TLSI

Interested in TriSalus Life Sciences, Inc.? Here are five stocks we like better. Revenue rose modestly to $11.4 million in Q2, up 1.7% year over year, while TriSalus reiterated its 2026 revenue forecast of $54 million to $57 million. The company more than doubled its commercial footprint during the first half of the year. A new CMS G-code could expand reimbursement for TriNav pressure-enabled drug delivery in physician office-based labs, supporting potential growth in liver, uterine, prostate and genicular artery embolization procedures. Gross margin improved to 86.8%, but higher sales and marketing costs from the expanded sales force widened the adjusted EBITDA loss to approximately $7.1 million. TriSalus ended the quarter with about $46.3 million in cash and said it expects sequential revenue improvement in the second half of 2026. TriSalus Life Sciences (NASDAQ:TLSI) reported second-quarter revenue of $11.4 million, up 1.7% from $11.2 million a year earlier, as demand for its TriNav pressure-enabled drug delivery system increased. The company reiterated its full-year 2026 revenue outlook of $54 million to $57 million, representing projected growth of 19% to 26% over 2025. President and Chief Executive Officer Mary Szela said the quarter reflected progress in expanding the company’s commercial infrastructure, building clinical evidence for pressure-enabled drug delivery, or PEDD, and broadening the potential uses of its technology. TriSalus more than doubled its commercial footprint during the first half of the year, with the hiring initiative beginning in February and all new representatives in place by April. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth “We’re already seeing positive results from our commercial evolution in the form of ramping engagement and productivity,” Szela said. During the question-and-answer session, she said a number of the newly hired representatives were exceeding internal metrics and that second-quarter results came in according to the company’s internal operating model. A key development during the quarter was notification from the Centers for Medicare & Medicaid Services regarding a G-code intended to extend reimbursement for TriNav into physician office settings, known as office-based labs, or OBLs. TriSalus already has two HCPCS C codes for complex embolization procedures using pressure-generating catheters in hospital outpatient departments and ambulatory surgery centers. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Szela said the new code could support access to TriNav as some liver cancer treatments migrate from hospitals into office-based settings. She cited shorter wait times and more flexible scheduling as potential advantages for patients receiving treatment in OBLs. The company sees liver embolization as an initial opportunity in the setting, along with uterine, prostate and genicular artery embolization procedures. Szela said TriSalus is still evaluating its plans but initially believes its existing sales representatives can cover most of the opportunity because many interventional radiologists practice across hospital and office-based settings. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Chief Medical Officer Dr. Richard Marshall said most interventional radiologists maintain broad practices and commonly perform a range of procedures, including Y90 radioembolization, transarterial chemoembolization, and uterine artery embolization. He added that physicians familiar with TriNav’s use in liver procedures have begun applying it in uterine artery embolization, helping inform the company’s investment in that indication. TriSalus said it has 11 active clinical studies across 27 sites, involving data from more than 400 patients treated with TriNav. The completed PETER study at Massachusetts General Hospital, a randomized multicenter trial evaluating tumor-to-normal ratio in hepatocellular carcinoma and hypovascular tumors, has been submitted for publication in a peer-reviewed journal. Another completed investigator-initiated study, TRI590 at MD Anderson, remains under data review. The PREDICTT study at MD Anderson began enrolling during the second quarter and is evaluating PEDD in hypovascular tumors. TriSalus expects enrollment to take approximately 12 to 18 months. A separate randomized study called PRESSURE, at Stanford, is expected to open enrollment in the third quarter. That study will compare TriNav and radioembolization treatment with standard delivery for liver metastases. The company also plans to begin additional prospective studies during the second half of 2026, including a radioembolization study comparing TriNav with a microcatheter and a multicenter chemoembolization study in neuroendocrine tumors in collaboration with the University of Pennsylvania. Beyond liver procedures, TriSalus is advancing studies in uterine artery embolization, thyroid artery embolization and genicular artery embolization. The uterine artery embolization study remains on track toward a 50-patient target, while the company’s PROTECT thyroid registry has reached the enrollment cutoff for an interim analysis. TriSalus expects to report initial multicenter U.S. thyroid artery embolization data in the first quarter of 2027. TriSalus also continues to anticipate near-term Food and Drug Administration 510(k) clearance for TriNav Advance. The company said the device is designed to enable PEDD in smaller distal vessels through use of a microcatheter selected by the physician. FDA review has extended beyond its MDUFA goal date, according to Szela. Chief Financial Officer David Patience said gross margin improved to 86.8% from 83.9% in the prior-year quarter, driven by lower average TriNav unit costs and manufacturing improvements. Research and development expense declined to about $3.1 million from $3.7 million, while general and administrative expense fell to about $5.1 million from $5.9 million. Sales and marketing expense increased to $11.4 million from $7.2 million, reflecting costs associated with recruiting, onboarding and training the expanded commercial organization. As a result, adjusted EBITDA loss widened to about $7.1 million from $5.3 million in the year-earlier period. TriSalus ended the quarter with approximately $46.3 million in cash, which Patience said the company believes is sufficient to fund its strategic growth plan. Management expects revenue growth to improve sequentially in the third quarter and strengthen further in the fourth quarter. It also expects sales and marketing expense to decline sequentially in the third and fourth quarters as costs tied to the first-half sales-force expansion recede. The company remains on track to provide consolidated Phase I data from its PERIO study of nelitolimod in the second half of 2026. Szela said TriSalus is also evaluating changes in the pancreatic cancer treatment landscape and will provide an update on its broader pancreatic strategy after completing that assessment. TriSalus Life Sciences, Inc is a clinical-stage biotechnology company focused on the development and commercialization of non-invasive drug–device combination therapies for oncology applications. Leveraging proprietary electroporation and ultrasound platforms, the company aims to enhance the localized delivery and efficacy of established chemotherapeutic agents while reducing systemic toxicity. Its lead programs target hard-to-treat head and neck cancers, where improved tumor control and patient tolerability remain significant unmet needs. The company's pipeline comprises investigational product candidates in early and mid-stage clinical trials, including studies that combine its electrochemotherapy platform with radiation therapy and immuno-oncology agents. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "TriSalus Life Sciences Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. TriSalus Life Sciences Inc (NASDAQ:TLSI) received a new CMS G-code that extends TriNav reimbursement to office-based labs (OBLs), significantly expanding its market access and addressing a growing site-of-care trend. The company is reiterating its full-year 2026 revenue guidance of $54 million to $57 million, reflecting 19% to 26% growth, and expects sequential improvement in Q3 and a stronger Q4. Gross margin improved to 86.8% in Q2 2026, up from 83.9% in the prior year period, driven by lower average unit costs and continuous manufacturing improvements. The company has a robust clinical pipeline with 11 active studies across 27 sites, including the completed PETER study submitted for publication and the PREDICT study actively enrolling, which could serve as future commercial catalysts. The new G-code is expected to be a meaningful accelerant for the uterine artery embolization (UAE) indication, which is increasingly performed in OBL settings, removing a historical reimbursement barrier. The company ended Q2 with approximately $46.3 million in cash, which management believes fully funds its strategic growth plan. Q2 2026 revenue growth was modest at only 1.7% year-over-year ($11.4 million vs. $11.2 million), which is below the pace needed to hit the high end of the annual guidance. Adjusted EBITDA loss widened to approximately $7.1 million in Q2 2026, up from $5.3 million in the prior year period, due to heavy investment in the expanded sales force. Sales and marketing expenses surged to $11.4 million in Q2 2026, up from $7.2 million in the prior year period, reflecting elevated costs from recruiting, onboarding, and training new reps. The FDA's review of the TriNav Advance 510(k) clearance is running past the MDUFA goal date, creating uncertainty about the timing of this key product launch. The company's pancreatic strategy is under review due to significant changes in the treatment landscape, and the nelatolimod Phase I data readout is not expected until the second half of 2026, leaving a key pipeline asset in limbo. The company is still in the early innings of its expanded commercial footprint, and while reps are ramping, the full productivity contribution is not expected until the back half of the year, leaving near-term growth dependent on execution. Warning! GuruFocus has detected 4 Warning Signs with TLSI. Is TLSI fairly valued? Test your thesis with our free DCF calculator. Q: Regarding the new office-based lab (OBL) reimbursement, which new indications could be most impactful, and when might you allocate more sales and marketing resources to capitalize on this?A: Mary Zella, President and CEO, explained that the CMS G-code extends TriNav reimbursement into OBLs, a setting where liver embolization procedures are increasingly migrating due to shorter wait times and flexible scheduling. Beyond liver, this opens opportunities in uterine artery embolization (UAE), prostate artery embolization, and genicular artery embolization, which are commonly performed in OBLs. The company is currently planning its strategy, noting the G-code arrived earlier than anticipated, and sees UAE as an early beneficiary by removing historical reimbursement barriers. Q: Can you provide more detail on the productivity metrics and launch trajectory of the new sales representatives hired in the first quarter, and how impactful they can be in Q3 and Q4?A: Mary Zella stated that the sales force expansion began in February, with all new reps hired by April. With two quarters under their belts, their contributions are increasing substantially in the back half of the year. The company is excited about the caliber of talent attracted, with several reps exceeding internal metrics. Q2 results came in exactly on their internal operational model, and they feel confident about the growth trajectory for Q3 and Q4. Q: Where are the overlapping call points between the current liver market and the adjacent markets you are expanding into, and can the current sales force leverage its liver work for these new indications?A: Mary Zella noted that interventional radiologists often work across both hospital settings and OBLs, with the same physicians performing procedures in both. The current sales force can handle the majority of this overlap initially, as the call points are largely the same. Dr. Richard Marshall, Chief Medical Officer, added that most interventional radiologists have broad practice diversity, performing Y90, TACE, and UAE, so the call point is identical. He cited UAE as an example where physicians using TriNav in the liver began using it for UAE, driving the company's investment in that indication. Q: What is the significance of the CMS G-code for TriNav reimbursement in OBLs, and how does it expand the commercial opportunity?A: Mary Zella highlighted that the G-code is a seminal moment for TriSalus, extending reimbursement into the physician office setting (OBL). This expands patient access to pressure-enabled drug delivery (PEDD) regardless of treatment site, addressing the migration of liver cancer treatments from hospitals to OBLs. The company holds two unique HCPCS codes for HOPD and ASC settings, and this new code removes the reimbursement barrier for OBLs, which is particularly impactful for UAE and other embolization procedures. Q: Can you provide an update on the clinical trial progress and evidence generation for TriNav?A: Mary Zella reported 11 active studies across 27 clinical sites, with data from over 400 patients treated with TriNav. The PETER study at Massachusetts General Hospital has been submitted for publication, and the TRIPI 90 study at MD Anderson is in data review. The PREDICT study at MD Anderson is actively enrolling, and the PRESSURE trial at Stanford will launch in Q3. New studies include a prospective trial to prove TriNav superiority over microcatheters in liver metastases and a multicenter neuroendocrine tumor study with the University of Pennsylvania. Q: What is the status of the TriNav Advance 510(k) clearance with the FDA?A: Mary Zella stated that the company continues to anticipate near-term 510(k) clearance for TriNav Advance, which will expand liver market access by extending PEDD to small distal vessels via microcatheters. The review is running past the MAUFA goal, but the company remains in close dialogue with the FDA and hopes to receive clearance soon. Q: What are the financial highlights for Q2 2026, and what is the full-year guidance?A: David Patience, CFO, reported Q2 revenue of $11.4 million, up 1.7% year-over-year, with gross margin improving to 86.8%. R&D expenses decreased to $3.1 million, while sales and marketing expenses increased to $11.4 million due to the commercial expansion. Adjusted EBITDA loss was $7.1 million, and the company ended the quarter with $46.3 million in cash. Full-year 2026 revenue guidance is reiterated at $54 million to $57 million, reflecting 19% to 26% growth, with sequential improvement expected from Q2 to Q3 and a stronger Q4. Q: Can you elaborate on the real-world evidence study and its implications for TriNav adoption?A: Mary Zella highlighted a webinar featuring a real-world outcome study evaluating over 300 million patient lives, including 16,210 embolizations, with 1,200 patients compared using sophisticated matching. The data showed TriNav was used in the most challenging patients with high disease burden and complex anatomy, yet demonstrated clinical benefit. The HEOR data showed average cost savings of $7,700 in certain procedures, which serves to validate the platform and catalyze adoption. Q: What is the progress on the emerging indications of uterine, thyroid, and genicular artery embolization?A: Mary Zella reported that the UAE expanded study is enrolling well toward a 50-patient target, with a prospective trial design in progress. The PROTECT registry for thyroid artery embolization has achieved the enrollment cutoff for interim analysis, with first multicenter US data expected in Q1 2027. For genicular artery embolization, the pilot registry has concluded, and the company is advancing a formal clinical trial design. Q: What is the update on the nelatolimod and pancreatic programs?A: Mary Zella stated that the company remains on track to deliver the consolidated PERIO Phase I data readout for nelatolimod in the second half of 2026. Regarding the broader pancreatic strategy, significant changes in the pancreatic cancer treatment landscape are being evaluated, and an update will be provided after the analysis is complete. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Generated second quarter revenue of $11.4 million and expanded commercial organization to support future growth and broader market penetration Maintains 2026 revenue guidance of $54 million to $57 million Hosting Conference Call and Webcast today at 4:30pm ET DENVER, August 06, 2026--(BUSINESS WIRE)--TriSalus Life Sciences, Inc. (Nasdaq: TLSI) (the "Company"), an oncology company integrating novel delivery technology with standard of care therapies, and its investigational immunotherapeutic to transform treatment for patients with solid tumors, today announced financial results for the quarter ended June 30, 2026, and provided an operational update. "We delivered a second quarter marked by year-over-year and strong sequential growth. We continued strengthening our foundation to drive future expansion and adoption of the TriNav platform, and generated clinical evidence that demonstrates and validates the value of our technology," said Mary Szela, President and Chief Executive Officer of TriSalus. "We also wanted to acknowledge the Centers for Medicare and Medicaid Services ("CMS") on the recent establishment of a G-code that extends reimbursement for vascular embolization procedures with the use of a pressure-generating catheter into the physician office-based lab site of service. We look forward to maintaining an active dialogue with CMS as their team finalizes the reimbursement rate in the coming months. We anticipate seeing further growth in the back half of the year and beyond as our sales team continues to ramp their efforts. We believe the long term growth opportunity for our PEDD platform remains substantial, and see an exciting pathway ahead." Highlights for Second Quarter 2026 and Recent Weeks Hosted virtual KOL event featuring a discussion around the new real-world evidence for PEDD in liver cancer. Submitted for publication data from the PEDIR study, a multi-center, randomized trial conducted at Massachusetts General Hospital evaluating tumor-to-normal ratio in hepatocellular carcinoma and hypovascular tumors. Financial Results for Q2 2026 Revenue from the sale of the TriNav system was $11.4 million for the three months ended June 30, 2026, which was relatively consistent with the prior comparative period with an increase of 1.7% compared to the same period in 2025. Gross margins were 86.8% for the three months ended June 30, 2026, compared to 83.9% for the same period in 2025. The year-over-year increase in gross margin was primarily due to a reduction in cost per TriNav unit. Operating losses were $9.8 million for the three months ended June 30, 2026, compared to losses of $7.3 million for the same period in 2025. The increase in operating losses was primarily driven by higher sales and marketing expenses related to our investment in marketing and our sales organization expansion, partially offset by improved gross margins, lower research and development and lower general and administrative expenses. Net loss available to common stockholders was $9.2 million for three months ended June 30, 2026, compared to a net loss of $9.0 million for the same period in 2025. The current period includes $1.6 million of non-cash net gains related to changes in the fair value of various derivatives for the three months ended June 30, 2026, compared to net gains of $0.4 million for the same period in 2025. The basic and diluted loss per share for three months ended June 30, 2026 was $0.16, compared to $0.27 for the same period in 2025. The non-GAAP measure of adjusted EBITDA is shown in the table below as the Company believes it is an important measure of performance. Adjusted EBITDA losses were $7.1 million for the three months ended June 30, 2026, compared to losses of $5.3 million for the same period in 2025. The increase in adjusted EBITDA losses were primarily driven by increased sales and marketing expenses, partially offset by improved gross margins, lower research and development and lower general and administrative expenses. On June 30, 2026, cash and cash equivalents totaled $46.3 million. The Company raised $46.0 million in gross proceeds in the first quarter from an equity offering. The Company believes that these proceeds provide sufficient cash runway to fully fund commercial expansion and pipeline development. 2026 Financial Guidance The Company is maintaining its full-year 2026 revenue guidance of $54 million to $57 million, consistent with the range set in the first quarter and representing growth of 19% to 26% compared to full year 2025. Conference Call & Webcast The Company will host a conference call and webcast today at 4:30 PM eastern time to discuss its financial results for the quarter ended June 30, 2026. Parties interested in participating by phone should register using the online form on our investor relations website. After registering for the webcast, dial-in details will be provided in an auto-generated e-mail containing a link to the conference phone number along with a personal pin. The event will also be webcast live on the investor relations section of TriSalus’ website. A replay will also be available on the website following the event. About TriSalus Life Sciences TriSalus Life Sciences® is an oncology focused medical technology company seeking to transform outcomes for patients with solid tumors by integrating its innovative delivery technology with standard-of-care therapies, and with its investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 agonist, for a range of different therapeutic and technology applications. The Company’s platform includes devices that utilize a proprietary drug delivery technology and a clinical stage investigational immunotherapy. The Company’s three FDA-cleared devices use its proprietary Pressure-Enabled Drug Delivery™ (PEDD) approach to deliver a range of therapeutics: the TriNav® Infusion System and TriNav Infusion System LV for hepatic arterial infusion of liver tumors and the Pancreatic Retrograde Venous Infusion System for pancreatic tumors. The PEDD technology is a novel delivery approach designed to address the anatomic limitations of arterial infusion for the pancreas. The PEDD approach modulates pressure and flow in a manner that delivers more therapeutic to the tumor and is designed to reduce undesired delivery to normal tissue, bringing the potential to improve patient outcomes. Nelitolimod, the Company’s investigational immunotherapeutic candidate, is designed to improve patient outcomes by treating the immunosuppressive environment created by many tumors and which can make current immunotherapies ineffective in the liver and pancreas. Patient data generated during Pressure-Enabled Regional Immuno-Oncology™ (PERIO) clinical trials support the hypothesis that nelitolimod delivered via the PEDD technology may have favorable immune effects within the liver and systemically. The target for nelitolimod, TLR9, is expressed across cancer types and the mechanical barriers addressed by the PEDD technology are commonly present as well. The Company is in the final stages of data completion for a number of phase 1 clinical trials and will begin exploring partnership opportunities for development. Forward Looking Statements Statements made in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding the benefits and potential benefits of the Company’s PEDD drug delivery technology, TriNav® system and nelitolimod investigational immunotherapy, and the Company’s ability to execute on its strategy. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include risks associated with clinical development and regulatory approval of drug delivery and pharmaceutical product candidates, including that future clinical results may not be consistent with patient data generated during the Company’s clinical trials, the cost and timing of all development activities and clinical trials, unexpected safety and efficacy data observed during clinical studies, the risks associated with the credit facility, including the Company’s ability to remain in compliance with all its obligations thereunder to avoid an event of default, the risk that the Company will continue to raise capital through the issuance and sale of its equity securities to fund its operations, the risk that the Company will not be able to achieve the applicable revenue requirements to access additional financing under the credit facility, the risk that the Company will not become profitable on its expected timeline, if at all, the risk that the reported financial results will differ from the estimates provided in this press release, changes in expected or existing competition or market conditions, changes in the regulatory environment, unexpected litigation or other disputes, unexpected expensed costs, made in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding the benefits and potential benefits of the Company’s PEDD drug delivery technology, TriNav® system and nelitolimod investigational immunotherapy, and the Company’s ability to execute on its strategy. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include risks associated with clinical development and regulatory approval of drug delivery and pharmaceutical product candidates, including that future clinical results may not be consistent with patient data generated during the Company’s clinical trials, the cost and timing of all development activities and clinical trials, unexpected safety and efficacy data observed during clinical studies, the risks associated with regulatory approval of the Company's product candidates, the risks associated with the credit facility, including the Company’s ability to remain in compliance with all its obligations thereunder to avoid an event of default, the risk that the Company will continue to raise capital through the issuance and sale of its equity securities to fund its operations, the risk that the Company will not be able to achieve the applicable revenue requirements to access additional financing under the credit facility, the risk that the Company will not become profitable on its expected timeline, if at all, the risk that the reported financial results will differ from the estimates provided in this press release, changes in expected or existing competition or market conditions, changes in the regulatory environment, unexpected litigation or other disputes, unexpected expensed costs, and other risks described in the Company’s filings with the Securities and Exchange Commission under the heading "Risk Factors." All forward‐looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made except as required by law. Non-GAAP Financial Measure To supplement the financial results presented in accordance with GAAP, TriSalus has also included in this press release non-GAAP adjusted EBITDA, which excludes from net loss, income tax expense, interest expense, interest income, change in fair value of SEPA, warrant and revenue-base redemption liabilities, change in fair value of contingent earn out liability, stock-based compensation expense and depreciation. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than similar non-GAAP financial information disclosed by other companies. TriSalus encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations set forth below, to more fully understand TriSalus’ business. TriSalus believes that the presentation of these non-GAAP financial measures provides useful supplemental information to, and facilitates additional analysis by, investors. In particular, TriSalus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare TriSalus’ results from period to period, and to identify operating trends in TriSalus’ business. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806599396/en/ Contacts For Media Inquiries: Andrea MarassoVice President, [email protected] For Investor Inquiries: David PatienceChief Financial [email protected]

WESTMINSTER, Colo., July 16, 2026--(BUSINESS WIRE)--TriSalus Life Sciences, Inc. (Nasdaq: TLSI) (the "Company"), an oncology company integrating novel delivery technology with standard-of-care therapies and an investigational immunotherapeutic to transform outcomes for patients with solid tumors, today announced that it will host a conference call and webcast on Thursday, August 6, 2026 at 4:30 PM eastern time to discuss its financial results for the quarter ended June 30, 2026. A press release detailing the results will be issued prior to the call. Parties interested in participating by phone should register using this online form. After registering for the call, dial-in details will be provided in an auto-generated email containing a link to the conference phone number along with a PIN. The event will also be webcast live on the investor relations section of TriSalus’ website. A replay will also be available on the website following the event. About TriSalus Life Sciences TriSalus Life Sciences® is an oncology focused medical technology company seeking to transform outcomes for patients with solid tumors by integrating its innovative delivery technology with standard-of-care therapies, and with its investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 agonist, for a range of different therapeutic and technology applications. The Company’s platform includes devices that utilize a proprietary drug delivery technology and a clinical stage investigational immunotherapy. The Company’s three FDA-cleared devices use its proprietary Pressure-Enabled Drug Delivery™ (PEDD) approach to deliver a range of therapeutics: the TriNav® Infusion System and TriNav Infusion System LV for hepatic arterial infusion of liver tumors and the Pancreatic Retrograde Venous Infusion System for pancreatic tumors. The PEDD technology is a novel delivery approach designed to address the anatomic limitations of arterial infusion for the pancreas. The PEDD approach modulates pressure and flow in a manner that delivers more therapeutic to the tumor and is designed to reduce undesired delivery to normal tissue, bringing the potential to improve patient outcomes. Nelitolimod, the Company’s investigational immunotherapeutic candidate, is designed to improve patient outcomes by treating the immunosuppressive environment created by many tumors and which can make current immunotherapies ineffective in the liver and pancreas. Patient data generated during Pressure-Enabled Regional Immuno-Oncology™ (PERIO) clinical trials support the hypothesis that nelitolimod delivered via the PEDD technology may have favorable immune effects within the liver and systemically. The target for nelitolimod, TLR9, is expressed across cancer types and the mechanical barriers addressed by the PEDD technology are commonly present as well. The Company is in the final stages of data completion for a number of phase 1 clinical trials and will begin exploring partnership opportunities for development. View source version on businesswire.com: https://www.businesswire.com/news/home/20260716428515/en/ Contacts For Media Inquiries: Andrea MarassoVice President, [email protected] For Investor Inquiries: David PatienceChief Financial [email protected]

Interested in TriSalus Life Sciences, Inc.? Here are five stocks we like better. TriSalus cut its 2026 revenue outlook to $54 million-$57 million after first-quarter revenue slipped to $8.9 million from $9.2 million a year ago. Management said the miss was driven by a major commercial reorganization, not weaker underlying demand. FDA review for TriNav Advance is delayed by about five months, and the company removed any second-half revenue contribution from the forecast. TriSalus still expects clearance in the second half of 2026 and says the device is key to extending its PEDD platform into smaller vessels. The company is expanding its commercial and clinical strategy, with its sales force now largely rebuilt and more than doubled, while a real-world PEDD study showed lower complications and about $7,700 in per-patient cost avoidance. TriSalus also highlighted multiple active trials and upcoming readouts that could support growth later in the year. TriSalus Life Sciences (NASDAQ:TLSI) reported slightly lower first-quarter revenue and reduced its full-year 2026 revenue outlook, citing disruption from a broad commercial reorganization and a delayed FDA review for its next-generation TriNav Advance device. President and Chief Executive Officer Mary Szela said the company’s first-quarter results reflected the “deliberate cost of a build-out phase” as TriSalus expanded and realigned its sales organization to support growth in liver embolization and new applications for its Pressure-Enabled Drug Delivery, or PEDD, platform. → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? “Q1 performance was not a function of softer demand or any change in the underlying fundamentals of our business,” Szela said. “It reflects the deliberate cost of a build-out phase, investing now in the commercial engine required to scale this organization for our next phase of growth.” For the quarter ended March 31, 2026, TriSalus reported revenue of $8.9 million, compared with $9.2 million in the prior-year period. Chief Financial Officer David Patience said the decline was due to the transition tied to the expanded commercial organization. → MercadoLibre Boldly Invests in Growth: Discount Deepens Gross margin improved to 86% from 84% a year earlier, driven by lower average unit costs on TriNav and continued manufacturing improvements. Research and development expenses rose to $3.2 million from $3 million, while sales and marketing expenses increased to $7.4 million from $6.7 million as the company added headcount, training and territory development costs. General and administrative expenses were $5.4 million, up from $5.2 million. The company reported a net operating loss of $8.4 million, compared with a $7.3 million loss in the prior-year period. Adjusted EBITDA loss was approximately $5.8 million, compared with $5.5 million in the first quarter of 2025. TriSalus ended the quarter with $56.6 million in cash and cash equivalents. → MP Materials Is Quietly Building a Rare Earth Powerhouse Patience said the company’s gross margins remained “durable in the mid-80s” and that its cash position “fully funds” the strategic growth plan. TriSalus revised its full-year 2026 revenue guidance to a range of $54 million to $57 million. Szela said the revision reflected both lower first-quarter revenue from the commercial expansion and delayed FDA clearance timing for TriNav Advance, a next-generation device intended to extend PEDD capability to small distal vessels through a microcatheter. According to Szela, FDA review of TriNav Advance is running about five months beyond the 30-day MDUFA review goal. The company remains in active dialogue with the agency and still expects clearance in the second half of the year, but it removed TriNav Advance revenue expectations from its second-half forecast. Szela said TriNav Advance remains important to the company’s product strategy because it would allow interventional radiologists to access PEDD benefits while using the microcatheter of their choice. TriSalus said its expanded sales organization was largely in place as of May. Szela said the company had added commercial leadership, field management, sales representatives and clinical specialists after territories had grown beyond what existing representatives and managers could effectively cover. Chris Staudt recently joined the company as senior vice president of sales and commercial operations. Szela said Staudt brings more than 20 years of commercial leadership experience from companies including Roche, Ventana, Luminex and Accelerate Diagnostics. During the question-and-answer portion of the call, Szela said roughly 60% of territories where representative-to-physician relationships remained intact performed in line with expectations. In the remaining 40%, the company changed both the representative-to-physician and representative-to-manager relationships, which created disruption. “We are very comfortable that there’s been really no fundamental change in demand,” Szela said. She added that the company is now “a little bit above” its prior plan to double the organization and expects month-over-month growth through the rest of the year as new representatives ramp. Patience said TriSalus expects only a “marginal sequential gain” in the second quarter as representatives come out of training, with more meaningful progress anticipated in the third and fourth quarters. TriSalus also announced publication of what Szela called the largest real-world evidence study of PEDD conducted to date. The study included 603 PEDD patients matched against more than 16,210 non-PEDD patients from a claims database covering 96% of U.S. payers and spanning January 2020 through March 2024. The cohort included 515 TARE patients and 88 TACE patients. Szela said the analysis used a two-stage matching design combining Coarsened Exact Matching and propensity score matching. According to the company, PEDD-treated patients showed statistically significant improvements across several measures, including lower post-procedure fatigue, lower lymphopenia at high-adopter centers and reduced 30-day inpatient admissions in the TACE subgroup. Szela said PEDD procedures delivered about 48% more doxorubicin per procedure and cut 30-day inpatient admissions in TACE patients to 8%, compared with 20.5% without PEDD. The study also found approximately $7,700 in per-patient cost avoidance across the 603-patient PEDD cohort, including roughly $3,100 from fewer inpatient stays and $4,600 from fewer post-procedure complications, according to Szela. Medical Director Dr. Richard Marshall said the real-world nature of the data was important for interventional radiology. “This is actually what’s happening in the U.S.,” Marshall said. He added that the study helps physicians understand the economic value that procedures bring to patient care. TriSalus said it now has 10 active studies underway across 24 clinical sites, generating data on more than 400 TriNav-treated patients. Two prospective investigator-initiated trials are expected to begin enrollment this quarter: PRESSURE at Stanford, evaluating TriNav and TARE for liver metastases, and PREDICT at MD Anderson, evaluating PEDD in hypovascular tumors. The company is also preparing publication submissions for two completed investigator-initiated trials, PETER at Massachusetts General Hospital and TRIFY90 at MD Anderson. Szela said those readouts could support second-half commercial momentum. Beyond liver applications, TriSalus highlighted work in uterine artery embolization, thyroid artery embolization and genicular artery embolization. Szela said these indications collectively represent a U.S. addressable market of approximately $2.5 billion. For nelitolimod, TriSalus said it remains on track to deliver a consolidated PERIO Phase 1 readout in the early second half of 2026. Szela said the timing is not driven by a safety signal, efficacy concern or change in strategic priorities. She said the company intends to advance nelitolimod and its broader pancreatic program through a partnership structure while maintaining capital discipline. TriSalus Life Sciences, Inc is a clinical-stage biotechnology company focused on the development and commercialization of non-invasive drug–device combination therapies for oncology applications. Leveraging proprietary electroporation and ultrasound platforms, the company aims to enhance the localized delivery and efficacy of established chemotherapeutic agents while reducing systemic toxicity. Its lead programs target hard-to-treat head and neck cancers, where improved tumor control and patient tolerability remain significant unmet needs. The company's pipeline comprises investigational product candidates in early and mid-stage clinical trials, including studies that combine its electrochemotherapy platform with radiation therapy and immuno-oncology agents. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "TriSalus Life Sciences Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

This article first appeared on GuruFocus. Release Date: May 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. TriSalus Life Sciences Inc (NASDAQ:TLSI) has significantly expanded its commercial organization, positioning itself for multi-year growth. The company published a landmark real-world evidence study demonstrating the clinical and economic benefits of its PEDD technology, including fewer complications and hospitalizations. Gross margins improved to 86% from 84% in the prior-year period, driven by lower average unit costs and continuous manufacturing improvements. The company is actively generating new clinical evidence with 10 active studies across 24 clinical sites, enhancing its data-driven approach. TriSalus Life Sciences Inc (NASDAQ:TLSI) has a strong cash position of $56.6 million, fully funding its strategic growth plan. Revenue for the first quarter decreased to $8.9 million from $9.2 million in the prior-year period due to disruptions from the commercial expansion. The company revised its full-year 2026 revenue guidance to $54 million to $57 million, down from previous expectations, due to lower Q1 revenues and delayed FDA clearance for TriNav Advance. Net operating loss increased to $8.4 million from $7.3 million in the prior-year period, reflecting lower revenue and increased sales and marketing investments. The FDA review of TriNav Advance is running approximately five months past the expected timeline, impacting revenue expectations. The expansion of the sales force caused short-term disruptions, affecting 40% of sales territories and requiring time for new representatives to ramp up. Warning! GuruFocus has detected 5 Warning Signs with TLSI. Is TLSI fairly valued? Test your thesis with our free DCF calculator. Q: Can you quantify the disruption caused by the 40% of the sales force that was affected, and how confident are you in the business's recovery trajectory to achieve the guidance range for the year? A: (Mary Della, CEO) 60% of our sales territories were not disrupted and performed as expected, indicating no fundamental change in demand or growth. The disruption in the remaining 40% was due to changes in rep-to-manager and rep-to-physician dynamics, driven by our growth. We are confident in our recovery as the right talent and territory footprint are now in place, and we expect continuous ramp-up throughout the year. Q: Have you achieved the doubling of the sales organization, and is there more hiring needed to complete this expansion? A: (Mary Della, CEO) We have slightly expanded beyond the initial doubling of the organization due to the unprecedented level of talent attracted. This expansion positions us well to scale the company and capture the $2.5 billion market opportunity across liver and new applications. Q: What was the composition and size of the commercial organization before and after the expansion? A: (Mary Della, CEO) We expanded the number of territories more than double and adjusted the rep-to-manager ratio. We also added an executive level of management to engage with hospital systems and payers, positioning us to pursue 400 accounts in liver and new applications. Q: How should we think about revenue cadence for the year, particularly for Q2? A: (David Patience, CFO) We expect a marginal sequential gain in Q2 as reps come out of training, with meaningful progress in Q3 and Q4 as productivity ramps up. The second half ramp is structurally built, and we are excited to see the contributions from the expanded team. Q: Where do you see the new PEDD data having the most direct impact, and how will it resonate with physicians and institutions? A: (Mary Della, CEO) The real-world data validates our prospective clinical data and highlights both clinical and economic benefits. It strengthens our case for PEDD as a standard of care and inclusion in NCCN guidelines. The data's impact on lymphopenia resonates strongly with oncologists, potentially influencing both interventional radiology and oncology communities. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance in Q1 was impacted by a deliberate, large-scale commercial expansion that disrupted 40% of sales territories through simultaneous changes in representative-to-physician and representative-to-manager relationships. Management attributes the revenue dip to transition costs, including representative onboarding, extensive training time out of the field, and the rebuilding of account relationships within realigned territories. The 60% of territories where relationships remained intact performed in line with expectations, which management cites as evidence that underlying demand and market fundamentals remain strong. The company published a landmark real-world evidence study of 603 PEDD patients, demonstrating that the technology reduces health care utilization and generates approximately $7.7 thousand in per-patient cost avoidance. Clinical data showed PEDD preserved immune function by nearly eliminating lymphopenia at high-adopter centers, a critical factor for maintaining patient eligibility for downstream immunotherapy. Strategic expansion into new applications—including uterine, thyroid, and genicular artery embolization—addresses a combined $2.5 billion US market opportunity beyond the core liver business. Full-year 2026 revenue guidance was revised to $54 million to $57 million, reflecting Q1 expansion disruption and a 5-month delay in FDA clearance for TriNav Advance. The TriNav Advance launch is now expected in the second half of 2026, with guidance assuming a prudent market evaluation period following the delayed clearance. Management expects steady, month-over-month sales productivity improvements throughout the remainder of the year as the newly doubled sales force completes its 6- to 9-month ramp period. The PERIO-1 readout for nalotolimod remains on track for 2026, with the company intending to advance its pancreatic programs through a partnership structure to preserve capital. Upcoming clinical catalysts include the submission of results from the TETHER and TRI-FI 90 studies for publication in the second quarter. FDA review of TriNav Advance is currently running 5 months past the 30-day MDUFA goal, creating uncertainty around the exact timing of second-half revenue contributions. The company successfully raised growth capital in Q1, which funded the commercial build-out but also contributed to higher non-cash stock-based compensation expenses. Territory realignment was necessary because previous sales footprints had expanded beyond the capacity of individual representatives to cover effectively. Management flagged that Q1 G&A expenses are seasonally higher due to annual public company costs materializing in the first quarter. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that the 60% of territories not disrupted by the expansion serve as a 'control group' confirming steady demand. The sales organization is now largely in place, and management expects a continuous ramp in productivity as new hires exit the training phase. The company more than doubled the number of territories and added executive-level management to engage directly with hospital systems and payers. The expansion was slightly larger than originally planned due to the high caliber of talent attracted following the Q1 capital raise. Management anticipates marginal sequential revenue gains in Q2 as representatives complete training. Meaningful revenue step-ups are projected for Q3 and Q4 as the expanded capacity reaches full productivity. The data validates PEDD as a therapeutic delivery platform rather than just a device, showing improved tumor targeting with less off-target toxicity. Management believes the evidence of preserved immune function will resonate strongly with the oncology community, potentially making PEDD a standard of care for combination therapies.

Generated first quarter revenue of $8.9 million and expanded commercial organization to support future growth and broader market penetration Published landmark, real-world PEDD® Study of 603 PEDD patients and 16,210 non-PEDD patients found PEDD technology was associated with fewer post-procedure complications, reduced hospitalizations, and approximately $7,700 in per-patient charge avoidance despite greater baseline clinical complexity Presented new clinical and preclinical PEDD data across multiple oncology and embolization applications at the 2026 Society of Interventional Radiology Annual Scientific Meeting Strengthened balance sheet with $46 million equity raise; cash balance of $56.6 million fully funds commercial expansion and pipeline development Revised 2026 revenue guidance to $54 million to $57 million, reflecting impact of commercial expansion and timing of FDA clearance for TriNav® Advance Hosting Conference Call and Webcast today at 4:30pm ET DENVER, May 12, 2026--(BUSINESS WIRE)--TriSalus Life Sciences, Inc. (Nasdaq: TLSI) (the "Company"), an oncology company integrating novel delivery technology with standard of care therapies, and its investigational immunotherapeutic to transform treatment for patients with solid tumors, today announced financial results for the quarter ended March 31, 2026, and provided an operational update. "The first quarter marked an important strategic inflection point for TriSalus as we significantly strengthened our commercial infrastructure, expanded the clinical evidence supporting PEDD, and continued advancing our next-generation platform opportunities," said Mary Szela, President and Chief Executive Officer of TriSalus. "We are increasingly demonstrating that PEDD is not simply a device, but a differentiated therapeutic delivery platform capable of improving procedural outcomes, reducing healthcare utilization, and expanding treatment possibilities across multiple indications. During and subsequent to the quarter, we added meaningful new clinical evidence supporting PEDD across liver embolization therapy for liver cancer, and other new embolization applications, including one of the largest real-world analyses ever conducted in interventional oncology. At the same time, we substantially completed the commercial expansion initiatives designed to support our next phase of growth and broader market penetration. Our updated revenue outlook reflects the lower Q1 revenue from the commercial expansion and the delayed FDA clearance timing for TriNav Advance, our next-generation device which extends PEDD capability to small distal vessels via microcatheter. We continue to believe the long-term growth opportunity for the PEDD platform remains substantial." Highlights for First Quarter 2026 and Recent Weeks Reported publication of Real World PEDD Study of more than 16,800 patients (603 PEDD patients matched against 16,210 non-PEDD patients) published in Journal of Comparative Effectiveness Research, which found PEDD technology was associated with fewer post-procedure complications, reduced hospitalizations, and approximately $7,700 in per-patient charge avoidance despite PEDD patients having greater baseline clinical complexity. Presented new clinical and preclinical data at the 2026 Society of Interventional Radiology Annual Scientific Meeting including a preclinical study showing enhanced hepatic tumor penetration during embolic sphere delivery, a clinical analysis of embolization in neuroendocrine tumor liver metastases before and after PEDD, and a clinical assessment of safety and efficacy in uterine artery embolization, further expanding the body of evidence supporting PEDD across multiple applications. Reported publication of preclinical research in Frontiers in Oncology demonstrating enhanced delivery and immune activation with nelitolimod delivered with PEDD in liver tumor models. Completed a public offering during the quarter, further strengthening the balance sheet with $46 million in gross proceeds and supporting the Company’s planned commercial expansion initiatives designed to support long-term growth and broader market opportunity. Appointed veteran healthcare investor Michael P. Stansky to the Board of Directors in February 2026. Announced the appointment of Richard Marshall, M.D., as Chief Medical Officer effective June 29, 2026. Financial Results for Q1 2026 Revenue from the sale of the TriNav system, was $8.9 million for the three months ended March 31, 2026, a decrease of 2.9% compared to the same period in 2025. The decrease in revenue was primarily due to the Company's commercial expansion. Gross margins were 86.2% for the three months ended March 31, 2026, compared to 83.7% for the same period in 2025. The year-over-year increase in gross margin was primarily due to lower average cost per TriNav unit. Operating losses were $8.4 million for the three months ended March 31, 2026, compared to losses of $7.3 million for the same period in 2025. The increase in operating losses was primarily driven by higher sales and marketing expenses related to our commercial expansion and an increase in non-cash stock-based compensation expense, partially offset by improved gross margins. Net income available to common stockholders was $1.5 million for three months ended March 31, 2026, compared to a net loss of $11.1 million for the same period in 2025. The current period includes $11.3 million of non-cash gains related to changes in the fair value of various derivatives for the three months ended March 31, 2026, compared to losses of $1.7 million for the same period in 2025. The basic and diluted earnings (loss) per share for three months ended March 31, 2026, was $0.03, compared to $(0.39) for the same period in 2025. The non-GAAP measure of adjusted EBITDA is shown in the table below as the Company believes it is an important measure of performance. Adjusted EBITDA losses were $5.8 million for the three months ended March 31, 2026, compared to losses of $5.5 million for the same period in 2025. The increase in adjusted EBITDA losses were primarily driven by higher stock-based compensation and increased operating expenses. On March 31, 2026, cash and cash equivalents totaled $56.6 million. The Company raised $46.0 million in gross proceeds in the first quarter from an equity offering. The Company believes that these proceeds provide sufficient cash runway to fully fund commercial expansion and pipeline development. Conference Call & Webcast The Company will host a conference call and webcast today at 4:30 PM eastern time to discuss its financial results for the quarter ended March 31, 2026. Parties interested in participating by phone should register using the online form on our investor relations website. After registering for the webcast, dial-in details will be provided in an auto-generated e-mail containing a link to the conference phone number along with a personal pin. The event will also be webcast live on the investor relations section of TriSalus’ website. A replay will also be available on the website following the event. About TriSalus Life Sciences TriSalus Life Sciences® is an oncology focused medical technology company seeking to transform outcomes for patients with solid tumors by integrating its innovative delivery technology with standard-of-care therapies, and with its investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 agonist, for a range of different therapeutic and technology applications. The Company’s platform includes devices that utilize a proprietary drug delivery technology and a clinical stage investigational immunotherapy. The Company’s three FDA-cleared devices use its proprietary Pressure-Enabled Drug Delivery™ (PEDD) approach to deliver a range of therapeutics: the TriNav® Infusion System and TriNav Infusion System LV for hepatic arterial infusion of liver tumors and the Pancreatic Retrograde Venous Infusion System for pancreatic tumors. The PEDD technology is a novel delivery approach designed to address the anatomic limitations of arterial infusion for the pancreas. The PEDD approach modulates pressure and flow in a manner that delivers more therapeutic to the tumor and is designed to reduce undesired delivery to normal tissue, bringing the potential to improve patient outcomes. Nelitolimod, the Company’s investigational immunotherapeutic candidate, is designed to improve patient outcomes by treating the immunosuppressive environment created by many tumors and which can make current immunotherapies ineffective in the liver and pancreas. Patient data generated during Pressure-Enabled Regional Immuno-Oncology™ (PERIO) clinical trials support the hypothesis that nelitolimod delivered via the PEDD technology may have favorable immune effects within the liver and systemically. The target for nelitolimod, TLR9, is expressed across cancer types and the mechanical barriers addressed by the PEDD technology are commonly present as well. The Company is in the final stages of data completion for a number of phase 1 clinical trials and will begin exploring partnership opportunities for development. Forward Looking Statements Statements made in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding the benefits and potential benefits of the Company’s PEDD drug delivery technology, TriNav® system and nelitolimod investigational immunotherapy, and the Company’s ability to execute on its strategy. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include risks associated with clinical development and regulatory approval of drug delivery and pharmaceutical product candidates, including that future clinical results may not be consistent with patient data generated during the Company’s clinical trials, the cost and timing of all development activities and clinical trials, unexpected safety and efficacy data observed during clinical studies, the risks associated with the credit facility, including the Company’s ability to remain in compliance with all its obligations thereunder to avoid an event of default, the risk that the Company will continue to raise capital through the issuance and sale of its equity securities to fund its operations, the risk that the Company will not be able to achieve the applicable revenue requirements to access additional financing under the credit facility, the risk that the Company will not become profitable on its expected timeline, if at all, the risk that the reported financial results will differ from the estimates provided in this press release, changes in expected or existing competition or market conditions, changes in the regulatory environment, unexpected litigation or other disputes, unexpected expensed costs, made in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding the benefits and potential benefits of the Company’s PEDD drug delivery technology, TriNav® system and nelitolimod investigational immunotherapy, and the Company’s ability to execute on its strategy. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include risks associated with clinical development and regulatory approval of drug delivery and pharmaceutical product candidates, including that future clinical results may not be consistent with patient data generated during the Company’s clinical trials, the cost and timing of all development activities and clinical trials, unexpected safety and efficacy data observed during clinical studies, the risks associated with regulatory approval of the Company's product candidates, the risks associated with the credit facility, including the Company’s ability to remain in compliance with all its obligations thereunder to avoid an event of default, the risk that the Company will continue to raise capital through the issuance and sale of its equity securities to fund its operations, the risk that the Company will not be able to achieve the applicable revenue requirements to access additional financing under the credit facility, the risk that the Company will not become profitable on its expected timeline, if at all, the risk that the reported financial results will differ from the estimates provided in this press release, changes in expected or existing competition or market conditions, changes in the regulatory environment, unexpected litigation or other disputes, unexpected expensed costs, and other risks described in the Company’s filings with the Securities and Exchange Commission under the heading "Risk Factors." All forward‐looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made except as required by law. Non-GAAP Financial Measure To supplement the financial results presented in accordance with GAAP, TriSalus has also included in this press release non-GAAP adjusted EBITDA, which excludes from net loss, income tax expense, interest expense, interest income, change in fair value of SEPA, warrant and revenue-base redemption liabilities, change in fair value of contingent earn out liability, stock-based compensation expense and depreciation. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than similar non-GAAP financial information disclosed by other companies. TriSalus encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations set forth below, to more fully understand TriSalus’ business. TriSalus believes that the presentation of these non-GAAP financial measures provides useful supplemental information to, and facilitates additional analysis by, investors. In particular, TriSalus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors’ and analysts’ ability to meaningfully compare TriSalus’ results from period to period, and to identify operating trends in TriSalus’ business. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512970102/en/ Contacts For Media Inquiries: Jeremy Feffer, Managing DirectorLifeSci [email protected] For Investor Inquiries: David PatienceChief Financial [email protected]