Trisalus Life Sciences (TLSI) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $7.4M, up 60% year-over-year, driven by TriNav device sales and expanded sales force.

• Gross margin improved to 88% in Q2 2024, reflecting operational and manufacturing efficiencies.

• Net loss for Q2 2024 was $4.3M, significantly reduced from $14.0M in Q2 2023.

• Launched the DELIVER Program, a series of clinical trials targeting complex patient populations and expanding TriNav's clinical applications.

• Advanced clinical pipeline with updates on PERIO-01, PERIO-02, PERIO-03, and nelitolimod trials for liver and pancreatic cancers.

Financial highlights

• Q2 2024 revenue: $7.4M (+60% YoY); six months: $13.8M (+82% YoY), all from TriNav system sales.

• Gross margin: 88% in Q2, 86% for six months, up from 83% and 81% in prior-year periods.

• Operating loss narrowed to $8.2M in Q2 and $19.9M for six months, both improved from prior year.

• Net loss: $4.3M in Q2, $17.6M for six months, both significantly reduced year-over-year.

• Cash and equivalents at June 30, 2024: $16.5M.

Outlook and guidance

• Forecasts over 50% revenue growth for 2024, maintaining a multi-year growth trajectory above 50% CAGR since 2020.

• Expects to approach positive EBITDA (excluding nelitolimod costs) by late 2024.

• Sufficient liquidity to fund operations through end of 2025, assuming full drawdown of new debt facility and SEPA sales.

• Expects to report final Phase 1 data for nelitolimod in uveal melanoma liver metastases and pancreatic cancer in Q4 2024.

• Plans to launch the DELIVER program and PROTECT clinical study in Q3 2024.