TELA Bio

TELA Bio approved a companywide reduction of about 20% of its full-time workforce, cutting headcount from 201 to roughly 160 during the third quarter.

The surgical-technology company is trimming operating costs to preserve capital and concentrate resources on product sales. It expects the broader cost plan to save about $17 million a year. The board approved the plan on August 28, and TELA expects about $1.5 million in restructuring charges.