TELA Bio Reports Second Quarter 2023 Financial Results
09 Agosto 2023 - 3:03PM
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 second quarter ended June 30,
2023.
Recent Highlights
- Revenue of $14.5 million in the second quarter, representing
growth of 39% over the second quarter of 2022;
- Revenue of $26.4 million for the first half of 2023,
representing growth of 42% over the same period of 2022;
- Demand for OviTex® and OviTex PRS Reinforced Tissue Matrix
increased in the second quarter of 2023, resulting in
year-over-year revenue growth of approximately 43% and 31%,
respectively;
- Results from a consumer survey highlighted strong consumer
desire for shared-decision making and surgeon expertise in
innovative, more natural hernia repair options;
- Underwritten public offering yielded net proceeds of
approximately $46.4 million; and
- Full year 2023 revenue guidance reaffirmed, with a range of
$60.0 million to $65.0 million.
"We are pleased to report another quarter of sequential growth
for TELA, driven by increased momentum in the sales organization
and improving macroeconomic conditions for elective procedure
volumes,” said Antony Koblish, co-founder, President and Chief
Executive Officer of TELA Bio. “In the first half of 2023, we grew
our top line, increased market share, and launched innovative
products and product enhancements to address the varying needs of
surgeons and patients in an expanding soft tissue market. We look
forward to leveraging our strong first-half performance into the
third and fourth quarters and beyond.”
Second Quarter 2023 Financial Results
Revenue was $14.5 million in the second quarter of 2023, an
increase of 39% compared to the same period in 2022. The increase
was due to the expansion of our commercial organization, the
addition of new customers, increased penetration within existing
customer accounts, and growing international sales.
Gross profit was $10.2 million in the second quarter of 2023, or
70% of revenue, compared to $6.6 million, or 63% of revenue, in the
same period in 2022. The increase in gross margin was primarily due
to better inventory management practices resulting in a decrease in
the reserve for excess and obsolete inventory as a percentage of
revenue as compared to the prior year period.
Operating expenses were $20.6 million in the second quarter of
2023, compared to $16.8 million in the same period in 2022. The
increase was due to higher compensation and employee-related
expenses from additional headcount as we continue to expand our
organization, along with increased travel expenses, increased
consulting fees and higher study costs.
Loss from operations was $10.4 million in the second quarter of
2023, compared to a loss from operations of $10.2 million in the
same period in 2022.
Net loss was $10.8 million in the second quarter of 2023,
compared to a net loss of $12.7. million in the same period in
2022.
Cash and cash equivalents on June 30, 2023 totaled $65.3 million
following a public offering which raised approximately $46.4
million dollars after commissions and expenses.
2023 Financial Guidance
We continue to expect full year 2023 revenue to range from $60.0
million to $65.0 million, reflecting growth of 45% to 57% over full
year 2022.
Conference Call
TELA Bio will host a conference call at 4:30 p.m. Eastern Time
on Wednesday, August 9, 2023 to discuss its second quarter 2023
financial results. Investors interested in listening to the
conference call should register online. Participants are required
to register a day in advance or at minimum 15 minutes before the
start of the call. A replay of the webcast can be accessed via the
Events & Presentations page of the investor section of TELA
Bio's website.
About TELA Bio, Inc.
TELA Bio, Inc. (NASDAQ: TELA) is a commercial-stage medical
technology company focused on providing innovative technologies
that optimize clinical outcomes by prioritizing the preservation
and restoration of the patient's own anatomy. The Company is
committed to providing surgeons with advanced, economically
effective soft-tissue reconstruction solutions that leverage the
patient's natural healing response while minimizing long-term
exposure to permanent synthetic materials. For more information,
visit www.telabio.com.
Caution Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Words such as "may," "might," "will," "should," "believe,"
"expect," "anticipate," "estimate," "continue," "predict,"
"forecast," "project," "plan," "intend" or similar expressions, or
statements regarding intent, belief, or current expectations are
forward-looking statements and reflect the current beliefs of TELA
Bio's management. Such forward-looking statements include
statements relating to our expected revenue and revenue growth for
the full year 2023. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
other factors that could cause actual results and events to differ
materially and adversely from those indicated by such
forward-looking statements including, among others: the impact to
our business from macroeconomic conditions, including the COVID-19
pandemic and other public health crises, recessionary concerns,
banking instability, increasing market interest rates, and
inflationary pressures, potentially impacting our ability to market
our products, demand for our products due to the deferral of
elective procedures, the labor and staffing environment in the
healthcare industry, disruption in our supply chain, or pricing
pressures concerning our products or the procedures using our
products; our ability to achieve or sustain profitability; our
ability to gain market acceptance for our products and to
accurately forecast and meet customer demand; our ability to
compete successfully; that data from earlier studies related to our
products and interim data from ongoing studies may not be
replicated in later studies or indicative of future data; that data
obtained from clinical studies using our product may not be
indicative of outcomes in other surgical settings; our ability to
enhance our product offerings; development and manufacturing
problems; capacity constraints or delays in production of our
products; maintenance of coverage and adequate reimbursement for
procedures using our products; product defects or failures. These
risks and uncertainties are described more fully in the "Risk
Factors" section and elsewhere in our filings with the Securities
and Exchange Commission and available at www.sec.gov, including in
our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Any forward-looking statements that we make in this announcement
speak only as of the date of this press release, and TELA Bio
assumes no obligation to update forward-looking statements whether
as a result of new information, future events or otherwise after
the date of this press release, except as required under applicable
law.
Investor ContactGreg
Chodaczek332-895-3230ir@telabio.com
TELA Bio, Inc. |
Consolidated Balance Sheets |
(In thousands, except share and per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
2023 |
|
2022 |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
65,266 |
|
|
$ |
42,019 |
|
Accounts receivable, net |
|
7,894 |
|
|
|
6,621 |
|
Inventory |
|
14,098 |
|
|
|
11,792 |
|
Prepaid expenses and other assets |
|
1,910 |
|
|
|
2,015 |
|
Total current assets |
|
89,168 |
|
|
|
62,447 |
|
Property and equipment,
net |
|
1,764 |
|
|
|
1,682 |
|
Intangible assets, net |
|
2,309 |
|
|
|
2,499 |
|
Right-of-use assets |
|
1,145 |
|
|
|
1,227 |
|
Total assets |
$ |
94,386 |
|
|
$ |
67,855 |
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
2,250 |
|
|
$ |
1,534 |
|
Accrued expenses and other current liabilities |
|
10,795 |
|
|
|
10,869 |
|
Total current liabilities |
|
13,045 |
|
|
|
12,403 |
|
Long‑term debt |
|
40,212 |
|
|
|
39,916 |
|
Other long‑term
liabilities |
|
1,124 |
|
|
|
1,231 |
|
Total liabilities |
|
54,381 |
|
|
|
53,550 |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Preferred stock; $0.001 par value: 10,000,000 shares authorized; no
shares issued and outstanding |
|
— |
|
|
|
— |
|
Common stock; $0.001 par value: 200,000,000 shares authorized;
24,475,504 and 19,165,027 shares issued and outstanding at June 30,
2023 and December 31, 2022, respectively |
|
24 |
|
|
|
19 |
|
Additional paid-in capital |
|
336,939 |
|
|
|
288,361 |
|
Accumulated other comprehensive income |
|
84 |
|
|
|
150 |
|
Accumulated deficit |
|
(297,042 |
) |
|
|
(274,225 |
) |
Total stockholders’ equity |
|
40,005 |
|
|
|
14,305 |
|
Total liabilities and stockholders’ equity |
$ |
94,386 |
|
|
$ |
67,855 |
|
TELA Bio, Inc. |
Consolidated Statements of Operations and Comprehensive
Loss |
(In thousands, except share and per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
$ |
14,494 |
|
|
$ |
10,406 |
|
|
$ |
26,403 |
|
|
$ |
18,637 |
|
Cost of revenue (excluding
amortization of intangible assets) |
|
4,198 |
|
|
|
3,318 |
|
|
|
8,114 |
|
|
|
6,474 |
|
Amortization of intangible
assets |
|
95 |
|
|
|
538 |
|
|
|
190 |
|
|
|
614 |
|
Gross profit |
|
10,201 |
|
|
|
6,550 |
|
|
|
18,099 |
|
|
|
11,549 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
14,577 |
|
|
|
11,055 |
|
|
|
28,043 |
|
|
|
20,433 |
|
General and administrative |
|
3,472 |
|
|
|
3,630 |
|
|
|
7,106 |
|
|
|
7,088 |
|
Research and development |
|
2,514 |
|
|
|
2,102 |
|
|
|
4,566 |
|
|
|
4,109 |
|
Total operating expenses |
|
20,563 |
|
|
|
16,787 |
|
|
|
39,715 |
|
|
|
31,630 |
|
Loss from operations |
|
(10,362 |
) |
|
|
(10,237 |
) |
|
|
(21,616 |
) |
|
|
(20,081 |
) |
Other expense: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(1,298 |
) |
|
|
(934 |
) |
|
|
(2,544 |
) |
|
|
(1,845 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
(1,228 |
) |
|
|
— |
|
|
|
(1,228 |
) |
Other income (expense) |
|
870 |
|
|
|
(342 |
) |
|
|
1,343 |
|
|
|
(449 |
) |
Total other expense |
|
(428 |
) |
|
|
(2,504 |
) |
|
|
(1,201 |
) |
|
|
(3,522 |
) |
Net loss |
$ |
(10,790 |
) |
|
$ |
(12,741 |
) |
|
$ |
(22,817 |
) |
|
$ |
(23,603 |
) |
Net loss per common share,
basic and diluted |
$ |
(0.46 |
) |
|
$ |
(0.88 |
) |
|
$ |
(1.08 |
) |
|
$ |
(1.62 |
) |
Weighted average common shares
outstanding, basic and diluted |
|
23,239,262 |
|
|
|
14,557,453 |
|
|
|
21,223,639 |
|
|
|
14,548,210 |
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(10,790 |
) |
|
$ |
(12,741 |
) |
|
$ |
(22,817 |
) |
|
$ |
(23,603 |
) |
Foreign currency translation adjustment |
|
(36 |
) |
|
|
134 |
|
|
|
(66 |
) |
|
|
181 |
|
Comprehensive loss |
$ |
(10,826 |
) |
|
$ |
(12,607 |
) |
|
$ |
(22,883 |
) |
|
$ |
(23,422 |
) |
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