TELA Bio, Inc.
TELA Healthcare Medical Devices
TELA Bio, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $80.3 million, up 15.8% from fiscal 2024. In the quarter to June 2026, revenue fell 4.49%, EPS grew 9.09%, free cash flow fell 17.7% and total debt rose 35.5%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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TELA Bio, Inc. (TELA) Altman Z-score
TELA Bio, Inc.'s Altman Z-score for fiscal 2025 is −5.93, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −5.93 | (1.38) |
| FY2024 | −4.55 | (0.05) |
| FY2023 | −4.49 | (0.53) |
| FY2022 | −3.96 | (1.28) |
| FY2021 | −2.68 | (2.92) |
| FY2020 | 0.24 | 3.02 |
| FY2019 | −2.77 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.71 | — | 0.85 | |
| Retained earnings / total assets | (4.88) | — | −6.84 | |
| EBIT / total assets | (0.41) | — | −1.37 | |
| Market value of equity / total liabilities | 0.74 | — | 0.44 | |
| Sales / total assets | 0.99 | — | 0.99 | |
| Altman Z-score | Distress zone | −5.93 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −13.97 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SRTS Sensus Healthcare, Inc. compare | 8.9× |
| XTNT Xtant Medical Holdings, Inc. compare | 0.0× |
| SNWV Sanuwave Health Inc. compare | −3.0× |
| MYO Myomo, Inc. compare | −3.0× |
| MDAI Spectral AI, Inc. compare | −3.3× |
| TELA TELA Bio, Inc. | −5.9× |
| RPID Rapid Micro Biosystems, Inc. compare | −8.9× |
| TLIS Talis Biomedical Corporation compare | −9.1× |
| COCH Envoy Medical, Inc. compare | −60.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets