TELA - Earnings call transcript Q4 2019

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Operator

Good morning, ladies and gentlemen, and welcome to the TELA Bio's Fourth Quarter and Full-Year 2019 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to Stuart Henderson, Vice President, Corporate Development and Investor Relations for TELA Bio. Please go ahead, sir.

Stuart Henderson

Thank you, Sonia, and good morning, everyone. released XX, for XXXX. Bio year quarter TELA December ended today, financial the results and Earlier A available website. on of the copy the company's press release is

Joining then call fourth financial by President an overview of Tony Brennan, call our operational quarter Tony provide providing me performance highlights. a our the and analysis And CFO. the full-year CEO; call. will later Nora Koblish, begin will of on today's Nora and and in are detailed

factors remind results future strategies, and you future factors These development, company regarding the review cause to from during encourage product Before this may regulatory and materially differ without potential, the identify we statements like or sales past filings or to begin, include to described which in call, marketing forward-looking actual those that will including the and SEC, product forward limitation conference I'd capital performance. and without you resources the company's the limitation XX-Q, looking events. specific the operating projections with these XX-K make company's statements events regarding may statements. that We environment, Forms

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

Antony Koblish

the everyone. a first and time Stuart, you on company. Thank you, to today We conference appreciate us good public morning, join as taking our call

and a benefit address tissue reconstruction. new For a to are technology in of stage soft commercial new reinforcement designing, marketing we you tissue of Bio, medical developing those focused to needs the who may category TELA be unmet materials company of on

and respectively, unique layers fibers reconstructive PRS material in construction. products targeting a markets of Our with hernia integrate biologic the and OviTex OviTex plastic polymer repair and high embroidered quality surgery

implanted to and to over costs improve in designed care been X,XXX materials based reduce are relative overall and to patients outcomes have products date. Our other biologic of clinical

continue monitor impact Before highlights, on business. employees and operational of reviewing customers, patients, the COVID-XX closely our to we our

are finish our commentary drivers business more. adapting how additional the would review continue growth and that in our strategies XXXX shortly we on we we strong to learn in and our as XXXX. to But will We for fundamental provide like first

XXXX adoption We delivered driven OviTex $X.X Bio, the total PRS expansion by over the XXXX. our momentum characterized and for continued and product business, organization. representing by prior in and $XX.X of XXXX, growth from XX% for million exciting an million of year our of period in line was revenue OviTex total strong quarter fourth revenue in the commercial XXX% year full-year up our TELA for and XXXX, growth

sales multiple saw hospital provide and GPO of and X,XXX improved national the XXXX, U.S., hospital accounts. from XXXX hospital had We awarded accounts to approximately territories third being At access X,XXX quarter accounts at contracts hospital XX is we increase with access with up over group through including contracts estimate purchasing organizations, current to approximately GPO large our year-end to XX us members. active XXX end which We end the XXXX, of with the at territories an of XXXX. XX in exited the from a

have Throughout members. focused health implementation XXXX, contracts GPO highly working we process executing will with their system GPO and begun be these in against each on hand-in-hand the

and procedure -- plan our surgical volume. strategy, and closely on is GPO creating areas territories expansion territory aligned Our based access with new potential hospital procedural high

strategy impact planned on and to conservative due growth are we is the to Chief sales territories of have we We force ensure confirm Murphy to Through as having conform continue business. to appointment with than Officer, to productivity. optimize -- driving Commercial our this COVID-XX recent approach. the evaluate commercial have plan and Pete also hiring optimized our shifted legacy our more to our expansion, initially we Related a

strong outcomes. X% data in hernia rate deliver repair hernia continue XX first post-market from named for showing multicenter the products prospective our OviTex failure our We patients at abdominal or study XX a Clinically, publish recurrence to reconstruction months and BRAVO, wall studied.

the cohort patient XX expanded days. XX at and As the cohorts conducted at to data XX we BRAVO continue months recently and months analysis first mature, on

upcoming We have continue expand in abstracts medical contributing conferences presentations. to XXXX, Symposium. growth. hernia presentation submitted usage were for these accepted revenue clinical robotic Minimally OviTex Invasive for Surgery poster our portfolio, product our data Throughout characterizing to to Two repair, the also we at

of additional sized reconstructions. devices sizes laparoscopic For wall year our and hernia in we line repair. products, ventral LPR added December our OviTex designed we OviTex three use to beginning complex for product for the at large and abdominal hernia launch the In hernias XXXX, robotic

we XXXX, range solution being of of continue hernia time introduce the implanted further. capable to robust our full a additional we'll and Entering products across have enhance surgery over hernia to portfolio

For plastic mid in following the products and a launch our reconstruction controlled XXXX devices. surgery, clearance we of PRS OviTex initiated XXX(k) of

to to enter sure The being provided Based commercializing plan in us PRS clinical on to XXXX. a in gradually OviTex employed the valuable is and performance surgery the expanding feedback of have continue procedures. implantations intend date, market, plastic of to manner, controlled our products on throughout surgeons network we reconstructive techniques with surgeon the these of while controlled surgical our and methodically this carefully feedback gather and across launch variety

intend to new expansion hernia develop portfolio to products, hernia -- product OviTex surgeon of our OviTex enhance we generations incorporate portfolio. feedback PRS Similar to to of of our products

impact of Now business. our on the COVID-XX to turning

Many a notices Chinese and are repair improve commercial have footprint later non-essential personnel, measures. systems they work limit access spread deferred to While sales and be and the are supply of surgeries the markets, our the largely to mitigate to European date. sent including postponed able to as hernia representatives, many out virus from hospital insulated chain also containment and to

volume commercial to are shifted conservative plan. QX we more in a While in we XXXX, seeing procedural a reduction hiring have

unprecedented diligently and this ourselves We position working our strength time. are protect of position a throughout to business in

our partner with chain tactics, and solutions supply to educate hospital marketing sales innovative product deploying surgeons us and implementing allow customers implementation to that are discussions. portfolio virtual our continue contract We on effectively

to We our in-house of the reach a impact are education by maximize potential third-party efforts. organization augmenting of the our commercial

additional We and are team our high to our service to for ensure our training as also enhance impact further continues resource organization throughout initiatives customers. a commercial our serve level implementing of

continue impact to hospital our surgeons, with We extent work this team customers business. sales which understand the may and and dynamic better it to to our

today's situation, our market provide more Due provide conditions. to May hope nature QX QX stable the on call, guidance to will fluid of on full-year and assuming revenue guidance XXXX during the in earnings our XXXX call we

review to and full-year summary. the our I over would call financial quarter turn Nora like fourth to to

Nora Brennan

everyone. commenting release press our today also and earlier morning, will a our good results, I and refer the financial Please XXXX. for XXXX. After for financial Tony, for our to provide our full-year financial on quarter Thanks, results QX fourth issued of summary guidance

the XXXX strong XXXX Revenue $X.X commercial has quarter for was fourth highlighted, XXX% a As Tony increased to year-over-year execution. year of already of million.

For OviTex well the penetration compared million our due additional as XXXX. full-year both periods training franchise primarily accounts in of and XX% PRS. existing XXXX, organization, the our commercial the to increase OviTex $XX.X to were increased increased in to customer The as the products introduction within revenue [ph] full-year expansion of

of period Fourth earlier fourth Gross profit inventory respected and in gross period both revenue. a the XX% recognized in adjustments year of to full-year as as and revenue obsolete increased the excess a the to charge quarter due prior percentage compared a from the of decrease year for increased XX% quarter percentage to period. margin

full-year XXXX. XX% full-year from margin increased While gross to XX% the for

compared of million expenses were the $X.X and in XXXX period same the quarter in Sales to fourth million in marketing $X XXXX.

were the expenses related of million sales For compared XXXX. increase activity. organization marketing and periods the the due full-year of expansion million was XXXX, the for to to commercial in $XX.X $XX.X and both The full-year

were expenses compared XXXX, period in the of XXXX. in million $X.X million G&A in $X.X to the quarter same fourth

million expenses For a compared $X.X fourth company XXXX. increase personnel and the were to as well fees primarily the operating professional was costs. in $X.X associated full-year as due as XXXX, with quarter full-year public the increased The in million G&A increased to

XXXX. for the fourth costs compared full-year of respective and virtually R&D are expenses million of XXXX quarter to the were period. year $X.X in $X.X These prior million the unchanged

compared the prior of the $X.X was Loss XXXX, in million from $X.X million period. operations in to year fourth quarter

XXXX, was the operations million full-year $XX.X XXXX. to compared million For for $XX.X the from of loss full-year

gain Excluding million. on was XXXX, in million litigation settlement from the $X.X full-year $XX.X XXXX loss operations the for

in million $X.X in the was XXXX, an a net XXXX. fourth loss quarter from improvement $X.X of the of Net of same million loss period

for on Excluding full-year XXXX, the the full-year net of $X.X settlement $XX.X loss a accrued for the million of $XX.X XXXX net of of from gain million XXXX. million loss litigation in

public offering proceeds $XX.X short-term company's to This in XXXX cash $XX.X XXXX. XXXX. November million $XX.X initial the [Indiscernible] at year-end million increase in compared was and from net equivalents of approximately investments includes completed cash,

Now for QX turning XXXX. to outlook the

XX% as of to period. We be million of to to the million, pace growth COVID-XX $X.X today. to we X% includes and range expect $X total hospital to estimate and of sales volume prior representing decreased This rep over due revenue the impact revenues to access procedural systems year due the in of information have

We've in appropriately our light mitigate initially burn several plans strategies conservative implemented consumption and hiring a and judicious cash than identified XXXX planned our responded. of to also to have will this full-year conducted of and cash we more pandemic. in a this be review continue commercial by already We've operating plan in our

guidance XXXX May call, mentioned, during Tony in As full-year stable our assuming provide first conditions. more earnings hope we market quarter to

questions. over I'll open operator and to to now call turn up the the back

Operator

Thank of question Denhoy [Operator you. Raj from first Jefferies. comes Instructions] Our

Your line is open. now

Raj Denhoy

morning. Good Hi.

Antony Koblish

Good morning.

Nora Brennan

Hi, Raj.

Raj Denhoy

the revenue here could maybe of first if wonder I a I of little about in complexion bit sort the ask quarter.

actually million million, did you've the sequentially and of $X.X what to the the here quarter. fourth We guys from right down you quarter which are $X at in is first end given

of maybe if wonder how to this of tracked just us January, provide fall to dramatic have in bit off quarter? little been you you did in the first how a quarter guys into insight has maybe March? February, could months So How

Antony Koblish

Raj. Sure,

So, we don't intend sales exact to month-by-month. numbers give

in and the based of headache I to be So sales everything us, Medtech compensate a the think traditional our all quarter. the way, package and that of the strong incentive out business we a about force month months given other from it's businesses our incent business right? last way the quarterly and roll fact that would through we generally get our for quarter., the performance,

February terms, for general and I say our targets. range a that January us in to our would attain within think were I reasonable

we see probably February. the in of certainly wobble it And then of back in a We half bit started to started March. to see little early

of driven access attainment largest, through is New most some of our York by City early local the our area. GPO successful One markets,

early the that in lost pretty So game we market thoroughly here.

we close We been would to would I steady, level march. coming with off little it's that a at than accustomed month revenue think been a drop as we fairly March, the bit in seeing normal I a say what lower March, be in. strong a of here of certainly but might have

Raj, added contract that We awarded implementing in have, you all the of X. February this element know, that and influences as HealthTrust we started an were on

going. of activity had saw period, exactly give unfettered we planning I'll In one a So activity. an metrics, that and And just time implementation right. you couple month maybe great of we

consignment and of So XXXX signed we in new new sealed of we stages. had months this quarter those In up, accounts set implemented. in A and approximately in lot signed, accounts consignment progress the and all lot had XX first final in of those two motion. a the -- the year implemented of XX

contribute going year. through, we of consignment get right? for We're ability very, process to so going And believe it into it product shelf implementation, of to Once those goes that more the on So in to was greatly the was and the and activities that way our to the we that even in uptick strong April. generally then continue very start we March best access in with can. the get

as current that One mitigation consignment locations period That consignment this strategies well is these here to open includes of as next inventory possible locations. of any as during consignment in as old much push new are our areas us. to

quarter up the than what third set for look were would So, of typical say. we more any I at if month would a of look you that, like, ratio

that's I commentary So can probably best on give that. the

Raj Denhoy

question, you're taking two no, actually I No, second that's helpful. for are place, that really there -- you care question. really very But I [indiscernible] right. dynamics my noted guess,

seen the complex and getting the you the procedures sort and then you reduction lower much you hernias, reduction hospitals also training into issue, volumes in when a When you particularly complex those there's surgeons this reps -- into more. on back? these than that to right, going procedures given come how and bit on that’s it right, do of delayed? the side, can there's everything have So market, your access probably think a types converting do explore one and in ventral first a in is be. would those want actually Really little about be to How expect long it,

Antony Koblish

Yes. That's question. a good

generally the is going uniformly ventral say terms procedures what not seeing the obviously of where you reps we're of are requests, complexion are revenue the complex stepping of but situation, I'm going this month that and to on, within most to Those March, our impacted now. they be getting our types that's wall we're procedures. in consignment in look can at be. helpful right if So, the which seeing ab in mainly we

hernia even the broadening our business two If you back to really well. of look year, last the was and take quarters really, this first months of a couple

ambition patients into minimize the permanent polypropylene the hernia our of of to concept to is to mesh implanted bring of natural Part amount all repair people.

more that more And absolutely robotic inguinal And have migration. that seeing procedures so we procedures. means more procedures, and been hiatal

Our and procedure hiatal ratio back count or XX%. was if to look you of procedures, inguinal our QX 'XX, hiatal of inguinal about percentage

of in XXXX, it's running far at XX%. So QX

tremendous a hernia solution of that's natural repair think all being across I our indicator So adaptable procedures.

LPR think of value a early being fueled of It's proposition our good good indicator our robot. range. very with the also rollout point acceptable. is of indicator the I compatibility it price in it's stages And in a being by our the product of

the your is question, all right? inguinal just all That's back hiatal and is space background, this [ph], to pushable obviously, pushable. So

percentage X. pushable, if X, grade of grade I ventral think high are they or maybe is that the a some there procedures are in X simpler even

rough a the is think emergent with case opportunity really are being have infected done. of better I cancer, and think maybe complex those I

that the and CMS I category. look grading XB our XA procedures you think into at and If system, guidance fit

think most for then, Inguinals ventrals simple potentially, and deferred deferrable. So, for need be. except some hiatals, as holds if most can emergent excruciating And virtually all month time, X a long the well. to the of probably X I for probably are cases be certainly range that

are inguinal that's if Raj active If know, on can probably a The But infected, they how probably as are very complex ones, those an anything I the think isn't shift complex and very they're not recurrence, are. it been patient depending then deferrable. deferrable. of And for robotic AFC, around into lot is hanging probably of while, a is course, a certainly that you fall deferrable. which those it's

hernia our deferrable as view I platform So [indiscernible].

Raj Denhoy

quick Okay. just No, one Maybe, that's helpful. you. for super Nora,

But you side, how So should your remarks I for manage operating plans the in think when on we expense should trending about I million, guidance how is the course the about think of line so $X.X think the this here, period? will uncertainty. we quarter, expenses, are you top about given that how through but expense You are, the the about reviewed think quarter over the gave mentioned first that year? for your right, think, even fourth you all hiring the prepared expenses

Nora Brennan

going mean, on we're not Yes, so not on a to going guidance this, I we to level. -- are give Raj, broad again,

deferred -- our We territory, to of them are we more to to some to conservative until the think hiring going but better starting reps COVID-XX. on been Again, about the position happening going it's until to what��s we up. plan, with has or be in try hiring are some the plan important be visibility get scale about of May

assuming more So that our now thoughtful to just guidance are trying we right for usage. about is in but be provide again, our cash Raj, can, May, we goal,

Antony Koblish

Yes.

sales hiring We, but deferring from putting a out, little So a I we're later still in color just perspective, year. until we're offers the on date that, will force Raj. throw the

So we're keeping the machinery going.

than is That's we this our have right. I come thing shape But that massive are aspect That's out and payroll. goal is to of lever right. of stronger Our better the mean, today, it. big in headcount, we one one layer,

look you the the think about headcount that reps I end the situation. plan operating XXs in on shift to you reps given more original see low year, now, can be as the our if a at massive think if we So that's XX by in right rationally at we're of bringing

a that, course, And [ph] with fat manage. can stuff. that's we of P&E So big the basic that goes lever usual

best So about way think the to that's probably driven. is it headcount

Raj Denhoy

Well, that's Thank helpful. super you, guys.

Operator

Thank you. from comes Piper And Sandler. our question O'Brien next Matthew of

Your line is now open.

Matthew O'Brien

a go for through this public as Good taking morning. Thanks to first your have company. sorry quarter and questions you as my

Antony Koblish

Just all of Matt. for us,

Matthew O'Brien

Yes. Yes, seriously.

So just on specifically Because a get couple you in I were to tracking growth over how driver that's but on you for want QX, guys years. know granular bigger sticking Tony, between the know things next of I too don't on this, breakdown PRS? revenues the

Antony Koblish

Yes.

PRS, the The phases the impacted category a to be to are with product, this product about proposition, strong. And new this actually right? in think So So if feel that savings, long-term product any developed. getting our in our of clear. GPO I have we're we've partners super from that where been bullish in I is I right? interest going the we by very, have range of this. we that's super very value point It's say implementation, mean, can particularly new about calls that early prospect its the access the launch, cost

this However, of committed surgeons plastic we right and we attention thing that the this detail. to amount with that sure perfectionists said, to make doing launching want are in are right to And the way. we're

now person to ability do our So that in and hindered. live is

and say, we thing, to out well. bit tap little that March would same a I started again, see So February, as

can the a the platform. virtual virtual drive calling tools selling both help platform the we're That and PRS said, I where we're power we of to hernia think, power what use implementing model,

just our webinars. we two think sales all implementation content days several just process up and driving that as we are I are done [indiscernible] content, We finished VCRDs, developing to force and the KOL webinars best WebEx. of for but tours continue etcetera example, We've adapted directors, CRDs, as supply training We've first virtually as live chain contents by we interactive. for be surgeon of VIP good, intensive can. to of So,

platforms selling and with to service a telephone driving surgeon in-house in that call and this in really guess using best potential idea drive the they're webinar. we've selling of customers third-party One hired that provider through that rolling contacts specializes future that I participants our is the basically, almost these you'd we're

So this kicked we've off week those The half a numbers of just invitations looks about process and a requesting darn ago. good. pretty

the Our in so target can this, keep is things as these all many of that humanly rolling. possible middle to do of as we this

surgeons of that. PRS a and big plastic piece are

So hopefully implementation I right. new we launches. product that LPR guess as can momentum across across well continue and includes this hernia,

model So this sales to on us allows this of permanent it well, we that becomes the hopefully And -- the if power and virtual are and augment a do reps we selling productivity part ground. our of our reach and Matt, armamentarium. enhance

come allow this is with that huge of and worked new do is us perfectionists that. to piece with our good with and a closely mean, of to very better goal programs very our need PRS be And to So surgeons. They're closely. working out thing launch goal plastic very a of they this on to do launch, job the is I better.

Matthew O'Brien

contributor dovetails about into aggressively can a really given you going in my understandable. may little is things, think hernias PRS But back a we PRS what's that which happening big given when this selling kind was year this back in is all quicker bit and to XXXX people of be question. business now, Should process beyond? the that come this at revenue back PRS a slowdown you the come try come year, And completely with bit more convert hiring, next Okay. little -- longer and market, with focus established versus to on

Antony Koblish

Yes.

starting the the us for I all unreasonable out, figure to but at we -- QX the it's whatever but is PRS restart now -- where to we about to hernia looks to had, hard these going of restart, like, restart come for looks percentage know rationale to and hoping and based These to and to And procedures right, low. see a perhaps are like would get that it just this up right? right goes. be think So we had of We take There's going back patients that should I meet ready I to good ratio antsy, step it's restart think be apply surgeons as that’s QX a don't ahead, don't going a that the you be what the the well. I'm you to the on look hospitals still we So like, could so see it's a it go then and going to to that be, that, have treated. challenge to see QX not These done. we're how need procedures are away. get

whatever So contribution, have situation we I think whatever for those in had ratios holds. to we to just ratios apply the mind

estimate best that's for my it right think now. I

PRS, probably on feedback the extra think we've far proposition. from its value superb so based that I on gotten pull with an there's GPO it

I can the best So that's now. do think we

a power the know call of this. lot all our we'll how virtual think selling middle goes, by the on in more next I

Matthew O'Brien

me, for wanted make one some extent. of this supply you on to clear, and the things side I is to Last it. addressed sure Got though. just this just guys

majority You've obviously, part got that world. product from your the from or supplier, comes of of a single the area that

out things will going coming that everything New of comfortable still by unaffected on? Zealand be So that's

Antony Koblish

cases. So understand, or XXX we with closed is uncomfortable. don't will I'd so word period. Zealand Well, is shape, they've This I They non-essential New So for and all they've organized a country. know measures in right? business probably right? taken say remain if what good we're more have X-week I early is a to ordered an population What compliant use from the only

not or it's So now they're unclear right deemed whether essential. be to essential going

essential. We are deemed

to case go meantime, through days In job shifts excellent separate a the seven So week, they're they've that sick, up process But been supporting to work-in-process in got an of figure business. us. two some somebody their to type I support they've a building an think and gets running out. done they've essential of

That have And said, in here PRS. just our very hand. months XX hernia warehouse on we're in you this early PRS course, position, of stock we plus in since at if Pennsylvania, launch, XX in roughly we what OviTex inventory months our look our Malvern, have we of have of

So that forward. we right our inventory now include does about around not serve But ability inventory a to that think customers the this move on field potentially going became I situation. our and could prolonged if in our we feel very good hand

Nora Brennan

If add I can just …

Antony Koblish

Yes, please.

Nora Brennan

as just well with know inventory reps. we've that you the consignment Matt, as got [indiscernible] hospital as

about the down not have it [indiscernible] on they mentioned just if hand we’re So period here as inventory of we to on XX Tony put hernia. months have COVID-XX plus concerned for

Antony Koblish

partner done Matt, has as I great Yes, ready. well. job, and a our said, like of ahead They're building

Matthew O'Brien

Very helpful.

helpful. Very you. Thank Okay.

Operator

Inc. Genuity comes And Canaccord of you. Rose Kyle from our next question Thank

Your line now open. is

Kyle Rose

questions this you the for Thank taking morning. Great.

maybe in asked, So but were wanted really guess, QX. And touch the QX products of respect the first of of kind lots kind looking just Can specifically at months of and the new contribution just and here? with that sizes on uptake the some was a you of this how from how I I robotic want to been us the through of the how trended two wanted to the about help really I you kind products. and the mix is thinking to least to, just large then understand seen XXXX those, the what at of on have standpoint in we've XXXX, touch emergence

Antony Koblish

Sure.

Let me question address the robotic first.

can super as you important I us for think that's imagine.

business XXXX, XX% the being was was obviously XX% QX that look of approximately robotic. of with of you that start, and MIS most As our of open hernia at

As such procedures we and our QX happening it is, have what's of XXXX, been shift have XX% as XX% to been been open exactly in here robotic.

data these every cards get back we from procedure implant done. So

ask signal have how I them the getting XX% think we was of we procedure. used I'm and rate what hit exactly the XX% product hit back, and rate a getting about

we'd up we numbers. pretty big weeks latest and X,XXX into the them stacked X,XXX got cards database our few So so, had cash, last or inputted a just over maybe and cards

cases of from of all down way. as of So, to XX% our movement XX% essentially open robotic. the to XX% tallied XX%, in XX% QX, been And now from and right then this have

of great think, So shift. driven, product portfolio. been That's the our a there's been versatility I by

Our call call robot Gen compatible Gen robot is I'll X LPR [indiscernible] product, them robot and compatible. our I'll X online. are compatible coming

got range we've the range. LPR that the has experience total new in SKUs early usage makes So products the although been early, with And of three and LPR added range. That there. uptake with that to in been four have good terms numbers

any plus as Kyle? of the ratio is point in to XX% hernia details plastic far As there and this Were reconstruction, hernia. other at there,

Kyle Rose

No, that was very helpful.

going I QX. the there. think you live HealthTrust about talked covered it And then obviously in you

normalization in the a But maybe things and new then reps now on account or opening? HealthTrust kind those if us we regions? those territories of of and an utilization change that restart you're perspective. that that And the of those that you of accounts back expecting in accounts how you're kind accounts the on, of gave is much things combined how understand within when year-over-year. -- magnitude in uptake based help and accounts the or in future quick You putting bounce like sales have also in a How and when confined of from

Antony Koblish

Yes.

product, I HealthTrust I'll of XX use within our you accounts approximately in was the our We So quarter. a that footprint and give QX XXXX. think definition had right, HealthTrust of snapshot,

given said, were vectoring is which So quarter on we that bad measure, towards getting that's whatever great. did a we they use we products. not the contract, figure And

bit some used you have the QX, little a quarter. facilities or shift been are QX over have we might within HealthTrust products there more the access. XX So softening tell I allowing that now can from of XX, to and

in shift amount a short great a of that's time. So

long So I all once be with for it's our chain, don't that those DRD, But to virtual should takes. it accounts as directors, restart again. our DCRDs, as program believe forget going able Webinar supply moving to we get continue

and So out a again, the to we able we stronger get our consignment can to pace. can mindshare extent focused, quicker come get goal and is inventory at be that to that place

just want point in months, that as in all out couple XX we in to 'XX, I we well. of motion again, the of And XX first have did and

So going our be -- to ability strong. I and it's to our pace is think going be

Kyle Rose

for I question appreciate the color taking great. additional there. Thanks morning. Okay, this the

Antony Koblish

Kyle. Thanks, Sure.

Nora Brennan

Thanks, Kyle.

Operator

comes JMP Securities. Thank Turkaly And question from next you. our Dave of

open. Your line is now

David Turkaly

healthy. Thanks. I hope and everyone staying safe

Antony Koblish

too. You

David Turkaly

think XX-day we're mentioned -- yes, looking X-year give you I'd on XQ, this you love … said all patients, but I any in any to -- Tony, for X-year XX, or the I I think sort just data, you know XX color submitted, can for of XX, us XQ, on data

Antony Koblish

Yes.

David Turkaly

… high see about it? you at think what level a

Antony Koblish

right. the stuff but takes gives right? much some but stuff, Well, Not well, it as situation stuff, All away stuff.

the things. X-year of those one data the so And and is data, latest I think

high So four of five or accepted of probability They've we've abstracts. have getting submitted been super or a been canceled. meetings have all accepted, those

So looking thing venues to shift to We're one as soon at this to it going our we now can published on ability possible. present whatever stalls hand. get as

you the we me permission some level, high Officer Medical to information. that so has can talk, at least Chief given give at Our

save patients our includes the XX able to XX drill as and the But XX that at what going the first be days. first today analysis XX share official venue. XX We are into months, we're down at XX of to first have the months at is the details, can going to to for patients patients not we that presentation

than What's expanded where last cohort, patient result was recurrence interesting recurrence, so have [indiscernible] well cohort, one So zero a the readout. a one have XX-month which is less in hernia we recurrences among the and that was implant we from great that is, basis is X%. consistent the was placed. the still, XX-month In above

it's So officially a fail recur? does recurrence, and product but No. the

So the enhance super to to data do our proposition value is great demonstrate within which nothing, partners. going GPO a our ability remain but strong,

David Turkaly

cost. for And you Thank thanks the the all that. for detail on

where those I stand I a Premier that. follow-up and update really Any guys on You provide other large to ones, talking were just know today? on I you guess. and [indiscernible] a lot, some guess

Antony Koblish

think to don't I that ready discuss we're yet.

I great them. think of progress all on virtually we've progress, made

us. I of a within sub them, them, viable One think is group for

I So, GPO. good comes it to we're shape think when overall in the

to proposition feedback. more that in getting and positive our more we're demonstrate and ability getting value confidence very Our we're

say we we're more pretty get to that but So as we'll them, good. have feeling

David Turkaly

Great. Thanks.

Operator

would ladies any And this remarks. the conclude gentlemen, closing turn session. Koblish I to Tony you. Thank for to our question-and-answer does and now call back like over

Antony Koblish

great challenges I your again products, Bio. company. your revenue, commercial new our can for continued we with of navigate an completed growth The was for these confident to company and capitalize IPO grew to and fundamentals want TELA the our XXXX our this business as our morning to We're still we global important associated launched in interest additional doubled nearly thank time that everybody infrastructure the year support are strong. this pandemic. for

helpful be Our want we employees goal employees keep hospital is our a to to out them, don't to to but our and We We customers. help to burden safe. them. want be to want

and I well. hope safe goal add value, this Thank keep are Our on call family all that as is and you you. your to

Operator

conference call. you participating. this Thank conclude today's and for Ladies gentlemen,

disconnect. now may You

TELA Bio (TELA) 27 Mar 202019 Q4 Earnings call transcript