TriSalus Life Sciences Inc (NAS:TLSI)

Q2 2026 TriSalus Life Sciences Inc Earnings Call Transcript

Aug 6, 2026 / 08:30 PM GMT

Release Date Price: $4.87 (+5.41%)

Transcript 10-Q8-K

Key Points

Positve

TriSalus Life Sciences Inc (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.

Negative

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.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TLSI.OQ - TriSalus Life Sciences Inc
Q2 2026 TriSalus Life Sciences Inc Earnings Call
Aug 06, 2026 / 08:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good day, and thank you for standing by. Welcome to the Triphalus Life Sciences Second Quarter 2026 Earnings Conference Call.

At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session.

To ask a question during the session, you'll need to press *11 on your telephone. You will then hear an automated message advising your hand is raised. To answer your question, please press *11 again.

Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker, Kayleen Parrish. Please go ahead.

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