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

TELA Bio (NASDAQ:TELA) posted 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. TELA Bio had a negative net margin of 63.82% and a negative return on equity of 155.26%. The business had revenue of $16.09 million during the quarter, compared to the consensus estimate of $19.00 million. During the same quarter in the prior year, the firm posted ($0.46) EPS. TELA Bio updated its FY 2024 guidance to EPS.

TELA Bio Stock Down 1.9 %

TELA Bio stock traded down $0.06 during trading on Wednesday, reaching $3.03. The stock had a trading volume of 56,312 shares, compared to its average volume of 184,269. TELA Bio has a 52-week low of $2.54 and a 52-week high of $9.87. The business has a 50 day moving average price of $4.75 and a 200 day moving average price of $5.45. The company has a quick ratio of 3.23, a current ratio of 4.13 and a debt-to-equity ratio of 2.83. The stock has a market cap of $74.70 million, a PE ratio of -1.85 and a beta of 1.02.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, major shareholder Orbimed Advisors Llc sold 378,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $4.74, for a total transaction of $1,791,720.00. Following the completion of the sale, the insider now owns 2,457,542 shares in the company, valued at approximately $11,648,749.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 6.00% of the stock is owned by insiders.

TELA Bio Company Profile

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.