TELA Bio (NASDAQ:TELA) Announces Earnings Results, Misses Expectations By $0.06 EPS

TELA Bio (NASDAQ:TELA) issued its quarterly earnings data on Monday. The company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.06), Yahoo Finance reports. The firm 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 quarter in the prior year, the firm earned ($0.46) EPS. TELA Bio updated its FY 2024 guidance to EPS.

TELA Bio Trading Down 1.9 %

Shares of NASDAQ TELA traded down $0.06 during trading on Wednesday, reaching $3.03. The company had a trading volume of 56,312 shares, compared to its average volume of 184,269. The company’s fifty day moving average price is $4.75 and its 200-day moving average price is $5.45. TELA Bio has a 12 month low of $2.54 and a 12 month high of $9.87. The stock has a market cap of $74.70 million, a P/E ratio of -1.85 and a beta of 1.02. 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 Analysts Forecast Growth

A number of brokerages recently weighed in on TELA. Lake Street Capital reduced their price objective on TELA Bio from $14.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday. Piper Sandler reduced their price objective on TELA Bio from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Tuesday. JMP Securities reduced their price target on TELA Bio from $15.00 to $12.00 and set a “market outperform” rating on the stock in a research report on Tuesday. Finally, Canaccord Genuity Group reduced their price target on TELA Bio from $14.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday.

Insider Activity

In other news, major shareholder Orbimed Advisors Llc sold 13,700 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $4.68, for a total value of $64,116.00. Following the transaction, the insider now directly owns 2,443,842 shares of the company’s stock, valued at approximately $11,437,180.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.00% of the stock is owned by company insiders.

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.