TELA Bio, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Telebio First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Louisa Smith from the Gilmartin Group.

Thank you, Michelle, and good afternoon, everyone. Earlier today, Telebio released financial results for the first quarter 2024. A copy of the press release is available on the company's website. Joining me on today's call are Tony Koblish, President and Chief Executive Officer, and Roberto Cuca, Chief Operating Officer and Chief Financial Officer. Before we begin, I'd like to remind you that during this conference call, the company may make projections and forward-looking statements regarding future events. We encourage you to review the company's past and future filings with the SEC, including, without limitation, the company's annual report on Form 10-K and quarterly reports on Form 10-Q, which identify the specific factors that may cause actual results or events to differ materially from those described in these forward-looking statements. These factors may include, without limitation, statements regarding product development and pipeline opportunities product potential, the impact of various macroeconomic conditions identified in our filings, the regulatory environment, sales and marketing strategies, capital resources, or operating performance. With that, I will now turn the call over to Tony.

Thank you, Louisa, and good afternoon, everyone. Thank you for joining us for Telebio's first quarter 2024 earnings call. In this call, I'd like to highlight some critical milestones we hit in the quarter as well as update you on our continued strategic progress and ongoing growth opportunities. We've started the year off strong. First quarter revenue was 16.6 million, representing 39% growth over the same period in 2023, and our 13th consecutive quarter with growth of 35% or greater. We are capitalizing on the considerable momentum we generated in the fourth quarter, and our business is firing on all cylinders. As you will hear today, we are benefiting from the recent enhancements to our commercial team in addition to some key product launches that will enable us to drive significant growth through the remainder of the year. In April, we launched Ovitex IHR, a trocar compatible next generation soft tissue repair platform designed for inguinal hernias, specifically for the use in laparoscopic and robotic assisted procedures. Just like our other Ovitex devices, Ovitex IHR utilizes layers of ovine or sheep rumen embroidered with just enough polymer suture to provide additional strength and performance. All Ovitex devices are designed to leverage a patient's natural healing response, facilitate tissue remodeling, optimize strength, and minimize the foreign body footprint of synthetic polymer. IHR is available in three configurations and will complement our existing product portfolio and allow further penetration into the inguinal market, which has traditionally been dominated by permanent synthetic meshes. The initial response has been phenomenal, with debuts of the product at two recent industry events, the Intuitive Surgical Connect meeting and at the Society of American Gastrointestinal and Endoscopic Surgeons, more commonly known as SAGES. There are now 35 published or presented works demonstrating Ovitex's clinical efficacy in hernia repair. This includes a study led by Dr. Paul Zotek exhibiting a low recurrence rate of 1.2% across 259 patients who underwent robotic inguinal hernia tap repair using the rebar technique with an average follow-up of 1.5 years. Our medical training efforts are as robust as ever. In Q1, we educated more than 250 surgeons globally through telebio labs and other peer-to-peer training. with an emphasis on the use of Ovitex in minimally invasive robotic cases. This includes comprehensive surgeon VIP visits to our Malvern headquarters, experiences at several of our 14 case observation sites, cadaver labs in the US and Europe, and various other educational sessions. We also have a very busy schedule at industry and society meetings. Through March of this year, in the US, we engage with surgeons at 25 industry or society meetings, focusing on hernia, plastic and reconstructive surgery, abdominal trauma, and GPO purchasing organizations. In April, we had tremendous success at the annual Intuitive Connect meeting where they launched their DaVinci 5 platform, and we were only one of three invited companies who provide mesh for hernia surgery. Our invitation to this meeting was a pivotal milestone in further demonstrating our credibility and growing leadership in the robotic space. At the meeting, we had exposure to nearly 1,800 surgeons and saw tremendous interest in both LiquiFix and Ovitex IHR. Feedback from surgeon follow-up indicates surgeons who attended were impressed by Tela's prominent presence at the meeting. I am also very pleased to announce that in the first half of May, we reached some major implantation milestones. Over 50,000 units of Ovitex have been used in hernia and complex ab wall procedures, with 10,000 Ovitex PRS used in plastic and reconstructive surgery procedures. PRS now accounts for more than a third of TELUS sales, and its revenue grew 54% over the prior year. Of note, the long-term resorbable configuration of PRS, which launched in mid-2023, has grown significantly and now makes up 55% of the PRS portfolio. Further highlighting TELUS commitment to PRS and the opportunity it represents, on April 1st, we welcome Dr. Howard Langstein, the former Chief of Plastic Reconstructive Surgery at the University of Rochester Medical Center as TELA's Vice President of Medical Affairs and Surgeon Strategy. He joins TELA as a member of a strategic team driving awareness of the clinical benefits of TELA's products with surgeons and hospital administrators in the plastic and reconstructive space. On last quarter's call, We were coming to you from our national sales meeting where we launched the LiquiFix suite of products in the U.S., including both the LiquiFix 6-8 Laparoscopic and LiquiFix Precision Open Hernia Mesh Fixation Devices. These products allow for precise mesh fixation while eliminating the risk of mechanical tissue damage from alternative fixation methods such as tacks, sutures, or staples. They are the only FDA-approved PMA liquid adhesive devices for use in affixing polypropylene and polyester mesh in inguinal and femoral hernia procedures, and for approximating the peritoneum. The sales force received hands-on certification for the products at the national sales meeting, and we have seen tremendous interest at industry meetings since then. To date, over 87 surgeons have been trained on LiquiFix, and the product represents yet another addition to our complementary suite of products, that elevate Tela to top of mind within the surgeon's choice of offerings. We are driving awareness and expanding market share with the reach of our portfolio and are committed to offering premier products in the surgeon preference driven markets of hernia repair and plastic reconstructive surgery. I'll now turn the call over to Roberto for an overview of our financials.