Financial Data and Key Metrics Changes - Fourth quarter revenues were $13.2 million, representing a 60% increase year-over-year, while full-year revenues were $45.2 million, reflecting a 53% increase compared to the previous year [6][26] - Gross margin for the fourth quarter improved to 87% from 85% in the prior year, driven by better manufacturing efficiency [24] - Net operating loss for the quarter was $3.3 million, a significant decrease from $7.6 million in the prior year [25] - Adjusted EBITDA loss for the quarter was approximately $950,000, an improvement from a loss of $5.7 million in the prior year [25] Business Line Data and Key Metrics Changes - Revenue from the TriNav system for the full year was $45 million, a 53% increase compared to the previous year, primarily driven by increased sales in liver-directed therapies [26] - Research and development expenses decreased by $2.7 million for the year, mainly due to the closeout of clinical trial expenses related to nelitolimod [27] - Sales and marketing expenses increased by $2.9 million for the year, attributed to higher performance-related compensation due to increased sales [28] Market Data and Key Metrics Changes - The total addressable market for liver embolization procedures is approximately $480 million, while the broader embolization market, including thyroid and uterine artery embolization, represents a $2.3 billion opportunity [15][16] - The introduction of the CMS HCPCS code C8004 expanded coverage for simulation or mapping procedures using TriNav, effectively doubling the reimbursable use of the technology [16] Company Strategy and Development Direction - The primary strategic priority is to expand sales and commercial infrastructure, with plans to nearly double the commercial footprint [9][10] - The company is investing in foundational clinical studies to validate the Pressure-Enabled Drug Delivery (PEDD) platform, which is expected to drive growth in 2027 and beyond [9] - The product portfolio is expanding from two core products at the beginning of 2025 to seven differentiated offerings by 2026, enhancing sales productivity [12] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed revenue guidance for 2026 in the range of $60 million to $62 million, with growth expected to be weighted towards the second half of the year [9][22] - The company anticipates that the significant investment in the sales force will lead to stronger productivity and revenue growth exiting 2026 [10] - Management emphasized the importance of clinical data releases in driving adoption of new applications, particularly in non-liver areas [33][60] Other Important Information - The company raised $46 million in gross proceeds through a public offering, which was oversubscribed and supported by experienced healthcare investors [8][30] - The company is awaiting FDA clearance for the TriNav Advance product, which is expected to enhance therapeutic delivery and expand market opportunities [15][49] Q&A Session Summary Question: Contribution to growth in 2026 from liver versus non-liver - Management indicated that liver will still be the majority of revenue in 2026, but expects meaningful progress in new applications tied to data releases in the second half of the year [33] Question: Balancing growth cadence and EBITDA pathway - Management is not providing specific timing on cash flow or adjusted EBITDA breakeven but is focused on investments to scale the company meaningfully [34][35] Question: Details on the sales organization structure after investments - Management confirmed that the commercial organization will be significantly expanded, including adding a layer of management to improve sales effectiveness [39][40] Question: Growth expectations for mapping and simulation - Management expressed confidence in growth from TriNav XP and TriNav Advance, which are expected to enhance mapping capabilities [46][48] Question: Use patterns for the TriNav product portfolio - Management noted varied use patterns among physicians, with some preferring specific products while others seek access to the full portfolio for clinical flexibility [52][56] Question: Long-term opportunities for TriNav in liver versus non-liver - Management highlighted that liver will remain a significant component of sales, but sees substantial growth potential in thyroid artery embolization and other new applications [60][62]

Trisalus Life Sciences (NasdaqGM:TLSI) Q4 2025 Earnings call March 05, 2026 04:30 PM ET Company ParticipantsDavid Patience - CFOJeremy Feffer - Managing Director and Relationship ManagerJon Young - DirectorJustin Walsh - Director of Healthcare Equity ResearchMary Szela - President and CEORichard Marshall - Medical DirectorConference Call ParticipantsFrank Takkinen - Senior Research AnalystOperatorDay, welcome to the TriSalus Life Sciences Fourth Quarter 2025 Earnings Call. At this time, all participants are ...