TELA Bio(US:TELA)2021-08-12 20:06Revenue Performance - Revenue for Q2 2021 was $7,558,000, a 115.8% increase compared to $3,507,000 in Q2 2020[18] - Total revenue for the six months ended June 30, 2021, was $13.44 million, a 85.5% increase from $7.23 million in the same period of 2020[43] - Revenue from OviTex for the six months ended June 30, 2021, was $10.43 million, up 68.5% from $6.18 million in the same period of 2020[43] - Revenue increased by $4.1 million, or 116%, from $3.5 million for the three months ended June 30, 2020, to $7.6 million for the same period in 2021[90] - For the six months ended June 30, 2021, revenue increased by $6.2 million, or 86%, to $13.4 million from $7.2 million in the same period of 2020[125] Profit and Loss - Gross profit for the six months ended June 30, 2021, was $8,552,000, up from $4,285,000 in the same period of 2020, representing a 99.5% increase[18] - Net loss for Q2 2021 was $8,255,000, compared to a net loss of $6,081,000 in Q2 2020, indicating a 35.9% increase in losses[18] - For the six months ended June 30, 2021, the net loss was $16.39 million, compared to a net loss of $13.30 million for the same period in 2020, representing a 23.3% increase in losses year-over-year[27] - The company reported a comprehensive loss of $8,254,000 for Q2 2021, compared to a comprehensive loss of $6,077,000 in Q2 2020[18] - The company reported a net loss of $8.3 million for the three months ended June 30, 2021, an increase of $2.2 million, or 36%, compared to a net loss of $6.1 million for the same period in 2020[90] Expenses and Liabilities - Total operating expenses for Q2 2021 were $12,398,000, compared to $7,251,000 in Q2 2020, reflecting a 71.5% increase[18] - Total operating expenses for the six months ended June 30, 2021, were $23.1 million, an increase of $7.2 million, or 45%, compared to $16.0 million in the same period of 2020[123] - The company incurred stock-based compensation expense of $2.11 million for the six months ended June 30, 2021, compared to $943,000 for the same period in 2020, indicating a significant increase in compensation costs[27] - Total liabilities increased to $38,834,000 as of June 30, 2021, compared to $37,432,000 at the end of 2020[16] - Total accrued expenses and other current liabilities as of June 30, 2021, amounted to $6,017,000, a slight increase from $5,953,000 as of December 31, 2020[55] Cash and Assets - Cash and cash equivalents decreased to $60,292,000 as of June 30, 2021, down from $74,394,000 at the end of 2020[16] - Cash and cash equivalents at the end of the period were $60.29 million, down from $85.47 million at the end of the same period in 2020, reflecting a decrease of 29.5%[27] - As of June 30, 2021, the company had cash and cash equivalents of $60.3 million and working capital of $63.4 million[136] - The company had a net decrease in cash and cash equivalents of $14.1 million, compared to an increase of $40.2 million in the same period of 2020[141] - The accumulated deficit increased to $213,044,000 as of June 30, 2021, from $196,653,000 at December 31, 2020[16] Strategic Developments - The company has received FDA clearance for OviTex PRS, which addresses unmet needs in plastic and reconstructive surgery, indicating ongoing product development efforts[29] - The company is exploring strategic partnerships for distribution and product development, which may involve low single-digit royalties[88] - The company plans to continue investing in its commercial organization by hiring additional account managers and clinical development specialists to support new accounts[87] - The company anticipates incurring additional losses until it can generate sufficient revenue to cover its expenses, indicating a cautious outlook[30] - The ongoing impact of COVID-19 has led to uncertainty regarding future revenue growth and product development plans[97] Stock and Financing - The Company has an Equity Distribution Agreement allowing it to sell up to $50 million of common stock, with no sales made under this agreement during the six months ended June 30, 2021[61] - The company must maintain a minimum cash balance of $2 million under the OrbiMed Credit Facility[59] - The OrbiMed Term Loan bears an interest rate of 9.75% as of June 30, 2021, with a maturity date of November 16, 2023[60] - The company has used approximately $36.0 million of the net proceeds from its IPO for working capital and general corporate purposes, including product development and marketing[166] - Cash provided by financing activities decreased significantly to $0.2 million in the first half of 2021 from $44.6 million in the same period of 2020, primarily due to a lack of follow-on public offerings[145]