annually over four years, contingent on the employees' continued service. TELA Bio aims to enhance clinical outcomes through innovative soft-tissue reconstruction solutions, prioritizing the use of the patient's own anatomy.
TELA Bio, Inc. (NASDAQ: TELA) has launched two new larger configurations of its OviTex LPR device, aimed at improving hernia repair procedures. The new sizes, 15 x 20 cm and 15 x 25 cm, cater specifically to ventral and incisional hernias and enhance minimally invasive surgery applications. Since its initial launch in 2018, OviTex has been well-adopted among surgeons, with 40% of cases performed robotically and 20% laparoscopically in the last quarter. The device utilizes a unique ovine-derived tissue matrix for functional tissue remodeling, reinforcing TELA's commitment to innovating soft-tissue reconstruction solutions.
On February 14, 2023, TELA Bio, a commercial-stage medical technology company (NASDAQ: TELA), announced a significant three-year agreement with a national group purchasing organization (GPO) for its biosynthetic products. This contract, effective until January 1, 2026, aims to enhance accessibility to TELA's OviTex Reinforced Tissue Matrix for GPO members, promising considerable cost savings and clinical benefits. CEO Antony Koblish expressed optimism about this partnership, emphasizing the company's commitment to delivering high-quality solutions in soft tissue repair. This agreement presents a potential growth opportunity by broadening market access.
TELA Bio has announced the approval of stock options and restricted stock units for 10 new employees, totaling 4,200 stock options and 7,250 restricted stock units. The options have an exercise price of $11.80 per share, based on the stock’s closing price on the grant date of January 18, 2023. The options are set to vest over four years, while the restricted units will vest annually over the same period. These grants are part of the employment compensation package and aim to attract talent as TELA Bio continues its focus on innovative medical technologies for soft-tissue reconstruction.