TELA Bio Inc (TELA) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the TELA Bio first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，下午好，歡迎參加 TELA Bio 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to Louisa Smith from Gilmartin Group.

現在我想將會議交給 Gilmartin Group 的 Louisa Smith。

Thank you, Gerald, and good afternoon, everyone. Earlier today, TELA Bio released financial results for the first quarter 2025. 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.

謝謝你，傑拉爾德，大家午安。今天早些時候，TELA Bio 發布了 2025 年第一季的財務表現。新聞稿副本可在該公司網站上查閱。參加今天電話會議的還有總裁兼執行長 Tony Koblish 和營運長兼財務長 Roberto Cuca。在我們開始之前，我想提醒您，在本次電話會議期間，公司可能會對未來事件做出預測和前瞻性陳述。

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, like changes in surgical procedural volumes, the regulatory environment, sales and marketing strategies, capital resources or operating performance. With that, I will now turn the call over to Tony.

我們鼓勵您查閱公司過去和未來向美國證券交易委員會提交的文件，包括但不限於公司 10-K 表年度報告和 10-Q 表季度報告，這些報告確定了可能導致實際結果或事件與這些前瞻性陳述中描述的結果或事件存在重大差異的具體因素。這些因素可能包括但不限於有關產品開發和通路機會、產品潛力、我們文件中確定的各種宏觀經濟條件的影響（如手術量變化、監管環境、銷售和行銷策略、資本資源或經營業績）的聲明。說完這些，我現在將電話轉給托尼。

Thanks, Louisa, and good afternoon, everyone. Thank you for joining TELA Bio's first-quarter 2025 earnings call. I'll begin by reviewing the quarter and the factors that drove performance, then I'll turn it over to Roberto for a more detailed review of the financials and our outlook, then share some closing thoughts before opening it up for your questions. We generated $18.5 million in revenue during the first quarter, representing 12% growth over the prior year and 5% sequential growth over the fourth quarter of '24. In Q1, we saw strong demand for both OviTex and OviTex PRS Reinforced Tissue Matrix products with revenue for each growing approximately 15% and 2%, respectively, with PRS coming off a particularly strong performance a year ago.

謝謝，路易莎，大家午安。感謝您參加 TELA Bio 2025 年第一季財報電話會議。我將首先回顧本季和推動業績的因素，然後我將把它交給羅伯托，讓他對財務狀況和我們的前景進行更詳細的回顧，然後在回答你們的問題之前分享一些結束語。我們在第一季創造了 1,850 萬美元的收入，比上年成長 12%，比 24 年第四季成長 5%。在第一季度，我們看到對 OviTex 和 OviTex PRS 增強組織基質產品的需求強勁，每種產品的收入分別增長了約 15% 和 2%，其中 PRS 在一年前的表現尤為強勁。

Additionally, we were very pleased with the continued strength in our European business with 17% growth over the first quarter of 2024, reflecting what we believe to be an exceptionally attractive ex-U.S. opportunity for TELA moving forward. Based on this performance, the strong morale of our commercial organization and our continued confidence in their performance, we are reaffirming our 2025 revenue expectation of $85 million to $88 million, representing growth from 23% to 27% over full year '24. Let me provide some more insight into the continuing improvement and evolution of our commercial organization. We've seen real effectiveness from our new territory manager or TM and account specialists or AS structure, which has already yielded quality results and shown signs of further potential upside.

此外，我們對歐洲業務的持續強勁成長感到非常高興，2024 年第一季成長了 17%，這反映出我們認為這對 TELA 未來在美國以外地區的發展來說是一個非常有吸引力的機會。基於這項業績、我們商業組織的高昂士氣以及對其業績的持續信心，我們重申 2025 年收入預期為 8,500 萬美元至 8,800 萬美元，比 24 年全年增長 23% 至 27%。讓我進一步了解我們商業組織的持續改善和發展。我們已經看到了新區域經理、TM 和客戶專家或 AS 結構的實際有效性，它已經產生了高品質的結果，並顯示出進一步潛在上升的跡象。

As of this week, we have 70 territory managers and 22 account specialists across our regions, and we plan to further augment these numbers with particular focus on the TMs, including by fostering talent from within the organization. Our improved training program gives us confidence that all new reps will be able to hit the ground running and contribute meaningfully within the first quarter or 2 of hiring. Year-to-date, we've trained a total of 25 new sales team members comprising 11 TMs and 14 ASs. We have seen very positive results across all of our trainings as we get the new reps into the field and have observed that ASs have shown great enthusiasm in addition to strong product and clinical knowledge based on internal assessments we conduct as part of our enhanced training program. The new structure with ambitious ASs will allow TMs to further expand their networks while simultaneously staying in front of existing accounts and driving sales.

截至本週，我們在各地區擁有 70 名區域經理和 22 名客戶專員，我們計劃進一步增加這些人數，特別關注 TM，包括從組織內部培養人才。我們改進的培訓計畫讓我們有信心，所有新代表都能夠在入職後的第一季或第二季內迅速上手並做出有意義的貢獻。年初至今，我們共培訓了 25 位新銷售團隊成員，其中包括 11 位 TM 和 14 位 AS。隨著新代表進入該領域，我們在所有培訓中都看到了非常積極的成果，並且根據我們在強化培訓計劃中進行的內部評估，我們觀察到 AS 除了擁有強大的產品和臨床知識外，還表現出了極大的熱情。具有雄心勃勃的 AS 的新結構將允許 TM 進一步擴展其網絡，同時保持現有帳戶領先地位並推動銷售。

Furthermore, in the event that a TM departs the company, an in-place AS enables continuity and account coverage, helping ensure customer relationships are maintained and business momentum is preserved. We also continue to see positive dynamics playing out within the broader hernia market with a shift away from plastic mesh and towards more natural repair products. It is to our benefit that the industry is transitioning away from permanent synthetic mesh, and we continue to be strongly positioned to capitalize on this shift. OviTex is equipped with strong and consistent clinical data showing the clinical value of this portfolio of products. And as a result, we continue to gain market traction this quarter.

此外，如果 TM 離開公司，現有的 AS 可以確保連續性和帳戶覆蓋，幫助確保維護客戶關係並保持業務發展勢頭。我們也繼續看到更廣泛的疝氣市場呈現積極的動態，從塑膠網片轉向更天然的修復產品。產業正在逐漸擺脫永久性合成網片的束縛，這對我們有利，我們將繼續保持強勢地位，充分利用這一轉變。OviTex 擁有強大且一致的臨床數據，顯示了該產品組合的臨床價值。因此，本季我們繼續獲得市場關注。

We reached over 69,000 OviTex hernia implantations since inception, and OviTex IHR and LIQUIFIX has seen great momentum with over $1 million each in sales since the launch of 2024. We remain committed to bringing new and complementary products to market, and we recently announced the launch of 2 larger sizes of our OviTex PRS product, which has the potential to simplify more complex plastic and reconstructive procedures. Surgeons will no longer need to feature smaller pieces together for use in larger applications, increasing their OR efficiency, reducing costs and establishing OviTex PRS as a premier repair solution with one of the broadest offerings for surgeon needs. Year-to-date, we have presented the benefits of our products in front of more than 5,000 surgeons globally with deep engagement of more than 1,500 surgeons through 25 industry and society meetings, 2 cadaver labs, numerous educational dinners and webinars, a live surgery symposium and 2 standing room-only industry symposium, one in the U.S. and one in Europe.

自成立以來，我們已完成超過 69,000 例 OviTex 疝氣植入手術，而 OviTex IHR 和 LIQUIFIX 自 2024 年推出以來發展勢頭強勁，銷售額均超過 100 萬美元。我們始終致力於向市場推出新的互補產品，最近我們宣布推出兩種更大尺寸的 OviTex PRS 產品，這有可能簡化更複雜的整形和重建程序。外科醫生不再需要將較小的部件組合在一起才能用於更大的應用，從而提高了手術室的效率，降低了成本，並將 OviTex PRS 確立為首屈一指的修復解決方案，為滿足外科醫生的需求提供最廣泛的產品之一。年初至今，我們已透過 25 場產業和社會會議、2 個屍體實驗室、多場教育晚宴和網路研討會、一場現場手術研討會和兩場座無虛席的產業研討會（一場在美國，一場在歐洲），向全球 5,000 多名外科醫生展示了我們產品的優勢，並與 1,500 多名外科醫生進行了深入交流。

We also hosted our third annual Plastic and Reconstructive Surgery Innovation Summit, bringing together leading surgeons to advance techniques in soft tissue reconstruction. Also of note, we participated in the prestigious Intuitive Connect meeting in April, attended by nearly 1,000 surgeons in our space, where we were headlined as 1 of the 3 top sponsors and 1 of only 14 invited industry attendees. We were also the exclusive sponsor of the general surgeon welcome reception for the meeting, including an OviTex IHR test drive on the da Vinci 5 workstation with Dr. Paul Szotek of Indiana Hernia Center, a long-time OviTex user and TELA Bio key opinion leader and faculty member. Before I turn the call over to Roberto to review our financials, I'd like to address the current tariff environment and our exposure.

我們也舉辦了第三屆年度整形和重建外科創新高峰會，匯集了頂尖外科醫生，共同推動軟組織重建技術。同樣值得注意的是，我們參加了 4 月份著名的 Intuitive Connect 會議，該會議有近 1,000 名我們領域的外科醫生參加，我們是 3 大贊助商之一，也是僅有的 14 名受邀行業與會者之一。我們也是此次會議普通外科醫生歡迎招待會的獨家贊助商，其中包括與印第安納疝氣中心的 Paul Szotek 博士一起在 da Vinci 5 工作站上進行 OviTex IHR 試用，Paul Szotek 博士是 OviTex 的長期用戶和 TELA Bio 關鍵意見領袖和教職員工。在我將電話轉給羅伯託來審查我們的財務狀況之前，我想先談談當前的關稅環境和我們的風險敞口。

As it stands today, there is a 10% tariff applied to products shipped into the U.S. from New Zealand, which is where the vast majority of our products are manufactured. Based on our long-term supply and license agreement, the tariff is shared equally by us and the manufacturer. Because of the relatively modest acquisition prices of our products, we expect that our share of the tariff will negatively affect our gross margin by no more than 50 to 100 basis points. Additionally, we are working with our partner in collaboration to further reduce the tariff impact by shipping products, for example, intended for Europe directly to our distribution facility there rather than via the U.S.

目前，從紐西蘭運往美國的產品需繳納 10% 的關稅，而我們的絕大多數產品都是在新西蘭生產的。根據我們的長期供應和許可協議，關稅由我們和製造商平均分攤。由於我們產品的收購價格相對適中，我們預期關稅份額對我們的毛利率的負面影響不會超過 50 至 100 個基點。此外，我們正在與合作夥伴合作，透過將產品（例如，銷往歐洲的產品）直接運送到我們在那裡的配送中心而不是經由美國，進一步降低關稅的影響。

as we've done historically. I'll now ask Roberto to review our financials in more detail.

正如我們過去所做的那樣。我現在將請羅伯托更詳細地審查我們的財務狀況。

Thanks, Tony. As you mentioned, revenue for the first quarter of 2025 increased 12% year-over-year to $18.5 million, with revenue from OviTex growing 15% and OviTex PRS revenue growing 2% for the year. This growth was primarily due to an increase in unit sales of our hernia products resulting from the addition of new customers and growing international sales. OviTex unit sales grew 29% for the quarter, while PRS unit sales declined slightly 3% for the quarter after an unusually strong first quarter in 2024. Stronger ASP for PRS offset this effect to provide incremental PRS revenue growth year-over-year.

謝謝，托尼。正如您所提到的，2025 年第一季的營收年增 12% 至 1,850 萬美元，其中 OviTex 的營收成長 15%，OviTex PRS 的營收全年成長 2%。這一增長主要歸因於新客戶的增加和國際銷售額的成長，導致我們的疝氣產品單位銷售額增加。OviTex 單位銷售本季成長了 29%，而 PRS 單位銷售在 2024 年第一季表現異常強勁之後，本季略有下降 3%。PRS 的更高平均售價抵消了這一影響，從而實現了 PRS 收入的同比增長。

Gross margin was 67.6% for the first quarter compared to 68.3% for the prior-year period. The decrease was primarily due to excess and obsolete inventory adjustments as a percentage of revenue, which resulted from the introduction of newer generation products this year. Sales and manufacturing -- sales and marketing expense was $16.6 million in the first quarter compared to $17.5 million for the prior-year period. The decrease was primarily due to lower compensation costs from a decrease in headcount and lower consulting and travel expenses, which were partially offset by higher commission expense on an increased revenue base. General and administrative expenses were $3.8 million for the first quarter compared to $3.8 million in the prior-year period.

第一季毛利率為67.6%，去年同期為68.3%。下降的主要原因是今年推出的新一代產品導致過剩和過時庫存調整佔收入的百分比。銷售和製造－第一季銷售和行銷費用為 1,660 萬美元，去年同期為 1,750 萬美元。下降的主要原因是員工人數減少導致的薪酬成本降低以及諮詢和差旅費用減少，但收入基數增加導致的佣金費用增加部分抵消了這一影響。第一季的一般及行政開支為 380 萬美元，而去年同期為 380 萬美元。

R&D expense for the first quarter was $2.5 million compared to $2.4 million in the prior year period. Loss from operations was $10.5 million in the first quarter of this year compared to $4.8 million in the prior-year period. The difference was largely attributable to the recognized gain of $7.6 million from the sale of the NIVIS product line in the first quarter of 2024. Net loss was $11.3 million in the first quarter compared to $5.7 million in the prior-year period, similarly affected by the sale of the NIVIS product line last year. We ended the first quarter with $42.8 million in cash and cash equivalents.

第一季的研發費用為 250 萬美元，去年同期為 240 萬美元。今年第一季的營業虧損為 1,050 萬美元，而去年同期的營業虧損為 480 萬美元。這一差異主要歸因於 2024 年第一季出售 NIVIS 產品線所確認的 760 萬美元收益。第一季淨虧損為 1,130 萬美元，而去年同期為 570 萬美元，同樣受到去年 NIVIS 產品線銷售的影響。第一季結束時，我們的現金和現金等價物為 4,280 萬美元。

We are reiterating 2025 guidance, which anticipates revenues to range from $85 million to $88 million, representing growth of 23% to 27% over the full year 2024. We also expect that operating loss and net loss will decrease over the course of the year and will be lower in 2025 than in 2024. We expect that operating efficiency improvements will result in 2025 OpEx being flat compared to 2024. With that, I'll hand the call back to Tony for closing remarks.

我們重申 2025 年指引，預計營收將在 8,500 萬美元至 8,800 萬美元之間，比 2024 年全年增長 23% 至 27%。我們也預計，營業虧損和淨虧損將在一年內減少，2025 年的虧損將低於 2024 年。我們預計，營運效率的提高將使 2025 年的營運支出與 2024 年持平。說完這些，我將把電話交還給托尼，請他做最後發言。

And thank you, Roberto. Looking ahead in 2025, we are positioned very well coming off of a strong first quarter. After recalibrating our commercial organization to adjust to market dynamics and position us for success moving forward, we have the momentum to continue meaningful growth. OviTex is a truly differentiated solution. And as the world moves away from plastic mesh, TELA is emerging as a leader with a clinically validated portfolio to support that shift.

謝謝你，羅伯托。展望 2025 年，我們在第一季表現強勁，處於非常有利的地位。在重新調整我們的商業組織以適應市場動態並為我們未來的成功做好準備後，我們就有了繼續實現有意義的成長的動力。OviTex 是一個真正差異化的解決方案。隨著世界逐漸放棄使用塑膠網，TELA 正逐漸成為領導者，並擁有經過臨床驗證的產品組合來支持這一轉變。

Finally, I'd like to thank all those at the company who contributed to our success this quarter. Your commitment to increasing utilization of our exceptional products is making a positive difference in people's lives around the world. With that, I'll now ask Gerald to open the line for your questions. Please go ahead.

最後，我要感謝公司所有為我們本季的成功做出貢獻的人。您致力於提高我們卓越產品的利用率，這將為全世界人民的生活帶來正面的改變。現在，我請傑拉爾德開始回答大家的提問。請繼續。

(Operator Instructions) Frank Takkinen, Lake Street Capital Markets.

（操作員指示） Frank Takkinen，Lake Street Capital Markets。

Congrats on a nice rebound and getting back to double-digit growth. I was hoping to ask one first on kind of cadencing of revenue through the back half of the year. Good to see a strong start and good to hear you've got 25 new reps trained year-to-date. But what are really the key factors to continuing sequential growth through the end of the year? And maybe any color on the cadencing of that revenue would be helpful as well.

祝賀經濟強勁反彈並重返兩位數成長。我希望先詢問今年下半年的收入節奏。很高興看到一個好的開端，也很高興聽到今年迄今為止你已經培訓了 25 位新代表。但是，今年年底繼續保持連續成長的真正關鍵因素是什麼？也許任何有關收入節奏的顏色都會有所幫助。

So I'll start and Tony can jump in. So last year, we had a somewhat unusual year with disruptions in the second and fourth quarter. So the historical precedent last year isn't very helpful. But if you look at the 3 years prior, they all have very similar cadences, which we've talked about with investors in the past. So we tend to have a bigger step-up from the first to the second quarter, a smaller step-up from the second to the third quarter affected in large part by the summer holidays in North America and then a bigger step up again from the third to the fourth quarter.

我先開始，然後 Tony 可以加入。因此，去年我們經歷了有些不尋常的一年，第二季和第四季出現了混亂。因此，去年的歷史先例並沒有太大幫助。但如果你回顧前三年，你會發現它們都有非常相似的節奏，我們過去曾與投資人討論過這一點。因此，我們通常在第一季到第二季之間會有一個較大的增幅，在第二季到第三季之間會有一個較小的增幅，這在很大程度上受到北美暑假的影響，然後在第三季到第四季之間會再次出現較大的增幅。

And we expect to see that pattern recapitulated this year coming off of the first quarter that we just had. What drives that cadencing and the growth from quarter to quarter is just continued traction by our reps. All of the reps quotas increase quarter-to-quarter throughout the year. And with the introduction of our new AS class, our associate sales reps, their assistance revenue capture, share capture at practices allows the reps to continue focusing on getting new physicians using the products and driving that growth.

我們預計，今年第一季的情況將再次出現這種模式。推動這種節奏和季度成長的正是我們銷售代表的持續推動。所有銷售代表的配額在全年逐季增加。隨著我們新 AS 類的推出，我們的助理銷售代表、他們的協助收入獲取、實踐中的份額獲取使銷售代表能夠繼續專注於讓新醫生使用產品並推動這一增長。

Yes. I mean I'll add that the AS program, although new, is working quite well in tandem with our territory managers. So I think what you have to think about is if you look at our top 10, top 15 reps that have ASs, their growth is reaccelerating, and they're getting stronger and stronger and stronger. And then the presence of the ASs allows us to deal with what I'll call sort of the natural ins and outs of the sales force much more efficiently without scrambling and without losing coverage. So there's a very strong element of offense capability with the combination of these 2 types of selling entities and also a very strong defensive strategy as well.

是的。我的意思是，我要補充一點，AS 計劃雖然很新，但與我們的區域經理協同工作得很好。所以我認為你必須考慮的是，如果你看看我們擁有 AS 的前 10 名、前 15 名代表，他們的成長正在重新加速，而且他們變得越來越強大。然後，AS 的存在使我們能夠更有效地處理我所說的銷售隊伍的自然來龍去脈，而不會混亂，也不會失去覆蓋範圍。因此，這兩種銷售實體的結合具有非常強大的進攻能力，同時也具有非常強大的防禦策略。

So overall, it just yields for a more stable environment for us to work through for 2025. We had to make a lot of adjustments the last couple of years along the way, and we don't plan on doing that this year. So the name of the game at the street level is stability, adding strength and just driving the message like we know that we can. We feel that our products stand up to the test of time, they deliver, and we just got to keep at it. This is a long process.

所以總的來說，它為我們在 2025 年的工作創造了一個更穩定的環境。過去幾年我們必須做出很多調整，但今年我們不打算這麼做。因此，街頭遊戲的名稱是穩定、增強實力並像我們所知道的那樣傳遞訊息。我們覺得我們的產品經得起時間的考驗，而且效果顯著，我們只需要堅持下去。這是一個漫長的過程。

It's a marathon. It's not a sprint. I know we get measured quarter-to-quarter, but we feel great. And our commercial team, most importantly, feels great coming out of an exceptional performance in Q1, and they have a lot of confidence going forward.

這是一場馬拉松。這不是短跑。我知道我們每個季度都會進行衡量，但我們感覺很棒。最重要的是，我們的商業團隊對第一季的出色表現感到非常高興，他們對未來充滿信心。

That's helpful. And then maybe on the competitive hiring front, obviously, that's what impacted the fourth quarter numbers. Any changes in that dynamic? Have you seen any more of the competitive hiring trying to come into your organization? Or do you feel that's kind of stabilized at this point?

這很有幫助。然後也許在競爭激烈的招募方面，顯然這就是影響第四季數據的原因。這種動態有任何變化嗎？您是否看到更多競爭性招募者試圖進入您的組織？還是您覺得現在情況已經穩定下來了？

And obviously, the AS did insulate some of that, but any color there?

顯然，AS 確實隔離了其中的一些，但是那裡有顏色嗎？

Yes, I'm going to call it stabilized, but I think the real message and description of it is back to a more natural process, right, where the ins and outs are more based on performance and those types of things. Of course, our sales force is super strong. They're probably coveted by many of these companies, but I think we've done a great job of bringing morale back and creating a stable environment. And I'm just going to do a little commercial for this company. This is a fantastic place to work for all of our employees, but especially our commercial employees, right?

是的，我會稱其為穩定，但我認為它的真正訊息和描述是回歸到一個更自然的過程，對吧，其中的細節更多地基於性能和諸如此類的事情。當然，我們的銷售隊伍非常強大。他們可能受到許多公司的垂涎，但我認為我們在恢復士氣和創造穩定環境方面做得很好。我只是想為這家公司做一個小廣告。對於我們所有的員工，尤其是商業員工來說，這是一個很棒的工作場所，對吧？

So we offer products that are game-changing, innovative, backed up and supported by great clinical data. That is a dream for a commercial organization. The products do what we say they will do. We have an exceptional incentive compensation program. The commissions here are best-in-class.

因此，我們提供的產品具有變革性、創新性，並有大量臨床數據支持。對於一個商業組織來說，這是一個夢想。產品確實達到了我們所說的效果。我們有一個特別的激勵薪酬計劃。這裡的佣金是一流的。

So there is a lot of financial success possible for our commercial organization, which is great for them, their career development and their families. So the other benefit is not only is all of that superb, but you look at hernia, for example, well over $1 billion market. And it's a procedure that may be one of the top number -- top for surgical procedures in the world in terms of performing an incidence. And we have an opportunity to be the catalyst for change, right? 80% of the market is still polypropylene mesh, and it's obvious by the large players that they are very anxious and interested in shifting away from that technology.

因此，我們的商業組織有可能獲得很大的財務成功，這對他們、他們的職業發展和他們的家庭都有好處。因此，另一個好處不僅是所有這些都非常棒，而且以疝氣為例，它的市場規模遠超 10 億美元。就發生率而言，這可能是世界上最好的外科手術之一。我們有機會成為改變的催化劑，對嗎？80% 的市場仍是聚丙烯網，從大型企業的情況來看，他們顯然非常急切，並且有興趣擺脫這項技術。

Their solution is a resorbable polymer product. Our solution is a reinforced tissue matrix. So there's only so many solutions in a post or minimal polypropylene market. And it's not every day that you have a great opportunity, great products, great company to work with, but also do something that's right for people, for society, for cost and to change the practice of a very highly performed procedure. And the PRS business isn't that much different.

他們的解決方案是一種可吸收的聚合物產品。我們的解決方案是增強組織基質。因此，在後期或極小的聚丙烯市場中，解決方案是有限的。你並不是每天都能擁有如此好的機會、如此好的產品、如此好的公司，同時還能做一些對人類、對社會、對成本有益的事情，並改變高效執行程序的實踐。PRS 業務也並無太大不同。

It's about a $1 billion market as well. Our products are standing up well. Our clinical data that is emerging there is exceptional also. And there seems to be a great interest in moving away from cadaver skin in that market. There's a lot of interest in resorbable polymers and RTM products like we have.

這也是一個價值約 10 億美元的市場。我們的產品暢銷。我們在那裡出現的臨床數據也很出色。而該市場似乎對擺脫屍體皮膚有著濃厚的興趣。人們對可吸收聚合物和 RTM 產品非常感興趣。

So to a certain extent, the dynamics in $2 billion-plus markets are just really excellent and situated well for us over the long haul.

因此，從某種程度上來說，20 多億美元市場的動態確實非常好，並且對我們長期發展非常有利。

Michael Sarcone, Jefferies.

薩科內（Michael Sarcone），傑富瑞集團（Jefferies）。

Just to start, maybe some more clarification on the tariff impact on gross margin. You said 50 to 100 basis points. Wondering if you could give us a little more color on when specifically you think that could impact your gross margin this year? And in that context, maybe help us think about gross margin phasing through the year.

首先，也許需要進一步澄清關稅對毛利率的影響。您說的是 50 到 100 個基點。您是否可以向我們詳細介紹一下您認為具體何時會影響您今年的毛利率？在這種背景下，也許可以幫助我們思考全年的毛利率變化。

Sure. I'll start and Tony can jump in. So the first shipments that would be affected by the new tariff are -- have just come in, in the past couple of weeks. So obviously, that didn't affect the just closed first quarter. We expect to see some of that starting to affect the second quarter and then product -- depending on whether that actually goes through our sales process and then product will eventually phase through into the third and fourth quarters as we consume existing inventories, and you'll see -- start seeing that product up here in our gross margin.

當然。我先開始，然後托尼可以加入。因此，受新關稅影響的第一批貨物是在過去幾週內剛剛運抵的。顯然，這並沒有影響剛結束的第一季。我們預計其中一些因素會開始影響第二季度，然後是產品——這取決於這是否真正經過我們的銷售流程，然後隨著我們消耗現有庫存，產品最終將逐步進入第三季度和第四季度，你會看到——開始看到該產品在我們的毛利率中上升。

So it will be a gradual shift towards that negative 5% to 1% effect on gross margin over the course of the second and third quarters. As far as the timing of gross margin, the -- we tend not to order as much inventory in the fourth quarter of the year because of the end of year holidays and then stock up a bit more in the first quarter. Because of the charge we have to take for potential obsolescence, that negative impact is greatest in the first quarter, and you tend to see that the gross margin improves over the course of the year. So we expect to see that sort of pattern continuing slightly blunted by the effect of the tariffs.

因此，在第二季和第三季度，毛利率將逐漸轉向負 5% 至 1% 的影響。就毛利率的時間而言，由於年底假期，我們往往不會在第四季度訂購太多庫存，然後在第一季再多存一些。由於我們必須承擔潛在過時產品的費用，這種負面影響在第一季最為顯著，而且您往往會看到毛利率在全年內有所提高。因此，我們預期這種模式將繼續受到關稅影響，但會略微減弱。

Yes. The only thing I'll add to that is we have an excellent partnership with Aroa and a very collaborative relationship. And so far and into the future, we are both dedicated to working well together to manage the impact of this. We do have some levers, as we discussed in the remarks to adjust some things, and we'll be taking a look at that as well as we go along through this process. And we see how long the tariffs last as well.

是的。我唯一要補充的是，我們與 Aroa 有著良好的合作關係。到目前為止以及將來，我們都致力於共同努力來應對這個問題的影響。正如我們在評論中所討論的那樣，我們確實有一些手段可以調整一些事情，並且我們會在進行這一過程的過程中對此進行研究。我們也要看看關稅會持續多久。

That's very helpful color. Yes. And Tony, to your point, totally get it that we don't know about the sustainability of the tariffs. But to the extent this doesn't get resolved in the near term, is there a way we should think about the potential impact in 2026? Is it fair to kind of annualize the impact from 2025 and consider that maybe a worst-case scenario?

這是非常有用的顏色。是的。東尼，正如你所說，你完全明白我們不知道關稅是否可持續。但如果這個問題在短期內無法解決，我們是否應該考慮其在 2026 年可能產生的影響？從 2025 年開始將影響按年化並將其視為最壞的情況是否公平？

I think the way to think about it is that somewhere in between the 50 and 100 basis points is where the negative effect is going to settle out on a going forward stable basis. So once you see the amount that's affected us in the second and third quarters, pushing out that slight discount into 2026 makes sense.

我認為，應該這樣想：50 到 100 個基點之間的某一點，負面影響就會在未來穩定的基礎上消散。因此，一旦您看到第二季和第三季對我們影響的金額，將這一小幅折扣推遲到 2026 年是有意義的。

(Operator Instructions) Caitlin Cronin, Canaccord.

（操作員指示）Caitlin Cronin，Canaccord。

It's [Miguel] on for Caitlin. You noted the bundling situation at GPOs and being capped at 20% of volume share at certain hospitals. Can you just talk about how that's playing out and if you started working with the GPOs to potentially reclassify your products into their own category, maybe to address the gap?

米格爾代替凱特琳上場。您注意到 GPO 的捆綁情況以及某些醫院的銷售份額上限為 20%。您能否談談情況如何？您是否開始與 GPO 合作，將您的產品重新歸類到他們自己的類別中，也許可以解決這一差距？

Yes. So I think what we're doing there is just basic blocking and tackling. We have to get more surgeons using our product in any facility. You can imagine if you've got 5 or 10 surgeons and you only have 1 or 2 using the products, it's harder to justify your position there. So focusing on getting more surgeons in each facility up and running is paramount and critical.

是的。所以我認為我們在那裡所做的只是基本的阻擋和鏟球。我們必須讓更多的外科醫生在任何設施中使用我們的產品。你可以想像一下，如果你有 5 或 10 名外科醫生，但只有 1 或 2 名使用這些產品，那麼你就很難證明你的地位。因此，專注於讓每個機構中更多的外科醫生開始工作是至關重要的。

You just get harder to lever out. And again, this enhanced pivot to this TM, AS selling situation, I think, works very well for us. Our TMs can do what they do best, which is get it set up and move from place to place and our ASs can stay put and make sure that they're working a broader number of customers potentially in each hospital and be present if any of those kinds of activities start happening. So again, a little bit of offense and a little bit of defense. I think we've got a sales configuration at this point that serves us well for managing that better than we have in the past.

你只會變得更難擺脫困境。再次強調，我認為，這種針對 TM、AS 銷售情況的強化轉變對我們來說非常有效。我們的 TM 可以做他們最擅長的事情，即進行設置並從一個地方移動到另一個地方，而我們的 AS 可以留在原地，確保他們能夠為每家醫院中可能更多的客戶提供服務，並在任何此類活動開始發生時在場。所以，再次強調，有一點進攻，有一點防守。我認為我們現在的銷售配置比過去更能幫助我們更好地管理銷售。

David Turkaly, Citizens JMP.

David Turkaly，公民 JMP。

Can you guys hear me?

你們聽得到我說話嗎？

Got you, Dave.

明白了，戴夫。

Just looking at the guidance for the year and then how the quarter played out between PRS and OviTex, can you give us like your updated expectations on sort of the growth rate for those 2, maybe on an annual basis or how that might shift moving forward?

僅看一下年度指導以及 PRS 和 OviTex 本季的表現，您能否告訴我們您對這兩家公司的成長率的最新預期，也許是按年度計算，或者未來可能如何變化？

So PRS, as you know, launched more recently, and so it's earlier in its growth cycle. So we have historically seen it in past years other than when there's been some disruptions, growing faster than OviTex. And we expect to continue to see that, although as with all launching products, that growth rate is going to slow a bit. But we do expect to continue to see good growth from both products with a bit more growth from PRS.

如您所知，PRS 是最近才推出的，因此它處於成長週期的早期階段。因此，從歷史上看，除了出現一些中斷的情況外，它在過去幾年中的成長速度都比 OviTex 快。我們預計這種情況還會繼續發生，儘管與所有新推出的產品一樣，成長率將會放緩。但我們確實預計這兩種產品將繼續實現良好的成長，其中 PRS 的成長將更強勁一些。

Yes. And I'll just remind everyone that PRS has a higher ASP. It's probably more sensitive given that fact to the types of procedures that you see in a particular quarter, whether large sizes or smaller sizes are required. So there's a bunch of moving parts with the PRS business. But overall, as Roberto said, we are very bullish on the prospects for that set of products going forward.

是的。我只是想提醒大家，PRS 的平均售價更高。考慮到您在特定季度看到的程序類型，它可能更加敏感，無論需要大尺寸還是小尺寸。因此，PRS 業務中存在許多活動部件。但總體而言，正如羅伯託所說，我們對該系列產品的未來前景非常看好。

And we continue to add to the product portfolio. So right now, we have 3 implant configurations. There's probably a fourth one coming at some point next year. So we have, in comparison to competitors, the broadest range of products there that can be tuned for different surgeon preferences and different patient needs, whether it's a niche like supersized pieces or just different technique variants, whether they be revisions or primaries, et cetera. So I think the scope and capacity of our product portfolio is going to get better and better, which will separate us from competition as well.

我們將繼續擴大產品組合。目前，我們有 3 種植入物配置。明年某個時候可能會有第四個版本問世。因此，與競爭對手相比，我們擁有最廣泛的產品系列，可以根據不同外科醫生的偏好和不同患者的需求進行調整，無論是超大尺寸的利基產品還是不同的技術變體，無論是修訂還是初次修訂等等。因此我認為我們的產品組合的範圍和容量將會越來越好，這也將使我們在競爭中脫穎而出。

So you really -- you view this as like kind of a one-off. I know you mentioned a tough comp, but that negative 3%, we shouldn't be thinking that, that happens again.

所以你真的——你認為這就像是一種一次性事件。我知道您提到了艱難的競爭，但那個負 3%，我們不應該認為，這種情況會再次發生。

No.

不。

Correct. Just to reiterate, that was on volume rather than on revenue. Revenue did grow.

正確的。再次重申一下，這是基於數量而不是收入。收入確實增長了。

This concludes the question-and-answer session. I would now like to turn it back to Tony Koblish, the CEO, for closing remarks. Thank you.

問答環節到此結束。現在我想請執行長托尼·科布利甚 (Tony Koblish) 致最後總結。謝謝。

Thank you, Gerald, and thank you to everybody who is on this call. I want to really thank the TELA Bio employees. We came out of the gate this year strong with great morale. We had an excellent national sales meeting where we rolled out many of these pivots and adjustments. And it looks like we did a lot of the right things.

謝謝你，傑拉爾德，也感謝參加這次電話會議的所有人。我要真心感謝 TELA Bio 的員工。今年我們以強勁的士氣開始了新的一年。我們召開了一次出色的全國銷售會議，在會議中我們推出了許多這樣的轉變和調整。看起來我們做了很多正確的事。

And I just want to say I'm grateful for their persistence and their patience and the hard work, and I look forward to continuing to execute well for the remainder of the year. At the end of the last call, end of Q4, I said we would snap back. And hopefully, you're getting a sense that we are in the process of snapping back.

我只想說，我很感激他們的堅持、耐心和辛勤工作，我期待在今年剩餘的時間裡繼續表現出色。在第四季末的最後一次通話結束時，我說我們會迅速恢復。希望您能感覺到我們正在恢復元氣。

So with that, thank you. Have a great evening. I know it's a busy time. See you next time.

就這樣吧，謝謝大家。祝您有個愉快的夜晚。我知道現在很忙。下次再見。

Thank you. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。