TriSalus Life Sciences Inc is engaged in the research, development, and sales of innovative drug delivery technology and immune-oncology therapeutics to improve outcomes in difficult-to-treat liver and pancreatic cancer. It is developing and marketing two product lines: Pressure Enabled Drug Delivery (PEDD) infusion systems, in use today, and an investigational agent, nelitolimod (SD-101), which shows potential to enhance immune system response in the treatment of hepatocellular cancer, pancreatic cancer, and other liver solid tumors. TriNav is the newest therapy delivery device with SmartValve technology for the proprietary PEDD approach.
Performance Overview
TriSalus Life Sciences Inc (TLSI, Financial) reported revenue of $7.4 million for Q2 2024, surpassing the analyst estimate of $6.89 million. This represents a 60% increase compared to the same period in 2023. The company's gross margins improved to 88% from 83% in Q2 2023, driven by increased factory volumes and operational efficiency.
Operating losses narrowed to $8.2 million from $11.4 million in Q2 2023, attributed to increased sales, improved gross margins, and reduced research and development spending. Net losses available to common stockholders were $4.3 million, a significant improvement from the $14.0 million loss in the same period last year.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Revenue | $7.4 million | $4.6 million |
| Gross Profit | $6.5 million | $3.8 million |
| Operating Loss | ($8.2 million) | ($11.4 million) |
| Net Loss | ($4.3 million) | ($14.0 million) |
| Loss per Share | ($0.21) | ($0.84) |
Business Highlights
TriSalus Life Sciences Inc (TLSI, Financial) launched the DELIVER program, showcasing the advantages of its TriNav system in treating complex patients. The company also advanced the development of nelitolimod, treating 100 patients across four indications and three clinical trials using its PEDD technology.
In April, the company closed a $50 million debt financing facility with OrbiMed, borrowing $25 million initially, with an additional $25 million available subject to revenue thresholds. Cash and cash equivalents totaled $16.5 million as of June 30, 2024.
Financial Statements Summary
Revenue for the six months ended June 30, 2024, was $13.8 million, up 82% from $7.6 million in the same period in 2023. Gross margins for the six months were 86%, compared to 81% in the previous year. Operating losses for the six months were $19.9 million, down from $21.6 million in 2023. Net losses for the six months were $17.6 million, compared to $22.2 million in the same period last year.
Commentary
"We concluded the second quarter with robust revenue growth and effective execution across our operations. Our sustained revenue growth underscores the critical demand for our Pressure Enabled Drug Deliveryâ„¢ technology (PEDD â„¢). We are excited to launch the DELIVER program, which will showcase the advantages of our TriNav system in treating a diverse array of complex patients," stated Mary Szela, President and Chief Executive Officer of TriSalus Life Sciences.
Analysis
TriSalus Life Sciences Inc (TLSI, Financial) has demonstrated significant revenue growth and improved operational efficiency, which are crucial for its continued development and market penetration in the medical devices and instruments industry. The company's ability to narrow its losses and secure additional financing positions it well for future growth. However, the ongoing net losses and reliance on debt financing highlight the need for continued revenue growth and cost management.
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Explore the complete 8-K earnings release (here) from TriSalus Life Sciences Inc for further details.
