TELA Bio Inc (TELA) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to TELA's first-quarter 2026 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，歡迎參加 TELA 2026 年第一季電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to turn the call over to Louisa Smith. Please go ahead.

現在我想把電話交給 Louisa Smith。請開始。

Thank you, Carmen, and good afternoon, everyone. Earlier today, TELA Bio released financial results for the first quarter ended March 31, 2026. A copy of the press release is available on the company's website.

謝謝你，Carmen，各位下午好。今天稍早，TELA Bio 公布了截至 2026 年 3 月 31 日止第一季的財務結果。新聞稿副本可於公司網站取得。

Joining me on today's call are Tony Koblish, Chief Executive Officer; Jeff Blizard, President; Roberto Cuca, Chief Operating Officer and Chief Financial Officer; and Jim Hagen, SVP of Strategic Operations and Marketing.

今天與我一同參與電話會議的有：執行長 Tony Koblish；總裁 Jeff Blizard；營運長兼財務長 Roberto Cuca；以及策略營運與行銷資深副總裁 Jim Hagen。

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 quarterly reports on Form 10-Q, 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.

在開始之前，我想提醒各位，在本次電話會議中，公司可能會就未來事件提出預測與前瞻性陳述。我們鼓勵各位查閱公司過去與未來向美國證券交易委員會（SEC）提交的申報文件，包括但不限於公司 Form 10-Q 季度報告，其中載明可能導致實際結果或事件與這些前瞻性陳述所描述內容出現重大差異的特定風險因素。這些因素可能包括但不限於：有關產品開發、產品線機會、銷售與行銷策略，以及我們在監管申報文件中所識別之各項額外風險因素的陳述。

With that, I'll now turn the call over to Tony.

接下來，我把電話交給 Tony。

Thank you, Louisa. Good afternoon, and thank you for joining TELA Bio's first-quarter 2026 earnings call. I'll open with a summary of what we accomplished in the first quarter and our perspective on the road ahead. Jeff will then walk through some updates on progress in the commercial organization and our continued execution against the plan we laid out last quarter. Roberto will review our financials, and then we will open it up for Q&A.

謝謝你，Louisa。各位下午好，感謝各位參加 TELA Bio 2026 年第一季財報電話會議。我將先概述我們在第一季完成的事項，以及我們對未來道路的看法。接著 Jeff 將說明商業組織進展的最新情況，以及我們持續依照上季所提出計畫執行的成果。Roberto 將回顧我們的財務表現，之後我們將開放問答。

Last quarter, we laid out a framework detailing the decisive steps we have taken to reset our commercial strategy, and Q1 results show early proof points that our strategic plan is working. We currently have the largest, most effective field team in the company's history and have achieved the hiring targets necessary to deliver against our operating plan.

上一季，我們提出了一個架構，詳細說明我們為重置商業策略所採取的果斷步驟，而第一季的結果顯示了我們策略計畫正在奏效的初步證據。目前我們擁有公司史上規模最大、效能最強的前線團隊，並已達成履行營運計畫所需的招募目標。

Our sales territories are fully staffed with exceptional talent and new hires are ramping up to productivity levels on expected timelines. The remainder of '26 will be about executing on our redefined strategy and the task ahead is to translate our US commercial reset into measurable success. The foundational work is behind us, and we are at an inflection point that should become increasingly visible in our results through the remainder of the year.

我們的銷售區域已全面配置優秀人才，新進人員也正依預期時程提升至具生產力的水準。2026 年剩餘期間的重點將是執行我們重新定義的策略，而眼前的任務是把我們在美國的商業重置轉化為可衡量的成功。基礎工作已經完成，我們正處於一個拐點，預期在今年剩餘時間內，這一點將在我們的業績中愈發清晰可見。

Beyond upgrading our US field team, there are several favorable tailwinds that gives me confidence in delivering a strong second half of 2026. To start, on April 1, we initiated the full US commercial launch of the OviTex long-term resorbable reinforcement portfolio, which we are calling OviTex LTR. This product is one of the only fully resorbable tissue-based hernia repair solutions on the market.

除了升級我們在美國的前線團隊之外，還有數項有利的順風因素，使我對 2026 年下半年交出強勁表現充滿信心。首先，我們已於 4 月 1 日在美國正式全面商業上市 OviTex 長期可吸收補強產品組合，我們稱之為 OviTex LTR。該產品是市場上少數完全可吸收、以組織為基礎的疝氣修補解決方案之一。

Surgeons and patients are increasingly demanding solutions that deliver durable long-term outcomes while minimizing exposure to permanent synthetic materials. With OviTex LTR, surgeons now have a full suite of products that offer the critical structure and strength required in the early phases of healing while avoiding the long-term risk of residual plastic material in the body.

外科醫師與病患愈來愈要求能在降低永久性合成材料暴露的同時，提供耐久長期療效的解決方案。透過 OviTex LTR，外科醫師如今擁有完整的產品系列，可在癒合早期階段提供所需的關鍵結構與強度，同時避免體內殘留塑膠材料所帶來的長期風險。

We believe OviTex LTR will be instrumental in attracting new surgeons who have yet to adopt OviTex by offering them and their patients a more effective, fully resorbable solution. We have priced OviTex LTR comparably to the rest of our hernia portfolio, preserving the value proposition for both surgeons and hospital administrators. Early feedback in the field has been overwhelmingly positive, and we believe that LTR will be a meaningful contributor to this product portfolio.

我們相信，OviTex LTR 將透過提供更有效、完全可吸收的解決方案，成為吸引尚未採用 OviTex 的新外科醫師的重要推力，並惠及其病患。我們將 OviTex LTR 的定價設定為與我們其他疝氣產品組合相當，以維持對外科醫師與醫院管理者皆具吸引力的價值主張。前線的早期回饋極為正面，我們相信 LTR 將對此產品組合做出具意義的貢獻。

Second, we saw breakout performance in our European business with revenue growth of 41%. And as a reminder, this growth is driven entirely by our hernia portfolio as we are still in the regulatory process of bringing PRS to the market in Europe. We saw exceptional performance in the UK, where we continue to deepen our presence, win new accounts and gain clinical administrative buy-in, driven by our value proposition and product efficacy.

第二，我們的歐洲業務表現亮眼，營收成長 41%。提醒各位，這項成長完全由我們的疝氣產品組合所帶動，因為我們仍在進行將 PRS 引進歐洲市場的法規流程。我們在英國看到卓越表現；在我們的價值主張與產品療效帶動下，我們持續深化市場布局、贏得新客戶，並取得臨床與行政端的支持。

As we start to scale within Continental Europe, we have found distinct unmet needs in those countries, the most pronounced being the demand from government-run health care systems seeking novel ways to optimize costs and patient outcomes. TELA is well positioned to win in these market dynamics. A strong validation of TELA's value proposition came through the NHS supply chain's value-based procurement evaluation, which selected OviTex for use in complex ab-wall procedures.

隨著我們開始在歐陸市場擴張，我們在這些國家發現了明確的未被滿足需求，其中最顯著的是由政府主導的醫療體系對於尋求創新方式以最佳化成本與病患結果的需求。TELA 在這樣的市場動態中具備良好勝出條件。NHS 供應鏈的價值導向採購評估選定 OviTex 用於複雜腹壁（ab-wall）手術，這也強力驗證了 TELA 的價值主張。

Through independent analysis, the NHS found that OviTex has the potential to reduce the need for revisional operations for hernia recurrence, lower the prevalence of postoperative complications, improve patient well-being and generate cost savings compared with other biologic mesh options. We believe these findings are transferable across health systems and see a clear opportunity for our products to perform just as well in additional EU markets.

透過獨立分析，NHS 發現，相較於其他生物性補片選項，OviTex 具有降低疝氣復發而需再次手術的可能性、降低術後併發症發生率、改善病患福祉並帶來成本節省的潛力。我們相信這些發現可移轉至其他醫療體系，並清楚看到我們的產品在更多歐盟市場同樣能有出色表現的機會。

Finally, the quantity and quality of evidence supporting OviTex continues to grow. Most recently, a meta-analysis was presented at SAGES comparing OviTex with other mesh options for ventral hernia repair. The authors were highly respected surgeons, well-known thought leaders in the space, and they concluded that OviTex is a safe and effective option for ventral hernia repair with significantly lower recurrence rates.

最後，支持 OviTex 的證據在數量與品質上都持續增加。最近，在 SAGES 上發表了一項統合分析（meta-analysis），比較 OviTex 與其他補片選項在腹側疝氣修補上的表現。作者為備受尊敬的外科醫師、亦是該領域知名意見領袖；他們的結論指出，OviTex 是腹側疝氣修補安全且有效的選擇，且復發率顯著較低。

These data emerged alongside the publication of results from a large, real-world European registry evaluating a resorbable competing product, which showed recurrence rates exceeding 20%, consistent with several other studies of that product and nearly 10 times the recurrence rates observed across the OviTex portfolio.

這些數據也與一項大型、真實世界的歐洲登錄研究所公布的結果同時出現；該研究評估一款可吸收的競品，顯示其復發率超過 20%，與該產品的其他多項研究一致，且幾乎是 OviTex 產品組合所觀察到復發率的近 10 倍。

Before turning it over to Jeff, I'd also like to address the strategic Board changes we announced in late April. Four of our long-serving directors: Doug Evans, Kurt Azarbarzin, Vince Burgess and Freddy O'Brien will be stepping down following our Annual Shareholder Meeting on June 9. We are deeply grateful for their contributions and the strong foundation they helped establish for TELA Bio.

在把電話交給 Jeff 之前，我也想談談我們在 4 月下旬宣布的董事會策略性變動。我們四位長期任職的董事：Doug Evans、Kurt Azarbarzin、Vince Burgess 與 Freddy O'Brien，將在 6 月 9 日年度股東大會後卸任。我們對他們的貢獻深表感謝，也感謝他們為 TELA Bio 奠定的堅實基礎。

Coming on to the Board will be Joe Capper, who is expected to serve as Chairman; Guy Nohra; Guido Neels; and Paul Thomas. Each of them has deep industry experience in scaling medtech companies and navigating strategic transformations. Bill Plovanic and Betty Jo Rocchio will stand for re-election at the annual meeting and will provide valuable continuity as we reset our Board composition. I am looking forward to working with this new Board and believe that it will position TELA to execute with greater speed and focus as we advance our commercial strategy and drive towards sustained profitability.

加入董事會的將有 Joe Capper，預計擔任董事長；以及 Guy Nohra、Guido Neels 與 Paul Thomas。他們每一位都在擴展醫療科技公司規模與推動策略轉型方面擁有深厚的產業經驗。Bill Plovanic 與 Betty Jo Rocchio 將在年度會議上競選連任，並在我們重整董事會組成之際提供寶貴的延續性。我期待與新的董事會合作，並相信這將使 TELA 在推進商業策略、邁向持續獲利的過程中，以更快速度與更聚焦的方式執行。

We exit Q1 with a strong foundation from which we can deliver against our commitments in 2026. To summarize, we have a fully staffed US commercial team and expanded portfolio that includes one of the only fully resorbable tissue-based hernia portfolios on the market, continued evidence supporting the significant benefits of OviTex, a European business that is driving exceptional performance and a reconstituted Board of Directors to help us achieve our next phase of growth.

我們在第一季結束時奠定了穩固的基礎，使我們能在2026年兌現既定承諾。總結而言，我們已建立一支在美國完全到位的商業團隊，並擴充產品組合，其中包含市場上少數幾個「完全可吸收、以組織為基礎」的疝氣產品組合之一；同時，支持 OviTex 顯著效益的證據持續累積；歐洲業務正帶動卓越表現；董事會亦已重組，以協助我們達成下一階段的成長。

With that, I'll turn it over to Jeff for a more detailed look at commercial execution. Jeff?

接下來，我把時間交給 Jeff，請他更深入說明商業執行。Jeff？

Thanks, Tony. On prior calls, I laid out a detailed overview of the steps we've taken to recalibrate the commercial organization. And I'd like to spend some time providing updates on our progress.

謝謝你，Tony。在先前的電話會議中，我已詳細說明我們為重新校準商業組織所採取的步驟。我也想花些時間更新我們的進展。

As Tony mentioned in his comments, our US commercial organization is fully staffed now at our expected 2026 levels. Our attention shifts from recruiting and onboarding to development and execution. I mentioned in our last call that 40% of our field team was hired between the start of Q4 and the end of Q1.

如 Tony 在發言中提到的，我們的美國商業組織目前已依照2026年的預期規模完成全員到位。我們的重點將從招募與到職訓練，轉向人才發展與執行落地。我在上次會議提到，我們外勤團隊中有40%是在第四季初到第一季末之間招募進來的。

By the end of Q2, nearly three-fourths of those new hires will have reached their six-month tenure at TELA. This is an important milestone as six months is when we typically see territory managers break even and cover their costs. Also, it's around the same time that we see productivity inflection points when territory managers generate revenue momentum after building relationships, establish clinical credibility and work through procurement processes while training the clinical team so that patients can be treated with OviTex.

到第二季末，這些新進人員中將近四分之三會在 TELA 任職滿六個月。這是一個重要里程碑，因為通常在六個月左右，我們會看到區域經理達到損益兩平並覆蓋其成本。同時，這也大致是我們看到生產力出現拐點的時間點：區域經理在建立關係、建立臨床可信度、完成採購流程並訓練臨床團隊後，開始帶動營收動能，使病患能以 OviTex 接受治療。

I'm very encouraged by the early results from our recent hires as they're performing well ahead of any prior class and early-stage indicators, including account conversations and clinical engagement scores. The profile that we're recruiting and training for is working. Their output will follow, and we expect them to contribute at an increasing rate in the second half of this year 2026.

我對近期新進人員的早期成果非常振奮，因為他們的表現明顯領先以往任何一批，且在早期指標上亦然，包括客戶端對話數與臨床互動評分。我們所招募並訓練的人才輪廓是有效的。他們的產出將隨之而來，我們預期他們在2026年下半年將以更快的速度貢獻業績。

Previously, I also discussed how we were realigning territories to enable our field team to increase their presence in more densely populated regions with high-volume potential. We're prioritizing deeper relationships within the hospital, leveraging the entire portfolio to treat more patients across the institution.

先前我也談到，我們正在重新調整銷售區域配置，使外勤團隊能在更高人口密度、具高量潛力的地區提升覆蓋與能見度。我們優先在院內建立更深層的關係，並運用完整產品組合，在同一機構內治療更多病患。

We see signs of success already in selling the full bag strategy, especially in hernia. OviTex IHR and OviTex LPR are our fastest-growing subsegments within our portfolio. This product mix shift is driven by US market dynamics that are moving towards a less invasive procedure, especially those performed robotically.

我們已看到「全產品組合」策略的成功跡象，尤其是在疝氣領域。OviTex IHR 與 OviTex LPR 是我們產品組合中成長最快的子品類。這樣的產品組合轉移，主要受美國市場動態驅動，市場正朝向侵入性更低的手術方式發展，尤其是以機器人執行的手術。

Our year-over-year unit growth rate of 16% in OviTex shows that we're gaining market share and demonstrates that surgeons recognize TELA as the best in hernia products. We are primed and well positioned to capitalize on procedural trends, whether they're shifting from robotic procedures as in the US or towards open procedures as remains the predominant approach in the UK.

OviTex 的年對年出貨量成長率達16%，顯示我們正在取得市占，並證明外科醫師認可 TELA 在疝氣產品方面具領先優勢。無論手術趨勢是如美國般轉向機器人手術，或如英國仍以開放式手術為主流，我們都已蓄勢待發並具備良好定位以掌握趨勢紅利。

The launch of a long-term resorbable option across the entire hernia portfolio gives us even more optimism that we can continue to capture procedural share. We have only fully resorbable -- we have the only fully resorbable tissue-based product line that can compete in an open, laparoscopic and robotic repair across the entire spectrum of hernia procedures. Additionally, LIQUIFIX, with its greater than 50% year-over-year growth, has been a meaningful addition to our field team as it offers our reps a non-penetrating fixation solution that helps engage surgeons who may not have previously been familiar with OviTex.

在整個疝氣產品組合中推出長期可吸收選項，讓我們更有信心能持續取得手術量份額。我們擁有唯一一條「完全可吸收、以組織為基礎」的產品線，能在開放式、腹腔鏡與機器人修補等全範圍疝氣手術中競爭。此外，LIQUIFIX 年對年成長超過50%，已成為我們外勤團隊的重要補強，因其提供非穿透式固定解決方案，有助於與先前可能不熟悉 OviTex 的外科醫師建立互動。

Our US sales strategy pivot to deepening our presence and expanding our implanter base in target accounts was validated by observed dynamics within OviTex PRS Q1 unit volume. The utilization of PRS declined in the quarter, driven by the absence of several of our highest volume implanters who are not performing surgeries due to various personal and professional reasons.

我們在美國的銷售策略轉向：在目標客戶中加深覆蓋並擴大植入醫師基礎；此方向已從 OviTex PRS 第一季的出貨量動態中獲得驗證。本季 PRS 的使用量下滑，主因是我們數位最高量的植入醫師因各種個人與職業因素而未進行手術。

This is precisely the concentration risk for our new commercial focus was designed and we need to address. We're incentivizing our sales force to mitigate these future risks like these by training additional surgeons within the same practice to use OviTex, thereby reducing our dependence on any one single implanter to help build a broader, more durable foundation for OviTex adoption.

這正是我們新的商業重點所要設計並必須處理的集中度風險。我們正透過激勵銷售團隊來降低未來類似風險：在同一診所/團隊內訓練更多外科醫師使用 OviTex，從而降低對單一植入醫師的依賴，並為 OviTex 的採用建立更廣泛、更具韌性的基礎。

Finally, I want to highlight our European business and its 41% year-over-year growth. Several of the changes that we're making in the US are modeled off the success that we saw within our European team. Notably, routine presence in the operating room, developing believers in the OviTex product line across multiple surgical specialties at target hospitals and leveraging peer-to-peer networks to educate surgeons on the unique mechanism of action within OviTex.

最後，我想強調我們的歐洲業務，其年對年成長達41%。我們在美國推動的多項變革，部分是以歐洲團隊的成功經驗為藍本。尤其是：在手術室的例行性在場、在目標醫院跨多個外科專科培養對 OviTex 產品線的支持者，以及運用同儕對同儕網絡教育外科醫師了解 OviTex 獨特的作用機制。

Our European team continues to be an example of what is the right talent with enough tenure and what they can do with the product as effective and novel as OviTex. Surgeons want a product that provides early strength, delivers a durable repair, leaves nothing behind and is supported by our robust clinical evidence.

我們的歐洲團隊持續展現：具備合適人才且任職時間足夠時，面對像 OviTex 這樣有效且創新的產品，能創造何等成果。外科醫師希望產品能提供早期強度、帶來持久修補效果、不留下異物，並且有我們扎實的臨床證據支持。

The OviTex portfolio meets these needs. We now also have a commercial engine to get the product into more surgeons' hands. I'm confident that the outcomes we see in Q1 validate these changes that we implemented. We have an incredible team, and we're approaching the market in a more strategic, focused manner that will unlock significant opportunities for us. I look forward to updating you on our continued progress in the months ahead.

OviTex 產品組合能滿足這些需求。我們現在也具備商業引擎，能讓更多外科醫師實際使用產品。我有信心，第一季的成果驗證了我們所實施的這些變革。我們擁有一支卓越的團隊，並以更具策略性、更聚焦的方式切入市場，將為我們解鎖重大的機會。我期待在未來幾個月向各位更新我們持續的進展。

And with that, I'd like to turn it over to Roberto for the financial review.

接下來，我想把時間交給 Roberto 進行財務回顧。

Thank you, Jeff. Revenue for the first quarter of 2026 was $19.1 million, an increase of approximately 3% compared to $18.5 million in the first quarter of 2025. Growth was primarily driven by our international business with international sales of $3.7 million, representing a 41% increase over the prior-year period.

謝謝你，Jeff。2026年第一季營收為1,910萬美元，較2025年第一季的1,850萬美元增加約3%。成長主要由國際業務帶動，國際銷售額為370萬美元，較去年同期成長41%。

OviTex revenue was $12.6 million, up from $12.1 million in the prior-year period. OviTex unit volume increased 16% year over year with 5,800 units sold in the first quarter compared to 5,000 units in the first quarter of 2025. Dollar growth was partially offset by product mix. The proportion of smaller-sized units increased, compressing ASP for that line. We view this as positive, demonstrating our hernia portfolio has the breadth and clinical efficacy to meet surgeons' changing procedural needs.

OviTex 營收為1,260萬美元，高於去年同期的1,210萬美元。OviTex 出貨量年對年增加16%，第一季售出5,800個單位，較2025年第一季的5,000個單位增加。金額成長部分被產品組合影響所抵銷。較小尺寸單位的占比提高，壓縮了該產品線的 ASP（平均銷售價格）。我們將此視為正面訊號，顯示我們的疝氣產品組合具備足夠廣度與臨床療效，可滿足外科醫師不斷變化的手術需求。

OviTex PRS revenue was $5.9 million compared to $6.0 million in the first quarter of 2025. Other revenue, which includes LIQUIFIX, was $600,000. Gross profit was $12.5 million in the first quarter of 2026, in line with the prior-year period. Gross margin was 66% compared to 68% in the first quarter of 2025. The modest decline was driven by a higher charge for excess and obsolete inventory as a percentage of revenue.

OviTex PRS 營收為590萬美元，較2025年第一季的600萬美元略低。其他營收（包含 LIQUIFIX）為60萬美元。2026年第一季毛利為1,250萬美元，與去年同期大致持平。毛利率為66%，相較於2025年第一季的68%。小幅下滑主要是因為呆滯及過期庫存的費用提列占營收比重提高。

Total operating expenses were $23 million in the first quarter of 2026, essentially flat with $23 million in the first quarter of 2025. Sales and marketing was $16.5 million, down modestly from $16.6 million in the prior year, with lower commission expense partially offset by higher meeting and training costs.

2026 年第一季的總營運費用為 2,300 萬美元，與 2025 年第一季的 2,300 萬美元基本持平。銷售與行銷費用為 1,650 萬美元，較前一年同期的 1,660 萬美元小幅下降，主要因佣金費用降低，但部分被較高的會議與訓練成本所抵銷。

General and administrative was $4.2 million, up from $3.8 million, primarily due to higher professional fees. Research and development was $2.3 million, down from $2.5 million. Loss from operations was $10.5 million in the first quarter of 2026 compared to $10.5 million in the first quarter of 2025, essentially flat year over year.

一般及行政費用為 420 萬美元，高於 380 萬美元，主要由於專業服務費用增加。研發費用為 230 萬美元，低於 250 萬美元。2026 年第一季的營運虧損為 1,050 萬美元，與 2025 年第一季的 1,050 萬美元相比，年對年基本持平。

As we signaled last quarter, Q1 typically reflects a step-up in operating loss relative to Q4 due to seasonal revenue and spending patterns. Additionally, the first quarter of this year included certain compensation-related costs associated with the completion of our hiring build-out. We expect operating loss to improve markedly as revenue grows throughout the year.

如同我們在上一季所提示，第一季通常會因季節性的營收與支出型態，使營運虧損相較第四季出現上升。此外，今年第一季包含若干與薪酬相關的成本，係與我們完成招募擴編相關。我們預期隨著全年營收成長，營運虧損將顯著改善。

Net loss was $12.3 million in Q1 2026 compared to $11.3 million in Q1 2025. The increase was primarily due to higher interest expense of $2.1 million, reflecting our new larger Perceptive credit facility that was put in place in November 2025 versus $1.2 million in the prior-year period under our prior MidCap facility. We ended the quarter with $39.5 million in cash and cash equivalents.

2026 年第一季淨虧損為 1,230 萬美元，較 2025 年第一季的 1,130 萬美元增加。增加主要由於利息費用較高，為 210 萬美元，反映我們於 2025 年 11 月設立、規模更大的 Perceptive 信貸融資安排；相較之下，前一年同期在原 MidCap 融資安排下的利息費用為 120 萬美元。本季末我們持有的現金及約當現金為 3,950 萬美元。

As for our full-year 2026 outlook, we are reiterating guidance of at least 8% revenue growth over 2025 with Q2 2026 revenue of approximately $20.0 million.

至於我們 2026 全年展望，我們重申指引：2026 年營收較 2025 年至少成長 8%，且 2026 年第二季營收約為 2,000 萬美元。

I'll turn the call back to Tony for some closing remarks.

我把電話交回給 Tony，請他做一些結語。

Thanks, Roberto. As we've done in prior quarters, I'd like to close with a patient story that grounds us in the purpose behind everything we do.

謝謝你，Roberto。如同我們在前幾季所做的，我想以一則病患故事作結，讓我們回到我們所做一切背後的使命。

A female patient presented to a trauma center in Liverpool, UK following the fall from a height, the patient experienced severe multi-organ trauma, required damage control surgery, stage reconstruction and careful management within a challenging surgical field, where traditional solutions were limited. The local TELA Bio representative helped the surgeon identify the appropriate use of OviTex 1S to support the required reconstruction in a challenging anatomical and clinical environment.

一位女性病患因高處墜落後被送至英國利物浦的一家創傷中心；病患出現嚴重多器官創傷，需要損傷控制手術、分期重建，並在具挑戰性的手術視野中進行謹慎處置，而傳統解決方案在該情境下相當有限。當地的 TELA Bio 代表協助外科醫師辨識在具挑戰性的解剖與臨床環境中，適當使用 OviTex 1S 以支援所需的重建。

Due to the timely use of OviTex and the product's unique mechanism of action, the patient underwent a successful abdominal wall reconstruction despite a highly complex presentation. 11 months out, the patient has no wound or mesh-related complications, thus avoiding additional surgeries and a prolonged recovery. This story is a great example of how OviTex, when selected and appropriately used as the first mesh in a patient's treatment, helps achieve positive patient outcomes and reduces the future burden on health care resources.

由於及時使用 OviTex 以及該產品獨特的作用機制，儘管病況極為複雜，病患仍成功完成腹壁重建。11 個月後，病患沒有傷口或網片相關併發症，因此避免了額外手術與漫長的復原期。這個故事很好地說明：當 OviTex 被選擇並在病患治療中作為第一片網片且適當使用時，能協助達成良好的病患結果，並降低未來對醫療資源的負擔。

Before we open the line for questions, I want to take a moment to recognize the TELA team. Amid much change, we solidified our commercial foundation, launched a portfolio expansion that will benefit many patients for years to come, enrolled more patients in our clinical studies, saw our belief in OviTex reaffirmed through more published evidence and reconstituted our Board of Directors.

在我們開放提問之前，我想花點時間肯定 TELA 團隊。在諸多變動之中，我們鞏固了商業化基礎，推出將在未來多年造福許多病患的產品組合擴充，讓更多病患納入我們的臨床研究，透過更多已發表的證據再次印證我們對 OviTex 的信心，並重整了董事會。

That does not happen without a team that is fully committed to the patients and the surgeons we serve. I truly believe that we are set up for the next phase of our growth, starting with a strong second half of 2026. I look forward to what's ahead for TELA.

若沒有一支全心投入於我們所服務的病患與外科醫師的團隊，這些都不可能發生。我真心相信，我們已為下一階段的成長做好準備，並將從 2026 年下半年強勁表現開始。我期待 TELA 接下來的發展。

Carmen, please open the line for questions.

Carmen，請開放提問。

(Operator Instructions) Caitlin Cronin, Canaccord Genuity.

(接線員指示) Caitlin Cronin，Canaccord Genuity。

Congrats. Would love some more color on your guidance philosophy for the Q2. Just given your new commercial strategy emphasizing density, was that disruptive in the Q1 as you expected? And do you expect this to have an impact in the Q2?

恭喜。希望能更了解你們對第二季指引的制定理念。考量你們新的商業策略強調密度（density），這在第一季是否如你們預期般造成干擾？你們預期這會對第二季產生影響嗎？

So we used the first quarter to roll out not only a new strategy. We also had expanding territories, a revised compensation plan. So we threw a lot at our commercial organization and then still resulted in a quarter over -- prior year growth.

所以我們利用第一季來推動的不只是新策略。我們也擴大了銷售區域，並修訂了薪酬方案。因此我們對商業組織同時推進了很多變革，但最終仍實現了相較前一年同期的成長。

As we sit inside here at TELA Bio, from what we went through changes in one quarter alone, not many commercial companies experienced that same amount of internal organization change. So we were very fortunate that the team really stayed focused on the patient and the outcomes and also prepared us for launching a brand-new product with LTR.

以我們在 TELA Bio 內部的角度來看，僅在一個季度內所經歷的這些變革，並沒有多少商業化公司會遇到同等程度的內部組織調整。因此我們非常幸運，團隊始終專注於病患與治療結果，同時也讓我們為推出搭載 LTR 的全新產品做好準備。

So I think as we look at our training -- our training has been redesigned for our onboarding classes, trying to ramp up that speed faster for the return on really them coming and joining the team, but ultimately, getting into these programs and establish relationships and being bedside. So we are at that critical mark now, between the six- to nine-month onboarding timeframe where we actually see that rate of return and feel really good about the second half.

因此我認為，從訓練面來看——我們已重新設計新進人員訓練課程，試圖加快上手速度，以更快實現他們加入團隊後的投資回報；但最終目標是進入這些專案、建立關係並在臨床現場（bedside）提供支援。所以我們現在正處於關鍵節點：在 6 到 9 個月的新進導入期之間，我們實際上會看到回報率，並對下半年感到非常有信心。

And I'd highlight one thing that Jeff said in the prepared remarks, which is that we're coming up now on a pretty substantial portion of our sales force hitting the six-month period that hit or will be shortly hitting breakeven. And as Jeff said, there's an inflection point in their productivity at that point. So we expect towards the end of the second quarter, beginning of the third quarter for that traction to begin exhibiting itself and generating pretty significant revenues in the third and fourth quarters.

我也想強調 Jeff 在事先準備的發言中提到的一點：我們的銷售團隊中相當大的一部分，現在正接近滿 6 個月的時間點，已達到或即將達到損益兩平。如 Jeff 所說，在那個時間點他們的生產力會出現拐點。因此我們預期在第二季末、第三季初，這股動能將開始顯現，並在第三與第四季帶來相當可觀的營收。

Great. And you noted last quarter that the competitive environment in Europe differs a bit from the US, just given the pricing and bundling dynamics. Maybe just more color on that and how that's potentially helping the European momentum?

很好。你們上季提到歐洲的競爭環境與美國略有不同，主要因定價與綁售（bundling）動態不同。能否再多談一些，以及這可能如何幫助歐洲的成長動能？

Yeah, I'll cover that, Caitlin. So Europe is a different structure, right, tend to have socialized medicine, for the most part. That would be a good description. A lot of what is done there is based on tender offers where the product is evaluated by a central agency for a value proposition. That would be both an economic and clinical value proposition.

好的，Caitlin，我來說明。歐洲的結構不同，對吧，多數情況下傾向於社會化醫療。這樣描述應該很貼切。那邊很多採購是以招標為基礎，由中央機構針對產品的價值主張進行評估。這會同時涵蓋經濟價值與臨床價值的主張。

So it's a fairly straightforward assessment of all the different product opportunities, the data, how they're supported and what they cost. It's a much more complicated picture in the US where there are cross-category bundles. There may even be wraparound rebate strategies and bundles, tiered pricing and just the mechanism that's put in place through the IDNs that roll up to GPOs and then the complex contracting strategies that large companies tend to use, it tends to make for a much more difficult and complicated situation and system, right?

因此，對各種不同產品機會、相關數據、其支撐方式以及成本，會進行相當直接的評估。而在美國情況要複雜得多，因為存在跨品類的綁售組合。甚至可能有搭配式的回饋（rebate）策略與組合、分級定價，以及透過整合式醫療網路（IDNs）匯總至團體採購組織（GPOs）所建立的機制，再加上大型公司常用的複雜合約策略，往往使情勢與系統變得更困難、更複雜，對吧？

And believe it or not, in Europe, it's very understandable. And it's a wide-open market, if you've got the right product with the right data at the right price point, and I would classify that as value proposition, and we certainly have that. So I think that is a perfect representation of what's possible in the US market once we start working through and have our restructured commercial strategy to break through some of those barriers and some of those opaque processes that are in place, right?

而且信不信由你，在歐洲這是非常容易理解的。而且那是一個非常開放的市場，只要你在正確的價格帶上，提供具備正確數據的正確產品——我會把這稱為價值主張——而我們確實具備這些。所以我認為，這完美呈現了一旦我們開始推進、並以重整後的商業策略去突破一些障礙與既有的不透明流程之後，美國市場可能達成的樣貌，對吧？

That means smaller regions, smaller territories, more focus, more depth, not being as spread out as we used to be. So it's critical that we get more focused and tighter in our alignments, and that's really the main reason.

這代表更小的區域、更小的轄區、更高的專注度、更深的耕耘，而不是像過去那樣分散。因此，我們必須更聚焦、在對齊上更緊密，這確實是最主要的原因。

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，Lake Street Capital Markets。

This is Ian on for Frank. Congrats on the quarter. First for me, on the Q4 call, you guys had said that the 40% new cohort had stepped up nicely in Q4. And I was just wondering, did -- in Q1, did the productivity from that group continue stepping up at the same pace?

我是 Ian，代 Frank 提問。恭喜本季表現。我第一個問題是，在 Q4 電話會議上，你們提到那 40% 的新進梯隊在 Q4 的表現提升得很不錯。我想請問，在 Q1，這一群人的生產力是否以同樣的速度持續提升？

Or did you see a more pronounced inflection in Q1? And how does that change how you're thinking about time to break out for that cohort relative to the six- to nine-month benchmark?

還是你們在 Q1 看到更明顯的拐點？這會如何改變你們對該梯隊「突破期」所需時間的看法，相較於 6 到 9 個月的基準？

Ian, it's Jim. I'll take that one. So you're right, in Q4, when we were talking about the new hire cohort, we talked really about a leading indicator of testing scores that they were testing faster or higher than previous cohorts. And we have seen that translate in Q1 in terms of ramp time and productivity in their first 30, 60, 90 days enroll. From the metrics we look at internally, those are trending higher than previous cohorts, which gives us, again, that bullishness that these are the right people that we hired.

Ian，我是 Jim。我來回答這題。你說得沒錯，在 Q4 我們談到新進人員梯隊時，主要提到一個領先指標：他們的測試分數顯示，他們測得更快或更高，優於以往梯隊。而我們也看到這在 Q1 轉化為他們在前 30、60、90 天的上手時間與生產力表現。從我們內部觀察的指標來看，這些都高於以往梯隊，這也再次讓我們更有信心，認為我們招到的是對的人。

We have continued to add additional people in Q1. So we are at our staffing levels for 2026 now. So just like the other cohorts, they're going to need time to ramp. We still believe that six-month inflection point is real, like breakeven, as Roberto talked about. And from beyond six months, you start to see a nice upward slope in productivity. And so that's why all the points you heard from Tony, Jeff and Roberto, we are confident that the back half for us is set up strongly.

我們在 Q1 也持續增補人員。所以我們現在已達到 2026 年的編制水準。因此就像其他梯隊一樣，他們仍需要時間爬坡。我們仍相信六個月的拐點是真實存在的——如 Roberto 所說，接近損益兩平。而在六個月之後，你會開始看到生產力有不錯的上升斜率。因此，基於你從 Tony、Jeff 與 Roberto 聽到的所有重點，我們有信心下半年對我們而言會是強勁的布局。

Yeah, that 40% of new reps will be through their six-month bed-in period or start-up phase by the end of Q2, right? So we're not seeing the full benefit of that cohort yet, but we see some good signals.

是的，到 Q2 結束時，那 40% 的新業務代表將會度過他們六個月的磨合期或啟動期，對吧？所以我們還沒有看到那個梯隊的全部效益，但我們看到一些不錯的訊號。

And Ian, this is Jeff. Just maybe for some further clarification. When we bring in a new hire, for the first three months, they're not in their territory. So we ship them all around the country, both in-house training, out with field sales trainers, across different regions so they can experience multiple procedures from different users before they ever step foot in at month four within their territories. So you figure three months just to understand the geography, the maps of the hospitals, how to get in, get access.

Ian，我是 Jeff。我再補充說明一下。我們招募新進人員後，前 3 個月他們不會待在自己的轄區。我們會把他們送到全國各地，包含內部訓練、跟著外勤銷售訓練師到現場、跨不同區域，讓他們在第 4 個月真正進入轄區之前，就能先體驗不同使用者的多種手術流程。所以你可以把這 3 個月視為用來理解地理分布、醫院的動線地圖、如何進入並取得接觸機會。

So that takes a good three months to establish that. And then around month six or after three months of understanding their role within those hospitals is where we see that inflection point. So I just want to make sure that everybody understood that that's a typical (multiple speakers)

因此，建立這些需要扎實的三個月。接著大約到第六個月，或是在理解自己在那些醫院中的角色三個月之後，我們就會看到那個拐點。所以我只是想確保大家理解，這是一個典型的(多位講者)

Our training process completes as well. Yeah.

我們的訓練流程也會完成。對。

Okay. Got it. And then just one more for me. Can you guys provide an update on the items you called out as factors of safety related to the 8% growth rate, specifically the contract execution timing, new rep maturation and territory splits and kind of how those are tracking?

好的。了解。那我再問最後一題。你們能否更新一下你們提到、作為 8% 成長率「安全邊際」的幾個因素，特別是合約執行時點、新業務代表成熟度、以及轄區拆分等，並說明目前追蹤狀況如何？

So a couple, and I'll have Jim maybe look for some metrics as I maybe explain what makes us confident in that 8% is I think there's four main reasons, right? It's our current US sales hiring and effectiveness being fully staffed at greater than 90 territory managers. We have 19 greenfield territories, so brand-new markets where we weren't even in, identified around key programs in key cities.

有幾點——我也許先說明讓我們對 8% 有信心的原因，同時請 Jim 看看是否能補充一些指標——我認為主要有四個原因，對吧？第一是我們目前美國端的銷售招募與效能：人力已到位，配置完整，轄區經理超過 90 位。我們有 19 個綠地轄區，也就是全新的市場——以前我們甚至沒有進入——並且圍繞關鍵城市的關鍵專案來識別與布局。

Our EU performance, where they've come in quarter to date at 41%, but they're going to continue to trend above plan, especially given the fact that we've got a new sales leader there, one retired. We brought in an excellent sales leader there who's shoulder to shoulder with his team. We've got an OviTex LTR launch, which is really the Goldilocks device in its category, as we say here. And then finally, the evidence that's being published about some other competitive products in the space that we play in. So we're bullish around that 8% number.

第二是我們在歐盟的表現：截至目前本季累計成長 41%，而且預期會持續高於計畫，尤其考量到我們那邊有新的銷售主管上任、原主管已退休。我們延攬了一位非常優秀的銷售領導者，他與團隊並肩作戰。第三是 OviTex LTR 的上市，我們在這裡常說它是該品類的「剛剛好」產品。最後，是我們所處領域中，關於其他競品的一些證據正在被發表。因此，我們對 8% 這個數字抱持樂觀。

Yeah. The profile for our product is rising in the US. And I think we meet that opportunity with a fully staffed sales force with 19 or 20 new greenfield territories, right? So these are some of the elements that we've layered together to give us confidence.

是的。我們產品在美國的能見度正在提升。而我們以完整編制的銷售團隊、以及 19 或 20 個新的綠地轄區來承接這個機會，對吧？所以，這些是我們疊加在一起、用來建立信心的一些要素。

And maybe the last comment I'd add too is, with what was not mentioned in our comments was the investment in medical education. And we continue to do that with adding labs, getting active programs built, peer-to-peer programs. And that's been -- that's where really the rubber hits the road in med device when surgeons can see this used up close and be in settings outside of their programs to ask questions and see how the supplies to patients.

我想再補充最後一點：我們剛才的說明裡沒有提到的是對醫學教育的投資。我們持續投入，包括增加實驗室課程、建立並啟動更多專案、以及同儕對同儕（peer-to-peer）的計畫。而這在醫材領域是——真正見真章的地方在於，當外科醫師能近距離看到實際使用情境，並在其原有專案之外的場域提問、了解，以及看到這如何供應到病患端。

Yeah, we got 40 surgeons coming together this weekend, and we've done several of these programs this year. So that's also loading the pipeline as well.

是的，這個週末我們會有 40 位外科醫師聚在一起，而今年我們已經辦了好幾場這類計畫。所以這也在為管線蓄積動能。

Michael Sarcone, Jefferies.

Michael Sarcone，Jefferies。

Just to start, I wanted to ask on guidance maybe a in different way. You've elaborated a lot on the drivers you've got at TELA and what gives you confidence, and that's really helpful color. I appreciate that. I guess, can you speak to the level of visibility into customer demand trends that you've got in the business as it stands today and just trying to attack that 8% from a different way here.

我先從指引（guidance）用另一個角度來問。你們已經很詳細說明 TELA 這邊的驅動因素，以及讓你們有信心的原因，這些補充資訊很有幫助。我很感謝。我想問的是，你們能否談談以目前業務狀態而言，對客戶需求趨勢的可視性到什麼程度？我只是想從不同角度來切入這個 8% 的目標。

Yeah. Michael, it's Jim. I'll take that one. So we referenced not just the revenue performance, but the unit performance. And so in the hernia portfolio alone, we're seeing a 16% unit growth. So I think that hits the demand side of the equation you're talking about. Surgeons are voting with their procedures and they're selecting us more often.

好的。Michael，我是 Jim。我來回答這題。我們提到的不只是營收表現，還有出貨單位（unit）的表現。以疝氣產品組合來說，我們看到單位數成長 16%。所以我認為這正好回應你所說的需求面。外科醫師正用他們的手術選擇在投票，而他們更常選擇我們。

Now, that's also in the context of a US market where we do see a trend towards less invasive procedures. We fortunately have the portfolio that's set up to adapt, whether surgeons want to go open, laparoscopic or robotic. With that drive towards laparoscopic and robotic, we do see our OviTex LPR and OviTex IHR side of the portfolio continue to grow. And we still see growth in 1S and Core. But that product mix shift is changing, I would say, kind of the overall picture of the revenue story.

而且，這也要放在美國市場的背景下來看：我們確實看到朝向侵入性更低的手術的趨勢。所幸我們的產品組合已經建構完成，能夠因應外科醫師選擇開放式、腹腔鏡或機器人手術。隨著朝向腹腔鏡與機器人手術的推動，我們也看到產品組合中 OviTex LPR 與 OviTex IHR 這一端持續成長。而 1S 與 Core 也仍然在成長。但我會說，這種產品組合的轉移正在改變整體的營收敘事樣貌。

So units continuing to grow. So demand, we believe, is truly there. The mix shift will continue for the rest of '26. And so we do expect unit growth to outstrip revenue growth for the rest of the year. But it's what's giving us confidence to say market -- we're taking market share and surgeons are more and more adopting OviTex in these procedures.

所以出貨單位數持續成長。因此我們相信需求確實存在。這種組合轉移將在 2026 年剩餘期間持續。因此我們預期今年剩餘時間，單位數成長將會超過營收成長。但這也讓我們有信心表示：我們正在取得市占，而外科醫師在這些手術中也愈來愈多採用 OviTex。

Yeah. We're perfectly aligned with the robot, which is where the bulk of these hernias are going. Certainly, the simple inguinals, hiatals, simple ventrals, they're all there already. And more and more complicated procedures are going in that direction. So we have a product portfolio that can function and be highly compatible with the robot for each of those type of procedures.

是的。我們與機器人手術完全契合，而這正是大多數這類疝氣手術的走向。當然，簡單的腹股溝疝、食道裂孔疝、簡單的腹壁疝，這些早就已經在那裡了。而且愈來愈多更複雜的手術也正往那個方向走。因此我們擁有一套產品組合，能在每一種手術類型中運作，並且與機器人手術高度相容。

And at the end of the day, we want to be a full hernia supplier, which means we've got to be in 600,000, 700,000, 800,000 inguinals and all the simple procedures. That's where the volume is. And so we're very gratified to see the unit growth continues to be strong, right?

而歸根究柢，我們希望成為完整的疝氣供應商，這代表我們必須涵蓋 60 萬、70 萬、80 萬例的腹股溝疝，以及所有簡單的手術。那裡才是量體所在。因此我們很欣慰看到單位數成長仍然強勁，對吧？

Eventually, things will balance out and revenue growth and unit growth will catch up with each other. But right now, we're very happy to see unit growth strong. That means our IHR inguinal and our LPR, which stands for low-profile robotic, are leading the way, which is the way it should be given the way the architecture of the market is setting up right now.

最終，情況會趨於平衡，營收成長與單位數成長會彼此追上。但就目前而言，我們非常樂見單位數成長強勁。這表示我們的 IHR 腹股溝產品與 LPR（意指低外形機器人用）正在領先帶動，而以目前市場架構的形成方式來看，這也正是應有的方向。

Okay. Really helpful. And then just on PRS, I think in the prepared commentary, you mentioned utilization declined due to the absence of some of your high-volume implanters.

好的。非常有幫助。接著談到 PRS，我記得在事先準備的說明中，你提到因為部分高用量植入醫師不在，導致使用量下滑。

Can you talk about what's baked into the guidance for the PRS side of the business? Are you expecting to recapture some of that utilization through the year? And any color there would be great.

能否談談你們在 PRS 這一塊業務的指引中，已經納入了哪些假設？你們是否預期在今年內能收復部分使用量？如果能提供一些補充說明會很棒。

I'll start, and this is Jeff. Our ASP is really high in these products, but it's also comprised of a smaller percentage of our implanters. And when a few went out, maternity leave; for a few, vacations; oral boards were also during this first quarter, which we saw a drop in our PRS business. This is why we knew we had to reconstitute our strategy around building a user base and not dependent on these key users.

我先開始，我是 Jeff。我們這些產品的 ASP（平均售價）確實很高，但它也只由我們較小比例的植入醫師所構成。而當其中幾位不在時——有的在產假；有的在休假；另外口試（oral boards）也剛好落在第一季——我們就看到 PRS 業務下滑。這也是為什麼我們知道必須重新建構策略，圍繞擴大使用者基礎，而不是依賴這些關鍵使用者。

So we'll see some of that in Q2 as we've done a sales force realignment by adding a bit more focus on PRS and expanding the bag here for our sales team. So that will give us more depth in these accounts, more users per site and ultimately, why we rescoped again our commercial organization efforts. We need these downturns to stop and not be reliant, especially if there are critical events that we didn't account for.

因此在第二季我們會看到部分改善，因為我們已透過業務團隊重新編制，增加對 PRS 的一些聚焦，並為我們的銷售團隊擴大可運用的「工具包」。這將讓我們在這些客戶中有更深的覆蓋、每個院點有更多使用者，並且也是我們再次重新界定商業組織投入重點的原因。我們需要讓這類下滑停止，且不再依賴少數人，特別是當出現我們未預期的關鍵事件時。

Yeah. We've got to overcome the rule of small number of implanters and high ASP on that product, Michael. So that's the way the design of the sales force is set up, right, deeper, more users per site versus what we've had in the past. That's the only way through that phenomenon.

是的。Michael，我們必須克服這個現象：植入醫師人數少、但該產品 ASP 很高。所以銷售團隊的設計就是這樣設定的，對吧——更深耕、每個院點更多使用者，而不是像過去那樣。這是唯一能穿越這種現象的方法。

(Operator Instructions) Matthew O'Brien, Piper Sandler.

（接線員指示）Piper Sandler 的 Matthew O'Brien。

I'm sorry to beat this dead horse on the guide, but the back half ramp is steep. You guys have talked a lot about how you're going to get there. But if I look at 2023, when you had pretty stable sales force, especially beginning of the year, it definitely increased throughout the course of the year, but you had the same number of reps back then. And you did about 55% of revenues in the second half of the year back then. That's what you're calling for here in '26 with a sales group that's maybe a little bit more green than what you had back then.

抱歉我又要在指引這件事上反覆追問，但下半年拉升幅度很陡。你們談了很多如何達成。但如果我看 2023 年，當時你們的銷售團隊相當穩定，尤其是年初；雖然全年確實逐步增加，但當時代表人數是一樣的。而你們當時大約有 55% 的營收是在下半年完成。你們現在在 2026 年也是這樣預期，但銷售團隊可能比當時更「新手」一些。

So what are you seeing maybe April, May, if you can talk about that at all, that gives you so much confidence? And then rep retention, obviously, is something that's fluctuated a little bit over the year, but tell us why the confidence in being able to retain this group? And then I do have a follow-up.

所以你們在 4 月、5 月看到了什麼（如果你能談的話），讓你們如此有信心？另外，業務留任顯然在一年中有些波動，請告訴我們為什麼你們有信心能留住這個團隊？我還有一個追問。

Yeah. This is Jeff, and thanks, Matt, for this question. And I refer back to prior years of really from my perspective, I don't have that history. One is, I can assure you that there was not great data at that point, which we now have. We didn't have much process instilled and discipline, which we now have, and a bit of a territory alignment organization, great key leadership and field leaders right now, which we didn't have and now we have.

是的。我是 Jeff，謝謝 Matt 的問題。你提到過去年度，從我的角度來看，我其實沒有那段歷史。第一，我可以向你保證，當時並沒有很好的數據，而我們現在有了。當時也沒有建立太多流程與紀律，而我們現在有；另外還有一些區域劃分與組織配置、很強的關鍵領導與現場主管——這些當時沒有，但現在都有。

So if you're looking at prior years to current, again, I'd tell you that we're set up for success even versus what our goals have been. We've been really aggressive to do this quick over the last two quarters. Again, I don't think many commercial organizations would have implemented and sustain the amount of change we've implemented.

所以如果你把過去年度與現在相比，我會再說一次：我們的成功條件已經具備，甚至相較於我們的目標也是如此。過去兩個季度我們非常積極、快速地推動這些。同樣地，我不認為有多少商業組織能夠落地並維持我們所推動的這麼多變革。

So to me, I am confident in the back half of the year. Our training programs internally support this. So not only do we do medical education for our customers, but we also do it for our teams. We're giving them the right resources and tools.

因此就我而言，我對下半年有信心。我們內部的訓練計畫也支撐這一點。所以我們不僅為客戶做醫學教育，也為我們的團隊做。我們正在提供他們正確的資源與工具。

So Jim?

所以 Jim？

Yeah. Matt, I would say the two other parts, and Jeff mentioned the clinical evidence. In Jeff's remarks, he mentioned the data that came out in SAGES. I think it's not just the evidence, it's who's publishing the evidence.

是的。Matt，我會說另外兩個部分，而 Jeff 也提到了臨床證據。在 Jeff 的發言中，他提到在 SAGES 發表的數據。我認為不只是證據本身，還包括是誰在發表這些證據。

From 2023 until now, as we go up the adoption curve, we're seeing more influential and bigger named surgeons with large peer networks in the hernia space start to adopt our product. That peer network is a critical part of momentum build that we didn't have in 2023 that we're gaining now. And we also just launched OviTex LTR, which really is the matchup in the fully resorbable category, which is the largest growing category in hernia, which we didn't have in 2023.

從 2023 年到現在，隨著我們沿著採用曲線往上走，我們看到在疝氣領域更具影響力、名氣更大的外科醫師（且擁有龐大的同儕網絡）開始採用我們的產品。這個同儕網絡是建立動能的關鍵部分，而 2023 年我們沒有，但現在正在取得。而且我們也剛推出 OviTex LTR，這在完全可吸收（fully resorbable）類別中是很好的對應產品；而完全可吸收正是疝氣領域成長最快、規模最大的類別，這在 2023 年我們也還沒有。

So I would say between the talent we brought in, the new part of the portfolio, the market dynamics, kind of more influential surgeons publishing data on us and adopting us are the tailwinds we didn't have in 2023, and that's kind of what gives us confidence for the back half of this year.

所以我會說，在我們引進的人才、新增的產品組合部分、市場動態，以及更具影響力的外科醫師發表關於我們的數據並採用我們產品等因素之間，這些都是我們在 2023 年所沒有的順風，這也正是讓我們對今年下半年充滿信心的原因。

And Matt, maybe just to close was your question on retention. And our recruiting efforts have become streamlined through Jennifer Armstrong, our Senior Vice President of HR here. We have panel interviews that ultimately end with Jim and I doing the finals. And what we have found in our last about 30 hires is it feels as though and communicated to us that we're becoming a destination that a lot of people want to be on this team, given where -- what we have for innovation, pipeline, trajectory and the leaders that are in the field.

Matt，另外也許作個收尾，你的問題是關於留任。我們的招募工作已在我們的人資資深副總裁 Jennifer Armstrong 的帶領下變得更精簡順暢。我們採用小組面試，最後由 Jim 和我進行最終面談。而我們在最近大約 30 位新聘人員中發現，他們的感受以及回饋給我們的訊息是：鑑於我們在創新、產品線/研發管線、發展軌跡，以及在第一線的領導團隊等方面的優勢，我們正逐漸成為許多人想加入的「目的地」團隊。

So we've been very lucky that people are doing the research on us and these interviews are them wanting to be here. So a bit of that retention starts within the interview process.

所以我們非常幸運，人們會主動研究我們，而這些面試其實是他們想來這裡。因此，留任的一部分其實從面試流程就開始了。

And Matt, I'd add just one additional thing, which is that in 2023, what you saw is a sales force that was pretty -- that was sized pretty similarly to that in 2022. So the growth that you saw over the course of the year in 2023 was with an in-place sales force. And so you got that 55% growth -- or 55% split of revenue in the second half versus the first half.

Matt，我再補充一點：在 2023 年，你看到的是一支規模與 2022 年相當接近的銷售團隊。因此，2023 年全年你所看到的成長，是在既有銷售團隊配置下達成的。所以你會看到 55% 的成長——或者說，下半年營收占比相較上半年為 55% 的分布。

The difference in 2026 is that we've added a number of sales reps at the end of the fourth quarter and the beginning of the first quarter who will begin to get traction, who will hit that inflection point that Jeff talked about right around the midpoint of the year, so the end of the second quarter, beginning of the third quarter. And we'll be adding to that growth and further producing disproportionately in the second half versus the first half.

2026 年的不同之處在於，我們在第四季末與第一季初新增了多位業務代表，他們將開始取得進展，並在 Jeff 提到的大約年中附近、也就是第二季末到第三季初左右，達到那個拐點。而我們也會在此基礎上推動成長，使下半年相較上半年持續呈現更不成比例的貢獻。

So it's that growth in the sales force that was completed at the end of last year and beginning of this that makes us comfortable with the, call it, skew between the second versus the first half in our guidance.

因此，正是去年年底與今年年初完成的銷售團隊擴編，讓我們對指引中所謂下半年相對上半年的偏重（skew）感到更有把握。

Okay, appreciate that. And then a question for Tony. Tony, the Board changes are notable. I mean you're losing some really good executives, but you're adding some seasoned executives. I mean it's a pretty illustrious group with a long history in the space.

好的，感謝說明。接著有一個問題想問 Tony。Tony，董事會的變動很值得關注。我的意思是，你們失去了一些非常優秀的高階主管，但也加入了一些資深的高階主管。這是一個相當傑出的團隊，在這個領域有很長的資歷。

How can they influence TELA over the next several years with their experience to help sell what's still the best product on the market by far?

他們如何能在未來幾年運用自身經驗影響 TELA，協助銷售這個仍然是市場上迄今為止最好的產品？

Yeah. I think that's a great question, and I appreciate the lead-in for that. So look, our -- it's customary to refresh your Board, right? We're five, six years post IPO, which is really when this Board came together, and we had some Board members on much longer than that. But I think it makes sense to refresh as the company develops and gets to a new phase of demand. And our previous Board served us exceptionally well, bringing us through those earlier phases.

是的。我認為這是個很好的問題，也謝謝你這樣鋪陳。你看，更新董事會是慣例，對吧？我們 IPO 之後已經五、六年了，這也正是當初這個董事會成形的時間點，而且有些董事任期更久。但我認為，隨著公司發展並進入需求的新階段，適時更新董事會是合理的。而我們先前的董事會在帶領我們走過早期階段方面表現非常出色。

But I've got some experience with the new team coming in, and what's important about this new team is that they have a tremendous amount of experience in implant-based medical device biologic biomaterial products, right? Everybody that's coming in has really relevant experience, whether it's in hernia, whether it's in plastic and reconstruction or whether it's any implant-based biologic that has a mechanism of action, has a contracting profile, right? It's just a very tightly aligned group of new Board members that have the exact experience to guide us through this next phase.

不過我對即將加入的新團隊有一些合作經驗，而這個新團隊的重要之處在於：他們在以植入物為基礎的醫療器材、生物製劑與生物材料產品方面擁有非常豐富的經驗。每一位新加入者都有高度相關的經歷，無論是在疝氣領域、整形與重建領域，或任何具有作用機制、且具備合約/議價特性（contracting profile）的植入式生物材料。這是一個高度一致、緊密對齊的新董事團隊，具備能引導我們進入下一階段所需的精準經驗。

The alignment couldn't be better. And like I said originally, I do have experience with several of these folks working with them in past in different capacities as well. So to me, it's a very good fit for what we need going forward.

這種契合度再好不過了。而且如我一開始所說，我也曾在不同情境下與其中幾位合作過。所以對我而言，這非常符合我們未來的需求。

Thank you. And this will conclude our Q&A session. I will pass it back to Tony Koblish for closing remarks.

謝謝。我們的問答環節到此結束。我將把時間交回給 Tony Koblish 作結語。

All right. Thank you very much, Carmen. This is an exciting time for TELA. We have a full complement of highly skilled commercial team members in the US and UK; one of the only fully resorbable tissue-based hernia portfolios on the market, more clinical evidence that clearly demonstrates the significant benefits of OviTex; a European business that is overperforming and can be a very good model and direct indicator of what's possible in the US given time and pressure and development; and we have a new Board of Directors that's highly aligned with our mission and has the exact experience that we need to achieve our next phase of growth.

好的。非常感謝你，Carmen。這對 TELA 來說是個令人振奮的時刻。我們在美國與英國都擁有完整且高技能的商業團隊；市場上少數具備完整「可完全吸收」且以組織為基礎的疝氣產品組合之一；更多臨床證據清楚證明 OviTex 的顯著效益；歐洲業務表現超出預期，並且在時間、壓力與市場開發推進下，可成為美國市場可行性的良好模型與直接指標；同時，我們也有一個與使命高度一致的新董事會，並具備我們達成下一階段成長所需的精準經驗。

So with that, I also want to thank the TELA employees whose dedication and commitment to patients, which is most paramount that we serve has created a strong foundation from which we can sustainably grow for years to come. Thank you very much. Have a great night.

因此，我也要感謝 TELA 的員工；他們對病患的投入與承諾——這是我們服務中最重要的核心——為我們建立了堅實的基礎，使我們能在未來多年以可持續的方式成長。非常感謝。祝各位晚安。

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

感謝各位參與今天的電話會議。本次議程到此結束。您現在可以斷線。