Financial Data and Key Metrics Changes - TriSalus achieved $5.7 million in revenue for Q4 2023, representing a 77% increase compared to Q4 2022 and a 10% sequential increase from Q3 2023 [61] - Full year revenues reached $18.5 million in 2023, a 49% increase from 2022 [62] - Gross margin for Q4 2023 was 90%, up from 75% in Q4 2022, and full year gross margin was 86%, compared to 82% in 2022 [45] - Operating losses for Q4 2023 totaled $14.1 million, compared to $11.4 million in Q4 2022, with year-to-date losses amounting to $54.2 million in 2023, up from $36.4 million in 2022 [47][48] Business Line Data and Key Metrics Changes - The company reported a 49% operational growth for the year, driven by the adoption of the TriNav device in new accounts and increased utilization in existing accounts [14][62] - The sales team expanded from 10 representatives at the beginning of 2023 to 28 by the end of Q4 2023, along with the addition of seven clinical specialists [63] Market Data and Key Metrics Changes - TriSalus captured 7% market share in liver TACE and TARE procedures in 2023, with expectations for growth exceeding 50% in 2024 [38] - A health, economic, and outcome research study covering 300 million patient data sets demonstrated that TriNav patients achieved comparable clinical results to those with lower disease burdens [20][25] Company Strategy and Development Direction - The company aims to position TriNav as the standard-of-care for complex patients requiring liver embolization, focusing on educational initiatives and comprehensive reimbursement support [29] - TriSalus plans to advance its pipeline with nelitolimod and is investigating its use in combination with systemic checkpoint inhibitors [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in TriSalus's potential for breakout growth in 2024 due to permanent reimbursement and robust clinical evidence for TriNav [22] - The company anticipates a decrease in clinical costs in 2024 as it completes patient follow-up and analyzes trial data [64] Other Important Information - TriSalus filed a Form 12b-25 Notification of Late Filing with the SEC due to data errors related to non-cash stock compensation expense [8][9] - The company raised $61 million in 2023, including a $41 million PIPE to support going public, and ended the year with $11.8 million in cash and cash equivalents [48] Q&A Session Summary Question: Inclusion of clinical specialists for TriNav sales - The company currently has seven clinical specialists who support sales representatives in training physicians and expanding adoption [51] Question: Next steps for pancreatic work to larger Phase 2 trial - The company is completing enrollment in the Phase 1 single agent nelitolimod experience to establish safety and feasibility before moving to Phase 1b [70][71]
TriSalus Life Sciences(TLSI) - 2023 Q4 - Earnings Call Transcript