TELA Bio, Inc. reported a 19% increase in revenue for the fiscal year ending December 31, 2024, reaching $69.3 million compared to $58.5 million in 2023. This growth was primarily driven by a 33% increase in unit sales of its OviTex products, which rose to 18,121 units from 13,675 units in the previous year. The company also saw a 31% increase in sales of its OviTex PRS products, with 4,645 units sold compared to 3,544 units in 2023. Despite the revenue growth, TELA Bio's net loss decreased to $37.8 million from $46.7 million, aided by a $7.6 million gain from the sale of its NIVIS product line to MiMedx Group, Inc.
In terms of operational developments, TELA Bio has expanded its product offerings, launching new configurations of its OviTex products, including the OviTex IHR Reinforced Tissue Matrix designed for inguinal hernia procedures. The company has also entered into a distribution agreement with Advanced Medical Solutions Limited to market LiquiFix Hernia Mesh Fixation Devices in the U.S. As of December 31, 2024, TELA Bio employed 209 individuals, with 133 in its U.S. commercial organization, reflecting its commitment to enhancing its sales and marketing capabilities.
The company continues to face challenges related to macroeconomic conditions, including inflation and supply chain disruptions, which could impact its operations and financial performance. TELA Bio's reliance on Aroa Biosurgery Ltd. for manufacturing its OviTex products poses additional risks, as any disruptions at Aroa's facility in New Zealand could affect product availability. Furthermore, the company is subject to extensive regulatory scrutiny, and any changes in healthcare laws or reimbursement policies could hinder its ability to commercialize its products effectively.
Looking ahead, TELA Bio aims to leverage its existing cash resources, which totaled $52.7 million as of December 31, 2024, to support its growth initiatives. The company plans to continue investing in research and development to enhance its product portfolio and expand its market presence. However, it acknowledges the potential for ongoing operating losses as it seeks to increase adoption of its products and navigate the complexities of the medical device market.
About TELA Bio, Inc.
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