TriSalus Life Sciences, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 10 November 2026: press release. Guidance figures: 2 lowered. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose 11.3% on more units: TriNav system revenue was $12.9 million, up 11.3% year over year. Management attributed the increase primarily to more TriNav units sold. Source
• TriNav Advance cleared by FDA: TriNav Advance enables PEDD in small distal vessels through the physician's choice of microcatheter, covering the full range of vessels in liver embolization. Source
• C8004 national payment rises: The national Medicare rate for procedures billed under C8004 rises from about $11,794 to about $20,910, effective January 1, 2027, after reassignment to a different APC. Source
• Gross margin rose to 86.2%: Gross margin was 86.2% against 83.5% a year earlier. Management attributed the increase primarily to a lower cost per TriNav unit. Source
• Representative productivity ramping slower: Management said team productivity ramped slightly slower than anticipated, while representatives keep driving TriNav use by building relationships with interventional radiologists. Source
• Cash balance at quarter-end: Cash and cash equivalents were $41.1 million at September 30, 2026. Source

“we drove double-digit year-over-year growth and received FDA clearance for TriNav Advance”

Mary Szela, President and Chief Executive Officer of TriSalus

Guidance

What changed from last quarter

• Guidance lowered: Full-year 2026 revenue guidance was lowered and replaced the range set in the first quarter and maintained in the second quarter. Source
• New: TriNav Advance received FDA clearance, and the company now describes four FDA-cleared devices, where the second-quarter release listed three. Source
• New: CMS finalized 2027 reimbursement policies covering procedures that use PEDD. Source

Results and growth drivers

• Revenue rose 11.3% on more units: TriNav system revenue was $12.9 million, up 11.3% year over year. Management attributed the increase primarily to more TriNav units sold. Source
• Nine-month revenue reached $33.2 million: Nine-month revenue was $33.2 million, compared with $31.9 million a year earlier, as shown in the statements of operations. Source
• Operating loss fell to $7.7 million: Operating loss was $7.7 million against $9.0 million a year earlier. Gross profit gains and lower R&D and G&A offset higher sales and marketing spending. Source
• Prior-year net loss included conversion effect: The prior-year net loss attributable to common stockholders included about $30.5 million from converting preferred stock to common in the third quarter of 2025. Source

Products and customers

• TriNav Advance cleared by FDA: TriNav Advance enables PEDD in small distal vessels through the physician's choice of microcatheter, covering the full range of vessels in liver embolization. Source
• Four FDA-cleared devices in portfolio: The company describes four FDA-cleared devices and two devices sold under Letters to File, all using its PEDD approach. Source
• Office-based lab access via G-code: Management cites expanded access to office-based labs through the new G-code, alongside the TriNav Advance launch, as a basis for continued growth. Source

“We more than doubled our commercial footprint over the first half of the year, and although our team productivity has ramped slightly slower than anticipated”

Mary Szela, President and Chief Executive Officer of TriSalus

Reimbursement and CMS policy

• CMS finalized PEDD reimbursement policies: The company said CMS finalized 2027 policies that expand reimbursement for procedures using PEDD. Source
• C8004 national payment rises: The national Medicare rate for procedures billed under C8004 rises from about $11,794 to about $20,910, effective January 1, 2027, after reassignment to a different APC. Source
• G0577 office-lab national payment set: CMS set national payment for G0577, vascular embolization with a pressure-generating catheter in the office-based lab, at about $13,800 per procedure from January 1, 2027. Source

Costs, margins and pricing

• Gross margin rose to 86.2%: Gross margin was 86.2% against 83.5% a year earlier. Management attributed the increase primarily to a lower cost per TriNav unit. Source
• Sales and marketing spend increased: Sales and marketing expense was $10.7 million against $6.8 million, reflecting marketing investment and the expanded sales organization. R&D and G&A were lower. Source
• Adjusted EBITDA loss narrowed: Adjusted EBITDA loss was $4.7 million against $5.4 million. Gross margin gains and lower R&D and G&A were partly offset by higher sales and marketing expense. Source

Demand and sales force productivity

• Commercial footprint more than doubled: The company said it more than doubled its commercial footprint over the first half of 2026. Source
• Representative productivity ramping slower: Management said team productivity ramped slightly slower than anticipated, while representatives keep driving TriNav use by building relationships with interventional radiologists. Source
• CEO sees company well positioned: The CEO said the company believes it is well positioned for 2027 and has laid a foundation for growth beyond that year. Source

Capital, cash and funding

• Cash balance at quarter-end: Cash and cash equivalents were $41.1 million at September 30, 2026. Source
• First-quarter equity raise: The company raised $46.0 million in gross proceeds from an equity offering in the first quarter. Source
• Nine-month operating cash use: Net cash used in operating activities was $21.9 million for the nine months, against $15.5 million a year earlier. Source

Clinical programs and partnering

• PROTECT interim enrollment cutoff reached: The enrollment cutoff for the PROTECT registry interim analysis in thyroid artery embolization was achieved. Source
• Thyroid artery data on track for Q1 2027: The company remains on track to deliver first multi-center U.S. data on thyroid artery embolization in the first quarter of 2027. Source
• Nelitolimod trials moving toward partnering: Phase 1 trials are in final data completion, and the company plans to begin exploring partnerships for development. Source

Coming up, as management said on 10 November 2026

• PROTECT thyroid data due Q1 2027: First multi-center U.S. data on thyroid artery embolization is expected in the first quarter of 2027. Source
• Partnership exploration to begin: After completing data for several phase 1 trials, the company plans to begin exploring partnerships for nelitolimod development. Source
• CMS 2027 payment rates take effect: The G0577 national office payment takes effect January 1, 2027, as does the C8004 rate increase. Source

Risks management discussed

• Demand: Representative productivity has ramped slower than management anticipated, which management links to the time needed to build relationships with interventional radiologists. Source

Earlier plans management reported on

• Met: Management states the enrollment cutoff required for the PROTECT interim analysis was achieved. Source
• On track: Management states the company remains on track to deliver the first multi-center U.S. data in the first quarter of 2027. Source
• Delayed: Management states team productivity has ramped slightly slower than anticipated. Source
• Not stated: The second-quarter release anticipated growth in the back half of 2026 as the sales team ramped. The third-quarter release does not restate this.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.