TriSalus Life Sciences’ Sales Force Expansion and Non-Liver Revenue Timelines Don’t Match in Q2 2026 Earnings Call

Date of Call: Aug 6, 2026

Financials Results

• Revenue: $11.4 million, up 1.7% YOY compared to $11.2 million in the prior year period
• Gross Margin: 86.8%, compared to 83.9% in the prior year period

Guidance:

• Reiterated full-year 2026 revenue guidance of $54 million-$57 million, reflecting 19%-26% growth over full-year 2025.
• Expect sequential improvement in growth from Q2 to Q3, followed by a stronger Q4.
• Expect sales and marketing expenses to decline sequentially in Q3 and Q4 as we move past the elevated cost of the first-half sales force expansion.

Business Commentary:

Revenue Growth and Commercial Expansion:

• TriSalus Life Sciences reported total revenue of over $11.4 million for the second quarter of 2026, reflecting sequential and year-over-year growth.
• The growth was driven by the continued execution of the commercial team in the field, raising awareness of TriNav, building clinical evidence, and strengthening the commercial foundation.

Reimbursement Expansion and Market Access:

• The company received notification from CMS of a G-code that extends reimbursement for the TriNav system into the physician office setting (office-based lab or OBL).
• This development is expected to expand patient access to PEDD and gives clinicians more flexibility in where they practice, as treatment migration from traditional settings to OBLs is increasing.

Clinical Evidence and Strategic Focus:

• TriSalus has 11 active studies underway across 27 clinical sites involving over 400 patients treated with TriNav, aimed at demonstrating the value of PEDD.
• This focus on clinical evidence is intended to drive greater future awareness and adoption of the TriNav system.

Sales Force Expansion and Productivity:

• The company expanded its commercial footprint and hired new sales representatives in the first quarter, with all reps hired by April.
• These new hires are contributing to a ramping growth trajectory, with expectations of increased productivity and impact in the second half of the year.

Gross Margin Improvement:

• TriSalus reported a gross margin of 86.8% for the second quarter, compared to 83.9% in the prior year period.
• The improvement was driven by lower average unit costs on TriNav and continuous manufacturing improvements.

Sentiment Analysis:

Overall Tone: Positive

• CEO reported a 'strong second quarter' with sequential and year-over-year revenue growth. Highlighted 'positive results' from commercial evolution, 'ramping engagement and productivity' from new reps, and described the new G-code reimbursement as a 'big win' and 'seminal moment' for the company. Expresses excitement about growth trajectory and 'tremendous opportunity ahead.'

Q&A:

• Question from Frank Takkinen (Lake Street Capital Markets): Wanted to start with a follow-up on the sales force. Appreciate the comments on the call. Specific to the new reps that you hired in the first quarter, can you maybe talk a little bit more about some of the metrics they’re putting up as far as productivity improvement, where they are in their launch trajectory, and how impactful they can be in Q3, Q4?
  Response: New reps, hired in April, are now in their second quarter and contributing substantially, with performance exceeding internal metrics; the company is on track with its internal model and expects continued strong contribution in the back half of the year.

• Question from Frank Takkinen (Lake Street Capital Markets): Wanted to follow up on the new office-based lab reimbursement. Maybe talk a little bit more specifically on which new indications that could be most impactful for and when you might start to allocate more sales and marketing resource into those to capitalize on that.
  Response: The new G-code extends reimbursement to office-based labs, benefiting liver embolization and other indications like uterine, genicular, and prostate artery embolization; the company is currently planning how to allocate resources and does not anticipate incremental sales resources being required initially.

• Question from Justin Walsh (JonesTrading): I think you alluded to this a little bit in your last answer with the reimbursement, but I’m wondering if you could remind us where there’s overlap in call points for the current liver market and the adjacent markets that you’re working to expand into.
  Response: Interventional radiologists generally have broad practice diversity, so the current sales force can handle the majority of the new indications as the same physicians perform multiple procedures; no incremental sales resources are initially required.

Contradiction Point 1

Sales Force Expansion Impact and Timeline

Contradiction on the sales force expansion's completion and revenue impact timeline.

Frank Takkinen (Lake Street Capital Markets) - Frank Takkinen (Lake Street Capital Markets)

2026Q2: The sales force expansion was completed by April, and the reps are now in their second quarter. They are performing well... Contribution from these reps is increasing substantially in the back half of the year. - [Mary Szela](CEO)

What are the metrics, productivity, and launch trajectory progress of Q1-hired sales reps, and their expected impact on Q3 and Q4? - Frank Takkinen (Lake Street Capital Markets)

2026Q1: The sales expansion has resulted in being "a little above" the original doubling target... The new organization has the right mix... to scale. - [Mary Szela](CEO)

Contradiction Point 2

Sales Rep Ramp Period Expectations

Contradiction on the typical time for new sales reps to reach full productivity.

Frank Takkinen (Lake Street Capital Markets) - Frank Takkinen (Lake Street Capital Markets)

2026Q2: The sales force expansion was completed by April, and the reps are now in their second quarter. They are performing well... Contribution from these reps is increasing substantially in the back half of the year. - [Mary Szela](CEO)

What are the metrics, productivity, launch trajectory progress, and expected impact on Q3/Q4 of the Q1-hired sales reps? - William Plovanic (Canaccord Genuity)

2026Q1: Reps typically have a 6-9 month ramp period. All reps are largely in place, and the company anticipates continuous month-over-month growth for the remainder of the year. Meaningful progress is expected in Q3 and Q4 as they reach full productivity. - [Mary Szela](CEO) & [David Patience](CFO)

Contradiction Point 3

Commercial Impact Timeline for Non-Liver Indications

Inconsistent outlook on when new indications will meaningfully contribute to revenue.

Frank Takkinen (Lake Street Capital Markets) - Frank Takkinen (Lake Street Capital Markets)

2026Q2: The G-code was issued... The company is currently developing its plans and is surprised by how early the G-code was implemented. - [Mary Szela](CRO)

Which indications for the new OBL reimbursement are most impactful, and when will additional sales and marketing resources be allocated to capitalize on them? - Frank Takkinen (Lake Street Capital Markets)

20260306-2025 Q4: In 2026, the majority of revenue will still come from liver applications. Meaningful progress in new applications... is expected in the second half of the year, driven by data releases. - [Mary Szela](CRO)

Contradiction Point 4

Sales Force Expansion Scope and Timing

Conflicting statements on whether the sales force is fully hired and its readiness for new indications.

Frank Takkinen (Lake Street Capital Markets) - Frank Takkinen (Lake Street Capital Markets)

2026Q2: The sales force expansion was completed by April, and the reps are now in their second quarter... Contribution from these reps is increasing substantially in the back half of the year. - [Mary Szela](CRO)

What are the metrics, productivity, and launch trajectory progress of the Q1-hired sales reps, and their expected impact on Q3 and Q4? - John Young (Canaccord)

20260306-2025 Q4: The company is meaningfully doubling the size of the commercial organization... The structure aims to drive sales acceleration in H2 2026 and beyond. - [Mary Szela](CRO)

Contradiction Point 5

Sales Force Capacity and Cross-Indication Coverage

The sales team's ability to handle new indications without expansion is downgraded.

What were Justin Walsh's key insights from JonesTrading during the earnings call? - Justin Walsh (JonesTrading)

2026Q2: Based on current data, the existing sales reps can handle the majority of the new OBL opportunities initially. The company will assess if additional sales resources are needed for newer indications later. - [Mary Szela](CEO)

Will the sales force's liver-based knowledge and existing sales strategies overlap and support expansion into adjacent indications like UAE, genicular, and thyroid embolization? - Nelson Todd (Lake Street Capital Markets)

20251114-2025 Q3: Investing in new applications like uterine artery embolization (UAE) and genicular artery embolization (GAE). Market evaluation for a new product in UAE shows robust feedback; launch is imminent. - [Mary Szela](CEO)