Trisalus Life Sciences (TLSI) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $7.3 million, up 42% year-over-year, driven by TriNav device adoption and new product launches.

• Year-to-date revenue was $21.2 million, a 66% increase over the prior year period.

• TriNav remains the primary revenue driver, with new TriNav LV and TriGuide Catheter expanding the addressable market.

• Clinical programs advanced with the PROTECT registry and DELIVER program, targeting new indications and patient populations.

• Positive Phase 1 PERIO-01 data in uveal melanoma; PERIO-03 completed enrollment with data expected mid-2025.

Financial highlights

• Q3 2024 revenue: $7.3 million, up 42% year-over-year; YTD revenue: $21.2 million, up 66%.

• Gross margin for Q3 and YTD: 86%, up from 84% in the prior year period.

• Operating loss improved to -$8.7 million in Q3 and -$28.6 million YTD, from -$18.8 million and -$40.2 million, respectively, in 2023.

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

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

Outlook and guidance

• 2025 guidance: over 50% annual sales growth, more than 20% reduction in operating expenses.

• Expects positive full-year EBITDA and positive cash flow in H2 2025.

• Revenue growth to be driven by TriNav system market share, TriNav LV launch, and DELIVER program expansion.

• Operating expense reduction expected from lower R&D and G&A costs.

• Existing cash and debt facility expected to fund operations through 2025, but additional capital may be required if targets are not met.