What guidance did TriSalus Life's management provide for the next earnings period?

What does TriSalus Life do and what are its main business segments?

What factors drove the changes in TriSalus Life's revenue and profit?

What is the revenue and EPS growth rate for TriSalus Life year over year?

What is TriSalus Life's gross profit margin?

What were the key takeaways from TriSalus Life's earnings call?

Did TriSalus Life beat or miss consensus estimates last quarter?

What were the key takeaways from TriSalus Life’s earnings call?

- **Revenue Growth**: Q3 2025 revenue $11.6M (+57% YoY), driven by 30% new accounts and 3% sequential growth.
- **Product Expansion**: TriNav FLX adoption 35% of mix, TriNav XP shows 100% technical success in early cases.
- **Clinical Momentum**: Thyroid embolization registry demonstrates 73% size reduction, 71% thyroid function normalization.
- **Financial Health**: Adjusted EBITDA loss $5.4M (vs $7.1M prior year), $22.7M cash balance.
- **2026 Outlook**: 50%+ growth target supported by GAE trial launch and uterine artery embolization expansion.

**【CEO Summary Section】**
- Q3 2025 revenue reached $11.6 million, up 57% YoY, driven by 30% increase in unique ordering accounts and 3% sequential growth. 
- Launched TriNav FLX for low-bar liver embolization and TriNav XP for uterine artery embolization, with FLX already accounting for 35% of product mix.
- Expanded clinical pipeline with genicular artery embolization (GAE) trial for knee osteoarthritis and thyroid embolization registry showing 71% thyroid function normalization.
- Reimbursement expansion: CMS code C8004 doubles mapping procedure utilization, with 100% technical success in thyroid studies.

**【CFO Financial Commentary】**
- Gross margin 84% (vs 86% prior year), impacted by new product ramp costs.
- R&D expenses $5.2M (+24% YoY) due to nelitolimod study closeout costs.
- Sales & marketing $6.8M (+13% YoY) driven by performance-based comp.
- Adjusted EBITDA loss $5.4M (improvement from $7.1M prior year).
- Cash balance $22.7M, with debt covenant reduced to $5M.

**【Q&A Highlights】**
- 2026 growth: Management reaffirms 50%+ revenue target, citing GAE trial launch and uterine artery embolization adoption.
- Product adoption: FLX adoption rate 35% of mix, XP early feedback shows 100% technical success in 20+ cases.
- Market expansion: Thyroid embolization registry shows 73% reduction in thyroid size, 71% thyroid function normalization.
- Gross margin outlook: CFO expects stabilization in Q4 2025 as production scales.

TriSalus Life Sciences, Inc. (TLSI) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: 52% YoY growth to $11.2M, fueled by TriNav FLX adoption and new clinical codes.
- **Product Breakthrough**: FLX device exceeding expectations, enabling 10-15% incremental revenue from complex vascular cases.
- **Cost Efficiency**: R&D expenses down 17% YoY, with nelitolimod winding down to $2-3M/quarter.
- **Cash Flow Confidence**: $26.5M cash post-private placement, targeting 2026 cash flow positivity.
- **Strategic Shifts**: Partnering nelitolimod development while doubling down on PEDD platform expansion.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2025 net sales of $11.2 million, up 52% YoY and 22% sequentially, driven by TriNav product adoption and new clinical applications.
- **Product Launch Success**: TriNav FLX infusion system launched in Q2, exceeding internal sales projections and addressing tortuous vascular anatomy challenges.
- **Reimbursement Expansion**: CMS issued C8004 code in April, enabling coverage for both mapping and treatment procedures, doubling reimbursable use of TriNav technology.
- **Clinical Pipeline Progress**: Nelitolimod Phase I trials completed across multiple liver tumor types; final data expected in Q3 2025, with plans to partner for development.
- **Strategic Priorities**: Expand PEDD platform adoption, simplify capital structure via $22M private placement, and invest in commercial infrastructure for 50%+ revenue growth.

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - Gross margin 84% (down 400bps YoY due to new product ramp inefficiencies).
  - R&D expenses $3.9M (down 17% YoY, with nelitolimod-related costs winding down).
  - S&M expenses $7.2M (up 20% YoY for salesforce expansion).
  - Adjusted EBITDA loss $5.3M (narrowing 19% YoY).
  - Cash balance $26.5M post-private placement, targeting cash flow positive by early 2026.
- **Capital Structure Simplification**: 99% of preferred shares exchanged at 3.3:1 ratio, reducing shares outstanding to ~50M and eliminating 2027 reset provision.

**【Q&A Key Highlights】**
- **Mapping Code Impact**: C8004 code adoption accelerating, with >8,000 physicians trained via ZHealth reimbursement consulting service.
- **Product Contribution**: TriNav LD/LV/LX devices collectively driving 10-15% revenue growth, with FLX outperforming expectations in complex cases.
- **Expense Outlook**: 
  - R&D run rate to ~$2-3M/quarter post-nelitolimod closeout.
  - G&A expenses to be reduced to ~$4M/quarter via process optimization.
  - S&M expenses maintained to support 50%+ revenue growth.
- **Nelitolimod Strategy**: Partnering discussions expected to begin Q3 2025 with liver-focused biotechs, targeting Phase II funding.
- **2025 Guidance**: Reiterate 50%+ revenue growth, with EBITDA positivity expected in early 2026.

TriSalus Life Sciences, Inc. (TLSI) Q2 2025 Earnings Call Transcript

- **Revenue surge**: Q1 2025 sales up 42% YoY to $9.2M, driven by TriNav adoption
- **New product success**: TriNav Large and Flex expand addressable market in large vessel embolization
- **Reimbursement breakthrough**: New code doubles TriNav use cases, accelerating growth
- **Partnership potential**: Nelitolimod Phase I data supports pharma collaboration for PEDD-enabled immunotherapy
- **Margin recovery**: Gross margin expected to rebound to 85-90% in Q2
- **2025 vision**: ≥50% revenue growth, scaling commercial team to 60+ reps by end-2026

**【CEO Opening Remarks】**
- Q1 2025 revenue: $9.2M (42% YoY growth, 11% sequential increase)
- Key strategic focus: expanding PEDD adoption, advancing TriNav in liver embolization, and preparing nelitolimod for partnerships
- New product launches: TriNav Large, TriGuide, and TriNav Flex
- Market leadership: 10% share of liver TACE/TARE procedures
- Clinical milestones: Phase I nelitolimod trials complete, 32 new ordering accounts added in Q1

**【CFO Financial Update】**
- Gross margin: 84% (down 1% YoY due to factory expansion)
- R&D expenses: $3.3M (44% YoY decline)
- G&A expenses: $5M (7% QoQ increase)
- Operating loss: $7.3M (38% YoY improvement)
- Cash position: $13M + $22M private placement post-Q1
- 2025 guidance: ≥50% revenue growth, EBITDA negative but cash flow positive by Q1 2026

**【Q&A Highlights】**
1. **TriNav Large adoption**: Used in 3-5mm vessels for large tumors, early feedback positive
2. **Reimbursement expansion**: New HCPCS code doubles TriNav use cases, driving broader adoption
3. **Nelitolimod partnership strategy**: Seeking pharma partners for PEDD-enabled delivery of immunotherapy
4. **Salesforce expansion**: Adding 15+ reps over 18 months to target 400+ high-volume hospitals
5. **Gross margin outlook**: 85-90% by Q2 as factory utilization normalizes
6. **Clinical data momentum**: HEOR study shows 30% cost savings vs. standard care

TriSalus Life Sciences (TLSI)-15 May 25-2025 Q1 Earnings call transcript

- **Revenue Surge**: Q4 2024 revenue up 44% YoY to $8.3M, full-year $29.4M (59% YoY), driven by TriNav adoption in liver embolization (9% market share).
- **Pipeline Expansion**: Launched TriNav Large and TriGuide, targeting complex embolization. New CMS code C8004 unlocks $400M Medicare market for thyroid embolization.
- **Clinical Impact**: HEOR studies show 30% lower post-procedure fatigue and 20% fewer complications. PROTECT registry enrolling 100 thyroid patients across 10 sites.
- **2025 Growth**: >50% revenue growth guided, with EBITDA breakeven by mid-2025. Key catalysts: TriNav 2.0 launch, nelitolimod Phase I data, and $35M OrbiMed funding.
- **Risks**: 10-K filing delay due to auditing; 33% YoY reduction in operating losses to $36.2M.


**【CEO Strategic Overview】**
- **Revenue Growth**: Q4 2024 revenue reached $8.3M (44% YoY), full-year $29.4M (59% YoY), driven by TriNav adoption in liver embolization procedures. Market share expanded to 9% of TACE/TARE procedures.
- **Pipeline Expansion**: Introduced TriNav Large Vessel system, capturing 25% of new accounts in Q4. Launched TriGuide guiding catheter and TriNav LD infusion system, targeting complex embolization cases.
- **Clinical Evidence**: Published HEOR studies showing 30% lower post-procedure fatigue and 20% fewer complications in PEDD-treated patients. New CMS code C8004 for mapping procedures effective April 2025, enabling full reimbursement for Medicare patients.
- **2025 Outlook**: Guided for >50% revenue growth, EBITDA positivity by mid-2025, and cash flow breakeven by year-end. Key drivers include TriNav 2.0 launch, PROTECT registry enrollment (100 patients for thyroid embolization), and nelitolimod Phase I data readout.

**【CFO Financial Highlights】**
- **Revenue Performance**: Q4 gross margin 85%, full-year 86% (vs. 90% in 2023 Q4). R&D expenses down 62% YoY to $3M, G&A down 22% to $4.7M. Sales & marketing up 52% YoY to $25.8M.
- **Liquidity**: $8.5M cash at year-end, with $35M drawn from $50M OrbiMed facility. Sufficient runway for 2025 growth initiatives.
- **2025 Financial Targets**: Full-year EBITDA positive, cash flow breakeven in H2. Operating losses reduced 33% YoY to $36.2M.

**【Q&A Key Takeaways】**
- **TriNav Large Uptake**: 70% of Q4 new accounts using TriNav Large for TARE, with 10% sequential increase in utilization. CMS code C8004 expected to add 25% addressable market.
- **Nelitolimod Progress**: Phase I data in pancreatic cancer expected mid-2025. Early interest from pharma partners for UMLM indication, leveraging TriNav's venous delivery technology.
- **Account Strategy**: Shifted focus from new account openings (103 in 2024) to driving utilization (13.5 units/ordering account, +10% YoY). Q1 2025 growth expected to be back-end loaded due to adoption lag.
- **10-K Delay**: Auditing stock-based comp and R&D timing; no material impact anticipated. Finalized data to be disclosed upon filing.


TLSI

TLSI fundamentals

Earnings Call

You can ask Aime