TriSalus Life Sciences(TLSI) - 2024 Q3 - Quarterly Results

Financial Performance - Reported Q3 2024 revenues of $7.3 million, representing a 42% year-over-year increase, and nine-month revenues of$ 21.2 million, up 66% year-over-year[1] - Revenue for the three months ended September 30, 2024, was $7,349,000, a 41.5% increase from$ 5,193,000 for the same period in 2023[20] - Gross profit for the nine months ended September 30, 2024, was $18,283,000, compared to$ 10,767,000 for the same period in 2023, representing a 70% increase[20] - Operating losses decreased to $8.7 million in Q3 2024 from$ 18.6 million in Q3 2023, due to increased sales and reduced expenses[12] - Net losses available to common stockholders were $2.4 million for Q3 2024, compared to$ 1.4 million in Q3 2023[13] - Net loss attributable to common stockholders for the three months ended September 30, 2024, was $3,202,000, compared to a loss of$ 1,883,000 for the same period in 2023[20] Market Expansion - Launched the TriNav® LV Infusion System and TriGuide™ Guiding Catheter, expanding access to the $375 million liver embolization market[1] - Initiated the PROTECT registry trial for treating multinodular goiters, potentially expanding the addressable market by$ 400 million[3] - The total addressable market is projected to exceed $1 billion in the U.S. with the new procedures utilizing the TriNav system[6] Guidance and Future Outlook - Provided 2025 guidance expecting over 50% annual sales growth and a reduction in operating expenses by over 20%[3] - Cash and cash equivalents totaled$ 11.3 million as of September 30, 2024, with expectations of positive cash flow in H2 2025[14] Operational Efficiency - Gross margins for Q3 2024 were 86%, compared to 89% in Q3 2023, attributed to increased factory volumes and operational efficiency[11] - Research and development expenses for the three months ended September 30, 2024, were $4,219,000, down from$ 9,506,000 in the same period of 2023, a decrease of 55.7%[20] - Sales and marketing expenses increased to $6,138,000 for the three months ended September 30, 2024, compared to$ 4,689,000 in the same period of 2023, an increase of 30.9%[20] Balance Sheet Highlights - Total assets as of September 30, 2024, were $27,477,000, an increase from$ 24,598,000 as of December 31, 2023[21] - Total liabilities decreased to $47,911,000 as of September 30, 2024, from$ 51,663,000 as of December 31, 2023[21] - The accumulated deficit increased to $(269,441,000) as of September 30, 2024, from$ (249,504,000) as of December 31, 2023[22] - Cash and cash equivalents were $11,288,000 as of September 30, 2024, compared to$ 11,777,000 as of December 31, 2023[21] - The company reported a weighted average of 26,501,597 common shares outstanding for the three months ended September 30, 2024, compared to 13,173,422 shares for the same period in 2023[20]