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MEDTECH ACQUISIT(MTAC) - 2024 Q3 - Quarterly Results
MTACMEDTECH ACQUISIT(MTAC)2024-11-14 13:02

Financial Performance - TriSalus reported Q3 2024 revenues of 7.3million,representinga427.3 million, representing a 42% year-over-year increase, and nine-month revenues of 21.2 million, up 66% year-over-year[4]. - Revenue for the three months ended September 30, 2024, was 7,349million,a41.57,349 million, a 41.5% increase from 5,193 million in the same period of 2023[24]. - Gross profit for the nine months ended September 30, 2024, was 18,283million,comparedto18,283 million, compared to 10,767 million for the same period in 2023, reflecting a 69.7% increase[24]. - The net loss attributable to common stockholders for the three months ended September 30, 2024, was (3,202)million,comparedto(3,202) million, compared to (1,883) million in the same period of 2023[24]. - Interest income for the three months ended September 30, 2024, was 158million,comparedto158 million, compared to 116 million in the same period of 2023[24]. Market Expansion - The company launched the TriNav LV Infusion System and TriGuide Guiding Catheter, expanding access to the 375millionliverembolizationmarket[4].−ThePROTECTregistrytrialhasbeeninitiatedtotreatmultinodulargoiters,potentiallyexpandingtheaddressablemarketby375 million liver embolization market[4]. - The PROTECT registry trial has been initiated to treat multinodular goiters, potentially expanding the addressable market by 400 million[8]. - The total addressable market for TriSalus is projected to exceed 1billionintheU.S.withtheexpansionoftheTriNavsystem[8].FutureOutlook−TriSalusanticipatesover501 billion in the U.S. with the expansion of the TriNav system[8]. Future Outlook - TriSalus anticipates over 50% annual sales growth in 2025, alongside a reduction of over 20% in operating expenses[4][20]. - The company expects to achieve positive full-year EBITDA and positive cash flow in the second half of 2025[20]. Clinical Trials and Development - TriSalus completed enrollment of 13 patients in the PERIO-03 Phase 1 trial for locally advanced pancreatic cancer, with promising safety data reported[11]. - The company is actively seeking a strategic partnership for the further development of nelitolimod following positive Phase 1 results in UM-LM[10]. Financial Position - Cash and cash equivalents as of September 30, 2024, totaled 11.3 million, with additional capacity of 25millionavailableontheOrbiMeddebtfacility[16].−Totalcurrentassetsincreasedto25 million available on the OrbiMed debt facility[16]. - Total current assets increased to 23,808 million as of September 30, 2024, from 20,862millionasofDecember31,2023[26].−Totalliabilitiesdecreasedto20,862 million as of December 31, 2023[26]. - Total liabilities decreased to 47,911 million as of September 30, 2024, from 51,663millionasofDecember31,2023[26].−Theaccumulateddeficitincreasedto51,663 million as of December 31, 2023[26]. - The accumulated deficit increased to (269,441) million as of September 30, 2024, from (249,504)millionasofDecember31,2023[26].Expenses−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember30,2024,were(249,504) million as of December 31, 2023[26]. Expenses - Research and development expenses for the three months ended September 30, 2024, were 4,219 million, a decrease of 55.7% from 9,506millioninthesameperiodof2023[24].−Salesandmarketingexpensesincreasedto9,506 million in the same period of 2023[24]. - Sales and marketing expenses increased to 6,138 million for the three months ended September 30, 2024, up 30.9% from 4,689millioninthesameperiodof2023[24].OperatingLosses−GrossmarginsforQ32024were864,689 million in the same period of 2023[24]. Operating Losses - Gross margins for Q3 2024 were 86%, consistent with the previous quarter, while operating losses decreased to 8.7 million from $18.6 million in Q3 2023[13][14].