TriSalus Life Sciences, Inc. Q3 FY2025 earnings call

• Revenues were $11.6 million, up 57% YoY and 3% sequentially. - Continued expansion of TriNav platform with launch of TriNav FLX infusion system and advancement of new clinical applications. - Simplified capital structure via successful exchange offer and consent solicitation for preferred stock. - Reimbursement expansion via CMS HCPCS code C8004, doubling reimbursable use in radioembolization market. - Reaffirmed 50% revenue growth guidance, investing in long-term growth via commercial resources and new applications. - PEDD technology seen as transformative with strong momentum across programs, including launches of TriNav LV, TriGuide, and TriNav FLX. - Market evaluation of next-generation TriNav XP with positive early feedback. - PROTECT registry ongoing for thyroid nodules, pilot registry initiated for genicular artery embolization (GAE) in knee osteoarthritis. - Transitioning nelitolimod efforts to focus on PEDD platform, with Phase I studies complete and enrollment concluded in some trials.

Revenues for the third quarter were $11.6 million, representing a 57% increase over the prior year quarter and a 3% sequential gain over the second quarter of 2025. No specific breakdown by product segment revenue contribution was provided beyond the overall revenue performance.

• Reaffirmed 50% revenue growth guidance. - Focused on current operations, with confidence in H1 2026 adjusted EBITDA positivity. - Maintaining focus on current momentum and not providing detailed 2026 guidance beyond general confidence in growth trajectory.

• Forward-looking statements involve material risks and uncertainties, including impact of macroeconomic conditions and global events that could materially differ from anticipated results. - Risks associated with product development, approvals, and market adoption as detailed in Form 10-Q with the SEC.

Q: Nelson Cox asked about 2026 growth guidance, with David Patience stating focus on current operations and maintaining 50% growth and adjusted EBITDA positivity in H1 2026.

A: David Patience said they're focused on current operations, maintaining 50% growth guidance, and excited about current momentum.

Q: William Plovanic asked about growth in non-liver indications and mapping percentage. Mary Szela and David Patience discussed new applications like uterine artery embolization, TriNav Advance, and mapping contributing ~30% to growth.

A: Mary Szela mentioned investments in new applications, David Patience talked about deep penetration of accounts and mapping contributing to growth.

Q: Ross Osborn's question about GAE competitive landscape, with Mary Szela and Richard Marshall discussing TriNav's ability to penetrate vessels deeply and protect against off-target delivery.

A: Richard Marshall discussed TriNav's flow modulation and reflux protection advantages in GAE procedures.

Q: Carl Byrnes asked about mapping conversion and product adoption of LV and FLX. Mary Szela, Richard Marshall discussed positive feedback on mapping conversion and FLX's use in various procedures.

A: Richard Marshall commented on FLX's use in selective treatments and LV in large territory treatments, and positive feedback on mapping conversion.

Q: Justin Walsh asked about long-term mix of uses, with Mary Szela and Richard Marshall discussing potential of GAE and other indications being significant growth areas.

A: Richard Marshall highlighted GAE's potential due to large patient population with knee osteoarthritis.

Q: Suraj Kalia's question about account growth and utilization, with Mary Szela and Richard Marshall discussing account segmentation and steady utilization growth.