TriSalus Life Sciences Inc Q3 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jason Wittes - Roth Capital Partners - Analyst : Maybe to start, in terms of the guidance, definitely appreciate you providing 2025 guidance. In terms of what's in those assumptions, I guess, two questions related to that. One, is that primarily going to be TACE and TARE? Or can we anticipate adoption into other areas to drive that revenue? And then secondly, is there any PERIO-01, so PERIO-01 to three costs associated with next year in those cost assumptions?

Question: Jason Wittes - Roth Capital Partners - Analyst : That's fair. And then in terms of the cost, and I guess if I could add a question to that, in terms of advancing nelitolimod, are you going to seek a partner for all the indications, at least that you're looking at right now? Or is that something you're going to take on by yourself?

Question: Jason Wittes - Roth Capital Partners - Analyst : I just meant that specific to uveal, the other two indications you make out alone, is that still not to be decided?

Question: Jason Wittes - Roth Capital Partners - Analyst : Okay. Maybe I'll ask one more and then jump back in queue. And that's in terms of the pancreatic retrograde venous infusion system. Is there any advancement in terms of reimbursement for that? Or anything we can expect in terms of milestones regarding the reimbursement or adoption?

Question: Suraj Kalia - Oppenheimer & Co., Inc. - Analyst : So Mary, one question for you and one for Sean. And Sean, let me start off with you, piggybacking on Jason's question. For FY25, Sean, how are you thinking of utilization? I believe you mentioned Q3 was 15.3 units per site. Just walk us through your 50% year-over-year guide. Where does utilization factor into those calculus? And also how are you thinking about new store versus same-store for TriNav?

Question: Suraj Kalia - Oppenheimer & Co., Inc. - Analyst : Got it. That's great color. Mary, one question for you, and I'll hop back in queue. Mary, multinodal goiters, right? This is my first call. And I'm curious how do you all think within the treatment paradigm? My understanding always is, especially multinodal goiters, the non-toxic ones, right? Radioiodine and LT4 are usually the standard of care, but you're comparing it to surgery. Just help us walk through the thought process here. And what should we think in terms of outcomes? Not only versus surgery, but just in the whole treatment paradigm.

Question: William Plovanic - Canaccord Genuity - Analyst : So just to start out on 2024 guide, commentary that greater than 50%. I think consensus was sitting at $8.2 million. Just wanted to get your comfort level with that as we use for a jump-off point for '24 or '25?

Question: William Plovanic - Canaccord Genuity - Analyst : Okay. And then just as we think about -- I mean, it's difficult for companies to get their third, fourth year post commercialization to really hit seasonality. And you expected this, and we saw this pretty much flat sequentially. But I was wondering if you could just give us some color as to maybe monthly cadence as you went through July, August, September and into October, just to give us confidence in that fourth quarter rebound? And any other puts or takes that you're seeing as we go into the end of the year here? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 14, 2024 / 2:00PM, TLSI.OQ - Q3 2024 TriSalus Life Sciences Inc Earnings Call

Question: William Plovanic - Canaccord Genuity - Analyst : Okay. And then just help us understand. I think you burned about $11 million in the third quarter. You finished the quarter with $11 million. You talked about dropping the spend and pulling another $10 million in Q1 to -- and you believe you'll be able to get there. I mean, is this just you expect a lot of decrease in the R&D sequentially? And then even maybe on the G&A, was there a risk? Was there -- is there something else going on that you'll be able to drop to spend that much?

Question: William Plovanic - Canaccord Genuity - Analyst : Great. And then my last question, just the PERIO update. It's interesting. So what should we read into these comments in terms of pancreas regarding efficacy? You've added more patients. You pushed out the read until mid next year. I mean what's the takeaway? We see it's safe, but we're not really clear on efficacy. I mean what's the messaging you're trying to give us here? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 14, 2024 / 2:00PM, TLSI.OQ - Q3 2024 TriSalus Life Sciences Inc Earnings Call

Question: William Plovanic - Canaccord Genuity - Analyst : It does.

Question: Justin Walsh - Jones Trading - Analyst : I'm wondering if you can comment on the intersection of TriNav and TriNav Large target markets. How many physicians are likely to use one versus the other or both?

Question: Justin Walsh - Jones Trading - Analyst : Got it. Makes sense. And one more question for you. I'm just curious if you can comment on the competitive landscape. If there's any other novel delivery products or catheters that you see emerging that could be competitors for TriNav or TriNav Large?