Financial Data and Key Metrics Changes - TriSalus achieved revenue of 13.8 million for the first half of 2024, representing an 82% growth year-over-year [19][20] - The company reported a gross margin of 88% in Q2 2024, up from 83% in Q2 2023, indicating improved operational efficiencies [20] - Operating losses decreased to 11.4 million in Q2 2023, attributed to increased sales and lower R&D costs [22] Business Line Data and Key Metrics Changes - TriNav revenues grew by 60% year-over-year, driven by reimbursement, clinical data, and sales force expansion [4][19] - The company captured 27 new hospital accounts, with account utilization increasing from 12.4 units per account in Q2 2023 to 15.2 units in Q2 2024 [19] Market Data and Key Metrics Changes - The DELIVER program targets complex patient populations, including those with multinodular goiter, with an estimated addressable market of up to 50,000 patients [27] - The company is focusing on expanding its presence in the interventional radiology community to enhance the adoption of its TriNav technology [4] Company Strategy and Development Direction - TriSalus is committed to advancing its DELIVER program, which includes a series of investigator-initiated clinical trials to gather real-world data on the TriNav system [5][6] - The company plans to launch the TriNav Large system later in 2024 and aims to achieve over 50% revenue growth for the year [8][20] - The focus remains on enhancing patient safety and efficacy through innovative therapeutic delivery methods [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over 50% top-line revenue growth and approaching positive EBITDA by late 2024, excluding clinical costs [20][24] - The management team highlighted the importance of strategic resource allocation in deciding the future of clinical trials, particularly for PERIO-02 [31] Other Important Information - The company closed a debt financing facility in April, securing 25 million available based on revenue thresholds [23] - TriSalus ended the quarter with $16.5 million in cash and cash equivalents, providing a runway through the end of 2025 [24] Q&A Session Summary Question: Context on patient numbers for DELIVER program - The initial patient population includes those with multinodular goiter, with an estimated total addressable market of up to 50,000 patients [27] Question: Criteria for moving forward with PERIO-01 and PERIO-03 - The decision will be based on significant treatment effects, market size, and regulatory feasibility, with announcements expected in Q4 [27][31] Question: Future pursuit of PERIO-02 - The data from PERIO-02 was encouraging, but resource allocation decisions influenced the current strategy; future pursuit may depend on available resources [31] Question: Pricing for TriNav Large and details on PROTECT - TriNav Large will be priced identically to the regular TriNav, and the PROTECT program will utilize bland embolization techniques [33][34]
TriSalus Life Sciences(TLSI) - 2024 Q2 - Earnings Call Transcript