Here are 1-2 brief analogies for TELA Bio (TELA):

• Medtronic for soft-tissue repair.
• Integra LifeSciences for reconstructive soft-tissue matrices.

• OviTex Reinforced Tissue Matrix (OviTex): A portfolio of products used for hernia repair and abdominal wall reconstruction.
• OviTex PRS Reinforced Tissue Matrix: Products specifically designed to address unmet needs in plastic and reconstructive surgery.
• OviTex for Laparoscopic and Robotic Procedures: A sterile reinforced tissue matrix used in laparoscopic and robotic-assisted hernia surgical repairs.

TELA Bio (TELA) is a medical technology company that provides soft-tissue reconstruction solutions, including reinforced tissue matrices for hernia repair, abdominal wall reconstruction, and plastic/reconstructive surgery. The company sells its products through a direct sales force, primarily in the United States.

Given the nature of its products as medical devices used in surgical procedures, TELA Bio's customers are not individual patients, but rather healthcare providers and institutions. While the company does not typically disclose specific major "customer companies" (such as publicly traded hospital chains) in its public filings, its customer base can be categorized as follows:

• Hospitals: This includes general hospitals, academic medical centers, and specialized surgical hospitals that perform procedures such as hernia repair, abdominal wall reconstruction, and various plastic and reconstructive surgeries.
• Ambulatory Surgical Centers (ASCs): These outpatient facilities are increasingly performing a range of surgical procedures, including many types of hernia repairs, and are key purchasers of medical devices.
• Surgeons and Healthcare Professionals: While typically operating within hospitals or ASCs, individual surgeons are often the primary decision-makers for the adoption and use of specific medical devices. TELA Bio's direct sales force targets these professionals to drive product adoption.

• Collagen Matrix, Inc.

Antony Koblish, Co-founder & Chief Executive Officer

Antony Koblish is a medical device entrepreneur with 25 years of experience in healthcare. He co-founded TELA Bio in 2012. Prior to founding TELA Bio, Mr. Koblish was President and Chief Executive Officer of Orthovita, Inc., a publicly traded orthobiologics and biosurgery medical device company. During his tenure as CEO of Orthovita from 2002 to 2011, he grew the company's valuation from $30 million to a $316 million exit sale to Stryker Corporation in 2011. He is also a co-founder and serves as Chairman of the Board of Onkos Surgical, Inc., a surgical oncology company. Additionally, Mr. Koblish is an operating partner with 1315 Capital, a private investment firm that provides expansion and growth capital to commercial-stage specialty pharmaceutical, medical technology, and healthcare services companies.

Roberto Cuca, Chief Operating Officer & Chief Financial Officer

Roberto Cuca joined TELA Bio in September 2021, bringing over 25 years of experience in operational and finance positions within the healthcare industry. Most recently, Mr. Cuca served as Chief Financial Officer of OraSure Technologies, a point-of-care testing and sample collection technologies company. Before that, he was Senior Vice President and Chief Financial Officer of Trevana, Inc., a clinical-stage biopharmaceutical company. Mr. Cuca also held various leadership positions 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 transactions, tax planning, compliance, and risk management.

Jeffrey Blizard, President

Jeffrey Blizard was appointed President of TELA Bio in June 2025. He previously served on TELA Bio's Board of Directors for a year prior to his appointment. Mr. Blizard possesses significant industry experience and a proven leadership track record, having led successful teams at Abiomed and other prominent medtech companies.

Paul Talmo, Chief Technology Officer

Paul Talmo serves as the Chief Technology Officer for TELA Bio.

Greg Firestone, Chief Business Officer

Greg Firestone holds the position of Chief Business Officer at TELA Bio.

Here are the key risks to TELA Bio's business:

1. Inability to Achieve or Sustain Profitability and Need for Additional Capital: TELA Bio consistently reports significant net losses and has an accumulated deficit, indicating it is not yet profitable. The company has a substantial cash burn rate due to ongoing operating expenses and investment in commercial expansion, leading to a high dependence on external financing to fund its operations. Future funding may be expensive, dilutive to existing shareholders, and not available on acceptable terms, which could severely limit the company's ability to grow.
2. Heavy Reliance on a Limited Product Portfolio and Intense Competition: The majority of TELA Bio's revenue is generated from its OviTex family of reinforced tissue matrices, making the company highly dependent on the commercial success and market acceptance of these products. Any adverse events, such as regulatory setbacks, new competitive offerings, or negative clinical data related to OviTex, could significantly impact the company's financial health. TELA Bio operates in a competitive environment, facing challenges like competitive sales representative poaching, which has disrupted sales operations and could hinder market share growth. Additionally, declining average selling prices for some hernia products may put pressure on profitability.
3. Regulatory and Supply Chain Risks: As a medical technology company, TELA Bio must comply with extensive government regulations both in the U.S. and internationally. Delays or failures in obtaining necessary regulatory clearances or approvals for new products or modifications could harm the business. Furthermore, the specialized manufacturing process for its core OviTex product relies on a single-source supplier, creating a single point of failure in the supply chain. Macroeconomic conditions and broader supply chain disruptions also pose risks that could negatively impact operations.

TELA Bio, Inc. operates in the soft-tissue reconstruction market, focusing on hernia repair, abdominal wall reconstruction, and plastic and reconstructive surgery. The company estimates its total addressable markets for its main products in the United States as follows:

• For OviTex products used in hernia repair and abdominal wall reconstruction, the annual U.S. total addressable market opportunity is approximately $1.8 billion.
• For OviTex PRS products addressing the needs in plastic and reconstructive surgery, the annual U.S. current addressable market opportunity is approximately $800 million.

The combined U.S. market opportunity for TELA Bio's products, encompassing hernia and abdominal wall reconstruction and plastic reconstructive surgery, is estimated to be $2.6 billion.

TELA Bio (symbol: TELA) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Product Portfolio and Adoption of Recently Launched Products: TELA Bio anticipates significant revenue growth from the continued adoption and increased penetration of its OviTex and OviTex PRS products. Key contributions are expected from recently launched innovations such as OviTex IHR (Inguinal Hernia Repair) Reinforced Tissue Matrix, designed for laparoscopic and robotic-assisted inguinal hernia repair, and larger sizes of OviTex PRS Reinforced Tissue Matrix, which address evolving needs in plastic and reconstructive surgery and simplify complex cases. The strategic partnership for LIQUIFIX fixation technology also contributes to this growth by offering complementary solutions.
2. International Market Expansion: TELA Bio is actively pursuing growth in international markets, particularly in Europe. The company has reported significant momentum and expanding commercial presence in Europe, including the launch of OviTex Inguinal Reinforced Tissue Matrix in June 2025. This expansion into new geographies is expected to be a notable driver of future revenue.
3. Increased Penetration within Existing Accounts and New Customer Acquisition in Robotic Procedures: The company's revenue growth is driven by increasing unit sales through deeper penetration within its existing customer accounts and the addition of new customers. A specific focus is on capturing market share in high-volume, minimally invasive, and robotic procedures, with products like OviTex IHR being designed with robotic compatibility in mind.
4. Growth and Efficiency of the Direct Sales Force: TELA Bio is investing in and expanding its single direct sales force. The company has achieved its budgeted commercial headcount and aims for further expansion, alongside initiatives to improve sales rep training and overall operational efficiency. This enhanced commercial organization is expected to drive increased product adoption and sales productivity.

Share Issuance

• In October 2024, TELA Bio completed a public offering of common stock and pre-funded warrants, generating gross proceeds of $46 million.
• In April 2023, the company priced a public offering of common stock, resulting in gross proceeds of $45.125 million.
• In August 2022, TELA Bio completed an underwritten public offering of common stock for gross proceeds of $36.8 million.

Inbound Investments

• In November 2025, TELA Bio secured a senior secured term loan facility with Perceptive Credit Holdings V, LP, for up to $70.0 million, with an initial funding of $60.0 million.
• In May 2022, the company entered into a new credit facility with MidCap Financial, providing access to a total credit of up to $50 million, including an initial tranche of $40 million.

Outbound Investments

• TELA Bio recognized a $7.6 million gain on the sale of its NIVIS product line in fiscal year 2024.

Capital Expenditures

• Capital expenditures were approximately $357,000 in fiscal year 2024.
• Capital expenditures were approximately $302,000 in fiscal year 2023.
• In the third quarter of 2025, capital expenditures totaled $211,000.