TriSalus Life Sciences, Inc. Q1 FY2025 earnings call

• Market Leadership and Revenue Growth: Q1 2025 net sales of $9.2M position TriSalus as one of the fastest-growing medtech companies in interventional oncology, with a 42% Y/Y increase and 11% Q/Q gain.
• Real-World Data: Presented at the Society of Interventional Oncology Annual Meeting with data on over 600 PEDD-treated patients showing statistically significant reductions in 30-day inpatient admissions, improved fatigue outcomes, and cost savings.
• Commercial Footprint: Increased unique ordering counts by 39% Y/Y, added 32 new accounts, and saw increased utilization per account.
• Reimbursement: CMS issued HCPCS code C8004 for mapping procedures using TriNav, doubling reimbursable use.
• TRI Fi Y90 Study: Interim data showed improved concordance between MMA mapping and microsphere delivery with TriNav.
• New Clinical Applications: Launched PROTECT Registry for PED-TAE in thyroid nodules/goiters, and TriNav Large and TriGuide to expand into larger vessels.
• Nelitolimod: Completed Phase 1 trials, shifting to partnership-focused strategy, expecting R&D spend reduction.

In the first quarter of 2025, TriSalus' revenue was driven by the TriNav device, with net sales of $9.2 million. This represents a 42% increase compared to Q1 2024 and an 11% sequential gain from Q4 2024. The revenue contribution is primarily from the TriNav product, which is focused on the interventional oncology space.

• Revenue Growth: TriSalus expects at least 50% revenue growth in 2025.
• Profitability: Not anticipating EBITDA or cash flow positive in 2025 due to investments in commercial organization and new applications.
• Liquidity: Raised $22M in gross proceeds from a private placement, expects cash flow positive in early 2026.

• Forward-looking statements involve material risks and uncertainties, including macroeconomic conditions and global events that could materially differ from anticipated results.

Q: What to look for in the PERIO 03 readout?

A: It's a Phase 1 dose ranging trial focusing on device performance (highly functioning with minimal side effects) and nelitolimod's effect on the pancreatic tumor, including cytokine levels and overall survival data.

Q: Interest in nelitolimod alone vs with TriNav?

A: Nelitolimod is optimized with TriNav, and potential partnerships would likely involve TriNav for procedural aspects and nelitolimod for drug effects, with TriSalus potentially participating in both.

Q: Feedback on TriNav Large?

A: TriNav Large is performing well in larger tumors, uterine fibroid embolization, and thyroid applications, used in arteries 3-5mm in diameter.

Q: Clean room expansion impact on gross margin?

A: Clean room expansion completed in March, expect gross margins to trend back up, with an expectation of upper 80% margins in the future.

Q: Cadencing of revenue and sales force expansion?

A: Sales force expansion layered in over the next months, with impact seen in Q4 2025 and 2026, focusing on utilization growth in high-volume hospitals.

Q: Feedback on new mapping code?

A: Favorable feedback, with physicians now using TriNav more broadly due to full reimbursement allowing broader adoption.

Q: Nelitolimod PK profile and leverage with partners?

A: Nelitolimod has long-term effects, and pharma partners are interested in its effect on the immune system, particularly in making checkpoint-refractory patients receptive, which is a key leverage point.

Q: Commercial organization and accounts?

A: Currently ~45 sales reps, goal to reach 60-70 in 18 months; ~300 accounts, with 32 new accounts added in Q1 2025.

Q: Guidance and second quarter?

A: Confident in 50% revenue growth guidance, with sales force expansion and new applications driving growth, though not providing specific second quarter consensus details yet.

Q: Taste vs tear usage trends?

A: Tear is trending higher, especially for radioembolization, while taste is used in neuroendocrine tumor embolization, with a general 50-50 split but tear showing more growth.