TELA Bio, Inc.

Welcome to Telebio's second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. To remove yourself from the queue, you may press star 1-1 again. As a reminder, this call is being recorded. I would now like to turn the call over to Louisa Smith from the Gilmartin Group. Please, go ahead.

Thank you, Lateef, and good afternoon, everyone. Earlier today, Telebio released financial results for the second quarter, 2025. A copy of the press release is available on the company's website. Joining me on today's call are Tony Koblish, Chief Executive Officer, Jeff Blizzard, President, 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 Forms 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 like changes in surgical procedural volumes, the regulatory environment, sales and marketing strategies, capital resources, or operating performance. With that, I'll now turn the call over to Tony.

Thank you, Louisa. Good afternoon, and thank you for joining Telebio's second quarter 25 earnings call. I'll begin the call with the usual quarterly review covering key performance drivers, followed by Jeff Blizzard, our recently appointed president, sharing his initial observations from his first few months and outlining his objectives for Telebio's future commercial strategy. Roberto will then provide more detailed financial analysis and our outlook for the remainder of the year. Finally, I'll provide some closing remarks before opening the floor for questions. Turning to our results for the quarter, Q2 set a new high-water mark for TELA as the first quarter to exceed $20 million in revenue, stemming from the highest global unit sales in the quarter across all product categories. Our Ovitex reinforced tissue matrix portfolio for hernia repair and abdominal wall reconstruction continues to scale with over 73,000 units sold across the US and Europe from launch through July. The Ovitex PRS portfolio for plastic and reconstructed surgery has scaled to more than 16,000 units sold in the US from the launch through July. We're also accelerating our progress in driving greater adoption and brand recognition in minimally invasive procedures particularly within the inguinal hernia repair market. In 23, we began our partnership with Advanced Medical Solutions to bring their Class III FDA PMA-approved LiquiFix non-penetrating fixation technology to the U.S. market. As of the end of Q2, we have secured contracts with three major national GPOs to further improve market access for LiquiFix. Notably, two of these GPO contract awards recognize the unique profile and patient benefits of LiquiFix by awarding it an innovative technology designation. We saw year-over-year LiquiFix revenue growth of 121% this quarter and expect increased market access to contribute to further growth in the future. Similarly, Ovitec's IHR continues to gain traction in inguinal hernia repair. Since its introduction in April 24, The quarterly revenue specifically attributed to our Ovitex IHR SKUs has grown 322% compared to Q2 of 2024 and 29% sequentially over Q1 sales. We announced the European commercial launch of Ovitex IHR in June and continue to anticipate further growth within the portfolio. Switching gears, I want to take a few minutes to discuss an important and exciting addition to our company's management team. In June, we appointed Jeff Blizzard as president to lead the commercial organization. He brings a wealth of experience in med tech and a track record of delivering predictable growth. Jeff was most recently the global head of surgical sales at Aviomed, a role he held ahead of and through the company's acquisition by Johnson & Johnson. Under his leadership, the surgical division of Aviomed grew substantially over multiple years. Jeff also brings extensive European market experience to TELA, which will be critical for executing our international expansion strategy. OUS is a great growth opportunity for us, and European sales grew 25% over Q2 last year, driven by 29% unit growth, demonstrating robust and sustained expansion across the region. In July, we were awarded a four-year framework agreement with the National Health Service, or NHS, in England. This prestigious agreement enables the purchase of OVETEX through the NHS national catalog and represents a key step forward in our international strategy and an opportunity to drive additional revenue contributions through OUS sales. The second quarter was also marked by several key publications and surgeon presentations highlighting the value of the Ovitex and Ovitex PRS portfolio, adding to what we view as a growing repository of some of the best clinical data across the soft tissue repair and reconstruction landscape. At the Society of Robotic Surgery meeting in July held in Strasbourg, France, an abstract titled Use of Robotic and Open Approaches for Eventual Hernia Repair, When is the Robot Utilized in a Busy Hernia Center? was presented. This abstract, developed by Dr. Paul Zotek in collaboration with Dr. Bruce Ramshaw of Care Syntax, highlighted data demonstrating lower occurrence rates in the range of 3%. in addition to a favorable complication profile in a real-world cohort of 427 patients who underwent open or robotic ventral hernia repairs with Ovitex reinforced tissue matrix. The study had a mean follow-up of approximately two years for the open cohort and approximately 1.5 years for the robotic cohort. Looking ahead, two Ovitex PRS abstracts have been accepted for oral presentation in the upcoming American Society of Plastic Surgeons annual meeting taking place in October. In addition to these conference updates, two new peer-reviewed publications were added to our clinical library. Doctors David Mathis and Chris Kawatanis published Abdominal Wall Reinforcement Using Ovitex After Deep Inferior Epigastric Perforator Flap in the Journal of Reconstructive Microsurgery. This paper demonstrates the efficacy and safety of Ovitex in retro-rectus abdominal wall reinforcement following deep flap harvest. Ovitex was not associated with increased rates of seroma, surgical site infections, or wound dehiscence when compared to no mesh use and was effective at minimizing the risk of abdominal bulges. Also, doctors Rahim Nasralli and Paul Zotek published ventral hernia repair with onlay placement of biosynthetic ovine rumen is not inferior to retroerectics placement in plastic and reconstructive surgery highlighting no difference in complications and consistently low recurrence rates when looking at the retro-rectus and onlay placement of Ovitec's reinforced tissue matrix. These latest publications and presentations further underscore the clinical utility of our products within the soft tissue and reconstructive markets, along with our commitment to advancing evidence-based innovation. With that, I'll now turn the call over to Jeff to share his initial observations and strategy for the sales process.