Yahoo Finance TriSalus Life Sciences Inc (TLSI) Q4 and Full Year 2023 Earnings: Revenue Growth Amidst Late ...
Revenue: Q4 revenue of $5.7 million, up 77% year-over-year, surpassing the estimated $6.436 million.
Net Income: Reported a net loss of $35.5 million in Q4, significantly wider than the estimated loss of $9.53 million.
Earnings Per Share (EPS): Q4 EPS stood at -$1.56, notably higher than the estimated EPS of -$0.72.
Gross Margin: Improved to 90% in Q4 from 75% in the same period last year, indicating increased operational efficiency.
Operating Loss: Increased to $14.1 million in Q4, with non-recurring costs contributing to the rise.
Research and Development: Investments in R&D increased to support clinical program progress.
Market Penetration: Continued growth attributed to increased selling resources and market share gains.
On April 1, 2024, TriSalus Life Sciences Inc (NASDAQ:TLSI) released its 8-K filing, reporting financial results for the fourth quarter and full year ended December 31, 2023. The oncology company, which is integrating standard-of-care treatments with its investigational immunotherapeutic, SD-101, alongside its Pressure Enabled Drug Delivery infusion systems, saw significant revenue growth, particularly with its TriNav system.
TriSalus Life Sciences Inc (NASDAQ:TLSI), a commercial-stage medical device and Phase I clinical-stage pharmaceutical company, has made substantial strides in its mission to transform the treatment paradigm for patients battling liver and pancreatic tumors. The company's dedication to advancing its technology and clinical pipelines was evident in the past year, with notable achievements including the growth in TriNav revenue and the attainment of permanent reimbursement.
However, TriSalus faced challenges in the form of a wider net loss than anticipated, reporting a Q4 net loss of $35.5 million, which was substantially greater than the estimated loss of $9.53 million. The company also encountered a delay in filing its annual report due to errors in stock-based compensation expense calculations, necessitating a 15-day extension request.
Despite these setbacks, TriSalus achieved a remarkable 77% year-over-year revenue increase in Q4, reaching $5.7 million and surpassing the estimated revenue of $6.436 million. This growth was primarily driven by enhanced selling resources and market share expansion. The company's gross margin also improved significantly, reaching 90% in Q4, up from 75% in the same period last year, reflecting increased factory volumes and operational efficiencies.
TriSalus's financial achievements are crucial for a company in the Medical Devices & Instruments industry, where market penetration and product efficacy are key drivers of success. The company's ability to grow its revenue and improve gross margins indicates a strong market demand for its TriNav system and the potential for its investigational immunotherapeutic, SD-101.
Key financial details from the earnings report include:
"2023 was a critical year for TriSalus, underscored by significant growth in TriNav revenue, a landmark achievement of permanent reimbursement, and disciplined progress within our technology and clinical pipelines," said Mary Szela, Chief Executive Officer and President of TriSalus.
TriSalus's operating losses for Q4 were $14.1 million, with non-recurring professional service fee costs of $7.9 million for the year, primarily related to the completion of the deSPAC process. Investments in R&D and sales and marketing increased to support clinical program progress and expand market penetration.
The company's net losses available to common stockholders for Q4 were $35.5 million, with losses including non-cash related gains/(losses) on revaluation of contingent earnout liabilities and losses associated with revaluation of tranche and warrant liabilities. Basic and diluted loss per share for Q4 was $1.56, compared to a loss per share of $75.01 for the same period in the previous year.
TriSalus's performance reflects a company poised for future growth, with a solid foundation laid by its innovative technology and commitment to improving care options for oncology patients. The company's advancements in its clinical trials and device clearances suggest a potential for continued progress and success in the coming years.
For more detailed information on TriSalus Life Sciences Inc's financial results, please refer to the company's 8-K filing.
Explore the complete 8-K earnings release (here) from TriSalus Life Sciences Inc for further details.
This article first appeared on GuruFocus.
