TriSalus Life Sciences, Inc. Q4 FY2025 earnings call

• Strong 2025 results with revenue growth. - Took steps to strengthen Board and balance sheet in Feb, including appointing Michael Stansky to Board and raising $46M via public offering. - Primary strategic priorities: expand sales and commercial infrastructure, invest in foundational clinical studies for PEDD, enhance and evolve PEDD technology. - Commercial strategy: expanded TriNav product suite and PEDD platform across indications. Launched several products in 2025 and anticipates launching TriNav Advance in 2026. - CMS HCPCS code C8004 expanded coverage for TriNav. Hosted KOL events and continues registries in various indications. - Delayed disclosure of nelitolimod clinical data to present comprehensive set, but substantially reduced related R&D spending. - Focused on near-term milestones including achieving 2026 revenue guidance, launching TriNav Advance, publishing HEOR data, and delivering clinical data across indications.

Fourth quarter revenues were $13.2 million, full year revenues were $45.2 million. Fourth quarter gross margin was 87%, prior year was 85%. Research and development expenses in Q4 were $2.6 million vs ~$3 million prior year. Sales and marketing expenses in Q4 were ~$8 million vs $7 million prior year. Full year revenue from TriNav system was $45 million, up 53% y-o-y. Full year gross profit increased by $12.9 million, gross margin decreased from 86% to 85% y-o-y. R&D expenses for full year decreased by $2.7 million. Sales and marketing expenses for full year increased by $2.9 million. General and administrative expenses for full year increased by $3.5 million due to a one-time charge and patent expense reclassification.

• Reaffirming revenue guidance of $60 million to $62 million for 2026. - Revenue cadence: first half ~40%, back half ~60% due to commercial expansion investments. - Anticipating stronger productivity exiting 2026 and beyond as sales organization expands and new products launch. - Not providing specific timing or guidance on EBITDA breakeven yet as in early stages of commercial expansion.

Q: How to think about contribution from liver vs non-liver in 2026?

A: Majority of top line revenue in 2026 will still be from liver, but expect meaningful progress in non-liver areas in second half tied to data release, with data releases in thyroid, uterine fibroid, etc. in 2026.

Q: How to balance growth cadence and EBITDA pathway?

A: Not providing specific timing or guidance on cash flow or adjusted EBITDA breakeven as in early stages of commercial expansion, focused on investing to position for scaling.

Q: Details on sales organization structure after investments?

A: Doubling commercial organization, adding layer of management, expanding geographic coverage, targeting areas for new applications, and using peering of clinical specialist with representative model.

Q: Commentary on use patterns for TriNav product portfolio?

A: Varied, some users want full portfolio for clinical flexibility, others focus on favorite products.

Q: Thoughts on medium long-term opportunities for TriNav in liver vs non-liver?

A: Liver still significant with large penetration opportunity, will do foundational studies in liver to prove superiority. Non-liver opportunities vary by indication, driven by data, with thyroid embolization being a potentially exploding growth area in 2026 and uterine realization seeing adoption with XP.