TELA Bio(US:TELA)2024-11-07 21:15Financial Performance - Revenue for Q3 2024 was $19.0 million, a 26% increase compared to Q3 2023[2] - Gross profit was $12.9 million, representing 68% of revenue, compared to 69% in the same period last year[5] - Net loss for Q3 2024 was $10.4 million, an improvement from a net loss of $11.0 million in Q3 2023[7] - The company reiterated full year 2024 revenue guidance of $74.5 million to $76.5 million, indicating a year-over-year growth of 27% to 31%[2] Sales Performance - Unit sales for OviTex® and OviTex PRS Reinforced Tissue Matrix products grew approximately 39% and 44% year-over-year, respectively[2] Expenses and Efficiency - Operating expenses for Q3 2024 were $22.2 million, up from $20.6 million in Q3 2023[6] - Expected operational efficiency improvements may reduce operating expenses in 2025 by $5.0 million to $10.0 million[2] Cash and Assets - Cash and cash equivalents totaled $17.3 million as of September 30, 2024[7] - Total assets decreased to $53.0 million as of September 30, 2024, down from $78.0 million at the end of 2023[12] Capital Raising - The company closed a public offering yielding gross proceeds of approximately $46.0 million[2]