TELA Bio, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Telebio fourth quarter and full year 2025 earnings conference call. At this time, all participants are in listen-only mode. A question and answer session will follow the prepared remarks. As a reminder, this conference call is being recorded. I would now like to turn the conference call over to Louisa Smith from Invest Relations.

Thank you, Jonathan, and good afternoon, everyone. Earlier today, Telebio released financial results for the fourth quarter and full year ended December 31, 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, Roberto Cuca, Chief Operating Officer and Chief Financial Officer, and Jim Hagan, Senior Vice President of Strategic Operations and Marketing. 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 10Q, which identify the specific risk 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, pipeline opportunities, sales and marketing strategies, and the impact of various additional risk factors as identified in our regulatory filings. With that, I'd now like to turn the call over to Tony.

Thank you, Louisa, and good afternoon. Thank you for joining Telebio's fourth quarter and full year 2025 earnings call. For today's call, I'll open with a summary of what we accomplished in 2025 and thoughts on our forward-looking strategy. Jeff will then walk through the foundational changes we implemented in the commercial organization and how we anticipate they will impact our future performance. Roberto will review our financials, and then we will open it up for Q&A. 2025 and the third and fourth quarters in particular were periods of meaningful strategic change across the entire organization. Following Jeff Blizzard's appointment as president in June, we undertook and executed a significant rebuild of Telebio's commercial foundation while maintaining our commitment to improve our operating discipline and continuing to advance our pipeline strategies. We made meaningful changes to the U.S. commercial organization while delivering 16% full-year growth and achieving record fourth-quarter revenues. The ability to maintain that momentum while executing such fundamental change in the organization is a testament to the caliber of our team and the value proposition of the Obatex product portfolio. We enter 2026 with the largest, most effective field team in the company's history and a commercial strategy designed to drive durable, predictable growth. Demand for our products remains strong, and the opportunity in hernia repair and plastic reconstructive surgery has not diminished. The foundational changes we undertook in 2025 were aimed at ensuring we have the commercial infrastructure to consistently and effectively capture that demand. Revenue growth in 2025 was fueled by strong performance in our European business, further adoption of our IHR, LPR, and Liquifix product lines, and the continued contribution of our tenured reps in the US. The strategic investment we have made in high-caliber candidates with the right profile has been an underlying tenant of the commercial rebuild. A meaningful portion of our approximately 90-person sales force is still early in their tenure, with 40% of the reps having joined TELA in the last six months. This has not been a function of rep turnover, but rather an investment in commercial expansion and in recruiting talent with the right profile for the sales model we are building. We already see the newest reps meaningfully outperform their predecessors in the early stages of their onboarding, and we are encouraged by their promise to execute our commercial strategy more effectively. In the fourth quarter, we accelerated efforts to bolster our U.S. commercial team by advancing recruitment to meet our sales headcount target, and by putting the infrastructure in place to support those new hires. That included investing in training, rolling out new sales enablement tools, launching a new US sales leadership structure, and redesigning the 2026 compensation plan to align with our growth strategy and expectations. Heading into 2026, we are focused on two strategic growth priorities. First and most importantly, we are committed to sustaining the momentum we achieved in 2025 and achieving further U.S. and European sales growth through improved talent, processes, and commercial leadership. Jeff and his team have made incredible progress so far, and this will continue to improve as the new commercial organization matures and tenured sales reps begin to hit their stride. Again, I'll let Jeff provide further detail on the specifics, but I'm confident in the new commercial foundation we have laid And second, we have been and will remain hyper-focused on offering the best soft tissue reconstruction product portfolio on the market. Product innovation is at the core of Tela's identity, and we anticipate announcing additional product launches throughout the year to drive greater share gains in the expansive U.S. market. Demand for our innovative solutions is there, and I believe we have built a commercial infrastructure supported by an expanding portfolio that can consistently capture that demand. To that end, we were pleased to announce the promotion of Dr. Howard Langstein to Chief Medical Officer effective March 1st. Howard joined TELA nearly two years ago and has been instrumental in how we engage the surgical community. With over 30 years in plastic and reconstructive surgery, he understands this market from the inside out, the procedures, the unmet needs, and what surgeons are looking for. As TELA's CMO, he will drive surgeon awareness, support clinical education, and help generate, disseminate, and translate growing body of data behind Ovitex into a broader market understanding and acceptance. On the European side, our teams are stable, tenured, and delivering above plan. The competitive market in Europe differs from the US with pricing and the bundling dynamics, and we are encouraged to see rapid adoption of Ovitex in the UK and the Netherlands. We are winning share based on patient preference and the efficacy of our products in these markets. not because of pricing discounts or volume requirements set by hospital administrators. Moving forward, we have a purposeful investment plan to expand our presence within continental Europe and see it as a meaningful contributor to growth in the coming years. Overall, Q4 results reflected a commercial organization in transition, but we remain proud of all this team has and will continue to accomplish. We executed a major commercial upgrade in the back half of 2025 while simultaneously achieving several other key milestones for the company. In that six-month period, we launched Ovitex LTR, a new addition to our portfolio that offers durable support during healing and provides surgeons with a tissue-based alternative to synthetic mesh. We enrolled the first patients in our hiatal hernia trial, ECHO, which will strengthen our clinical evidence base and deepen our access to alternative surgeon call points in a primarily robotically performed procedure. We reinforced and upsized our debt facility, strengthening our balance sheet for the road ahead. And finally, we upgraded our board of directors with new expertise. In summary, 2025 was a year of deliberate foundational change that required discipline and conviction. That is behind us, and we enter 26 with our eyes towards the future. With that, I would now like to turn the call over to Jeff for a more in-depth review of our commercial strategy and restructuring. Jeff?