Trisalus Life Sciences (TLSI) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $7.3 million, up 42% year-over-year, with nine-month revenue at $21.2 million, a 66% increase, driven by TriNav sales and new product launches such as TriNav LV and TriGuide Catheter.

• Net loss for Q3 was $2.4 million, improved from prior year; gross margin for Q3 was 86%, slightly down from 88.7% in 2023.

• Strong commercial momentum supported by expanded sales and clinical teams, deeper market penetration, and successful product launches.

• Key clinical milestones include the launch of TriNav 2.0, initiation of the PROTECT registry for multinodular goiters, and positive Phase 1 PERIO-01 data in uveal melanoma.

• Raised $12.4 million via SEPA and drew $25 million from OrbiMed credit facility in 2024, with additional capital available upon meeting milestones.

Financial highlights

• Q3 2024 revenue: $7.3 million (+42% YoY); nine months: $21.2 million (+66% YoY).

• Gross margin for Q3 and nine months was 86%, up from 84% in the prior year period.

• Net loss for Q3 was $2.4 million; nine-month net loss was $19.9 million, both improved from prior year.

• R&D expenses decreased 56% in Q3 and 33% year-to-date; sales and marketing expenses increased 30.9% YoY.

• Cash and equivalents at quarter-end totaled $11.3 million; $25 million available on OrbiMed debt facility.

Outlook and guidance

• 2025 guidance projects over 50% annual sales growth, more than 20% reduction in operating expenses, and positive EBITDA.

• Revenue growth expected from TriNav market share expansion, TriNav LV launch, and DELIVER program support.

• Cash runway expected through 2025 with current liquidity and debt facility; positive cash flow anticipated in H2 2025.

• Additional capital may be required to fund operations beyond 2025 if revenue targets are not met.