TriSalus Life Sciences, Inc. (NASDAQ: TLSI) Q2 2025 Earnings | 08/13/2025

7 days ago

36:22

Inside Ticker

Earnings Calls

AI Summary

Key Highlights:

Financial Performance:
- Revenue: $11.2M (up 52% YoY, 22% QoQ), driven by increased adoption of TriNav devices in liver embolization and new product launches.
- Gross Margin: 84% (vs. 88% in Q2 2024), impacted by lower manufacturing efficiency for new products (expected to improve in H2).
- Cash Position: $26.5M (including $22M from April private placement); sufficient to fund operations through 2025, targeting cash flow positivity in early 2026.
Commercial & Product Updates:
- TriNav Platform Growth:
  - New HCPCS code (C8004) for simulation/mapping procedures (effective April 2025) doubled reimbursable uses, driving adoption.
  - TriNav Flex (launched Q2) exceeded expectations, addressing tortuous vasculature; TriNav LV/TriGuide expanded PEDD applications in larger vessels.
  - 28% YoY increase in unique ordering accounts; focus shifting to utilization growth.
- Pipeline & Partnerships:
  - Nelitolamide (TLR9 agonist): Phase 1 trials completed in liver/pancreatic cancers; partnering discussions initiated (data expected Q3). R&D spend to end by 2025.
  - New Clinical Applications:
    - Thyroid Artery Embolization (PED-TAE): 100% technical success in 40+ patients (73% thyroid shrinkage, 71% normalized function).
    - Genicular Artery Embolization (GAE): Pilot registry launched for knee osteoarthritis pain management.
Strategic Priorities:
- Liver Embolization Leadership: Strengthen clinical evidence, deepen IR engagement, and expand commercial reach.
- Operational Efficiency: Target gross margin recovery and reduce G&A costs (e.g., audit/legal expenses).
- Simplified Capital Structure: Completed preferred stock exchange (50M common shares outstanding; eliminated 2027 reset provision).
2025 Outlook:
- Reiterated 50%+ revenue growth guidance.
- Upcoming Catalysts:
  - Nelitolamide partnership (data Q3).
  - Thyroid/GAE registry updates.
  - Adjusted EBITDA positivity by early 2026.

Q&A Highlights:

Mapping Code Impact: Reimbursement for simulation procedures (C8004) boosted physician confidence; adoption accelerating post-April.
Gross Margins: Temporary dip due to new product ramp; expected to improve with scaled production.
Thyroid Embolization: Early data "impressive"; broader rollout expected in 2026.
R&D Spend: Nelitolamide wind-down to reduce expenses; focus shifts to device innovation/clinical evidence ($2–3M quarterly run rate in 2026).

Closing Remarks:
CEO Mary Zella emphasized TriSalus’s transition to a device-centric growth story, with TriNav poised to become the standard of care in complex embolization. The company is well-capitalized to drive adoption in liver and emerging indications (thyroid, GAE) while advancing partner discussions for Nelitolamide.

About this video

TriSalus Life Sciences, Inc. (NASDAQ: TLSI), a company specializing in liver embolization devices, reported strong financial results for the second quarter of 2025, highlighted by a 52% year-over-year increase in net sales to $11.2 million, with a 22% sequential growth from Q1 2025. This growth was driven by successful product launches, including the TriNav FLX infusion system, and increased utilization of the TriNav product line across expanding accounts. The company experienced a slight decline in gross margin to 84% from 88% in 2024 due to manufacturing inefficiencies associated with new products, but expects these to improve with scaling production and process optimization. Operating loss improved to $7.3 million from $8.2 million in the prior year period, supported by reduced research and development expenses as the company shifts its nelitolimod program strategy towards partnerships, aiming to eliminate related development costs by the end of 2025. TriSalus completed a $22 million private placement with healthcare-focused institutional investors to strengthen its financial position and simplified its capital structure through a preferred stock exchange and consent solicitation, resulting in approximately 50 million basic shares outstanding and better alignment with its investor base. The company ended the quarter with $26.5 million in cash and cash equivalents, providing sufficient liquidity to fund operations through 2025. Looking ahead, TriSalus targets over 50% revenue growth for the full year 2025, with low double-digit growth expected in the next two quarters, and aims to achieve adjusted EBITDA positivity by early 2026. Strategic focus remains on expanding the clinical applications of its TriNav platform, innovating new device technologies, and broadening adoption in the liver embolization market. Key risks include managing the transition of its clinical programs, manufacturing scale-up challenges, and maintaining growth momentum amid competitive and market uncertainties. About Inside Ticker: Inside Ticker delivers timely, in-depth financial news and earnings analysis to empower investors with actionable insights on global companies across sectors. For comprehensive video analysis and real-time updates, visit https://www.insideticker.com/. Hashtags: #TriSalusLifeSciences #TLSI #Q22025 #Earnings #FinancialResults #RevenueGrowth #NetSales #OperatingLoss #GrossMargin #TriNavFLX #LiverEmbolization #DeviceInnovation #R&D #PrivatePlacement #CapitalStructure #EBITDAPositivity #HealthcareInvesting #MedicalDevices #ClinicalApplications #ProductLaunch #FinancialHealth #InvestorRelations #StockMarket #NASDAQ #QuarterlyResults #GrowthStrategy #CommercialMomentum #ClinicalEvidence #ManufacturingEfficiency #StrategicUpdate #CashPosition #PreferredStock #HealthcareTechnology

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