TELA Bio, Inc.

TELA

$0.83

+5.65%

2026-09-04 13:09:56 EDT+$0.04

Healthcare

Medical - Devices

NASDAQ

Active Trading

TELA Bio, Inc., a commercial-stage medical technology company, focuses on providing soft-tissue reconstruction solutions that optimize clinical outcomes by prioritizing the preservation ...

Supply Chain of TELA

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Aroa Biosurgery Ltd

New Zealand Sheep Farming Industry (supplier to Aroa)

Medical Polymer/Suture Manufacturers (unidentified suppliers to Aroa)

Aroa Biosurgery Ltd

ASX:ARX

Exclusive contract manufacturer of OviTex and OviTex PRS products; exclusive supplier of ovine rumen raw material; holds FDA 510(k) clearance for OviTex

New Zealand Sheep Farming Industry (supplier to Aroa)

Provides ovine rumen (sheep forestomach) — the biologic raw material for OviTex extracellular matrix. Sourced locally in New Zealand by Aroa

Medical Polymer/Suture Manufacturers (unidentified suppliers to Aroa)

Supplies the proprietary polymer suture reinforcement interwoven with ovine ECM in OviTex products. Includes both permanent and resorbable polymer variants

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Aroa Biosurgery Ltd

HealthTrust Purchasing Group (HCA Healthcare affiliate)

Sana GmbH (Germany)

GD Medical (Netherlands)

Vizient Inc.

Next Science Ltd

Aroa Biosurgery Ltd

ASX:ARX

Joint development partner; Aroa manufactured OviTex under license and holds the FDA 510(k) clearance. Revenue-sharing arrangement based on net sales

HealthTrust Purchasing Group (HCA Healthcare affiliate)

Group purchasing organization (GPO) contract covering full OviTex hernia portfolio, providing access to HealthTrust member hospitals

Sana GmbH (Germany)

Largest GPO in Germany; contract provides OviTex access to Sana's ~350 corporate partner hospitals

GD Medical (Netherlands)

Exclusive stocking distributor for OviTex in the Netherlands; handles pricing and distribution for Benelux region

Vizient Inc.

Major US GPO; TELA Bio has GPO contracting access through Vizient's member hospital network (one of top 3 US GPOs)

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Aroa Biosurgery Ltd

TELA's exclusive manufacturer and raw material supplier. Aroa's financial performance and production capacity directly impact TELA's ability to generate revenue. Aroa holds the FDA 510(k) clearance for OviTex products and receives revenue-sharing payments from TELA

MiMedx Group, Inc.

NASDAQ:MDXG

Direct competitor in the biologic/surgical mesh space for soft tissue repair. Also a downstream partner through NIVIS distribution rights sale. MDXG provides a public-market proxy for the regenerative tissue matrix market segment TELA operates in

Becton Dickinson and Company

NYSE:BDX

Dominant competitor in the hernia mesh market (~60%+ share). TELA's antitrust lawsuit against BD highlights the competitive dynamics. BD's surgical mesh business is a key competitive benchmark for TELA's addressable market

Organogenesis Holdings Inc.

NASDAQ:ORGO

Publicly traded competitor in regenerative medicine and wound care/surgical biologics, providing a public-company valuation benchmark for the soft-tissue repair sector

Geographic

Region-level exposures that can distort the supply network.

Geographic

New Zealand

United States

Europe (Germany, Netherlands, UK)

Aroa Biosurgery Ltd

US Hospitals & IDNs

Sana GmbH

GD Medical

New Zealand

Single-source manufacturing & raw material country risk

Aroa Biosurgery LtdASX:ARXExclusive contract manufacturer; all OviTex production at Auckland, NZ facility

United States

Primary revenue market; regulatory & payer concentration

US Hospitals & IDNs~90% of revenue from US direct sales; GPO dependencies on HealthTrust, Vizient, Premier

Europe (Germany, Netherlands, UK)

Growth market with distributor dependence

Sana GmbHGerman GPO providing access to 350+ hospitals

GD MedicalExclusive distributor for Netherlands

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Foundry

Critical

Complete single-source dependency on Aroa Biosurgery for manufacturing and raw material supply. Aroa is the exclusive contract manufacturer of ALL OviTex and OviTex PRS products and provides all raw materials (ovine rumen). Any disruption at Aroa's Auckland facility would halt all TELA revenue generation

Customer

High

High reliance on US hospital direct sales channel (~90% of revenue). Limited diversification into international markets. Dependence on GPO contract renewals with major organizations like HealthTrust and Sana

Equipment

Critical

OviTex manufacturing uses specialized biologic tissue processing equipment. No disclosed backup manufacturing facility or alternative supplier qualified. Regulatory barriers (FDA 510(k) is held by Aroa) create additional switching costs

Other

High

Competitive dependency: BD (Becton Dickinson) dominates the hernia mesh market with estimated >60% share. TELA filed antitrust lawsuit against BD in Dec 2025 alleging exclusionary practices. BD's market power limits TELA's hospital access

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

OviTex Reinforced Tissue Matrix (Hernia Repair & Abdominal Wall Reconstruction)

85.0%

Core product line driving demand for ovine rumen supply from Aroa and polymer suture components. Largest volume driver for manufacturing capacity at Aroa's Auckland facility.

OviTex PRS Reinforced Tissue Matrix (Plastic & Reconstructive Surgery)

15.0%

Higher-value segment targeting breast reconstruction and plastic surgery. Uses same Aroa supply chain with different polymer configurations (resorbable vs permanent).

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Plutux is not an investment adviser. Market data and AI-generated analysis are for information and education only, not investment advice. Disclaimer

TELA Bio, Inc.

Supply Chain of TELA

Upstream

Aroa Biosurgery Ltd

New Zealand Sheep Farming Industry (supplier to Aroa)

Medical Polymer/Suture Manufacturers (unidentified suppliers to Aroa)

Downstream

Aroa Biosurgery Ltd

HealthTrust Purchasing Group (HCA Healthcare affiliate)

Sana GmbH (Germany)

GD Medical (Netherlands)

Vizient Inc.

Premier Inc.

MiMedx Group, Inc.

Next Science Ltd

View More

Proxies

Aroa Biosurgery Ltd

MiMedx Group, Inc.

Becton Dickinson and Company

Organogenesis Holdings Inc.

Geographic

New Zealand

United States

Europe (Germany, Netherlands, UK)

Supply Chain of TELA

Upstream

Aroa Biosurgery Ltd

New Zealand Sheep Farming Industry (supplier to Aroa)

Medical Polymer/Suture Manufacturers (unidentified suppliers to Aroa)

Downstream

Aroa Biosurgery Ltd

HealthTrust Purchasing Group (HCA Healthcare affiliate)

Sana GmbH (Germany)

GD Medical (Netherlands)

Vizient Inc.

Premier Inc.

MiMedx Group, Inc.

Next Science Ltd

View More

Proxies

Aroa Biosurgery Ltd

MiMedx Group, Inc.

Becton Dickinson and Company

Organogenesis Holdings Inc.

Geographic

New Zealand

United States

Europe (Germany, Netherlands, UK)