Financial Data and Key Metrics Changes - TriSalus achieved $29.4 million in net sales for 2024, reflecting a 59.4% growth over 2023, marking it as one of the fastest-growing med tech companies [12][27] - Revenue for Q4 2024 reached $8.3 million, representing a 44% increase compared to Q4 2023 and a 12% sequential increase from Q3 2024 [27] - Operating losses for Q4 2024 totaled $7.6 million, compared to losses of $14.2 million in Q4 2023, with year-to-date losses in 2024 amounting to $36.2 million compared to $54.5 million in 2023 [32] Business Line Data and Key Metrics Changes - The number of unique ordering accounts increased by 43% year-over-year from 199 to 284, with account utilization improving as average units sold per ordering account rose 10% from 12.3 to 13.5 units [13][14] - The launch of the TriNav LD infusion system and TriGuide guiding catheter expanded the PEDD portfolio, optimizing therapeutic delivery and improving procedural efficiency [18] Market Data and Key Metrics Changes - TriSalus captured 9% of the liver, TACE, and TARE procedures market in 2024, with 103 new hospital accounts opened year-to-date [28] - The PROTECT registry study is evaluating TriNav for non-malignant thyroid goiters and nodules, representing a market of approximately 50,000 annual procedures and a $400 million incremental opportunity [15] Company Strategy and Development Direction - The company prioritized its pressure-enabled drug delivery technology, aiming for EBITDA positivity by mid-2025 and cash flow positivity by year-end 2025 [10][22] - Strategic partnerships are being sought to advance the nelitolimod program in uveal melanoma liver metastases, with a focus on expanding reimbursement for radioembolization mapping [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over 50% revenue growth in 2025, alongside positive full-year EBITDA and cash flow in the second half of 2025 [22][29] - The company aims to deepen penetration in the complex liver embolization market and enhance health economic and outcome research data [21][23] Other Important Information - TriSalus secured up to $50 million in debt financing from OrbiMed to support growth initiatives, with $35 million accessed to date [20] - The company filed a Form 12b-25 notification of late filing with the SEC due to errors identified in stock-based compensation and clinical trial-related R&D expenses [25][26] Q&A Session Summary Question: Where is the uptake for the launch of TriNav large vessels? - Management noted that TriNav is primarily being used in TARE more than TACE, particularly for larger vessel applications [36][38] Question: Can you provide insight on current mapping with TARE? - Management confirmed that the new CMS code allows for mapping and treatment in Medicare patients, which opens up about 25% of the market [41][46] Question: What should be expected in the PERIO-03 data? - Management clarified that the Phase I study is not to be compared to systemic chemotherapy, focusing instead on the technology's safety and efficacy [49][50] Question: Can you provide more color on account openings? - Management indicated a deliberate strategy to focus on driving utilization in existing accounts rather than aggressively opening new ones [63][65] Question: What is the attachment rate of mapping cases today in commercial? - Management believes the attachment rate is close to one-to-one on the commercial side, as mapping with the same technology yields better outcomes [80][81] Question: What is the status of the 10-K filing delay? - Management is working through the audit process and is hopeful that the numbers will not change significantly [90][92]
TriSalus Life Sciences(TLSI) - 2024 Q4 - Earnings Call Transcript