TELA Bio Inc · Q3 2022 earnings

Briefing

Reported strong revenue growth and increased market adoption of OviTex products.

TELA Bio reported a strong third quarter with a 46% increase in revenue compared to the prior year period, driven by expansion of the commercial organization, increased penetration within existing customer accounts, and stronger international sales. The company's gross profit margin also increased due to a lower provision for excess and obsolete inventory. They anticipate a steady return to more customary procedure volumes as the impact of COVID-19 continues to subside.

• Revenue was $11.2 million, up 46% compared to the prior year period.
• Gross profit was $7.3 million, or 66% of revenue, compared to $4.6 million, or 60% of revenue, in the same period in 2021.
• Operating expenses were $16.8 million, compared to $11.8 million in the same period in 2021.
• Cash and cash equivalents totaled $54.2 million on September 30, 2022.

Headline financials

Revenue & EPS history

The company continues to expect full year 2022 revenue to range from $42 million to $45 million, reflecting growth of 43% to 53% over full year 2021; however, a higher-than-expected impact from the COVID-19 pandemic in the fourth quarter could materially affect this projection.