Trisalus Life Sciences (TLSI) investor relations material

Executive summary

• Q1 2026 focused on commercial expansion, updated guidance, and publication of landmark PEDD real-world evidence study, with commercial organization more than doubling in size and new leadership to support multi-year growth.

• PEDD infusion systems commercialization and nelitolimod development for liver and pancreatic cancers advanced, supported by new product launches and expanded reimbursement codes.

• Net income reached $1.5 million in Q1 2026, a turnaround from a net loss in Q1 2025, aided by $11.3 million in non-cash gains from derivative fair value changes.

• Commercial expansion and equity raises ($42.6M–$46M) strengthened the balance sheet, resulting in $56.6 million cash at quarter-end.

• Landmark PEDD study showed significant clinical and economic benefits, including fewer complications, reduced hospitalizations, and $7,700 per patient cost avoidance.

Financial highlights

• Q1 2026 revenue was $8.9 million, down 2.9% year-over-year due to commercial expansion transition.

• Gross margin improved to 86.2% from 83.7% year-over-year, driven by lower unit costs and manufacturing improvements.

• Operating loss was $8.4 million, up from $7.3 million year-over-year, mainly due to higher R&D, sales, and G&A expenses.

• Net income of $1.5 million in Q1 2026, compared to a net loss of $10.4 million in Q1 2025, due to non-cash gains.

• Cash and cash equivalents totaled $56.6 million as of March 31, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance revised to $54–57 million due to Q1 transition and TriNav Advance FDA delay.

• TriNav Advance FDA clearance expected in the second half of 2026, but launch revenue removed from guidance.

• Management expects continued operating losses due to ongoing investments in R&D and commercialization.

• Sufficient cash runway to fully fund commercial expansion and pipeline development.

• Anticipated month-over-month revenue growth for the remainder of 2026 as new sales reps ramp up.