Trisalus Life Sciences (TLSI) investor relations material

Executive summary

• Q1 2026 revenue was $8.9 million, down 2.9% year-over-year, reflecting the impact of commercial expansion and territory realignment.

• Gross margin improved to 86.2% from 83.7% due to lower unit costs and manufacturing improvements.

• Net income reached $1.5 million in Q1 2026, a turnaround from a net loss of $10.4 million in Q1 2025, driven by $11.3 million in non-cash gains from derivative fair value changes.

• The commercial organization more than doubled in size, supported by a $46 million equity raise and new leadership, to drive future growth.

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

Financial highlights

• Q1 2026 revenue: $8.9 million (down 2.9% year-over-year); gross margin: 86.2% (up from 83.7%).

• Operating loss: $8.4 million (vs. $7.3 million prior year), mainly due to higher R&D, sales, and G&A expenses.

• Adjusted EBITDA loss: $5.8 million (vs. $5.5 million prior year).

• Net income: $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 equivalents: $56.6 million as of March 31, 2026, up from $20.4 million at year-end 2025.

Outlook and guidance

• 2026 revenue guidance revised to $54–57 million, reflecting Q1 transition and delayed FDA clearance for TriNav Advance.

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

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

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

• Additional capital may be required to fund operations and execute long-term strategy.