TELA - Earnings call transcript Q3 2020

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Operator

Good afternoon, ladies and gentlemen, and welcome to the TELA Bio's Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the prepared comments.

As a reminder, this conference call is being recorded. I would now like to turn the conference over to Stuart Henderson, Vice President of Corporate Development and Investor Relations for TELA Bio.

Stuart Henderson

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

Joining President Tony Brennan, call me and CFO. CEO; Nora Koblish, on today's and are

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

Tony Koblish

and good and Thank We for hope afternoon you healthy. today. are joining safe us everyone. you Stuart Thanks,

review would highlights quarter for months I about strong the XX performance, our like third Before the of I past talk to TELA Bio.

the growth. and Just TELA time, became our has of much while company positioned in are over to changed remain ago, world sound public well drive year that fundamentals a a and business the since Bio we

resorbable X.X the million repairs performed mesh support long-term using of one of the bringing to hernia the all combined on at Hernia the U.S. believe estimated the a to collaboration repaired of organizational represent or and annually the TELA ease to These we and on its our costs repair and inguinal meshes, of surgeons, for meshes mission reinforcing site. permanent improve and range positioned surgeries synthetic of due more material inguinal reconstruction, have our advancing reconstruction OviTex soft Synthetic are mesh Approximately simple more market solutions and reconstruction. and is adaptable of of synthetic hernias of flexibility, hernia hernias. abdominal shortcomings. large repair, designed today potential represent primary Legacy and use, is tissue repair to the markets and focused wall and reduce the these products close U.S. opportunity, surgery. markets meshes PRS our plastic provide product eventual U.S. patients. natural market with repairs most in are repair each has end innovation outcomes is through complex, billion used in advancement an the biologic from abdominal Bio technology our to lead the reconstructive OviTex in common their repair more wall spectrum low $X with and cost, simple addressable Our uniquely care for include to and dominated clinical our advantages and platform, benefits defects ventral hernias and Hernia meshes, hernia, in associated designed and and strength XX%

is catalyze degree of believe higher market these solutions and we procedures capitalize exhibit this advantage range associated awareness repair expect surgeons to associated from OviTex across permanent designed past introduction materials. shift to new a with survey there conducted, the we of to technologies, We synthetic with And natural utilization their evolving to of dynamics. natural synthetic the risks take use. hernia positioned and increase repair market risks years over recent However, In the several mesh, on mesh been a OviTex a the of and permanent well has synthetic transition. of with more of

up up a this Another recent to the play product general range assisted as surgeries surgeries. market the using Surgical System In approaches surgery. procedures we quarters strong performed range with to is of surgery in expanded from We our the assisted of XXXX, product using leverage LPR repair general experienced hernia, robotic the Through increase Vinci approximately dynamic across in were we from over at beginning XXX,XXX open majority the hernia in ongoing XXX,XXX repair make inguinal our hernia in hernia strongly most ventral report and laparoscopic and bariatric at and Da simple cholecystectomy in market the robotic procedures have to the survey this year. surgeons positioned its OviTex uptake believe Intuitive XXXX. robotic migration procedures. According repair Surgical assisted contributing our and is line Robot of

Moving second growth the as performance procedural relative solid experienced improved to XX% total quarterly products volumes was reconstructive increasing hernia million period both our to revenue from last quarter quarter. $X.X financial same and the repair and from plastic surgery year. We third our

While patients. we infections centers procedures non-emergent in hospitals COVID-XX were were as and better virus a having as of understanding rising, postponements their the drastic where how postponements country in protect continue experience areas not they second the surgery to to of these with in employees the and and are quarter,

fluctuate. daily fourth optimistic be rise responses infections the While even of will encouraging, to we with this improves the and number variability in quarter and continuing cautiously believe remain there

However, cautiously optimistic growth. our we remain about

utilizing fantastic to other strong solutions team Our pipeline. our job has surgeon and unique our cultivate done LIVE TELA program a

sales TELA surgeons reminder, virtual comprises solutions data. educate portfolio two a our designed As about to product of clinical and LIVE

is our for average Over Due seen webinars we through VIP our And or have event received, positive have KOL utilize will foreseeable the the The in feedback success strategies to continue programs' and these surgeons these XXX% the our we for first products participated seminars. who in the close tours virtual to have the increase monthly September. is revenue. to future. we Among a end of our tours. attended virtual version KOL surgeons XXX second of VIP our

were our the data Meeting. America's On Hernia BRAVO trial this year's at Annual Society clinical front, additional presented from

the recurrences. experienced and none occurrence, surgical required Among of OviTex presented infection low that surgical site using who site ventral or first hernia a incidence XX intervention surgical and The site or removal. at implant demonstrated days, patients to infections repair data led surgical of a

of of one-third repair XX% Over Our XX criteria Ventral grade the met infections. study the had a patients X. undergone of Hernia and of which a subjects or Over XX% for consisted ventral Working previous were Group obese. X XX% history surgical hernia had

data these patient a patients, follow-up. BRAVO experienced initial the is XX The reached recurrence. from who second group of two-year Among no study presented the their from patients hernia

group lower over number total of is This that the in just of reinforced XX% first of While recurrence encouraging up and support makes hernia the rates. tissue to participants this true should belief patients matrix our our study. continues

of the non-essential as as re-herniations limiting post-operative a to working use a As following because study the our with all hospitals with timely make is we COVID-XX, complications closely complex study reminder, occur sure in by Bio to verification moderate site a to visits market manner post evaluate very of are practical. follow-up can in locations study of BRAVO Due monitored ventral to and designed and subjects its investigators many and data OviTex TELA visits hernias.

contracts. we force June, pre prudently and our close our have third with our up quarter GPO regions. we These hiring where IDN Turning to with territories we six sales continued next existing the and scaling XX in within are program performed territories. and Throughout being ended existing late through strategic quarter, levels, sales operations, began hospital where COVID-XX our our territories are non-emergent in to access sales being the new procedures added

approximately of territories. will region each consist ultimately eight So

continue managing the We changing our dynamics with cash. initiatives to forward needs our move sure judiciously and elective hiring making procedures we growth while and operational our monitor with

to center and the third customers hospital access our surgical While in improved quarter.

chain with pandemic. has engagement supply within Our been hospital the this challenging

within Our and with team utilization systems drive our active chain and platform. adoption resources technology discussions of supply OviTex to hospital remains in clinical

also to contracts. progress IDN We GPO securing make on continue additional and

surgery hold. we plastic and for to commercial is PRS beginning rollout the Lastly, our believe market OviTex reconstructive products take

TELA with surgeons and job program. surgeon through our new to of Our Many clinical select done reaching out of customers excellent PRS, team OviTex the and an has LIVE to are communicating are the our clinical a before and on their to its performance additional evaluating process, months currently patients determine the waiting patients. on adoption product several the trying product natural using through of group product

through and over to Our surgeons clinical these educate development continue on the their teams I'll and the used OviTex experience surgeons in turn and proposition value PRS, and of support call reconstructive surgery. Nora. additional to clinical compelling it's plastic

Nora Brennan

a Revenues effects XXXX. million everyone. due compared increased revenue summary a $X.X our our of resulting increase of compared million the in Thanks results result XX%, earlier including and still inventory in XXXX of being consultant are XX% by for in Gross third million from revenue net at COVID-XX the prior excess to Please year for process last be cash The demand increase procedures quarter increase to million being to year travel in by in expenses third were primarily due the and quarter compensation third in quarter the was million. the rise benefits and third quarter. public prior associated we with activities million was offset offset to third to to latest salaries quarter capital $XX.X to We in obsolete in refer and G&A plans, of $X was quarter our inventory Sales The is period with is long-term. of a period of COVID-XX for company, expense. fund today to $X.X an sufficient our partially to XXXX. were due $X.X million and were existing a cash headcount, maintenance Based of the our Total in including XXXX $X.X XXXX. the expenses The cash issued release as increased as management which Loss over increase resources year in by working ongoing of third for hello, the XXXX expansion expenses third to quarter. the Tony period R&D press from the was of $X.X compared salary the in commercialization our charge of due was quarter the of a same marketing decrease due to in XXXX cases. compensation, financial million $X.X quarter benefits compared the year-over-year in costs improvements equivalents, higher period lower quarter lower the believe profit some capital planning. the primarily loss in same XXXX. was third in $X.X current which in and higher our higher costs was an period. the million and that expenses elective $X.X to improvements pandemic requirements, outside million the million stock-based a operations primarily same impacted on period, for in and to and this our increase costs. the of percentage meet quarter $X.X operations development This the from in ended prior which XXXX, and compared will

XXXX of to Now COVID-XX guidance, with our now business, on uncertainty our XXXX turning year the impact due the Tony. continued call from to And I'll continue turn full to with the that, the suspension will guidance. of over we

Tony Koblish

for their times. their back growth up I'll our and thank we work, in through to dedication open challenging everyone and our it I the for perseverance, turn again TELA and sustainable I for this time success to interest thank commitment now Bio. Because for afternoon achieve continue closing, call in long-term. In team Bio confident over Victor will like these TELA and in want the I'm also questions. to of and your would Thanks. your hard

Operator

question Denhoy [Operator Jefferies. line comes from Raj Instructions] Your from the of first

open. Your line is

Raj Denhoy

the I little I reps quarter. I quarter. it said sales think you sorry, now Tony, heard you're Wanted about the to correctly ask in was XX think at ads think you I bit last If XX

to going hiring people that? a I of seems should quarter? it's to that expect here bit And wanted then guess you So picked pace can if up continue we like fourth add into the little you're confirm

Tony Koblish

Raj. just Yes, clarify let me

where got So, right. XX We we've is, carved up plugged talent set in IDN territories, access XX XX out use, GPO to all the Where reps, the and have criteria that XX about is. those based reps only territories maybe and we on right. the

little a to territories the low we're reps. by a of couple So, bit compared

now. really in XXs we're So the right low

our the sort continue get good team to mean, we of thoughtful next of is target to we we're recruitment Our happen pretty about feeling at the - XX strategic sort until about That reps. we're some now of should year. have, reps in right point I started. development really reps to we're point starting a managers out use of the specialists good productivity, the to TELA And LIVE field. and make jump business the figure how the to being that them off primed and get support clinical

footprint adding on chain access, vigilant more this going either growth, hire So, current point it we're I think driving or just of sort seeing. going to number to will with thing early that COVID footprint. and retain hold current reps for And the either on right and supply year. with will like us, But And what next it we feels doing or about feeling at is we're way, will focus allow see the footprint monitor, based to group. and remain the right XX how to right then, faster more the the we'll and to productivity goes we're going, we're then how us where of some with drive doing

Raj Denhoy

Right, not people does sound that add if like did mistaken? it sense. you But makes I'm

Tony Koblish

Yes.

Raj Denhoy

was of It right. end quarter, particularly last

add you did - XX, So even XX?

Tony Koblish

you're think Yes, on I right perfect. Raj Yes, right the yes that's money.

Raj Denhoy

want just in last curious terms Okay. much quarter, in appreciate of I in a And quarter? to you I the as little gave you of but the the give us progression kind quarter, of bit fourth terms monthly I'm believe don't

Tony Koblish

Yes.

Raj Denhoy

How we expectations? that increasing? you just long-term softness the the really of near-term kind are and the are of seeing it calibrate story, sort mean, I things any case now kind are remains growth of short-term it I volumes so shaking but can not realized out?

Tony Koblish

that interesting that's to question we're Yes, figure trying out ourselves. an

the quarter The back case If look basis. that have at a QX, in the is snapped which And revenue. that about in quarter coming was month QX XX% September, normal of in of XX% the been seems biggest QX, more the historically to to off anomalous last you quarter, cadence quarterly right highly a to exactly QX. a of to contribution month-by-month on has

ups of a per in to that month. In market had normalized interesting the We felt it's with sort downs we've It a that and we very of QX, the regionally So patchiness. normalized, we're set COVID dealing had normalized seen, than cadence due through certainly similar Hopefully, procedures. see normality ball different mark the of our October of COVID a month was right. But whole in and been Christmas. middle in a first terms never game, we situation holidays, quarter hitting and the in the well. performance I've Thanksgiving other

If you last business, park at ball year couple that though our December, immature even of November, somewhere look we October, month. months our were best our tend years, historically the of to be best in that

But as it's we QX far, So, but I see so this effect how into good before, Midwest, do this we're going think upper growing. said Raj. baked strange out Midwest but keep well, thing feels we're with we're is agile, I believe right the this some nimble, be we But like can shifting, we we're mobile, now, be constantly to the a and little that's figure patchwork keep holidays to where so able to the seeing I it particularly should impact. like that up,

Raj Denhoy

in Understood, offer, So, mean right? soon? and maybe new terms just lastly, of be to that I anything contracts pending that could GPO might any just you we anything hear or about anytime access, want

Tony Koblish

a there's Yes, HealthTrust. as right. big so not comes, when process. the they're hand terms there the on that we're ready you know in big We've work others time in couple And many GPO got to is one of not going players, the yet GPO the big of

and we're it's the working. IDN's grinding So at away

within the at up performance HealthTrust here, contribution doing we're If what of you and the look accounts. we're

- ago, somewhere you compare in and XX. HealthTrust between the accounts, in QX, XX XX if down were we and had year a we I think

we So, even XX% business making and little went about QX year-over-year. accounts in the due XX%, to a all are HealthTrust now COVID bit we're though sideways of like well over up traction right our looking

of contributors And Raj, our So final sort getting. those rest you even not still GPOs, difficult supply look They're work is then of down at the of have to and to from, though been but the XX% which business it's all if big IDN good and IDNs we've piecemeal. improvement. a knocking that seen on our contracts, we're traction getting we business XX% from is chain,

right knock up all is So the busy against plan and premier best can, that the the now is, to and happening we HealthTrust and execute IDNs those guys, what's ladder down exactly and right now. that's

Raj Denhoy

Perfect. Thank you.

Tony Koblish

Raj top those up contract our and Yes, do IDNs ladder just to to that bit of about color XX% extra national GPOs. finish little XX

out or hook So like, getting systems I are feel crook. across all different we're by there, the by there, that

Operator

of O'Brien comes question Sandler. Piper line from the Matthew next Your from

proceed. may You

Matthew O'Brien

just thanks more, the last just bit supply hospitals. far be aware so should question of folks, are guess into or Can really for taking we of? can't the you that something access OviTex little Raj's Yes merits on the a at can't I as on chain elaborate is follow-up the what else there challenges get questions. to CDs you as you sell

Tony Koblish

availability and as that not distraction. executing, right, impossible, it's not can It's but not ideal, it's it's we're It's just not complicated, ideal, see, right. you

the have deeply which from come load, you, with program they engaging just seen, either TELA and home for presenting what working surgeons is have LIVE employees to some for but we've So, a working. cases, we the like back, in

important. of logistics, have the into our with if program, engage supply to COVID, folks, service reps a get the We predates BXB allows super customer use also, And the hospital. which us to people, and which can't becoming is, chain that super, team

a that's to clinical Reps some aren't if to seeing a So, different story. just be got they've encouraged there in hospital, situations do stuff. administrative particularly the to we're for reason where non-essential be personnel,

zoom the usual tools. is by So, BXB program, we're email which calls employing all by virtual by mostly our

not would ideal. force, a say, working, it's not but it's it's it's more, bit So I frictional

if in in are a large its employee you supply fractured easier across principle, Matt incumbent of to deal right base with sort I think a chain.

it you a flexible, but tougher. time, more it's that working, some are, we a And a just to little our bit be which hernia mean, and little relentless, more product on bit right. established little on If the just we a does side. got I more and we're newcomer, takes can, range, persistent, it's are and you have impact friction, that

establishing PRS are So, on product usage, able and we drive programs we that where we're side, our still deeper access have the newer and are. we're more live on where range. penetration Whereas to ourselves,

of probably with go bigger doing it on little through impact than we're has of a bit hernia. PRS, more that. to newcomer friction little on So this a versus I although does have concept that incumbent a probably, we well PRS, think But

Matthew O'Brien

And that of revenues question, is may XX% a a costing what kind Okay. it be an may is of in unanswerable there you quantify quarter? this but to way be

Tony Koblish

- Yes, we've I quantify plus are right. I right. know. think that. I feel XXXX I don't hired XX, in it It's right, of new that costing the percent hard it's mean, I frustration, revenue, I have see what's working, to working XX Because I feel and like reps us is

to getting, on it The And we surgeons get So to XXX%. productivity want more monthly got that's what a see, working we we through we've they're see can run up is want program. quickly. see basis the their that right, live we've, productive these programs, XXX live reps

I'm told market to memory. the frictional our to we that more, doing? say in our do and and have doing were right, there say in normalized and establish what but better this I'll success. to you situation everything forces to if the team, we'll and is think the I and we was field just normal continue it's COVID is going And good we're company, So, just and could If grow job everyone, no having what past mindset, playing out we're off becomes matter that. better ease the and as in the situation we be

doing how possible. more. So know exactly more not could it's yes, be we much don't We

Matthew O'Brien

Okay.

Tony Koblish

we for could sure. be But I like feel

Matthew O'Brien

[you I see Okay. to good it's guess Well, handily, got mean number and beat that I you three]? so

Tony Koblish

Yes.

Matthew O'Brien

slowing to Yes, down, like right work is there, these [technical and it pretty difficulty] doctors LIVE just so is given guess are that busy. back probably Tony TELA I seems

got increasing. kicking You far of headwinds, these some COVID as still as its

in a to hospital going And so more and challenging? getting side it's but to than access the Is there on going is to just anything be hole transient probably more you to be there or going you is be to case? be have your the momentum just as of ability if that environment so business, that grow the kind really much don't adjust will this

Tony Koblish

these I TELA so I moving. No, LIVE think don't think can get programs we

little, there cost the them, technologies, there's not for slowed a out has particular cadence new Our and hospitals savings. there's interest, interacting, of and down but we're need plenty products that we're doing within still for still much, there's a need a

right of cognizant the a So, opportunity, did are cognizant And plastic and we problems we are this our coming And at the XX% plastic fully right are different in survey just this, this that perceptions, so risks XX% product the of associated have the right. mesh, with look with time straight mesh. permanent that's of we many to at surgeons for of mentioned up reasons. and and take the patients,

the So, leadership know surgeons, as the the present in more early and ability say programs, about really aggressively repair the a serves we when with and that, and go past. the being that it's of of understanding live including stages to repair of attractive. we these than team, interacting research market we permanent I we're as benefit have have pretty have forward. we could upsides myself downsides in the on senior it And plastic natural much can, natural you the we're And

So, confounding and and in there downs many, and ups is calls this. so puts

as penetrating on the get bang, the be contact us don't the spend continue is And to going we're robotic plane, - surgeons, into can And think with live certainly in LPR for PRS and go forget, XX us to we driver procedures. move forward don't a great the with upside still forward. of the minutes that. I growth think have they programs can I we they a the direct to with

to have all factors good be lot that a should and overcome and that's for. there's what So tools together, coming we chop are playing able we're the that that of,

Operator

comes Our from Rose Canaccord. Kyle next from question

You may begin.

Kyle Rose

questions So, a run here. I of down wanted couple to just

You the simple the then about want how understand hernias versus helpful? of - robotics can a and perspective, hernia into in maybe from how translate talked But realistically perspective, just in positive. help civil to that's beginning, market think use if does the you the now And from had be at could more that breakdown obviously, of LPR just very the also, hernias understand does the just more use to revenue that robotics maybe you us the repair a in you future? OviTex much overall broadly, versus you access from a level, high will PRS how

Tony Koblish

All with question right, last let's first. start the

of the it's I know sort on that products. it's a way to little it right, And we're with still of XX/XX the is a going side, that I've say PRS we're profile a out going show going through, forward. going that will little But to revenue about unit higher. that kind favor report we'll, going in me we're It's the is our different PRS. traction bit well versus of other we is early, on So been running higher in so a basis, but hernia even adoption come, and grow, PRS to ASP

of hernia the type type invasive. needs now, every patient on right our positioned market. of do and preference, be Satisfy think portfolio has every hernia side, every Kyle technique, of type both anything to everything never surgeon the in better able been minimally open and I and to

lot between those or and Our and lot are think inguinal inguinal A of XX% hiatal simple hiatal repair of I to it ventral like, starting robotic. inguinal between hiatal running on are XX% split but looks are is XX% side and somewhere hernia the turn between about and procedures, so are And procedures for the a the robotic. those procedures. those of us ventral hernia to growing

primarily, use, a synthetic as I probably natural simple Kyle, us you're have the talking right. that other permanent not, we it's you OviTex in for think the hard procedure, about whenever with mesh about of with a more on. what the So, displacing other going often robot being That's hear use robotic used product just type gets a to proxy robot products of repair very used than, ease than

proxy coming So for our replacement. XX%, open is the of growth procedures and plus, that running rest on with about robotic statistics, pleased a XX% being being XX% at procedure little look we're robotic robotic. with and bulk those between over QX synthetic LPR. if we're really the and being laparoscopic And XX% quite the It's you of split

we I answer it's So, with of question? repair of natural robust plastic a permanent say have platform usage across mesh. our to very have would and think been, procedures robotic, that fair most those the Does

Kyle Rose

does, absolutely It very that's helpful.

now? to the what early and to the dabblers the here and watching you're it more color the implant additional appreciate what or stands of then from you wanted as lagging the into from more kind We've Do - I pent-up mean market people that the companies think recon reconstruction the and potentially from I or the then more of you're to recovery the or your than one it thus come I that a is is some could of happen, and PRS. So customers? market they talking health there. demand what ask just two market, add Are just help comfortable? seeing augmentation feedback call understand adopters the overall it's we'll when cases us some status about heard far? standpoint, trying of the one results to are market, relative more specifically Maybe just breast

Tony Koblish

early small way so through our this we're Yes, adoption basis percent as a still no we're working that, phase. just

augmentation, process. So, at surgeon-by-surgeon doesn't this the still through us really, the to point. fact that mean methodically it We're lags working much

now, in different product think really I attractive, of of the I right the very the terms that it interesting, and price with where type stretch, we the fact that's, I it's offers product, the very and use, a great control, support think, ease experience. Certainly unique and also the early feedback point is is, it's think, attractive. of are

limited the that we're that a even XX early think the they new users. users results XX in robust stages to starting increase of are that and - we of guys few expand of We the out have I and and will pretty or XX that to, mix or as to probably range - from go between, the forward. do physicians monitor rollout. seven then guys their do jump came number wide with And XX a

confidence in in So, be terms we're plastic we should right of, everyone and gaining program. where reconstruction

Kyle Rose

we'll Next growth? few quarters see

Tony Koblish

few slow right? the We over in mantra QX, and PRS We slow and steady. that's our but steady growth it's best make this so had next had, units the with quarters. but growing, see we'll Yes, dollars sense,

Operator

Our JMP Instructions] next from will question line Turkaly come of the Securities. [Operator Dave from

begin. may You

Dave Turkaly

I'm any if How think bit pricing might in the strategy. you love to little comment on thoughts working this current wondering ASPs and environment, you sort commentary overall, then that's Tony, a there? hear any of on

Tony Koblish

have of HealthTrust little tick as ASPs fairly grows, too couple the years. our outside up I grows mean, the a discounting probably been consistent, in over have We I magnitude. of and say, percent a nothing of terms crazy of in Yes, of would bit the last but

not priced I it value it's product So, we discounting. we whole of high-performance And, with proposition, range very good clinical a our a to data. think particularly our priced right, be requiring ton

have We within itself portfolio right. a pricing the array wide Dave of

little of our And ASP last, those. into over has - the and technology we say a I On level, still consistent priced ASP much pick that all level replacing think fairly good is ridiculously, the been the to priced blended plastic not year think encourage, bit can technology right. for highest proposition about lower, or so in to pretty I so. So, we We usage high-volume LPR value product lowest range $X,XXX provide those the and the but it, we can basis, a not feel or different hospitals, our the lower. too

have we flexibility. So, some

I to we ASP sweet technology think different have spot. the we be hitting that, and seem had levels,

Dave Turkaly

had. little territories, talked I a bit a the than slightly that maybe know, million-dollar you and more Great maybe about and in that, handful, you past

mall the mean, areas thoughts - You we quarter, you where is in this I mean have guess XX. on I they those target ads are that a the guess some like, go? ads that made at for big the I I can look as

Tony Koblish

an I I right. rep that's $X on standard, got the to basis. pull Yes, mean million every annualized mean,

and that Before reps about happened, that we that's were running $X we $X COVID - million handful had million reps. were we XX were reps, a were running

run proof So to with the I performers it. But there's think reps in all of some can which this year. some there million rep do hired new haven't, have, COVID that we top back, our of have tells you patchiness. interesting pre added, which speaks the gotten is rates, What's we've and nature $X not

our revenue is think or were now, on right reps XX% I XXXX. of in so coming from that brought

live got we've perfect were. that data So, they be virtual or program, maybe better sense, three Dave, success click because that and historical to free where have that guys appear the field But they're quarters and they the and of two and is of perfect access, power here. growing, we don't the the doing, easy to stuff makes at playing the BXB starting got speaks hospital to better come everything we're street together access, because And at level. ahead our

to we doing we're so XXXX, So able far in productivity be and should it. drive, that

attainable are reps very product very, new this very on set. bringing attainable with So

Operator

to over showing to I'd [Operator the at for remarks. closing any Instructions] And not Tony questions this any call I'm time. like turn back

Tony Koblish

Victor. you, thank right All

market. feels going get clear on But we us. we're you, catching with the So We gives today. a thank for market free wish to the following really I whatever had us. our appreciate everybody, good. Business is piece and us call strong,

forward a lot. look to Good and you thanks night. next we meeting time So

Operator

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

You disconnect. may now

TELA Bio (TELA) 11 Nov 202020 Q3 Earnings call transcript