Trisalus Life Sciences (TLSI) investor relations material

Strategic direction and technology innovation

• Focus on improving solid tumor therapy delivery, addressing high tumor pressure and poor drug penetration with a unique valve-like catheter technology.

• FDA-cleared device for liver-directed therapy, with a Transitional Pass-Through Payment designation and demonstrated superior drug delivery compared to standard catheters.

• Technology prevents off-target delivery and maintains physiologic blood flow, enhancing deep tumor penetration.

• Peer-to-peer education and clinical evidence are key to driving adoption and aiming for standard of care status.

Commercial performance and operational updates

• Achieved over 10% market share in liver embolization, with rapid annual growth of about 50% since launch.

• Doubled sales force in 2024 to support future growth, causing temporary disruption and a flat first half, but expecting a stronger second half.

• Q2 revenue reached $11.5 million, with full-year guidance reiterated at $54–$57 million.

• Gross margin improved to 87% in Q2, with a target range of 85–93% as new products mature.

Financial outlook and growth catalysts

• Cash position at $46.3 million, with durable OpEx and sufficient runway to reach cash flow positivity as sales ramp.

• Cash flow positive expected at $80 million annual run rate, with current operating expenses around $70 million.

• Key catalysts include market share growth, new product launches (TriNav Advance), and expansion into new indications.