TELA Bio (NASDAQ:TELA) Issues Quarterly Earnings Results

TELA Bio (NASDAQ:TELA) issued its quarterly earnings results on Monday. The company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.06), Yahoo Finance reports. The business had revenue of $16.09 million for the quarter, compared to the consensus estimate of $19.00 million. TELA Bio had a negative return on equity of 155.26% and a negative net margin of 63.82%. During the same period last year, the firm earned ($0.46) earnings per share. TELA Bio updated its FY 2024 guidance to EPS.

TELA Bio Price Performance

Shares of NASDAQ TELA opened at $3.09 on Wednesday. The business’s 50 day moving average price is $4.75 and its 200 day moving average price is $5.45. The firm has a market cap of $76.18 million, a P/E ratio of -1.85 and a beta of 1.02. TELA Bio has a 52 week low of $2.54 and a 52 week high of $9.87. The company has a quick ratio of 3.23, a current ratio of 4.13 and a debt-to-equity ratio of 2.83.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on TELA shares. Piper Sandler dropped their price target on shares of TELA Bio from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Tuesday. Canaccord Genuity Group reduced their price target on shares of TELA Bio from $14.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday. JMP Securities reduced their price objective on shares of TELA Bio from $15.00 to $12.00 and set a “market outperform” rating for the company in a report on Tuesday. Finally, Lake Street Capital cut their price target on shares of TELA Bio from $14.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday.

Insiders Place Their Bets

In related news, major shareholder Orbimed Advisors Llc sold 378,000 shares of TELA Bio stock in a transaction on Friday, June 28th. The shares were sold at an average price of $4.74, for a total value of $1,791,720.00. Following the sale, the insider now owns 2,457,542 shares of the company’s stock, valued at approximately $11,648,749.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.00% of the company’s stock.

About TELA Bio

TELA Bio, Inc, a commercial-stage medical technology company, focuses on providing soft-tissue reconstruction solutions that optimize clinical outcomes by prioritizing the preservation and restoration of the patient's anatomy. The company provides a portfolio of OviTex Reinforced Tissue Matrix (OviTex) products for hernia repair and abdominal wall reconstruction; and OviTex PRS Reinforced Tissue Matrix products to address the unmet needs in plastic and reconstructive surgery, as well as OviTex for Laparoscopic and Robotic Procedures, a sterile reinforced tissue matrix derived from ovine rumen with polypropylene fiber intended to be used in laparoscopic and robotic-assisted hernia surgical repairs.