TriSalus Life Sciences, Inc. Q2 FY2025 earnings call

• Welcomed David Patience as Chief Financial Officer. - Second quarter results: $11.2M net sales, 52% YOY growth and 22% QOQ growth. - Announced launch of TriNav FLX infusion system, $22M private placement, partnership discussions for nelitolimod, and completed exchange offer. - Strategic priorities: Drive PEDD adoption, advance TriNav clinical applications, expand TriNav product portfolio, improve operations, and build a scalable organization. - Commercial momentum: Strong in liver embolization, CMS coverage for mapping code, launched TriNav LD, TriGuide, and TriNav FLX. - Nelitolimod: Phase I trials complete, PERIO-03 enrollment closed, R&D spend reduction. - New clinical applications: PROTECT Registry for thyroid nodules, pilot registry for Genicular artery embolization. - Operational performance: Reiterated 50% revenue growth guidance, aiming for cash flow positive in early 2026.

Net sales for the second quarter were $11.2 million, representing a 52% increase compared to Q2 2024 and a 22% sequential gain over Q1 2025. There are no specific product segments detailed beyond the overall business performance.

• Reiterated 50% revenue growth guidance. - Expect to be cash flow positive in early 2026. - Private placement and exchange offer simplified the capital structure.

• Forward-looking statements involve risks such as macroeconomic conditions and global events that could materially differ from anticipated results. - Risks detailed in SEC filings are to be referred to for a full list and description.

Q: Talk about the mapping code effective since April, reception in market and contribution.

A: Mary and Dr. Marshall discuss CMS coverage for mapping, helping physicians use same tech for mapping and treatment, boosting confidence.

Q: OpEx, future OpEx base and mix.

A: David talks about nelitolimod closeout, R&D focus, G&A cost reduction plans.

Q: Unique ordering accounts, sequential growth, commercial org investment.

A: David discusses unique ordering accounts up 10% QOQ, focus on utilization per account.

Q: Contribution of new products, Tri-Guide vs Flex, thyroid data impact.

A: Mary and Dr. Marshall talk about TriNav FLX addressing tortuosity, thyroid data publication and adoption.

Q: Gross margin, levers for expansion.

A: David talks about understanding product mix, forecasting, and manufacturing lot size for margin improvement.

Q: Registry trials, evidence for guideline committees.

A: Mary talks about collecting initial data, advisory panel, and scaling registries.

Q: Mapping usage change since code instituted, increasing utilization.

A: Mary talks about ZHealth reimbursement consultant, webinars, and growing mapping utilization.

Q: Nelitolimod partnership, timeline, partner requirements.

A: Mary talks about Q3 data rollout, looking for partners focused on liver and pancreas with TLR9 mechanism understanding.