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Trisalus Life Sciences (TLSI) 2025 Conference Transcript

Summary of TriSalus Life Sciences Conference Call Company Overview - Company: TriSalus Life Sciences (TLSI) - Industry: MedTech, Life Science Tools, and Diagnostics - Technology: Microcatheter technology designed to enhance drug delivery to solid tumors, particularly in the liver and other areas Key Points and Arguments 1. Technology and Market Opportunity: - TriSalus's technology addresses the challenge of delivering drugs to solid tumors, where less than 1% of drugs can penetrate due to high internal pressure [3][4] - The company has expanded its market opportunity from approximately $400 million to nearly $2.5 billion, primarily targeting liver metastases and primary liver cancer [8] 2. Growth and Financial Performance: - The company reported a 50% growth in the first half of 2025 compared to the first half of 2024, with a 22% sequential growth from Q1 to Q2 [9] - New product launches, including a more trackable version of their technology and a product for uterine fibroids, are expected to drive growth [10] 3. Reimbursement Strategy: - TriSalus has developed its own embolization procedural code for Pressure-Enabled Drug Delivery, which is favorable for hospitals and saves over $8,000 per patient for CMS [12] - The reimbursement model is designed to be cash positive for hospitals, enhancing the adoption of their technology [12] 4. Sales and Market Penetration: - The company focuses on existing accounts for growth, with a strategy to expand usage among multiple physicians within hospitals [13][14] - TriSalus targets high-volume interventional radiology accounts, with 57 out of 100 identified accounts performing well [21] 5. Education and Adoption Challenges: - The primary barrier to adoption is the lack of education regarding intratumoral pressure and the tumor microenvironment among physicians [22][25] - The company is focused on training and registry studies to support the adoption of their technology [26][30] 6. Future Developments: - Upcoming milestones include data releases on various applications, including uterine fibroids and genicular artery procedures [36] - The company is also looking to partner for the advancement of nelitolimod, targeting liver and pancreatic indications [32][33] 7. Financial Outlook: - The company aims for near-term cash flow breakeven, with opportunities for cost savings and efficiency improvements [34][35] - The focus remains on scaling sales and marketing efforts while leveraging clinical evidence from registry studies to enhance market presence [35] Additional Important Content - The technology allows for a non-invasive procedure for thyroid embolization, which avoids risks associated with traditional methods [28][29] - The company is committed to educating physicians about the new methodologies and ensuring proper training for interventional radiologists [25][30]