Financial Performance - TriSalus reported $11.6 million in revenue for Q3 2025, a 57% increase year-over-year and a 3% sequential growth from Q2 2025[5] - The company reaffirmed its full-year revenue growth guidance of at least 50%, driven by the increasing market penetration of the TriNav product suite[2] - Gross margins for Q3 2025 were 84%, down from 86% in Q3 2024, primarily due to lower manufacturing efficiency associated with newly launched products[5] - The net loss attributable to common stockholders was $41.3 million in Q3 2025, compared to $3.2 million in the same period of the prior year, largely due to the conversion of preferred stock[10] - The basic and diluted loss per share was $0.96 for Q3 2025, compared to $0.12 for the same period in 2024[10] - Net loss for the nine months ended September 30, 2025, was $29,474 million, compared to a net loss of $19,937 million for the same period in 2024, representing a 47.6% increase in losses[18] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(16,241) million, compared to $(24,290) million for the same period in 2024, showing an improvement of 33.2%[22] Expenses - Research and Development (R&D) expenses were approximately $5.2 million, up from $4.2 million in the same quarter of the prior year, mainly due to a one-time charge related to clinical studies[5] - Sales and Marketing (S&M) expenses increased to approximately $6.8 million from $6.1 million year-over-year, driven by performance-related compensation[5] - Stock-based compensation expense for the nine months ended September 30, 2025, was $6,934 million, up from $3,744 million in 2024, representing an increase of 85.5%[22] - Cash paid for interest during the nine months ended September 30, 2025, was $2,528 million, compared to $1,757 million in 2024, indicating a rise of 43.8%[18] Cash and Assets - As of September 30, 2025, cash and cash equivalents totaled $22.7 million, providing sufficient runway to reach positive adjusted EBITDA[10] - Cash and cash equivalents rose to $22,687 million as of September 30, 2025, up from $8,525 million at the end of 2024, indicating a significant increase of 166.5%[15] - Total assets increased to $36,463 million as of September 30, 2025, compared to $23,971 million on December 31, 2024, reflecting a growth of approximately 52.0%[15] Liabilities and Stockholders' Deficit - Total liabilities increased to $63,188 million as of September 30, 2025, from $49,865 million on December 31, 2024, marking a rise of approximately 26.7%[15] - The company’s total stockholders' deficit was $(26,725) million as of September 30, 2025, compared to $(25,894) million on December 31, 2024, reflecting a slight increase in deficit of 3.2%[15] Clinical Trials and Product Development - The company initiated a clinical trial to evaluate genicular artery embolization (GAE) for knee osteoarthritis, a condition affecting over 30 million adults in the U.S.[5] - TriSalus completed three PERIO clinical phase 1 dose escalation studies, with clinical study reports expected for data release in Q4 2025[2] Cash Flow - The company reported a net cash used in operating activities of $15,528 million for the nine months ended September 30, 2025, a decrease in cash outflow compared to $35,136 million in the prior year, indicating a 55.8% improvement[18] - Proceeds from the issuance of common stock amounted to $22,211 million for the nine months ended September 30, 2025, compared to $12,586 million in the same period of 2024, reflecting a growth of 76.5%[18]
MEDTECH ACQUISIT(MTAC) - 2025 Q3 - Quarterly Results