Deep Value: cash covers more than 100% of the stock price

This company holds roughly $31M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

TELA Bio

TELA

Medical - Devices · Healthcare

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

TELA Bio makes surgical mesh products used to repair soft tissue, like hernias and abdominal wall defects. Its main product is OviTex, a mesh made from a combination of synthetic material and biological tissue derived from sheep. Surgeons at hospitals across the United States use these products during reconstructive surgeries.

The company sells its products directly to hospitals and surgical centers, earning revenue each time a product is used in a procedure. TELA Bio operates almost entirely in the United States and is a small company still in growth mode, with annual revenue in the range of roughly $100 million. Its differentiated material technology gives it some separation from standard synthetic or purely biological mesh competitors, but the company is not yet profitable and burns cash to fund its sales force expansion. The biggest risk is that it must keep growing procedure volume fast enough to reach profitability before needing to raise additional capital.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+9.1% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

26.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~8 months

$30M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

TELA Bio has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

72.3%

Premium pricing power — 72.3% gross margin

Profit after running costs

Operating Margin

-48.1%

Losing money on operations — -48.1%

Return on the money invested

ROCE

-23.1%

Weak — -23.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+6.1%

Slow sales growth (+6.1% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-37.8%

Burning cash (-37.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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