TELA Bio, Inc. Discloses Preliminary Financial Results for the Third Quarter

TELA Bio, Inc. (NASDAQ: TELA) recently disclosed certain preliminary financial results for the third quarter ending September 30, 2024. The company’s unaudited operating results for the three months ended September 30, 2024, indicated an estimated revenue of $19.0 million compared to $15.1 million for the corresponding period in 2023. The gross margin for the same period was approximately 68%, slightly lower than the 69% reported in 2023. Additionally, TELA Bio ended the third quarter with $17.3 million in cash and cash equivalents, showcasing a decrease from $46.7 million recorded as of December 31, 2023.

These preliminary financial figures are subject to completion and potential alterations. Prepared by the company’s management based on various assumptions and available information, the actual results might differ significantly. TELA Bio has not completed the financial closing procedures for the third quarter of 2024, indicating that these preliminary results are subject to change. The company’s independent registered public accounting firm has not reviewed or audited this preliminary financial data.

In response to the financial outlook, TELA Bio implemented cost-cutting measures in the third quarter of 2024. These measures are anticipated to lead to a reduction in operating expenses ranging from $5.0 million to $10.0 million on an annualized basis for the fiscal year ending December 31, 2025.

Forward-looking statements contained in the Current Report on Form 8-K highlight the expectations of TELA Bio’s management regarding the operating expense reduction and revenue guidance. This report underscores important risk factors and uncertainties that could alter actual results. The company advises potential investors against relying solely on this information, emphasizing the importance of full financial statements prepared in accordance with United States generally accepted accounting principles.

TELA Bio, Inc., through its President, Chief Executive Officer, and Director Antony Koblish, has duly acknowledged and signed off on the report dated October 22, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TELA Bio’s 8K filing here.

About TELA Bio

TELA Bio, Inc, a commercial-stage medical technology company, focuses on providing soft-tissue reconstruction solutions that optimize clinical outcomes by prioritizing the preservation and restoration of the patient's anatomy. The company provides a portfolio of OviTex Reinforced Tissue Matrix (OviTex) products for hernia repair and abdominal wall reconstruction; and OviTex PRS Reinforced Tissue Matrix products to address the unmet needs in plastic and reconstructive surgery, as well as OviTex for Laparoscopic and Robotic Procedures, a sterile reinforced tissue matrix derived from ovine rumen with polypropylene fiber intended to be used in laparoscopic and robotic-assisted hernia surgical repairs.