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TELA Bio Inc. (TELA+5.17%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, focusing on the commercialization of its OviTex and OviTex PRS products, which are designed for soft-tissue reconstruction. The company reported revenue of $69.3 million for the year, a 19% increase from the previous year.
TELA Bio's net loss for the year was $37.8 million, a decrease of 19% from the previous year. This decrease includes a gain of $7.6 million from the sale of distribution rights for the NIVIS product to MiMedx Group, Inc.
The company continues to focus on expanding its product offerings and market presence. It has entered into a distribution agreement with Advanced Medical Solutions Limited for the LiquiFix Hernia Mesh Fixation Devices, launching them in the U.S. in March 2024.
TELA Bio's products are primarily marketed through a direct sales force in the U.S. and Europe. The company has invested in its sales and marketing infrastructure to increase awareness and adoption of its products.
The filing also outlines various risks, including macroeconomic pressures, supply chain disruptions, and potential regulatory changes that could impact the company's operations and financial performance.
TELA Bio's research and development efforts are focused on enhancing its existing product portfolio and developing new products to address unmet needs in the soft-tissue reconstruction market.
The company's products are manufactured by Aroa Biosurgery Ltd., which holds the FDA clearances for the OviTex products. TELA Bio has an exclusive supply agreement with Aroa, which includes a revenue-sharing arrangement based on net sales.
TELA Bio's management highlights the importance of maintaining strong relationships with surgeons and healthcare providers to drive product adoption and improve patient outcomes.
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. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.