MALVERN, Pa., Jan. 14, 2021 (GLOBE NEWSWIRE) -- TELA Bio, Inc. (Nasdaq: TELA), a commercial-stage medical technology company focused on designing, developing and marketing a new category of tissue reinforcement materials to address unmet needs in soft tissue reconstruction, today reported preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2020.
Preliminary Unaudited Fourth Quarter and Full Year Results:
- Fourth quarter revenue is expected to be $5.5-5.7 million, representing 13-17% growth compared to revenue of $4.9 million in Q4 2019.
- Full year 2020 revenue is expected to be $18.0-18.2 million, representing 17-18% growth compared to revenue of $15.4 million in 2019.
- Cash and cash equivalents at December 31, 2020 is expected to be $74.4 million.
"Our revenue in the fourth quarter continued to be impacted by the COVID-19 pandemic, as we experienced slowdowns in procedural volumes in many geographies," said Antony Koblish, President and CEO of TELA Bio. "While we expect the headwinds from COVID-19 to continue through at least the first half of 2021, we made significant progress in 2020 in strengthening our commercial business to position ourselves well for growth when these headwinds subside. We increased our number of active hospital accounts, gained traction executing against our existing GPO contracts, expanded our commercial footprint, and diversified our procedures by launching additional products in robotic hernia repair and plastic and reconstructive surgery. We enter 2021 committed to our mission of improving patient care and outcomes."
The preliminary financial information presented in this press release is based on TELA Bio's current expectations and may be adjusted as a result of, among other things, the completion of customary annual audit procedures. TELA Bio will report fourth quarter and full year 2020 financial results in March 2021. The company's actual results may differ from these preliminary results and such differences may be material.
About TELA Bio, Inc.
TELA Bio, Inc. is a commercial-stage medical technology company focused on designing, developing and marketing a new category of tissue reinforcement materials to address unmet needs in soft tissue reconstruction. TELA's products are designed to improve on shortcomings of existing biologics and minimize long-term exposure to permanent synthetic material. TELA's portfolio is supported by quality, data-driven science and extensive pre-clinical research that has consistently demonstrated advantages over other commercially available products.
