Q1 Beat Driven By Intl Sales; FY Guidance Still Implies a Steep Back-Half Ramp

研报英文原文证据摘录

Q1 Beat Driven By Intl Sales; FY Guidance Still Implies a Steep Back-Half Ramp

C O M PA N Y N O T E

M a y 1 2 , 2 0 2 6

TELA Bio, Inc. (TELA) Neutral

CONCLUSION PRICE: US$1.02

This afternoon, TELA reported Q1 results consistent with its pre-announcement and TARGET: US$1.00

modestly ahead of prior guidance, though the beat was driven entirely by international ~0.6x EV/FY26E sales assuming ~16M net

sales rather than domestic commercial execution. Management reiterated its full-year sales debt and ~57M shares outstanding

guidance, which assumes a steep-back half acceleration (which we view as achievable

but not a layup). Notably, management highlighted that a substantial portion of the sales Matt O'Brien

Sr. Research Analyst, Piper Sandler & Co.

team will reach their six-month tenure mark near the end of Q2 which is historically when 312 267-5080, matthew.obrien@psc.com

the company sees a meaningful inflection in rep productivity and should contribute to Samantha Munoz, Ph.D.

sales acceleration in the back-half of the year. Lastly, management highlighted the recently Research Analyst, Piper Sandler & Co.

announced board shake up emphasizing the incoming directors' collective experience that 212 284-9342, samantha.munoz@psc.com

directly aligns with TELA's next potential phase of growth. We continue to view TELA's Anna Runci

products as best-in-class, but ultimately think there's still a meaningful amount of execution Research Analyst, Piper Sandler & Co.

work still ahead. We reiterate our N rating. 212 466-7905, anna.runci@psc.com

Changes Previous Current

• Q1 Top-Line Beat. This afternoon, TELA reported Q1 results with sales of $19.1M (+3% Rating — Neutral

y/y) that were ahead of our $18.5M target and the company's prior guidance. The beat Price Tgt — US$1.00