TriSalus outlines 50% revenue growth target for 2025 while advancing TriNav platform and streamlining costs

Earnings Call Insights: TriSalus Life Sciences (TLSI) Q2 2025

MANAGEMENT VIEW

* CEO Mary T. Szela stated the company delivered $11.2 million in net sales for Q2 2025, marking a 52% year-over-year jump and a 22% sequential increase. She highlighted the launch of the TriNav FLX infusion system, completion of a $22 million private placement, new clinical applications, expanded market opportunity, and capital structure simplification through a preferred stock exchange. Szela said, "We’re thrilled to welcome [David Patience] to the team... as we accelerate into our next phase of growth."
* Szela described TriSalus’s focus on executing a strategy expanding its pressure-enabled drug delivery (PEDD) platform, advancing partnerships for nelitolimod, and unlocking long-term value through product innovation and commercial expansion. She reported, "We believe TriNav is well positioned to become the standard of care in liver embolization for complex patients."
* CFO David B. Patience noted, "Revenue for the period was $11.2 million, which is an increase of 52% year-over-year and an increase of 22% quarter-over-quarter." Patience also reported unique ordering accounts rose by 28% year-over-year and that gross margin was 84% for the quarter.

OUTLOOK

* Szela reiterated, "We’re reiterating our guidance of 50% revenue growth to reflect our confidence in future growth." She noted the company is "committed to improving EBITDA performance while also making a deliberate decision to invest in strategic areas of the business," with cash flow and EBITDA positivity targeted for 2026. The company expects nelitolimod-related expenses to end by year-end 2025, with no further development spend for 2026.
* Management’s guidance and outlook language remained confident, with Szela stating, "Looking ahead, we’re entering the second half of 2025 with strong tailwinds."

FINANCIAL RESULTS

* Patience reported sales and marketing expenses at $7.2 million, up from $6 million in the prior-year quarter, due to expansion initiatives. General and administrative expenses were $5.7 million, reflecting approximately $1 million in nonrecurring legal and audit costs. Research and development expenses were $3.9 million, down from $4.7 million last year, as nelitolimod trials wound down.
* Operating losses for Q2 were $7.3 million, compared to $8.2 million a year ago, while adjusted EBITDA loss was $5.3 million versus $6.7 million. Cash and equivalents at quarter end were $26.5 million, including the $22 million raised in April. Patience explained, "We have sufficient liquidity to fund operations throughout 2025 and expect to become cash flow positive in early 2026."
* The company reported that 99% of preferred shares were tendered and converted, resulting in approximately 50 million basic shares outstanding and eliminating the 2027 reset provision.

Q&A

* Nelson Cox (Lake Street Capital Markets): Asked about the impact of the new mapping code. Szela responded, "We’re really starting to see physicians really appreciate that we got that so rapidly. And we're -- that's really contributing to some of the momentum that we have underway."
* William John Plovanic (Canaccord): Asked for clarification on unique ordering accounts and product contributions. Patience explained, "Unique ordering accounts was up about 10% quarter-over-quarter... the focus for us over the past few years has been really opening a ton of accounts, and now we're shifting that focus to utilization per account."
* Plovanic also inquired about TriNav FLX and TriGuide. Szela said, "FLX, which we just launched, is actually exceeding our expectations. This was a technology that really addresses tortuosity where physicians... felt like, wow, I couldn't navigate a TriNav to the location that I'd like."
* Matt Park (Cantor Fitzgerald): Asked about gross margin pressures. Patience replied, "We're confident we can get back on track with gross margin after what was a minor setback for the quarter... this is something we're confident we can get back on track."
* Seamus (Oppenheimer): Inquired on mapping code adoption and nelitolimod partnership timeline. Szela said, "Since April, it's really starting to grow... we're really starting to see a big acceleration following the reimbursement." On nelitolimod, "We hope to roll out the data in Q3... once we have the final data and then we're going to begin those discussions in Q3."

SENTIMENT ANALYSIS

* Analysts frequently pressed for more detail on product adoption, mapping code impact, operating expenses, and gross margin recovery, reflecting a slightly positive but cautious tone. There was particular interest in the mapping code’s effect on growth and confidence in reaching guidance targets.
* Management maintained a confident and constructive tone throughout, using language such as "we’re reiterating our guidance," "we’re confident," and "we believe TriNav is well positioned." In the Q&A, explanations were thorough, and management highlighted strategic execution and momentum, with no defensive or evasive responses detected.
* Compared to the previous quarter, management’s tone remained consistent, while analysts in Q2 showed slightly more focus on operating leverage and new product adoption.

QUARTER-OVER-QUARTER COMPARISON

* Revenue growth accelerated from $9.2 million in Q1 to $11.2 million in Q2, while year-over-year growth increased from 42% to 52%.
* Unique ordering accounts growth slowed sequentially but management emphasized a shift from opening accounts to driving utilization per account.
* The launch and commercial uptake of TriNav FLX and TriGuide were new in Q2, with initial sales exceeding internal projections.
* Gross margin declined from 84% in Q1 to 84% in Q2, with management citing new product manufacturing inefficiencies but expecting improvement.
* Operating loss and adjusted EBITDA loss both improved from the previous quarter.
* Management’s strategic shift to partnering nelitolimod and eliminating related expenses by year-end 2025 was reaffirmed, with the company reiterating a focus on device innovation and commercial expansion.
* Analyst focus shifted more directly to operating expenses, product-specific adoption, and mapping code impact compared to the prior quarter’s broader commercial and pipeline questions.

RISKS AND CONCERNS

* Gross margin compression due to lower manufacturing efficiency on new products was acknowledged, with management anticipating improvement as production scales.
* The company cited ongoing investment in sales and marketing as a factor delaying EBITDA and cash flow positivity to 2026.
* Nelitolimod partnership discussions are subject to market conditions, and management noted, "the market right now in biotech is not as robust as I would like."
* Increased G&A expenses were driven by nonrecurring legal and audit costs, with a plan to streamline these moving forward.
* There is reliance on continued reimbursement clarity and adoption for mapping procedures to drive TriNav growth.

FINAL TAKEAWAY

TriSalus Life Sciences entered the second half of 2025 with momentum from robust Q2 sales growth, successful new product launches, and a simplified capital structure. Management reiterated its 50% annual revenue growth guidance while emphasizing a strategic shift to focus resources on the expanding TriNav platform and commercial execution, alongside planned reductions in research and development expenses related to nelitolimod. The company expects improved operational leverage, continued product adoption, and a transition to cash flow positivity in early 2026, with clear confidence in its growth trajectory and commercial strategy.

Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/tlsi/earnings/transcripts]

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