TELA Bio, Inc. (NASDAQ:TELA) Q3 2022 Results Conference Call November 9, 2022 4:30 PM ET

Company Participants

Greg Chodaczek - Gilmartin Group

Tony Koblish - President and CEO

Roberto Cuca - COO and CFO

Conference Call Participants

Frank Takkinen - Lake Street Capital Markets

Phil Dantoin - Piper Sandler

Kyle Rose - Canaccord Genuity

Dave Turkaly - JMP Securities

Zach Weiner - Jefferies

Operator

Good afternoon, ladies and gentlemen, and welcome to the TELA Bio Third Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to Greg Chodaczek from the Gilmartin Group. Please go ahead.

Greg Chodaczek

Thank you, Felicia, and good afternoon, everyone. Earlier today, TELA Bio released financial results for the third quarter of 2022. A copy of the press release is available on the company's website.

Joining me on today's call are Tony Koblish, President and Chief Executive Officer; and Roberto Cuca, Chief Operating Officer and Chief Financial Officer. Before we begin, I'd like to remind you that during this conference call, the company may make projections and forward-looking statements regarding future events.

We encourage you to review the company's past and future filings with the SEC, including, without limitation, the company's 2021 Form 10-K and Form 10-Qs, which identify the specific factors that may cause actual results or events to differ materially from those described in these forward-looking statements. These factors may include, without limitation, statements regarding product development and pipeline opportunities, product potential, the impact of COVID-19, the regulatory environment, sales and marketing strategies, capital resources or operating performance.

With that, I will turn the call over to Tony.

Tony Koblish

Thank you, Greg. Good afternoon, everyone, and thanks for joining us today for our third quarter 2022 earnings call. I'm pleased to report that TELA Bio had another strong quarterly performance. Third quarter revenue was $11.2 million, a 46% increase from the same period in 2021. While we are pleased to see further revenue growth, I continue to believe we haven't seen the full potential of our products as hospitals are still contending with staffing shortages, reduced operating hours, resulting in postponed surgeries and health care professionals taking longer than usual vacations during the summer after having put them off last year due to COVID.

The good news is the magnitude of these headwinds continues to lessen, which we believe will result in increased procedural volumes and further revenue growth. In particular, the backlog of surgeries we've described on past calls remains high, showing substantial future market opportunity. And notwithstanding headwinds affecting the entire industry, we continue to see OviTex gain market share each quarter. Our success has been driven by our continued focus on the five factors driving our revenue and revenue growth.