In This Article:
Release Date: May 15, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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TriSalus Life Sciences Inc (NASDAQ:TLSI) reported a 42% increase in net sales for Q1 2025 compared to Q1 2024, demonstrating strong revenue growth.
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The company achieved significant milestones, including the completion of phase one trials for Nelatolamo, positioning it for potential pharmaceutical partnerships.
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TLSI expanded its commercial footprint by increasing the number of unique ordering accounts by 39% compared to Q1 2024, adding 32 new accounts.
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The Centers for Medicare and Medicaid Services issued a new reimbursement code for TriNav, doubling its reimbursable use and supporting broader adoption.
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TLSI successfully raised approximately $22 million in gross proceeds through a private placement, strengthening its financial position for future investments.
Negative Points
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Despite revenue growth, TLSI reported operating losses of $7.3 million for Q1 2025, although this was an improvement from the previous year.
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The company's gross margin decreased slightly to 84% in Q1 2025 from 85% in Q1 2024 due to decreased factory volumes during clean room expansion.
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TLSI does not anticipate being EBITDA positive or cash flow positive in 2025, as it continues to invest in strategic areas of the business.
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The company faces challenges in scaling its sales force and ensuring new hires are effectively integrated to drive meaningful volume.
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There is uncertainty regarding the final data and outcomes from the Nelatolamo trials, which could impact potential partnerships and future revenue.
Q & A Highlights
Q: What should we be looking for in the ero 03 readout, and what would be an attractive outcome for potential partners? A: This was a phase one dose-ranging trial using a novel PEDD device for pancreatic tumors. The device performed well with minimal side effects. The study collected correlative data, including tissue samples and cytokine levels, with secondary endpoints of overall survival. About 50% of the 12 patients are still alive, which is promising. Potential partners are interested in how the drug stimulates the tumor environment and its safety profile.
Q: Are you seeing interest in Nelatolamo on its own or in conjunction with TriNav, and how might partnerships be structured? A: Nelatolamo is optimized through our PEDD technology, which allows for direct tumor delivery. The goal is to partner with pharmaceutical companies, handling the procedural aspect and potentially participating on the drug side. PEDD is seen as a platform for delivering various drugs, enhancing tumor concentration while maintaining systemic delivery.