Following the disclosure of its financial outcomes, the shares of TELA Bio, Inc. (NASDAQ: TELA) surged on the US stock market, experiencing a notable uptick of 16.80% to $5.77 in the preceding session.
Solid Start To 2024 For TELA Bio
TELA Bio (TELA) commenced the year with robust momentum driven by a maturing sales force, strategic launches of its product portfolio, and sustained expansion of market share across its OviTex range. The company’s focus lies in optimizing this growth phase, directing its sales force towards a more balanced selling approach across the Hernia and PRS franchises, gradually enhancing operating leverage, and consistently delivering value to surgeons and patients.
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In the Q1, 2024, TELA Bio recorded a revenue of $16.6 million, marking a significant uptick of 39%, primarily attributable to escalated unit sales of its products and the continuous expansion of the commercial organization. This expansion facilitated increased penetration of existing customer accounts, the acquisition of new customers, and a burgeoning international sales presence. Moreover, the gross profit stood impressively at $11.3 million, constituting 68% of the revenue.
OviTex Portfolio Expands With Innovative Offerings
TELA Bio also recently unveiled the U.S. launch of OviTex IHR (Inguinal Hernia Repair) Reinforced Tissue Matrix, meticulously crafted for employment in laparoscopic and robotic-assisted inguinal hernia repair procedures.
OviTex IHR, available in three distinct configurations, offers surgeons a diverse array of options to address various patient-specific, technique-oriented, or procedure-related characteristics. Each configuration is meticulously designed for trocar-compatibility, thereby enhancing their utility in laparoscopic and robotic procedures.
Elevating Hernia Repair Standards
OviTex IHR represents a notable addition to the existing OviTex portfolio, a cutting-edge reinforced biologic integrating layers of ovine (sheep) rumen interwoven with a precise amount of polymer suture for heightened strength, aimed at minimizing permanent polymer footprint.
With over 8 years of clinical exposure and more than 45,000 implantations, coupled with 35 published or presented works, OviTex has consistently demonstrated its clinical efficacy in hernia repair, supported by sales and internal data.
