TriSalus Life Sciences Q1 2025: Unpacking Key Contradictions on TriNav Usage, Mapping Code Impact, and Partnership Strategies

TriNav Large vessel usage, new mapping code impact, partnership strategy for nelitolimod, PERIO trial priorities and funding, and TriNav Large vessel size and ASP are the key contradictions discussed in TriSalus Life Sciences' latest 2025Q1 earnings call.



Revenue and Market Share Growth:
- TriSalus Life Sciences reported net sales of $9.2 million for Q1 2025, marking a 42% increase compared to Q1 2024 and a 11% sequential gain over Q4 2024.
- The growth was driven by increased adoption of TriNav in new accounts, increased utilization in existing accounts, and expansion of the sales force.

Product Innovation and Market Expansion:
- TriSalus expanded its product portfolio with launches like TriNav Large and TriGuide, supporting deeper penetration in the liver market and opening new procedural opportunities.
- These product innovations support the company's strategic focus on advancing new clinical applications and improving its manufacturing and gross margins.

PEDD Technology and Partnership Strategy:
- Nelitolimod successfully completed Phase I trials, shifting TriSalus to a partnership-focused strategy to eliminate development expenses by the end of the year.
- The company is exploring new clinical applications, such as PED-TAE for thyroid nodules, and aiming to position TriNav as the standard of care for complex embolization.

Financial Position and Investments:
- TriSalus raised approximately $22 million in gross proceeds through a private placement subsequent to Q1, strengthening its balance sheet.
- The company agreed with 55% of preferred shareholders to implement an exchange offer, simplifying its capital structure and aligning long-term investor interests.