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]