TELA Bio Q1 revenue $11.9M (+45% YoY); reaffirms FY2023 guidance $60M-$65M

First Quarter 2023 Financial Results Revenue was $11.9 million in the first quarter of 2023, an increase of 45% compared to the same period in 2022. The increase was due to the expansion of our commercial organization, the addition of new customers, increased penetration within existing customer accounts, and stronger international sales. Gross profit was $7.9 million in the first quarter of 2023, or 66% of revenue, compared to $5.0 million, or 61% of revenue, in the same period in 2022. The increase in gross margin was primarily due to better inventory management practices resulting in a decrease in the reserve for excess and obsolete inventory as a percentage of revenue as compared to the prior year period. Operating expenses were $19.2 million in the first quarter of 2023, compared to $14.8 million in the same period in 2022. The increase was due to higher compensation and employee-related expenses from additional headcount as we continue to expand our organization, along with incre