$TELA
TELA Bio Inc

2023 Q2 Form 10-Q Financial Statement

#000155837023009426 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $14.49M $11.91M
YoY Change 39.29% 44.68%
Cost Of Revenue $4.293M $4.011M
YoY Change 11.33% 24.1%
Gross Profit $10.20M $7.898M
YoY Change 55.74% 57.99%
Gross Profit Margin 70.38% 66.32%
Selling, General & Admin $18.05M $17.10M
YoY Change 22.91% 33.22%
% of Gross Profit 176.93% 216.51%
Research & Development $2.514M $2.052M
YoY Change 19.6% 2.24%
% of Gross Profit 24.64% 25.98%
Depreciation & Amortization $214.0K $120.0K
YoY Change -65.54% 53.85%
% of Gross Profit 2.1% 1.52%
Operating Expenses $20.56M $19.15M
YoY Change 22.49% 29.03%
Operating Profit -$10.36M -$11.25M
YoY Change 1.22% 14.32%
Interest Expense $1.298M $1.246M
YoY Change 38.97% 36.77%
% of Operating Profit
Other Income/Expense, Net -$428.0K -$773.0K
YoY Change -82.91% -24.07%
Pretax Income -$10.79M -$12.03M
YoY Change -15.31% 10.73%
Income Tax
% Of Pretax Income
Net Earnings -$10.79M -$12.03M
YoY Change -15.31% 10.73%
Net Earnings / Revenue -74.44% -100.99%
Basic Earnings Per Share -$0.46 -$0.63
Diluted Earnings Per Share -$0.46 -$0.63
COMMON SHARES
Basic Shares Outstanding 24.45M 19.22M
Diluted Shares Outstanding 23.24M 19.19M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $65.27M $30.12M
YoY Change 135.4% -8.76%
Cash & Equivalents $65.27M $30.12M
Short-Term Investments
Other Short-Term Assets $1.910M $1.619M
YoY Change -17.39% -40.8%
Inventory $14.10M $15.11M
Prepaid Expenses
Receivables $7.894M $6.654M
Other Receivables $0.00 $0.00
Total Short-Term Assets $89.17M $53.50M
YoY Change 95.4% 6.3%
LONG-TERM ASSETS
Property, Plant & Equipment $1.764M $1.695M
YoY Change 3.4% 16.1%
Goodwill
YoY Change
Intangibles $2.309M $2.404M
YoY Change -14.13% 7.95%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.218M $5.286M
YoY Change -8.44% 5.17%
TOTAL ASSETS
Total Short-Term Assets $89.17M $53.50M
Total Long-Term Assets $5.218M $5.286M
Total Assets $94.39M $58.79M
YoY Change 83.87% 6.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.250M $5.216M
YoY Change 0.18% -8.54%
Accrued Expenses $10.80M $9.190M
YoY Change 11.52% 39.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.05M $14.41M
YoY Change 9.38% 17.26%
LONG-TERM LIABILITIES
Long-Term Debt $40.21M $40.06M
YoY Change 1.5% 26.51%
Other Long-Term Liabilities $1.124M $1.178M
YoY Change -15.62% -13.51%
Total Long-Term Liabilities $41.34M $41.24M
YoY Change 0.95% 2927.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.05M $14.41M
Total Long-Term Liabilities $41.34M $41.24M
Total Liabilities $54.38M $55.65M
YoY Change 2.85% 22.79%
SHAREHOLDERS EQUITY
Retained Earnings -$297.0M -$286.3M
YoY Change 17.16% 18.9%
Common Stock $24.00K $19.00K
YoY Change 60.0% 26.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.01M $3.141M
YoY Change
Total Liabilities & Shareholders Equity $94.39M $58.79M
YoY Change 83.87% 6.2%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$10.79M -$12.03M
YoY Change -15.31% 10.73%
Depreciation, Depletion And Amortization $214.0K $120.0K
YoY Change -65.54% 53.85%
Cash From Operating Activities -$11.26M -$11.57M
YoY Change -3.61% 10.97%
INVESTING ACTIVITIES
Capital Expenditures $157.0K $115.0K
YoY Change -178.5% -65.77%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$157.0K -$115.0K
YoY Change -21.5% -65.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 46.41M -235.0K
YoY Change 598.09% 60.96%
NET CHANGE
Cash From Operating Activities -11.26M -11.57M
Cash From Investing Activities -157.0K -115.0K
Cash From Financing Activities 46.41M -235.0K
Net Change In Cash 34.99M -11.90M
YoY Change -767.96% 8.98%
FREE CASH FLOW
Cash From Operating Activities -$11.26M -$11.57M
Capital Expenditures $157.0K $115.0K
Free Cash Flow -$11.42M -$11.69M
YoY Change -0.57% 8.57%

Facts In Submission

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10915000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42019000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43931000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30124000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33016000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
1099000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
733000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
18000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
16000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1374000
CY2022Q1 tela Tenant Improvements And Deferred Rent Exchanged For Operating Lease Liabilities
TenantImprovementsAndDeferredRentExchangedForOperatingLeaseLiabilities
380000
CY2022Q1 tela Operating Lease Obligation Assumed
OperatingLeaseObligationAssumed
1754000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-286300000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3085609
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant judgments are employed in estimates used to determine the recoverability of the carrying value of the Company’s inventory. As future events and their effects cannot be determined with precision, actual results may differ significantly from these estimates.</p>
CY2023Q1 tela Incremental Costs Of Obtaining Contract
IncrementalCostsOfObtainingContract
0
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11909000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8231000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
270000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
366000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
375000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
383000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
392000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
164000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1950000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
430000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1520000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
300000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1200000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.44
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4497000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6420000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2662000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2563000
CY2023Q1 tela Accrued Expenses Amount Due To Contract Manufacturer
AccruedExpensesAmountDueToContractManufacturer
1435000
CY2022Q4 tela Accrued Expenses Amount Due To Contract Manufacturer
AccruedExpensesAmountDueToContractManufacturer
1263000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
342000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
340000
CY2023Q1 tela Research And Development Expenses Payable Current
ResearchAndDevelopmentExpensesPayableCurrent
98000
CY2022Q4 tela Research And Development Expenses Payable Current
ResearchAndDevelopmentExpensesPayableCurrent
137000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
156000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
146000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9190000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10869000
CY2023Q1 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
2000000
CY2022Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
2000000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1937000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2084000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
40063000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
39916000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M13D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2222424
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
88556
CY2023Q1 tela Equity Incentive Plans Number
EquityIncentivePlansNumber
2
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1128000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
901000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2071848
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.49
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
180800
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.53
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
9922
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.44
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
20302
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.77
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
11.44
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y25D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1354140
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.34
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y25D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
60000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.736
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0404
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M3D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
295650

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0001558370-23-009426-index.html Edgar Link pending
0001558370-23-009426.txt Edgar Link pending
0001558370-23-009426-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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tela-20230331.xsd Edgar Link pending
tela-20230331x10q.htm Edgar Link pending
tela-20230331xex31d1.htm Edgar Link pending
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tela-20230331x10q_htm.xml Edgar Link completed