Financial Data and Key Metrics Changes - The company reported net sales of $11,200,000 for Q2 2025, representing a 52% increase compared to Q2 2024 and a 22% sequential gain over Q1 2025 [8][21] - Gross margin for the quarter was 84%, down from 88% in 2024, primarily due to lower manufacturing efficiency associated with newly launched products [22] - Operating losses for Q2 2025 were $7,300,000, an improvement from $8,200,000 in 2024 [25] - Adjusted EBITDA loss for Q2 2025 was $5,300,000, compared to $6,700,000 in 2024, attributed to increased sales and reduced R&D expenses [26] Business Line Data and Key Metrics Changes - The company launched the TriNavFlex infusion system and reported strong initial sales exceeding internal projections [12] - The number of unique ordering accounts increased by 28% year over year, with a 10% increase quarter over quarter [21][42] - The TriNav product portfolio is expanding, with new devices aimed at addressing complex clinical scenarios [10][12] Market Data and Key Metrics Changes - The company gained further penetration in the complex liver embolization market, supported by the issuance of HCPCS code C8004, which allows for reimbursement of simulation or mapping procedures using TriNav [11] - The company is focusing on expanding its market opportunity through new clinical applications and partnerships [10] Company Strategy and Development Direction - The strategic priorities include driving adoption of the Pressure Enabled Drug Delivery (PEDD) platform, advancing new clinical applications, and improving operational performance [10][20] - The company is transitioning to a partnership-focused approach for nalotolimod, which will eliminate development-related expenses while preserving long-term value [14] - The company aims to become cash flow positive by early 2026, with a focus on device innovation and expanding the clinical body of evidence [26][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 50% revenue growth for the year, emphasizing the importance of operational performance and strategic investments [19] - The company is optimistic about the growing momentum across its programs and the potential for TriNav to become the standard of care in liver embolization [13][20] Other Important Information - The company completed a $22,000,000 private placement, strengthening its balance sheet and providing resources for further investment in its commercial strategy [8][26] - The exchange offer and consent solicitation for preferred stock were successfully completed, simplifying the capital structure [27] Q&A Session Summary Question: Discussion on the new mapping code and its market reception - Management highlighted the importance of the new mapping code for reimbursement, which has increased physician confidence in using the technology for both mapping and treatment [30][32] Question: Operating expense outlook - Management indicated a focus on reducing operating expenses, particularly in general and administrative costs, while maintaining investment in sales and marketing [36][38] Question: Unique ordering accounts and commercial organization investments - Unique ordering accounts were up 28% year over year, with a focus on increasing utilization per account through enhanced sales strategies [42][46] Question: Contribution of new products to revenue - The TriNav Large product contributed approximately 10% to 15% to revenue, while the newly launched TriNav Flex is exceeding expectations [49][50] Question: Impact of thyroid data publication on adoption - The publication of data on thyroid procedures is generating significant interest among physicians, with expectations for increased adoption in the coming years [54][56] Question: Third quarter revenue expectations - Management expressed confidence in achieving low double-digit growth in the next two quarters, aligning with the overall guidance of 50% revenue growth for the year [56][58]

Company Overview - TriSalus Life Sciences, Inc. (TLSI) shares increased by 6.6% to close at $5.49, with trading volume significantly higher than usual, reflecting a 10.5% gain over the past four weeks [1][2] Financial Performance - The company reported a 44% year-over-year revenue growth in Q4 and a 59% growth for the full year 2024, primarily driven by the TriNav Infusion System [2] - Expected sales growth for 2025 is projected to exceed 50%, with gross margins anticipated to surpass 87% and a pathway to positive EBITDA and cash flow in the second half of 2025 [2] Market Sentiment - Investor sentiment is bolstered by the commercial launch of TriNav LV, expansion through the DELIVER program, and a strong cash position supported by anticipated funding from OrbiMed [2] - The consensus EPS estimate for the upcoming quarter is a loss of $0.20 per share, reflecting a year-over-year change of +63%, with revenues expected to reach $9.26 million, up 43.4% from the previous year [3] Earnings Estimates - Over the last 30 days, the consensus EPS estimate for TriSalus has been revised 2% lower, indicating a negative trend in earnings estimate revisions, which typically does not correlate with price appreciation [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a cautious outlook [4] Industry Comparison - TriSalus operates within the Zacks Medical - Products industry, where Abbott (ABT) has a Zacks Rank of 2 (Buy) and reported a 0.7% decline in its last trading session [4][5]