TriSalus Life Sciences — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue was $12.9 million, an 11.3% increase compared to $11.6 million in Q3 2025, driven by increased TriNav units sold.
• Gross margins improved to 86.2% in Q3 2026 from 83.5% in Q3 2025, primarily due to a reduction in cost per TriNav unit.
• Operating losses narrowed to $7.7 million in Q3 2026 from $9.0 million in Q3 2025, driven by improved gross margins and lower R&D and G&A expenses, partially offset by higher sales and marketing expenses.
• Net loss attributable to common stockholders was $8.9 million in Q3 2026, compared to $41.3 million in Q3 2025; the prior year loss included approximately $30.5 million related to preferred stock conversion.
• Basic and diluted loss per share was $0.15 in Q3 2026, compared to $0.96 in Q3 2025.
• Adjusted EBITDA losses were $4.7 million in Q3 2026, down from $5.4 million in Q3 2025.
• Cash and cash equivalents totaled $41.1 million as of September 30, 2026, up from $20.4 million at December 31, 2025.
• Long-term debt was $32.4 million as of September 30, 2026, down from $33.0 million at December 31, 2025.
• The company raised $46.0 million in gross proceeds from an equity offering in the first quarter of 2026.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance was revised to $46 million to $48 million, representing 2% to 6% growth compared to full-year 2025.
• Management expects continued growth in 2027 and beyond, citing a doubled commercial footprint, the launch of TriNav Advance, expanded access to office-based labs via new G-code, and cost discipline.
• The company plans to begin exploring partnership opportunities for its investigational immunotherapeutic, nelitolimod, following the completion of phase 1 clinical trials.

Business Segments and Product Lines:

• Received FDA clearance for TriNav Advance, enabling Pressure-Enabled Drug Delivery (PEDD) to small distal vessels through the physician's choice microcatheter.
• The PROTECT registry in thyroid artery embolization reached enrollment cutoff for interim analysis, with first multi-center U.S. data expected in Q1 2027.
• The company's platform includes four FDA-cleared devices and two devices commercialized under Letters to File utilizing the proprietary PEDD technology.

Market and Competitive Landscape:

• CMS finalized the 2027 Hospital Outpatient Prospective Payment System (OPPS) rule, reassigning HCPCS code C8004 to APC 5194, increasing the national Medicare payment rate for procedures from approximately $11,794 to $20,910 effective January 1, 2027.
• CMS published the 2027 Physician Fee Schedule final rule establishing national payment for HCPCS code G0577 (vascular embolization using a pressure-generating catheter in office-based labs), with a total national payment of approximately $13,800 per procedure effective January 1, 2027.

Risks and Challenges:

• Management noted that team productivity ramped slightly slower than anticipated during the first half of the year.
• Forward-looking statements highlight risks including clinical development and regulatory approval timelines, safety and efficacy data, credit facility compliance, capital raising needs, and potential litigation or regulatory changes.

Management Commentary and Tone:

• CEO Mary Szela described the third quarter as a period of "important growth and expansion," highlighting double-digit year-over-year growth and FDA clearance for TriNav Advance.
• Management expressed confidence in being "well positioned for 2027" due to the expanded commercial footprint and new reimbursement policies.
• The tone emphasized a foundation for continued growth through product expansion, reimbursement access, and cost discipline.

Other Key Points:

• Preferred stock was converted to common stock during the third quarter of 2025, significantly impacting the prior year's net loss attributable to common stockholders.
• The company reported $0.1 million in non-cash net gains related to changes in the fair value of various derivatives in Q3 2026, compared to $0.4 million in net losses in Q3 2025.
• Stock-based compensation expense was $2.8 million for the three months ended September 30, 2026.
• The company hosts a conference call and webcast to discuss results, with a replay available on its website.