Seven pads of reinforced tissue matrix fanned out, some quilted in a diamond pattern and some stitched with a fine blue grid, on a teal field with a dashed red thread
$1.8B company's estimate: total annual
U.S. addressable market, OviTex (10-K)
OviTex · OviTex PRS

Reinforced tissue
matrices for soft-tissue
reconstruction.

OviTex is used in hernia repair and abdominal wall reconstruction; OviTex PRS in plastic and reconstructive surgery. The $1.8B is not a revenue forecast.

Two oval pads of reinforced tissue matrix, one quilted with a diamond pattern of dotted stitches, on a teal field
~5% polymer by mass in OviTex Core,
1S and 2S, per the company (10-K)
How OviTex is made

Tissue, stitched with
polymer thread.

OviTex Core has four layers of ovine rumen tissue, 1S six and 2S eight. Depending on configuration, the company says its polymer content is about 75% less than the most widely implanted permanent synthetic mesh (10-K).

A dashed red polymer thread stitched through a teal lattice, ending in a red knot
Oct 5, 2026 company announces
Liora 510(k) clearance
New clearance · Liora Monofilament Scaffold

A resorbable mesh,
cleared by the FDA.

Cleared for soft-tissue reinforcement, specifically in muscle-flap transfer procedures, as temporary support to help secure the flaps (FDA 510(k) summary). A 510(k) is not an approval: the FDA found it equivalent to an earlier device, without clinical performance data. The Oct 5 release gives no launch date or sales.

Pads of reinforced tissue matrix, quilted and grid-stitched, at the edge of a teal field
$38.4M H1 2026 revenue, unaudited
(10-Q); H1 2025: $38.7M
Revenue

H1 2026 revenue
down 1%, 2025 up 16%.

Q2 revenue was down 4%, on lower OviTex PRS sales and U.S. price/mix (10-Q). 2025 revenue: $80.3M, up from $69.3M (10-K). H1 2026 net loss: $23.5M, up 11% from $21.2M (10-Q). 2026 revenue guidance withdrawn Aug 10 (8-K).

One large diamond-quilted pad of reinforced tissue matrix at the left edge of a teal field; a dashed red polymer thread runs off the right edge, with a small red knot
$30.4M cash at Jun 30, 2026 (10-Q);
Dec 31, 2025: $50.8M
Funding and risk

Substantial doubt
about going concern.

The company's Aug 11 10-Q states this doubt, citing losses and a probable miss of its loan's revenue covenant. Unless waived, default could let the lender demand the $60.0M (due Nov 2030); the company does not expect to have the liquidity to repay. Lenders agreed Sep 28, after the 10-Q, not to test that covenant for Q3 and Q4 2026 only (8-K).

TELA Bio
INVESTOR RELATIONS · NASDAQ: TELA
Substantial going-concern doubt · 10-Q
View Investor Relations

Forward-looking statements (e.g., Q3 timing, Liora's prospects) are uncertain; actual results may differ materially. Not an offer to sell or buy securities, or investment advice. 2026 figures (H1, Q2, Jun 30 balances) are unaudited. 10-Q: substantial doubt about going concern. Risks: loan covenant default; more financing and dilution; reverse split approved, none intended now; CEO/CFO changes; OviTex made by one contract manufacturer. Figures are from SEC filings through Oct 8; Q3 results (expected early November) may change them. See Risk Factors in TELA Bio's SEC filings.