Trisalus Life Sciences, Inc. ((TLSI)) has held its Q4 earnings call. Read on for the main highlights of the call.
TriSalus Life Sciences’ recent earnings call painted a picture of cautious optimism, reflecting strong revenue growth and strategic advancements amidst a challenging economic landscape. The company highlighted significant achievements, including the expansion of its PEDD technology and the issuance of a new HCPCS code by CMS, which are expected to bolster future growth. Despite these positives, operational challenges such as the delay in filing the 10-K and ongoing operating losses were acknowledged, underscoring a balanced yet forward-looking sentiment.
Strong Revenue Growth
TriSalus Life Sciences reported impressive financial results, with net sales reaching $29.4 million for 2024, marking a 59.4% increase over the previous year. The fourth quarter alone saw a 44% rise compared to the same period in 2023, showcasing the company’s robust growth trajectory.
Expansion of PEDD Technology
The company successfully expanded its pressure-enabled drug delivery (PEDD) technology into new clinical applications. This expansion led to a 43% growth in unique ordering accounts and a 10% increase in average units sold per account, highlighting the growing adoption and potential of this innovative technology.
New HCPCS Reimbursement Code
A significant development for TriSalus was the issuance of a new HCPCS code C8004 by CMS, effective April 1, 2025. This code provides financial support for clinicians using TriNav in Medicare treatment planning, potentially enhancing the technology’s market penetration and usage.
Gross Margin Stability
TriSalus maintained a strong gross margin profile, with 85% in Q4 2024 and 86% for the full year. This stability indicates effective cost management and operational efficiency, contributing to the company’s overall financial health.
Significant Reduction in R&D Expenses
The company reported a substantial decrease in R&D expenses, down by 62% in Q4 2024 compared to the previous year, and a 41% reduction for the full year. This reflects strategic cost management efforts while continuing to advance its technological pipeline.
Delay in 10-K Filing
TriSalus encountered a delay in filing its annual report on Form 10-K for 2024, due to errors in stock-based compensation and R&D expenses. This delay highlights some of the operational challenges the company is facing, despite its growth.
Operating Losses
The company reported operating losses of $7.6 million in Q4 2024, an improvement from $14.2 million in the same quarter of the previous year. Year-to-date losses for 2024 amounted to $36.2 million, indicating ongoing financial challenges despite the growth in revenue.
Decreased General and Administrative Expenses
General and administrative expenses decreased by 24% for the full year 2024 compared to 2023. This reduction suggests strategic cost-cutting measures, although it may also imply potential constraints in resources.
Forward-Looking Guidance
Looking ahead, TriSalus Life Sciences projects over 50% revenue growth for 2025, along with positive full-year EBITDA and cash flow in the second half of the year. The company plans to continue expanding its market presence and advancing its pipeline, particularly with the TriNav technology, to sustain its growth trajectory.
In conclusion, TriSalus Life Sciences’ earnings call reflects a cautiously optimistic outlook, with strong revenue growth and strategic advancements counterbalanced by operational challenges. The company’s focus on expanding its technology and market presence, coupled with strategic cost management, positions it well for future growth despite the hurdles it faces.