Q2 2024 TELA Bio Inc Earnings Call Transcript
Key Points
- Revenue grew 11% year-over-year to $16.1 million, driven by increased unit sales and growing international sales.
- Positive feedback from surgeons on newly launched products, LIQUIFIX and OviTex IHR, which are expected to capture market share.
- Significant momentum in Europe with a 60% increase in sales and a new long-term agreement with Germany's largest GPO.
- Strong educational efforts, training over 300 surgeons globally and participating in key industry conferences.
- Appointment of Greg Firestone as Chief Commercial Officer to enhance sales rep training and operational efficiency.
- Ransomware attacks at key customer hospitals negatively impacted revenue by an estimated $1.5 to $2 million.
- Lightness in procedure volumes due to the retirement or death of several surgeons who were reliable users of PRS products.
- Gross margin decreased slightly to 69% from 70% due to higher charges for excess and obsolete inventory.
- Sales and marketing expenses increased to $16.7 million, driven by higher compensation costs and increased travel expenses.
- Net loss increased to $12.6 million from $10.8 million in the same period in 2023.
Good afternoon, ladies and gentlemen. And welcome to the TELA Bio second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to turn the conference call over to Louisa Smith from Gilmartin Group.
Thank you, Marvin. And good afternoon, everyone. Earlier today, TELA Bio released financial results for the second quarter of 2024. A copy of the press release is available on the company's website. Joining me on today's call are Tony Koblish, President and Chief Executive Officer; and Roberto Cuca, Chief Operating Officer and Chief Financial Officer.
Before we begin, I'd like to remind you that during this conference call, the company may make projections and forward-looking statements regarding future events. We encourage you to review the company's past and future filings with the SEC including, without limitation, the company's annual report on Form 10-K and quarterly reports on Form 10-Qs, which identify the
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
