TELA Bio Inc (TELA) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the TELA Bio second quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，下午好，歡迎參加 TELA Bio 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給 Louisa Smith。

Thank you, Lisa, and good afternoon, everyone. Earlier today, TELA Bio released financial results for the second quarter ended June 30, 2026. A copy of the press release is available on the company's website. Joining me on today's call are Joe Capper, Chairman of the Board; Heather Getz, Chief Executive Officer; Jeff Blizard, President; Roberto Cuca, Chief Operating Officer and Chief Financial Officer; and Jim Hagen, Senior Vice President of Strategic Operations and Marketing.

謝謝你，Lisa，各位下午好。今天稍早，TELA Bio 公布了截至 2026 年 6 月 30 日止第二季的財務結果。新聞稿副本可於公司網站取得。今天與我一同參與電話會議的有：董事會主席 Joe Capper；執行長 Heather Getz；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 Forms 10-Q, which identify the specific risk factors that may cause actual results to differ materially from those described in these forward-looking statements. These factors may include, without limitation, statements regarding product development, pipeline opportunities, sales & 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與這些前瞻性陳述所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（pipeline）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影響等陳述。

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

接下來，我把電話交給 Joe。

Thank you, Louisa. Good afternoon, and thank you for joining TELA Bio's second quarter 2026 earnings call. I will start the call with a few comments about the important leadership change announced last week naming Heather Getz as the new Chief Executive Officer and Director of TELA Bio, then turn the call over to the management team for an update on the business.

謝謝你，Louisa。各位下午好，感謝各位參加 TELA Bio 2026 年第二季財報電話會議。我將先就上週宣布的重要領導階層變動做幾點說明：任命 Heather Getz 為 TELA Bio 新任執行長及董事；接著把電話交給管理團隊，更新業務進展。

Heather brings a proven track record of driving operational excellence, leading organizations through complex business and financial transformations, and creating long-term value. We are confident that under Heather's leadership, TELA Bio will build on its strong foundation, expand its impact for patients and surgeons, and deliver value for our shareholders and employees.

Heather 擁有經證實的實績，能推動卓越營運、帶領組織完成複雜的業務與財務轉型，並創造長期價值。我們相信在 Heather 的領導下，TELA Bio 將在既有堅實基礎上持續發展，擴大對病患與外科醫師的影響力，並為股東與員工創造價值。

On behalf of the Board, I also want to extend our sincere gratitude to Antony Cobbs for his vision, leadership, and entrepreneurial spirit in founding TELA Bio and guiding the company through its early growth stage. Antony's commitment to innovation led to the development of OviTex and helped establish TELA Bio as a leader in soft tissue reconstruction. We are deeply appreciative of his many contributions and wish him continued success in his future endeavors.

我也謹代表董事會，向 Antony Cobbs 致上誠摯謝意，感謝他以遠見、領導力與創業精神創立 TELA Bio，並帶領公司度過早期成長階段。Antony 對創新的投入促成 OviTex 的開發，並協助奠定 TELA Bio 在軟組織重建領域的領導地位。我們由衷感謝他眾多貢獻，並祝福他未來一切順利、持續成功。

I will now turn the call over to Heather.

現在我把電話交給 Heather。

Thank you, Joe, and good afternoon, everyone. Let me start by extending my gratitude, especially to our team, for the warm welcome. I am honored to join TELA Bio at such an exciting time in the company's evolution. There are many things that attracted me to the organization, one of which is its differentiated product portfolio that spans the hernia and plastic and reconstructive surgery spaces.

謝謝你，Joe，各位下午好。首先我想表達我的感謝，尤其感謝我們的團隊給予我熱情的歡迎。能在公司發展如此令人振奮的階段加入 TELA Bio，我深感榮幸。吸引我加入的原因很多，其中之一是公司具差異化的產品組合，涵蓋疝氣以及整形與重建外科（plastic and reconstructive surgery）領域。

These products were designed with patient outcomes in mind and they work. For example, the efficacy of the hernia products is supported by robust clinical studies, as demonstrated in the BRAVO study at a 2.6% recurrence rate. OviTex has one of the lowest needs for repeat surgery while being used successfully in the most complex surgical tissue repair procedures. It is a privilege to be part of an organization that can improve the lives of patients that addresses a $2.8 billion market opportunity.

這些產品以病患治療結果為核心而設計，而且確實有效。例如，疝氣產品的療效有扎實的臨床研究支持，如 BRAVO 研究顯示復發率為 2.6%。OviTex 在最複雜的外科組織修補手術中也能成功使用，同時具有業界最低之一的再次手術需求。能成為一個可改善病患生活、並面對 28 億美元市場機會的組織一員，我深感榮幸。

Unfortunately, the results of the business this quarter do not reflect the quality and potential of the portfolio. We believe that this is because of several factors. The markets in which we compete are highly specialized and require substantial onboarding and training for new sales reps. As a result, the time to productivity for the new hires has taken a bit longer than anticipated. In addition, earlier in the year, some adjustments were made to the sales team's focus and incentives, specifically around PRS, that initially appeared positive, but that we later determined needed to be adjusted.

遺憾的是，本季的營運結果未能反映該產品組合的品質與潛力。我們認為原因來自數個因素。我們所競爭的市場高度專業化，新進業務代表需要大量的到職導入與訓練。因此，新進人員達到生產力的時間比預期稍長。此外，今年稍早我們對銷售團隊的重點與獎酬做了一些調整，特別是針對 PRS；起初看似正面，但後來我們判定仍需要再調整。

Finally, the continued practice of anti-competitive contracting and bundling in hospitals, which is the core issue in our lawsuit against Becton Dickinson, continues to create barriers to OviTex adoption. While we are not without competitive and market challenges, I am energized by the opportunity to see the company through its next phase of growth by leveraging my experience in leading organizations through complex business and financial transformations.

最後，醫院持續存在反競爭性的合約與綁售作法——這也是我們對 Becton Dickinson 提起訴訟的核心議題——仍在為 OviTex 的採用造成障礙。儘管我們面臨競爭與市場挑戰，我仍對能運用自身帶領組織完成複雜業務與財務轉型的經驗，協助公司邁向下一階段成長感到振奮。

I will now turn the call over to Jeff to discuss the dynamics impacting our business in more detail and how we are addressing each of these challenges. Roberto will review the second quarter financials and we will then open the call up for your questions.

接下來我把電話交給 Jeff，更詳細說明影響我們業務的動態，以及我們如何逐一應對這些挑戰。Roberto 將回顧第二季財務表現，之後我們會開放提問。

Jeff?

Jeff？

Thank you, Heather. As you saw in the release, revenue for the second quarter was at $19.3 million, a decrease of 4% from the second quarter of 2025 and below our expectations. The shortfall was concentrated almost entirely to our OviTex PRS portfolio.

謝謝你，Heather。如各位在新聞稿中所見，第二季營收為 1,930 萬美元，較 2025 年第二季下降 4%，且低於我們的預期。缺口幾乎完全集中在我們的 OviTex PRS 產品組合。

I will now walk through what drove the miss and detail out our action plan that we have in place to get back on track. In January, we initiated a pilot where we tested the concept of having a dedicated PRS rep calling on targeted hospitals. The hypothesis was that with focus, we could build a clinical relationship, provide superior surgical support and create a sustainable business upon clinical outcomes, coupled with exclusive presence.

接下來我將說明造成未達標的原因，並詳述我們已制定、用以重回正軌的行動計畫。1 月時，我們啟動一項試點計畫，測試由專責 PRS 業務代表拜訪目標醫院的概念。我們的假設是：透過聚焦，我們可以建立臨床關係、提供更優質的手術支援，並在臨床結果的基礎上，結合獨家在場（exclusive presence），打造可持續的業務。

After extensive analysis from our sales leadership team and feedback from the field, we concluded that the pilot had unintended consequences causing confusion within the sales organization, which subsequently contributed to the PRS decline. We acted fast and stopped the pilot to move back to our original structure in which every TM represents a full breadth of portfolio across their entire territory.

在銷售領導團隊進行廣泛分析並蒐集第一線回饋後，我們得出結論：該試點計畫產生了非預期後果，導致銷售組織內部出現混淆，進而促成 PRS 下滑。我們迅速採取行動並停止試點，回到原本的架構：每位 TM 在其整個負責區域內代表完整的產品組合。

The PRS action plan we are rolling out now will have a full training program for the US field team, combined with how best to resource and leverage the medical office. With these positive changes in place and what we know about the seasonality of PRS, we expect to see recovery in the second half of the year.

我們目前正在推行的 PRS 行動計畫，將為美國第一線團隊提供完整的訓練方案，並結合如何最佳配置資源與運用醫務辦公室（medical office）。在這些正向變革到位，加上我們對 PRS 季節性的理解之下，我們預期下半年將出現復甦。

Stepping back to the broader US field organization, we continue to make progress on the tenure and productivity curve we've talked about over the last several quarters. We've previously discussed the importance of sales reps progressing through their early tenure as historically we've seen productivity build more meaningfully as reps gain experience and mature in their roles.

退一步從更廣泛的美國現場組織來看，我們在過去幾個季度所談到的任期與生產力曲線方面持續取得進展。我們先前已討論過業務代表在早期任期中逐步成長的重要性，因為從歷史經驗來看，隨著代表累積經驗並在其職務中日趨成熟，生產力會更顯著地提升。

While progress is happening, it's not the pace we originally anticipated due to changes in focus and competitive challenges as referenced above. We maintain confidence that the investment we've made in this team over the past year is translating into the kind of durable, tenured field organization we need to drive consistent performance.

雖然確實在進步，但由於如上所述的重點調整與競爭挑戰，進展速度不如我們原先預期。我們仍有信心，過去一年對該團隊所做的投資，正轉化為我們推動穩定表現所需的那種具韌性、任期更長的現場組織。

Globally, our core hernia business continues to perform well. OviTex unit volumes grew 12% year-over-year, meaningfully ahead of our 6.6% growth in OviTex dollar revenue, which indicates we continue to take procedural share even as the US market shifts towards smaller size units with the prevalence of robotic hernia repairs. In the US, as Heather mentioned, we continue to battle against the competitive dynamics of bundling from our largest competitors, which has been particularly challenging in the last 18 months. To help combat this, we've upgraded our talent within our market access and contracting team.

在全球範圍內，我們的核心疝氣業務持續表現良好。OviTex 的單位銷量年增 12%，顯著高於 OviTex 美元營收 6.6% 的成長，這顯示即使美國市場因機器人疝氣修補手術普及而轉向較小尺寸單位，我們仍持續提升手術量市占。在美國，如 Heather 所提到的，我們持續面對最大競爭對手以綁售（bundling）帶來的競爭態勢，過去 18 個月尤其具挑戰。為了協助因應，我們已提升市場准入與合約團隊的人才配置。

OviTex's long-term data has continuously shown recurrence rates in the single digits, whereas other biologic and biosynthetic hernia repair materials have recurrence rates consistently 10 times higher. In programs where we are allowed to compete fairly, the value proposition becomes abundantly clear to both surgeons and hospital administrators.

OviTex 的長期數據持續顯示其復發率維持在個位數，而其他生物性與生物合成疝氣修補材料的復發率則一貫高出 10 倍。在我們能夠公平競爭的專案中，其價值主張對外科醫師與醫院管理者而言都變得非常清楚。

I'm encouraged that LIQUIFIX had another strong quarter, with revenue up 39% over the prior year period, and our international business continued to be a source of consistent growth, with revenue up 26% year-over-year as we deepen our presence in the UK and other key European markets. As a reminder, our European growth comes entirely from our hernia portfolio, since OviTex PRS is still working through the regulatory process to reach the European market. Europe continues to be one of our more durable parts of our business, and we remain focused on deepening our positioning in these markets.

我很振奮 LIQUIFIX 又交出一個強勁季度，營收較去年同期成長 39%；同時，隨著我們在英國及其他歐洲關鍵市場深化布局，國際業務仍是穩定成長的來源，營收年增 26%。提醒一下，我們在歐洲的成長完全來自疝氣產品組合，因為 OviTex PRS 仍在進行法規流程，尚未進入歐洲市場。歐洲仍是我們業務中較具韌性的部分之一，我們將持續專注於在這些市場深化我們的定位。

While we're behind where we expected to be at the end of the second quarter, our commercial organization has the agility to adjust as needed and we're doing just that. We've designed the best hernia portfolio in the market, and we're taking decisive action to get the PRS business back on track. We've also upgraded leadership in our market access team. We have a maturing sales force, and we continue to demonstrate sustainable growth in Europe. Our team has stepped up and I'm truly encouraged by what's ahead.

雖然截至第二季末我們落後於原先預期，但我們的商業組織具備按需調整的敏捷性，而我們也正在這麼做。我們打造了市場上最佳的疝氣產品組合，並正採取果斷行動，讓 PRS 業務重回正軌。我們也已提升市場准入團隊的領導層。我們的銷售團隊正逐步成熟，同時我們在歐洲持續展現可持續的成長。團隊已挺身而出，我對未來的發展深受鼓舞。

I'll now turn it over to Roberto to walk through the financials in more detail.

接下來我把時間交給 Roberto，請他更詳細說明財務狀況。

Thank you, Jeff. As Jeff described, revenue for the second quarter of 2026 was $19.3 million, a decrease of approximately 4% compared to $20.2 million in the second quarter of 2025. This was primarily driven by a decline in our OviTex PRS unit volume and the continued shift to smaller, lower-priced hernia units in our OviTex mix, partially offset by continued growth in our international business.

謝謝你，Jeff。如 Jeff 所述，2026 年第二季營收為 1,930 萬美元，較 2025 年第二季的 2,020 萬美元約下降 4%。主要原因是 OviTex PRS 單位銷量下滑，以及在 OviTex 產品組合中持續轉向較小、價格較低的疝氣單位；部分被國際業務持續成長所抵銷。

International sales revenue of $3.8 million represents a 26% increase over the prior year period. Global OviTex unit volume increased 12% year-over-year, with 5,776 units sold in the second quarter compared to 5,178 units sold in Q2 2025.

國際銷售營收為 380 萬美元，較去年同期成長 26%。全球 OviTex 單位銷量年增 12%，第二季售出 5,776 個單位，相較於 2025 年第二季的 5,178 個單位。

OviTex revenue was $13.3 million, up 6.6% from $12.5 million in the prior year period. OviTex PRS revenue was $5.5 million compared to $7.3 million in the second quarter of 2025, reflecting the 23% decline in PRS unit volume that Jeff discussed. Other revenue, which includes LIQUIFIX, was half a million dollars, representing growth of 39%.

OviTex 營收為 1,330 萬美元，較去年同期的 1,250 萬美元成長 6.6%。OviTex PRS 營收為 550 萬美元，低於 2025 年第二季的 730 萬美元，反映 Jeff 所提到 PRS 單位銷量下滑 23%。其他營收（包含 LIQUIFIX）為 50 萬美元，成長 39%。

Gross profit was $13.9 million in the second quarter of 2026, modestly below $14.1 million from the prior year period. Gross margin was 72% compared to 70% in Q2 2025. The increase was driven by the refund of previously paid tariffs and a lower charge for excess and obsolete inventory as a percentage of revenue. Total operating expense was $23.2 million in Q2 2026, flat to the $23.2 million of expense in the prior year period.

2026 年第二季毛利為 1,390 萬美元，略低於去年同期的 1,410 萬美元。毛利率為 72%，相較 2025 年第二季的 70%。毛利率提升主要來自先前已支付關稅的退還，以及超額與呆滯存貨費用占營收比重下降。2026 年第二季總營業費用為 2,320 萬美元，與去年同期的 2,320 萬美元持平。

Sales & marketing was $16.4 million, a decrease of approximately $400,000 from the prior year period, with lower commission expense partially offset by higher meeting and training costs. General & administrative cost was $4.1 million, in line with the prior year period. Research & development was $2.7 million, an increase of approximately half a million dollars from Q2 2025, driven by higher compensation and benefits and study costs.

銷售與行銷費用為 1,640 萬美元，較去年同期約減少 40 萬美元；較低的佣金費用部分被較高的會議與訓練成本所抵銷。一般與行政費用為 410 萬美元，與去年同期一致。研發費用為 270 萬美元，較 2025 年第二季增加約 50 萬美元，主要由較高的薪酬與福利以及研究成本所帶動。

Loss from operations was $9.3 million in Q2 2026 compared to $9.1 million in Q2 2025, and a sequential decline of 12% from Q1 2026. Net loss was $11.3 million in Q2 2026 compared to $9.9 million in Q2 2025. The increase was primarily due to higher interest expense of $2.1 million associated with our new upsized credit facility that we put in place in November of 2025 versus $1.2 million in the prior year period under the previous facility. We entered the quarter with $30.4 million in cash and cash equivalents.

2026 年第二季營業損失為 930 萬美元，相較 2025 年第二季的 910 萬美元；並較 2026 年第一季按季下降 12%。2026 年第二季淨損失為 1,130 萬美元，相較 2025 年第二季的 990 萬美元。增加主要是因利息費用較高，為 210 萬美元，與我們於 2025 年 11 月建立的新、擴大後的信貸融資額度相關；而去年同期在先前額度下的利息費用為 120 萬美元。本季初我們持有 3,040 萬美元的現金及約當現金。

Before I turn the call back to Heather, let me touch on the remainder of the year. As a result of the lower-than-expected results in the first half of the year and the longer-than-expected ramp time for our new sales team, we will be taking steps to meaningfully reduce the overall cost structure to bring it more in line with our top-line performance and expectations. Since Heather just joined the organization, we will need time to finalize the overall plan. As such, we believe it is prudent for us to withdraw our prior full-year revenue guidance and provide an update after the plan is finalized.

在我把電話會議交回給 Heather 之前，我先談談今年剩餘期間的規劃。由於上半年業績低於預期，以及新銷售團隊達到產能所需的爬坡時間長於預期，我們將採取措施大幅降低整體成本結構，使其更符合我們的營收表現與預期。由於 Heather 剛加入組織，我們需要一些時間來敲定整體計畫。因此，我們認為撤回先前的全年營收指引較為審慎，並將在計畫定案後提供更新。

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

我現在把電話交回給 Heather，請她做一些結語。

Thank you, Roberto. I want to reiterate my excitement for the opportunity to lead the TELA Bio team. We have a differentiated portfolio, a strong commercial foundation, and a clear commitment to improving outcomes for patients and surgeons. We're excited to partner with our talented employees, leadership team, customers and Board to build on that momentum, accelerate commercial execution, strengthen our customer relationships, and expand our impact. Together, we have a tremendous opportunity to advance the company's mission and create long-term value for all of our stakeholders. Thank you to the team for your continued focus and effort.

謝謝你，Roberto。我想再次強調，我對於有機會領導 TELA Bio 團隊感到非常振奮。我們擁有差異化的產品組合、穩固的商業基礎，以及明確致力於改善病患與外科醫師治療成果的承諾。我們很期待與才華洋溢的員工、領導團隊、客戶與董事會攜手合作，在既有動能上再接再厲，加速商業執行、強化客戶關係，並擴大我們的影響力。我們一起擁有絕佳機會推進公司的使命，並為所有利害關係人創造長期價值。也謝謝團隊持續專注與努力。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions) Caitlin Roberts, Canaccord Genuity.

(接線員指示) Canaccord Genuity 的 Caitlin Roberts。

Welcome, Heather. Just a quick one on the sales force. We'd love more of an update there. How many team members did you end the quarter with? And you noted it's taking a little bit longer for the reps to hit breakeven versus the six months you noted prior. How much longer is it taking for them?

歡迎你，Heather。我有個關於銷售團隊的簡短問題。我們希望能多了解一些最新進展。你們在本季末共有多少位團隊成員？另外你提到，業務代表達到損益兩平所需時間，比你先前提到的六個月要更久一些。大概多了多久？

Sure. Caitlin, it's Jeff Blizard. We're on pace with our hiring plan. And with the focus shifting on onboarding, training and productivity, it's making sure that we have the right team in place. Importantly, our growth and headcount reflects our deliberate commercial expansion, not turnover. This is an investment of us building the right team, right people and right roles, and our newest cohort is already outperforming its predecessors in that same stage of tenure.

好的。Caitlin，我是 Jeff Blizard。我們的招募進度符合既定計畫。而隨著重點轉向新人到職導入、訓練與生產力提升，我們確保配置到位的是正確的團隊。重要的是，我們的成長與人力增加反映的是我們有計畫的商業擴張，而不是人員流失。這是一項投資，用來建立正確的團隊、正確的人才與正確的職務，而且我們最新一批人員在相同任期階段的表現已經優於前幾批。

Caitlin, it's Jim. I like the color on your second half, around the six-month productivity timeline. I think we're definitely seeing it long in the future where reps come up. We know tenure in our field force is the biggest indication of sustainable success for us. So we're really looking at that 9- to 12-month ramp for reps to get up to a really strong productivity level.

Caitlin，我是 Jim。我補充一下你第二個問題、關於六個月生產力時程的部分。我認為我們確實看到業務代表達到成熟所需時間在拉長。我們知道，在我們的業務團隊中，任職年資是衡量可持續成功最重要的指標。因此我們現在更看重的是 9 到 12 個月的爬坡期，讓業務代表提升到非常強的生產力水準。

The positive sign is a lot of them are getting there in terms of maturity and tenure in role. We've added more resources to our training team, both in-house and in the field, and within our medical office. So I think I'm feeling really good that that group will get up to the productivity levels we need by the end of Q3 into Q4.

正面的訊號是，很多人就角色成熟度與任職年資而言都正在達標。我們也在訓練團隊上增加了更多資源，包括內部與外勤端，以及我們的醫務部門。所以我覺得很有信心，這一批人到第三季末到第四季之間，能達到我們所需要的生產力水準。

And just on the PRS business, I think you called out last quarter just some issues with the concentration of the customers there. I mean, is that still an issue? Is that confounding with the sales force focus in PRS and the shifting of that? And maybe a little bit more color on what's really driving the results there?

另外關於 PRS 業務，我記得你們上季提到那邊客戶集中度的一些問題。我的意思是，這仍然是個問題嗎？這是否與 PRS 的銷售團隊聚焦以及後續調整有交互影響？也請再多補充一些，究竟是什麼在驅動那邊的表現？

Well, the pilot was the one that probably got the most attention in the organization. We thought in those six key markets we would see lift, and the rest of the organization would keep PRS part of their focus in their bag. And a bit of that was starting to fall off when we realized the pilot wasn't growing as fast as we wanted to in that pilot, so that's why we pivoted quickly and stopped it.

嗯，那個試點計畫大概是公司內部最受關注的一件事。我們原本以為在那六個關鍵市場會看到拉升，而組織其他部分仍會把 PRS 當作重點之一持續推進。但當我們發現試點的成長沒有如預期那麼快時，其他團隊對 PRS 的投入也開始有些下滑，所以我們才會迅速轉向並停止該試點。

PRS too is not a systemic issue. Jim, maybe you can pull this up, but ultimately we've seen in key programs, key surgeons, it's in less than 10 sites that we ultimately have to get back on board. So again, not a systemic issue, isolated based on surgeons leaving programs, one who is a new mother, some of our key users had the first half of this year has been some changes in life and career patterns.

PRS 也不是系統性問題。Jim，你也許可以把資料調出來，但整體而言，我們看到是在一些關鍵專案、關鍵外科醫師那裡，實際上不到 10 個據點需要我們重新把它們拉回來。所以再次強調，這不是系統性問題，而是個別事件，例如外科醫師離開專案、其中一位剛成為新手媽媽；我們一些關鍵使用者在今年上半年出現了一些生活與職涯節奏的變化。

So to your concentration point, Caitlin, that's still real for us. We have a smaller cohort of surgeons implanting PRS that make up a larger percentage of our revenue. Disproportionately, there was a number of those surgeons who were out in the first half of the year. Most of them are coming on, as Jeff said, there's been a couple life changes for some of them. They're out.

至於你提到的集中度問題，Caitlin，對我們來說仍然存在。植入 PRS 的外科醫師群體較小，但卻貢獻了較高比例的營收。而且在今年上半年，這些外科醫師中有不少人不在第一線，影響就被放大了。如 Jeff 所說，他們大多正在回來，但其中幾位確實因為生活變動而暫時離開。他們目前不在。

Part of the PRS pilot, one of the hypotheses was, with dedicated focus, we can drive depth at hospitals with more implanters to broaden the or kind of lessen the concentration on a critical few. As that has now shifted to the broader field team, it's still one of our efforts. We know we have to diversify our infrastructure to protect from these shocks going forward.

在 PRS 試點中，其中一個假設是：透過專注投入，我們可以在同一家醫院推動更多植入者的深度，從而擴大基礎、或某種程度上降低對少數關鍵醫師的集中依賴。現在這項工作已轉回由更廣泛的外勤團隊來推動，這仍是我們的努力方向之一。我們知道必須讓我們的商業基礎設施更多元化，才能在未來面對這類衝擊時更有防護力。

(Operator Instructions) Sam Knapp, Lake Street Capital Markets.

(接線員指示) Lake Street Capital Markets 的 Sam Knapp。

Hi, this is Frank Takkinen from Lake Street. Hoping to start with one on the competitive landscape, I heard the comment a few times throughout the call. Maybe helping to characterize what an account looks like where you are competing fairly and then what are the priorities related to the barriers you need to hit down in order to have more accounts replicate what a fair account looks like?

你好，我是 Lake Street 的 Frank Takkinen。我想先從競爭態勢問起，我在電話會議中聽到你們多次提到相關評論。能否協助描述一下，當你們在一個帳戶中能夠相對公平地競爭時，那個帳戶通常是什麼樣子？以及你們的優先事項是什麼——也就是需要降低哪些障礙，才能讓更多帳戶複製「公平競爭」的狀態？

In the Southeast, as an example, we've got an organization, a buying group, that has brought us in, and we have a fair share of our contract responsibility. And that's gone to about 13 or 15 sites with full product rollouts, getting surgeons on board, doing patient selection conversations, and then cases to follow. And that's what great looks like. We've actually had that happen over the last six weeks or so.

以美國東南部為例，我們有一個組織／採購集團把我們引進去，而我們在合約責任中取得了合理的份額。目前已擴展到大約 13 到 15 個據點完成全產品導入，讓外科醫師加入、進行病患篩選的討論，接著就有手術案例跟進。這就是我們所謂「很理想」的狀態。而這其實是在過去大約六週內發生的。

The inverse is true in a medical setting system out West where we exceeded our percentage of share allotment. And the competitor went in and threatened a price increase to the tune of $400,000. And we were asked to leave the program. So we're seeing both sides and it felt a little bit more ramped up in Q2 versus prior quarters.

相反的例子是在西部某個醫療體系中，我們的市占比例超過了原先分配給我們的份額。競爭對手進去後，以提高價格作為威脅，金額高達 40 萬美元。結果對方要求我們退出該專案。所以我們兩種情況都看到了，而且相較於前幾季，第二季的競爭態勢感覺更為升溫。

Okay, that's helpful. And then related to the comment on cost structure in the second half of the year, where should we think about the costs coming out of the model?

了解，這很有幫助。另外關於你提到下半年成本結構的評論，我們應該把哪些成本視為會從模型中移除？

So Frank, we're still working on this. I've spent some time with the team and it's evident that there's opportunity to take some meaningful costs out, but the specifics of the plan have not been yet finalized. What we will do is protect our top line and our critical functions within the organization that protect patient safety.

所以 Frank，我們仍在處理這件事。我已經花了一些時間和團隊一起看過，顯然有機會實質性地降低一些成本，但計畫的具體內容目前尚未定案。我們會做的是守住營收端（top line），並保護組織內那些攸關病患安全的關鍵職能。

I will update you as soon as we have a finalized plan.

一旦我們有了定案的計畫，我會盡快向你更新。

Makes sense.

有道理。

Matthew O'Brien, Piper Sandler.

Matthew O'Brien，Piper Sandler。

Did I hear you right that the second half of the year is going to be, as far as revenue goes, better than the first half? And then for, I know we don't want to get into '27 too much, but there's no reason I think you won't grow '27 versus maybe '25, this year being more of an adjustment here. And then I have a follow-up.

我是不是聽對了：就營收而言，下半年會比上半年更好？另外，關於 2027 年，我知道我們不想談太多，但我想應該沒有理由認為你們 2027 年不會相較於可能的 2025 年成長；今年比較像是在做調整。然後我還有一個追問。

Thinking of Jeff, who his voice is almost as deep and resonant as mine. He was the one who was talking about the revenue growth in the second half of the year, so I'll let him answer that.

想到 Jeff，他的聲音幾乎跟我一樣低沉有共鳴。剛才談到下半年營收成長的是他，所以我讓他來回答。

So we are optimistic that PRS is going to be one of our growth drivers in the back half of this year, given that it's back in as a large percentage of our focus with a training plan for the commercial organization and re-engagement with those key users. And just again, noting the seasonality of PRS in one way or another, we see it hit the most is the back half of this year. So that's where you're hearing our optimism.

我們對 PRS 在今年下半年成為我們的成長驅動因素之一感到樂觀，因為它重新回到我們重點聚焦的很大比重，並且我們為商業組織制定了訓練計畫，也重新與那些關鍵使用者互動。另外再次提醒，PRS 在某種程度上具有季節性，我們看到它影響最明顯的時點是在今年下半年。所以你聽到的樂觀情緒就是來自這裡。

And Jeff, that's just on PRS or is that for the whole business?

Jeff，那只是針對 PRS，還是針對整個業務？

No, the whole business too, as we're expanding on our hernia business too with focus on larger pieces. So going after complex ab wall and ultimately, what we see in our trends for our volumes growing up as high as 12% is keeping that now with larger pieces which drives higher ASPs.

不，整個業務也是，因為我們也在擴展疝氣業務，並把重點放在更大尺寸的產品上。也就是鎖定複雜腹壁（complex ab wall），而且最終我們在趨勢上看到量能成長最高可達 12%，現在再搭配更大尺寸的產品，能帶動更高的 ASP（平均銷售單價）。

Okay. And then this one is for Roberto. Just talk about the cash position of the company at this point, Roberto. I know there's going to be some cost structure adjustments but just given where you are from a cash perspective? How do we think about how do we funding the business going forward needs there.

了解。接下來這題是問 Roberto 的。Roberto，請談談公司目前的現金部位。我知道會有一些成本結構調整，但就你們目前的現金狀況來看，我們該如何思考未來業務資金需求、以及如何為業務提供資金？

Sure. So as Heather mentioned, we're at the beginning of the evaluation process for reducing the cost structure. As we mentioned in the prepared remarks, we have $30.4 million as of the end of the second quarter. Our goal in that review of cost structure, in addition to preserving our revenue growth, will be to extend the cash runway as much as possible to make any sort of additional fundraising a last resort. So this is all a work in process and as Heather mentioned, as soon as we have final results on it, we'll be reporting out on it.

好的。如 Heather 提到的，我們正處於評估降低成本結構流程的初期。如同我們在事先準備的講稿中提到，截至第二季末我們有 3,040 萬美元。在這次成本結構檢視中，除了維持我們的營收成長之外，我們的目標是盡可能延長現金跑道（cash runway），讓任何額外募資都成為最後手段。所以這一切仍在進行中；如 Heather 所說，一旦有最終結果，我們會對外說明。

Michael Sarcone, Jefferies.

Michael Sarcone，Jefferies。

And Heather, welcome aboard. Just some clarification questions for me. Just around the PRS unit volume headwinds, it sounded like you cited two sources of pressure. One was the pilot program that kind of changed focus or selling focus among the organization, and then some lifestyle or behavioral changes from some of the surgeons. I guess is that right? Which one is the more important factor? And are you expecting changes to both of those headwinds as we get through 2H or just kind of a change around the refocus of the sales org?

Heather，歡迎加入。我這邊有幾個釐清問題。關於 PRS 單位出貨量（unit volume）的逆風，聽起來你提到兩個壓力來源。一個是試點計畫（pilot program）某種程度改變了組織的重點或銷售重點，另一個是部分外科醫師在生活型態或行為上的改變。我理解得對嗎？哪一個是更重要的因素？而且你們預期在下半年（2H）這兩個逆風都會改善，還是主要只是銷售組織重新聚焦所帶來的改變？

It's Michael, right?

你是 Michael，對吧？

Yes, that's right.

是的，沒錯。

Michael, it's Jeff. So a couple things. One is simplifying the message in our sales force playbook, so that our team stays focused on really two to three key initiatives a quarter. That's evident. There's so many challenges in the role, we have to constantly simplify it so that they stay focused on the things that drive the business.

Michael，我是 Jeff。有幾點。第一是把我們銷售團隊作戰手冊（playbook）的訊息簡化，讓團隊每一季真正聚焦在兩到三個關鍵倡議上。這點很明顯。這個角色有太多挑戰，我們必須持續簡化，讓他們專注在能驅動業務的事情上。

Secondarily, within PRS specifically, since we noted it's not systemic and it's on key programs, there's two things I'd like to add. One is one of our key contributors with PRS in the year of 2025 left us in January and he just came back in July. This was one of our top performers and our business already in that market is starting to take off with his presence alone.

第二，特別就 PRS 而言，既然我們提到這不是系統性問題、而是發生在關鍵專案上，我想再補充兩點。第一，我們在 2025 年 PRS 的一位關鍵貢獻者在一月離開，七月才回來。他是我們的頂尖業務之一，而僅僅因為他回到那個市場，我們在該市場的業務就已經開始起飛。

And what I'd like to note too, without using surgeons' names, given that there's been some competitive challenges with product that's published with high recurrence rates, we're starting to see surgeons that are well-published, regarded, they're on podiums and also in speaking bureaus for a competitor are starting to contact us about using our product.

另外我也想指出，在不提外科醫師姓名的前提下，鑑於競品有產品被發表出較高復發率（high recurrence rates）而面臨一些競爭挑戰，我們開始看到一些發表很多、備受推崇的外科醫師——他們在會議上台（podium）發表，也在競品的講者團（speaking bureaus）——開始主動聯繫我們，想使用我們的產品。

So in the future we hope to share those names and discuss their positive outcomes, but the good news is we're starting to see a shift in some of those loyal, allegiant programs and doctors to look at our product now as another solution.

未來我們希望能分享那些名字並討論他們的正向結果，但好消息是，我們開始看到一些原本忠誠、長期支持的專案與醫師，現在轉而把我們的產品視為另一個解決方案。

Jeff, that's helpful. And then, on the hernia side, you guys had mentioned a focus on some larger pieces that come with higher ASPs. Just trying to understand the messaging there. Do we expect that the shift toward robotic hernias and smaller pieces is still going to kind of outweigh and be a price-mix headwind for the foreseeable future? Or is the message that we could start to see some of these larger pieces more than offset that and see, I guess, a stabilization or growth in price?

Jeff，這很有幫助。接著在疝氣這邊，你們提到會聚焦一些更大尺寸、帶來更高 ASP 的產品。我想理解一下這個訊息。我們是否預期，朝向機器人疝氣手術與較小尺寸產品的轉移，仍會在可預見的未來持續壓過你們的努力，並形成價格/組合（price-mix）的逆風？還是說，你們的意思是我們可能開始看到這些更大尺寸產品足以抵消上述影響，進而讓價格趨於穩定或成長？

Michael, it's Jim. As both things are true, the market itself and procedurally, you are seeing more cases move robotically. As we launched IHR into our portfolio in 2024 and we've improved our LPR products within our portfolio, you do see those as the fastest unit growth within our hernia portfolio because we're capturing more of those procedures.

Michael，我是 Jim。兩者都成立：市場本身以及手術方式上，你確實看到更多病例轉向機器人手術。我們在 2024 年把 IHR 納入產品組合，並且也改善了我們產品組合中的 LPR 產品；因此你會看到它們在我們疝氣產品組合中是單位成長最快的，因為我們正在掌握更多這類手術。

What's also true, and we referenced our data points throughout the call, the OviTex hernia portfolio has the best matchup for the most complex patient that's out there. Those are naturally performed open procedures. You're not really going to do those robotically. We have a right to win in that patient population and we're going to kind of put the foot on the gas there in the second half.

同樣也成立的是——我們在整場電話會議中引用過一些數據點——OviTex 疝氣產品組合最能匹配市面上最複雜的病患。這些手術天生就是以開放式（open）手術進行。你不太可能用機器人來做這些。在這個病患族群上我們有勝出的優勢（right to win），而且我們會在下半年在這方面加大力道。

I think naturally, we're starting to see some kind of slowdown in the price of the revenue and unit growth gap. So we should start to see that start to normalize to '27, but we can alleviate some of that ASP degradation by getting back to really what's core to us, which is treating the most complex patient out there with OviTex.

我認為很自然地，我們開始看到營收價格與單位成長差距的增速出現某種程度的放緩。因此，我們應該會看到這種情況在 2027 年前後開始回歸常態；同時，我們也可以透過回到真正屬於我們的核心——也就是用 OviTex 治療最複雜的患者——來緩解部分 ASP 下滑。

David Turkaly, Citizens JMP.

David Turkaly，Citizens JMP。

This could be for Heather or Joe, but like the bundling commentary, given that the recurrence rates are 10 times higher for some of the competitors. like I guess I just like to know like how do you combat that if it's that much better? And I know there's a lawsuit involved, but I think I guess that you could just walk us through how you think you can slow that down or stop that given that you have what appears to be a better product?

這題可能給 Heather 或 Joe：關於綑綁（bundling）的評論，鑑於某些競品的復發率高出 10 倍。我的意思是，我想了解的是，如果你們的產品明顯更好，你們要如何應對這種情況？我知道其中牽涉到訴訟，但我想你們能否帶我們走一遍：在你們看來，考量到你們似乎有更好的產品，你們要如何讓這種情況放緩或停止？

I was going to say, I'll let Jeff take that one.

我本來想說，我把這題交給 Jeff 來回答。

It's Jeff. Okay. One is, a lot of times, surgeons get to that decision on their own, right? So as much as we've put the product in a lot of physicians' hands, using cases, and the peer-to-peer network is growing, they're going to these major conferences reading data, seeing recently published publications, and realizing that a lot of time recurrence isn't necessarily their patient.

我是 Jeff。好的。第一點是，很多時候外科醫師會自己做出那個決定，對吧？所以，儘管我們已經讓很多醫師拿到產品、在病例中使用，而且同儕對同儕的網絡也在擴大，他們也會去參加各大重要會議、閱讀數據、看到近期發表的文獻，並意識到很多時候復發不一定會回到他們自己的病人身上。

And what I mean by that is when a surgeon uses a product and has an outcome and maybe it's not favorable, they tend not to always see that patient back. So that recurrence is usually in the hands of another surgeon, as you probably would seek a procedure if you didn't have a great case to begin with.

我的意思是，當外科醫師使用某個產品並得到一個結果，而結果可能不理想時，他們不一定總是會再見到那位病人回診。因此，那個復發通常會落在另一位外科醫師手上；就像你可能也會去尋求再次手術一樣，尤其是如果一開始的手術結果不佳。

So what we're trying to do ultimately is get the word out. We're at all the key forums. We're headed to the American Hernia Society at the end of this month, which is a big one for us to be present with some of these surgeons and share our data, share our wins over the past year. And then ultimately continue to grow with this device and those key procedures, which Jim said, we have the right to win. And that's some of the product that's out there that has high recurrence rates, is where those patients aren't necessarily thriving with their outcomes.

所以我們最終要做的是把訊息傳出去。我們會出席所有關鍵論壇。我們這個月底會前往美國疝氣學會（American Hernia Society），這對我們來說是很重要的一場，我們會在那裡與部分外科醫師交流並分享我們的數據、分享我們過去一年的成果。然後最終，持續在這個器械以及那些關鍵術式上擴張；正如 Jim 所說，我們有能力、也有資格贏。而市面上一些復發率高的產品，患者的術後結果往往並不理想、也不一定能夠良好恢復。

So we're doing it the right way, ultimately letting these surgeons arrive at that decision without necessarily pointing the data out to them, they're well versed in it.

所以我們是用正確的方式在做：最終讓外科醫師自己做出決定，而不是一定要把數據指給他們看——他們對這些內容其實很熟悉。

Just to say it, I think in these more complex cases where physicians may have had poor outcomes before, they're more likely to go to bat for the OviTex product with the administration where some of these competitive dynamics exist. So that's part of how we get in there and get through these contracting challenges we have.

再補充一句：我認為在這些更複雜的病例中，醫師若先前曾有不佳的結果，他們更可能在與院方溝通時替 OviTex 產品據理力爭，尤其是在存在某些競爭態勢的情況下。所以這也是我們如何切入並克服我們所面臨的部分合約（contracting）挑戰。

Did you want to add to that?

你想再補充嗎？

Yeah, David, I'll put a final bow on it. We referenced in the call, we're upgrading talent within a key part of our team that owns our contracting strategy. Especially in hernia, we do see the pendulum swing in terms of decision-making authority moving more towards the administration. Having a relationship there and team members who understand what they value, being able to tell an economic value story derived from our clinical outcomes is critical to us.

是的，David，我做個總結。我們在電話會議中提到，我們正在強化團隊中負責合約策略（contracting strategy）的關鍵職能的人才。特別是在疝氣領域，我們確實看到決策權的擺盪，正更多地轉向院方行政端。在那裡建立關係、並擁有了解他們重視什麼的團隊成員，能夠用我們臨床結果所推導出的經濟價值來講好價值故事，對我們至關重要。

So we believe we have the people on the team now who know how to do that better. That's part of that top-down way we have to attack this. And as Heather and Jeff alluded to, you still need presence and building clinical champions from the bottom up.

因此，我們相信現在團隊裡已經有更懂得把這件事做得更好的人。這是我們必須以自上而下方式來攻克的一部分。同時，如 Heather 和 Jeff 所提到的，你仍然需要在現場建立能見度，並以自下而上的方式培養臨床倡議者（clinical champions）。

So all of that competitive pressure that's out there, which is again the basis of our lawsuit that's there, is the friction that we referenced the time to productivity for our reps. That's some of the friction that's in our reps' way to getting to productivity because from the bottom up, they have to create all of those networks and relationships across the hospital system just to be able to advocate up the clinical and economic value of OviTex.

所以，外部所有那些競爭壓力——也就是我們提起訴訟的原因——就是我們所提到、會影響業務代表達到生產力（time to productivity）的摩擦。這些摩擦是阻礙我們業務代表提升生產力的一部分，因為從自下而上的角度，他們必須在整個醫院體系中建立所有這些網絡與關係，才能向上倡議 OviTex 的臨床與經濟價值。

But we are aware of some of those structural barriers. We're making the moves internally. So in the market we compete in now and how it's structured, we're not going to give up. We're just going to put different effort to it and overcome that friction.

但我們也意識到其中一些結構性的障礙。我們正在內部採取行動。因此，在我們目前所競爭的市場及其結構之下，我們不會放棄。我們只會投入不同的努力來克服這些摩擦。

Thank you. And there are no more questions in the queue. I would like to turn the call back over to Heather for closing remarks. Please go ahead.

謝謝。目前佇列中已沒有更多問題。我想把電話會議交回給 Heather 作結語。請繼續。

Okay, thank you. I want to again acknowledge and thank the entire TELA Bio team for the warm welcome and express my excitement to work alongside you as we position the company for sustainable growth. We are taking decisive action to extend our cash runway by better aligning our cost structure with our top line while preserving high-value customers and critical capabilities to protect revenue and ensure patient safety. I look forward to updating you on our progress in the future. Thank you for joining the call.

好的，謝謝。我想再次向整個 TELA Bio 團隊致意並感謝你們的熱情歡迎，也表達我很期待與各位並肩合作，讓公司站上可持續成長的軌道。我們正採取果斷行動，透過讓成本結構與營收規模（top line）更好地對齊來延長現金可支撐期間（cash runway），同時保留高價值客戶與關鍵能力，以保護營收並確保病患安全。我期待未來向各位更新我們的進展。感謝各位參與本次電話會議。

This concludes today's program. Thank you so much for joining. You may now disconnect.

今天的節目到此結束。非常感謝各位參與。您現在可以掛線。