Trisalus Life Sciences, Inc. ((TLSI)) has held its Q3 earnings call. Read on for the main highlights of the call.
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Trisalus Life Sciences, Inc. recently held its earnings call, revealing a mixed sentiment. The company showcased significant revenue growth and strategic expansions, particularly with its TriNav platform, indicating strong market momentum. However, challenges such as declining gross margins, increased R&D expenses, and higher operating losses were also highlighted, pointing to areas that require attention. Despite these hurdles, the company remains optimistic about its strategic investments and market opportunities, which are expected to drive continued growth.
Significant Revenue Growth
Trisalus Life Sciences reported impressive revenue figures, reaching $11.6 million, which marks a 57% increase compared to the same quarter last year and a 3% sequential gain over the second quarter of 2025. This growth underscores the company’s strong market presence and successful business strategies.
Expansion of TriNav Platform
The company has expanded its TriNav platform by launching the TriNav FLX infusion system and advancing new clinical applications. This expansion is set to increase market opportunities and further solidify Trisalus’s position in the industry.
Increased Commercial Investment
Trisalus has ramped up its commercial investments to sustain its growth trajectory. While this move extends the timeline to achieve EBITDA positive and cash flow breakeven, it is seen as a necessary step to maintain strong growth momentum.
Reimbursement Expansion
The introduction of the HCPCS code C8004 by CMS has doubled the reimbursable use of TriNav technology within the radioembolization market. This development is expected to enhance the company’s revenue streams significantly.
New Product Launches
The launch of new products such as TriNav LV, TriGuide, and TriNav FLX has expanded Trisalus’s product portfolio and addressable market, positioning the company for future growth.
Strong Cash Management
Trisalus demonstrated strong cash management, with cash used in operations amounting to $3.7 million, a substantial improvement from $11.2 million in the third quarter of 2024. This reflects the company’s focus on efficient financial management.
Gross Margin Decline
The gross margin for the quarter was reported at 84%, down from 86% in the prior year period. This decline is attributed to lower manufacturing efficiency associated with newly launched products.
Increased R&D Expenses
R&D expenses rose to $5.2 million from $4.2 million in the third quarter of 2024. This increase was primarily due to a one-time charge related to the closure of clinical studies for nelitolimod.
Higher Operating Loss
The operating loss for the quarter was $9 million, compared to $8.7 million in the prior year. This was driven by a one-time charge related to nelitolimod and noncash stock-based compensation.
Forward-Looking Guidance
Trisalus Life Sciences reaffirmed its guidance for 50% revenue growth, driven by the expansion of its TriNav platform and enhanced commercial momentum supported by the new CMS HCPCS code C8004. The company remains focused on expanding its product portfolio, advancing its Pressure-Enabled Drug Delivery (PEDD) technology, and exploring new clinical applications to drive future growth.
In conclusion, Trisalus Life Sciences, Inc.’s earnings call reflected a positive outlook with significant revenue growth and strategic expansions, despite some challenges. The company’s commitment to innovation and market expansion positions it well for continued success in the future.