Wed, May 15, 1:09 PM (72 days ago)
TriSalus Life Sciences, Inc. reported its financial results for the quarter ended March 31, 2024. The company's revenue increased by 116.4% year-over-year to $6.5 million, driven primarily by higher sales volumes of its TriNav device. Gross profit rose to $5.5 million, with an improved gross margin of 85.0%. However, the company incurred an operating loss of $11.7 million, primarily due to increased R&D, sales and marketing, and general and administrative expenses. R&D expenses slightly increased to $5.9 million, while sales and marketing expenses more than doubled to $6.7 million due to higher headcount and related costs. General and administrative expenses also rose by 30.3% to $4.6 million. The net loss for the quarter was $13.2 million, compared to $8.3 million in the same period last year. TriSalus raised $3.1 million through the SEPA and secured a $50 million loan facility from OrbiMed, drawing $25 million initially. The company expects its existing cash, along with proceeds from the loan, to be insufficient to fund operations for the next 12 months, necessitating additional capital raises. The company's ability to continue as a going concern is contingent on securing further financing.