MALVERN, PA — TELA Bio, Inc. (NASDAQ: TELA) recently revealed its financial performance for both the fourth quarter and the full calendar year ending on December 31, 2023. A cumulative glance at the company’s triumphs, the highlights reel is a tale of consistent growth, innovative products, and a successful market expansion.
TELA Bio’s story in 2023 was written in numbers: A revenue of $17.0 million for the fourth quarter and an annual revenue of $58.5 million mirrored a growth rate of 46% and 41%, respectively, when drawn against the corresponding periods of 2022. The year 2023 also marked the 12th consecutive quarter and third serial year for TELA Bio where the company witnessed a growth rate of at least 35% year-over-year.
An integral part of TELA Bio’s success can be attributed to popular demand for their OviTex® and OviTex PRS Reinforced Tissue Matrix products. In 2023, these offerings enjoyed a year-over-year revenue spike of approximately 36% and 51%, respectively.
Adding to its robust product portfolio, TELA Bio announced the full U.S. commercial launch of their LIQUIFIX FIX8™ Laparoscopic and LIQUIFIX Precision™ Open Hernia Mesh Fixation Devices. These hernia surgery tools, materialised through a partnership with Advanced Medical Solutions, are the only FDA-approved internal-use liquid adhesives available in the market today.
TELA Bio also successfully sold distribution rights to their NIVIS® Fibrillar Collagen Pack to MiMedx Group, a timely move that added at least $8 million and potentially up to $12 million in total cash consideration.
As they step into 2024, TELA Bio is preparing to launch a new configuration of OviTex, the OviTex IHR Reinforced Tissue Matrix. This fresh design has been specifically developed to enhance utility in inguinal hernia repairs performed robotically and laparoscopically.
Looking ahead, the company has projected a promising revenue range for the full year of 2024. TELA Bio expects to generate between $74.0 million and $76.0 million. This projection represents an anticipated growth rate of 27% to 30%, when compared to the revenue figures of 2023.
Antony Koblish, co-founder, President, and CEO of TELA Bio, expressed satisfaction at the company’s growth narrative. He attributes the consistent growth to the team’s market penetration efforts, the recalibration of their sales force in 2023, and their ever-expanding product portfolio.
The year 2024 promises a thrilling ride for TELA Bio. Aided by the LIQUIFIX devices and the upcoming OviTex IHR suite of products, the company aspires deeper penetration into the inguinal hernia space. This strategy is expected to raise greater awareness and adoption across their entire hernia product franchise. The sale of distribution rights for the NIVIS product to MiMedx, fetching $8 million to $12 million, is an invaluable addition to the company’s cash reserves. As Antony Koblish aptly pins it, “2023 was a great year that sets TELA Bio up for even more achievement in 2024.”
TELA Bio’s financial year of 2023 was painted with consistent growth and innovation, leaving its stakeholders optimistic about its prospects for 2024. Industry watchers keenly eyeing TELA Bio’s trajectory will be quick to notice the company’s relentless pursuit of excellence, a trait that is bound to keep TELA Bio in the limelight and on a path to sustained growth.
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