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Sep 30, 2020
TELA Bio Q3 2020 Earnings Report
Reported strong third quarter results with revenue increase despite COVID-19 challenges.
Key Takeaways
TELA Bio reported a 34% increase in revenue for the third quarter of 2020, reaching $5.3 million. Gross profit was $3.3 million, representing 62% of revenue. The company experienced a net loss of $7.7 million, and total cash and cash equivalents were $81.5 million as of September 30, 2020.
Revenue increased by 34% year-over-year to $5.3 million.
Gross profit was $3.3 million, or 62% of revenue.
Operating expenses increased to $10.2 million due to commercialization activities and public company costs.
Net loss was $7.7 million.
TELA Bio
TELA Bio
Forward Guidance
Due to the uncertainty created by the COVID-19 pandemic, TELA Bio will not be providing 2020 financial guidance.