Piper Sandler Reiterates Overweight Rating on TELA Bio, Inc. (TELA)

Piper Sandler analyst Matt O'Brien reiterated an Overweight rating and $8.00 price target on TELA Bio, Inc. (NASDAQ: TELA).

The analyst commented, "This afternoon TELA preannounced sales of $19.0M, which falls just above the current Street expectation for $18.7M, and a GM of 68%, versus our call for 68.5%. So generally speaking, the financial results provided were solid, in our view, as the company moves past Q2 headwinds at the GPO level. The Company also ended Q3 with $17.3M in cash, compared with $26.5M at the end of Q2. Perhaps more important, TELA also announced an equity raise of yet to be determined size. The risk of an equity raise has long been an overhang on the name, and we believe the stock can work once this headwind is removed. In addition to the raise, in Q3 TELA implemented cost-cutting measures, which the Company expects will reduce operating expenses in the range of $5.0M-$10.0M on an annualized basis for FY'25."

For an analyst ratings summary and ratings history on TELA Bio, Inc. click here. For more ratings news on TELA Bio, Inc. click here.

Shares of TELA Bio, Inc. closed at $2.49 yesterday.

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