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• Gore-Tex for surgical tissue repair
• Edwards Lifesciences for soft tissue reconstruction

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• OVIREX® Reinforced BioScaffold: A reinforced biologic scaffold used for soft tissue repair and reinforcement, particularly in hernia and abdominal wall reconstruction.
• REVITY® Bioscaffold: A biologic scaffold designed for soft tissue reconstruction, promoting natural tissue ingrowth and remodeling in procedures such as breast reconstruction and general surgery.
• OVATION® Biologic Repair Kit: A comprehensive kit combining a biologic matrix with a fixation system for enhanced soft tissue repair, often utilized in complex abdominal wall reconstructions.

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TELA Bio (symbol: TELA) sells primarily to other companies and healthcare institutions rather than individuals. Its customers are primarily hospitals, surgical centers, and other healthcare providers where its medical devices and bioscaffolds are used in surgical procedures, such as hernia repair and breast reconstruction.

Based on the company's publicly available financial filings, including its 2023 Annual Report on Form 10-K, TELA Bio does not have any single customer that accounted for 10% or more of its total revenue for the years ended December 31, 2023, 2022, or 2021. This indicates a diversified customer base across numerous healthcare providers.

Therefore, TELA Bio does not have identifiable "major customer companies" that can be individually listed with their names and stock symbols. Its sales are distributed among a broad range of healthcare facilities across the United States and internationally through third-party distributors.

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Antony Koblish, Co-founder, President & Chief Executive Officer

Antony Koblish co-founded TELA Bio in 2012. Prior to TELA Bio, he served as President and Chief Executive Officer of Orthovita, Inc., a publicly traded orthobiologics and biosurgery medical device company. During his tenure from 2002 to 2011, Mr. Koblish significantly increased Orthovita's valuation from $30M to a $316M sale to Stryker Corporation. He is also a co-founder and Chairman of the Board of Onkos Surgical, Inc., a surgical oncology company, and an Operating Partner with 1315 Capital, a private investment firm focused on healthcare.

Roberto Cuca, Chief Operating Officer & Chief Financial Officer

Roberto Cuca was appointed as Chief Operating Officer and Chief Financial Officer of TELA Bio in September 2021, bringing over 25 years of operational and financial experience in the healthcare industry. Before joining TELA Bio, he served as CFO at OraSure Technologies and as Senior Vice President and CFO of Trevana Inc., a clinical-stage biopharmaceutical company. Mr. Cuca also held various leadership roles within the finance organization of Endo Health Solutions Inc., a pharmaceutical company, including treasurer and Senior Vice President, Finance, where he was responsible for capital raises, cash management, mergers, acquisitions, licensing, tax planning, and risk management.

Jeffrey Blizard, President

Jeffrey Blizard was appointed President of TELA Bio in June 2025, having previously served on the company's Board of Directors. He brings significant industry experience, including leading successful teams at Abiomed and other leading medtech companies.

Peter Murphy, Chief Commercial Officer

E. Skott Greenhalgh, Chief Technology Officer

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The key risks for TELA Bio (symbol: TELA) are primarily related to its financial viability, market performance of its products, and regulatory and operational challenges.

1. Ability to Achieve and Sustain Profitability and Secure Capital: TELA Bio has consistently incurred significant operating losses since its inception and is expected to continue doing so, indicating a challenge in achieving or maintaining profitability. The company's financial metrics, including negative earnings per share, deeply negative return on equity, and negative free cash flow, underscore the substantial investment required for product development and market expansion strategies. There is a risk that the company may require substantial additional capital that may not be available on acceptable terms or at all.
2. Dependence on Commercial Success and Market Acceptance of Products: The company's revenue is largely dependent on the commercial success and market acceptance of its OviTex product line. Failure to increase sales, gain broader market acceptance for these products, or successfully introduce new product indications and enhancements could significantly impair the company's ability to grow its revenue.
3. Regulatory Compliance and Product Development/Manufacturing Issues: TELA Bio operates in a highly regulated industry and must comply with extensive government regulations in the U.S. and internationally. Delays or failures in obtaining necessary regulatory clearances or approvals for new products or modifications could adversely affect the business. Additionally, the company or its partners may encounter problems or delays in product development or manufacturing, including capacity constraints, which could limit revenue growth or increase losses.

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The development and increasing adoption of next-generation, fully resorbable synthetic or composite meshes that demonstrate superior or equivalent clinical outcomes to TELA Bio's hybrid products represent a clear emerging threat. These advanced biomaterials aim to provide temporary mechanical strength during the healing phase and then fully degrade, leaving behind only the patient's own regenerated native tissue. This approach potentially offers a long-term advantage over products containing permanent synthetic components (like TELA Bio's OviTex) by eliminating the long-term presence of foreign material and associated complications. As clinical data strengthens and market adoption increases for these truly resorbable, regenerative solutions from various competitors, they pose a direct challenge to the market segment currently addressed by TELA Bio's hybrid mesh approach, which includes a permanent synthetic component.

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TELA Bio (symbol: TELA) focuses on soft tissue reconstruction solutions, primarily with its OviTex® Reinforced Tissue Matrix and OviTex® PRS Reinforced Tissue Matrix products, addressing needs in hernia repair, abdominal wall reconstruction, and plastic and reconstructive surgery.

The addressable markets for their main products and services are substantial:

Hernia Repair and Abdominal Wall Reconstruction

• The global hernia repair market was valued at approximately US$3.8 billion in 2022, reaching US$4.1 billion in 2024, and is projected to grow to US$5.1 billion by 2029 with a compound annual growth rate (CAGR) of 4.2%. Other estimates place the global hernia repair devices market at USD 5.96 billion in 2022, with a projection to reach USD 8.05 billion by 2030 at a CAGR of 3.9%. Another report states a valuation of USD 4.1 billion in 2022, estimated to exceed USD 6.9 billion by 2032.
• The North American hernia repair market is projected to reach USD 1.9 billion by 2029, growing from USD 1.6 billion in 2024 at a CAGR of 3.9%. North America held the largest share of the global market in 2023, accounting for 40%. In 2023, North America's revenue share was 52.4%, valued at USD 3.3 billion.
• More than one million hernia repair procedures are performed annually in the U.S. alone. Specifically, over 665,000 inguinal hernia procedures (the most common type of hernia) are performed in the U.S. every year.
• Within the broader soft tissue repair market, the hernia repair segment held a 34.7% share in 2024 and dominated with a 40.2% market share in 2024 due to the high prevalence of hernia cases and adoption of minimally invasive techniques.

Plastic and Reconstructive Surgery

• The global reconstructive surgery market was valued at USD 46 billion in 2021 and is projected to increase to USD 61.04 billion by 2029, with a CAGR of 3.60%.
• The broader global plastic surgery market, which includes both cosmetic and reconstructive procedures, was estimated at USD 94.58 billion in 2023 and is predicted to grow to approximately USD 176.09 billion by 2032, exhibiting a CAGR of nearly 7.15%. Another estimate places the global plastic surgery market at USD 77.42 billion in 2024, with a projection to reach USD 217.66 billion by 2034 at a CAGR of 11.06%.
• North America is a leading market in plastic surgery, dominating in revenue and holding a 38% market share in 2024.

Overall Soft Tissue Repair Market (including hernia and plastic/reconstructive)

• The global soft tissue repair market size is estimated at US$ 7.39 billion in 2024 and is expected to expand at a CAGR of 5.6% to reach US$ 12.78 billion by 2034. Other figures show the market reaching USD 14.5 billion in 2024 and projected to grow to USD 20.2 billion by 2033 at a CAGR of 3.57%. Another report indicates a valuation of USD 14.4 billion in 2024, with an expected growth to USD 24.3 billion by 2034 (CAGR 5.1%). A more optimistic projection states the global soft tissue repair market size was USD 24.90 billion in 2024 and is expected to reach USD 39.32 billion by 2032 at a CAGR of 5.88%.
• North America dominates the soft tissue repair market.

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TELA Bio (NASDAQ: TELA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Continued Growth of Core Product Portfolio: TELA Bio anticipates sustained growth through increased unit sales and broader adoption of its existing OviTex and OviTex PRS Reinforced Tissue Matrix products. The company has consistently reported strong demand for these products, with OviTex unit sales growing by 33% and OviTex PRS unit sales by 31% for the full year 2024. This growth is attributed to the addition of new customers and expanding reach to surgeons.
2. International Market Expansion: Expanding into new international markets, especially in Europe, is a significant growth driver. TELA Bio announced the European commercial launch of OviTex Inguinal for robotic and laparoscopic inguinal hernia repair, demonstrating a continued expansion of its European presence. A strategic four-year framework agreement with the UK's National Health Service (NHS) is expected to enable OviTex sales through national catalogs, contributing to European revenue growth. International sales grew 25% year-over-year in Q2 2025.
3. New Product Launches and Portfolio Expansion: The company is focused on launching new products and expanding its portfolio. This includes the successful U.S. launch of a larger-sized OviTex PRS configuration and the introduction of OviTex IHR Reinforced Tissue Matrix for laparoscopic and robotic-assisted inguinal hernia repair. The successful launch of LIQUIFIX is also expected to contribute to future revenue growth through improved market access and increased adoption rates.
4. Favorable Market Shift Towards Biologic Meshes: TELA Bio is well-positioned to benefit from the ongoing industry trend in hernia repair moving away from permanent synthetic mesh and increasing surgeon interest in alternatives to cadaveric tissue in plastic and reconstructive surgery. This market shift naturally favors TELA Bio's biologic and reinforced tissue matrix products.
5. Optimized Commercial Strategy and Sales Force: The implementation of a revised commercial strategy, including strategic hires and sales force adjustments, is expected to enhance sales execution and drive consistent performance. This includes optimizing existing talent through enhanced territory management and strategic resource allocation.

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Share Issuance

• In October 2024, TELA Bio completed a public offering, raising $46 million in gross proceeds through the issuance of common stock and pre-funded warrants. The proceeds were intended for general corporate purposes, including sales and marketing, research and development, administrative matters, working capital, and capital expenditures.
• In August 2022, the company closed an underwritten public offering of 4.6 million shares of its common stock at a price of $8.00 per share, generating gross proceeds of $36.8 million. The net proceeds were to be used for working capital and general corporate purposes, including research and development costs, manufacturing costs, the acquisition or licensing of other businesses, products or product candidates, and capital expenditures.
• As of November 2025, TELA Bio had approximately 39.62 million shares outstanding, with the number of shares increasing by 58.23% in one year.

Inbound Investments

• In May 2022, TELA Bio entered into a new credit facility with MidCap Financial, providing access to up to $50 million in total credit. A portion of these proceeds was used to fully repay TELA Bio's existing $30 million credit facility with OrbiMed Royalty Opportunities II, LP, with the remaining funds available for working capital needs and other corporate purposes.

Outbound Investments

• In July 2023, TELA Bio acquired Novus Scientific AB for approximately $35 million in cash, plus potential milestone payments, expanding its portfolio with the addition of the TIGR Matrix product line.

Capital Expenditures

• For the trailing 12 months ending June 30, 2025, TELA Bio's capital expenditures were -$532,000.
• For the trailing 12 months ending June 30, 2024, capital expenditures amounted to -$942,000.
• Capital expenditures are primarily focused on acquiring or maintaining fixed assets, such as property, plants, and equipment.