TriSalus Life Sciences Q4 2024: Navigating Contradictions in TriNav Adoption, Nelitolimod Plans, and Pancreatic Cancer Focus

These are the key contradictions discussed in TriSalus Life Sciences' latest 2024Q4 earnings call, specifically including: TriNav adoption and growth expectations, nelitolimod development plans, TriNav mapping usage and reimbursement, and focus on pancreatic cancer indications:



Revenue Growth and Market Penetration:
- TriSalus Life Sciences reported $29.4 million in net sales for 2024, reflecting a 59.4% increase over the previous year.
- This growth is attributed to the adoption of TriNav in new accounts, increased utilization in existing accounts, and expansion of the sales force, which led to an increase in market share for 2024 to 9% of the liver, TACE, and TARE procedures.

Operational Efficiency and Cost Management:
- Operating expenses in research and development decreased by 41% for the full year, and sales and marketing expenses reached $25.8 million, a 52% increase from 2023.
- The decrease in R&D expenses is due to the completion of nelitolimod patient enrollment in all PERIO studies, while the increase in sales and marketing reflects strategic investments in expanding TriNav's reach and adoption.

Technological Innovations and Product Launches:
- TriSalus launched the TriNav LD infusion system and TriGuide guiding catheter, expanding its PEDD portfolio.
- These innovations enhance therapeutic delivery, improve procedural efficiency, and expand the addressable market, contributing to TriSalus' revenue growth.

Strategic Partnerships and Financial Stability:
- TriSalus secured up to $50 million in debt financing, with $35 million accessed to date, extending its cash runway through 2025.
- This financial stability supports the growth initiatives and expansion planned for 2025.