Tela Bio Slumps As Customer: targeted cyberattacks dent Q2 revenue

TELA Bio

13/08/2024 14:39

** Shares of surgical equipment maker TELA Bio  TELA.O  down
24.2% at $3.04
    ** Co reports Q2 revenue of $16.1 mln, below analysts' avg.
est. of $18.5 mln - LSEG data 
    ** TELA says quarterly revenue was hurt by two cyberattacks
- ransomware attack at its fastest-growing group purchasing
customer and separate cybersecurity event at a hospital client 
    ** The cyberattacks substantially reduced surgeries at the
two facilities during the quarter 
    ** TELA Bio CEO Antony Koblish says issues, including those
related to ransomware attacks, have been resolved and co is
seeing signs of normalized growth returning in Q3
    ** Co reaffirms 2024 revenue forecast of $74.5 mln to $76.5
mln
    ** At least three brokerages cut their price target on stock
    ** As of last close, TELA shares down ~39% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))