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TELA Bio, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports an increase in revenue to $18,957,000 for the three months ended September 30, 2024, compared to $15,052,000 for the same period in 2023. This increase is attributed to higher unit sales of the company's products.
Cost of revenue was $6,004,000, representing 31% of sales, compared to 30% in the same quarter of the previous year. This increase is due to higher charges for excess and obsolete inventory.
The company reported a gross profit of $12,858,000 for the quarter, compared to $10,389,000 in the previous year.
Sales and marketing expenses increased to $16,472,000 from $14,474,000, primarily due to higher compensation costs and additional consulting and travel expenses.
General and administrative expenses remained relatively stable at $3,683,000, with slight decreases in insurance and professional fees.
Research and development expenses decreased to $2,068,000 from $2,368,000, primarily due to lower study and development costs.
Interest expense for the quarter was $1,344,000, consistent with the previous year.
Net loss for the quarter was $10,372,000, slightly improved from $10,957,000 in the previous year.
Cash used in operating activities was $34,064,000 for the nine months ended September 30, 2024, compared to $29,806,000 in the previous year.
TELA Bio completed an underwritten public offering in October 2024, raising gross proceeds of $46,000,000.
The company continues to focus on expanding its product portfolio and enhancing its sales and marketing efforts to drive revenue growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TELA Bio Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.