Trisalus Life Sciences (TLSI) Q4 2024 earnings summary

Executive summary

• Achieved 44% revenue growth in Q4 and 59% full-year growth in 2024, with net sales of $29.4 million and gross margin of 85% in Q4 and 86% for the year, positioning as a high-growth med tech company.

• Strategic focus shifted to pressure-enabled drug delivery (PEDD) technology, reducing R&D expenses and targeting EBITDA positivity by mid-2025 and cash flow positivity by year-end.

• Expanded PEDD technology and product portfolio with TriNav Large Vessel Infusion System and TriGuide guiding catheter, broadening clinical applications and addressable market to over $1B.

• Advanced clinical programs, including completion of PERIO-03 Phase 1 enrollment and positive PERIO-01 Phase 1 results in uveal melanoma liver metastases.

• Strengthened Board with new members and secured $10M from OrbiMed credit facility, extending cash runway through 2025.

Financial highlights

• Q4 2024 revenue reached $8.3 million, up 44% year-over-year and 12% sequentially; full-year revenue was $29.4 million, up 59%.

• Gross margin was 85% in Q4 and 86% for the full year, with a slight decrease from 90% in Q4 2023.

• Operating losses for Q4 2024 were $7.6 million, down from $14.2 million in Q4 2023; full-year losses were $36.2 million, down from $54.5 million in 2023.

• Net loss for Q4: $10.1 million; full-year net loss: $30.0 million.

• Ended 2024 with $8.5 million in cash and cash equivalents, plus an additional $10 million drawn from the OrbiMed debt facility in Q1 2025.

Outlook and guidance

• 2025 guidance projects 50%+ revenue growth, with positive full-year EBITDA and cash flow in the second half.

• Gross margins projected to exceed 87% in 2025.

• Operating expenses expected to decline by more than 20% due to lower R&D and G&A costs.

• Growth expected to be back-end loaded due to new account ramp-up and expanded reimbursement opportunities.

• New Medicare code for mapping procedures with TriNav not included in guidance, representing potential upside.