TriSalus Life Sciences announced its financial results for the first quarter ended March 31, 2025. Revenue, solely from the TriNav system, was $9.2 million, marking a 42% increase compared to Q1 2024 and an 11% sequential growth over Q4 2024. Gross margins for the quarter were 84%, a slight decrease from 85% in Q1 2024 due to decreased production during a planned clean room expansion.
Operating losses for Q1 2025 were $7.3 million, an improvement from losses of $11.7 million in Q1 2024, driven by increased sales and reduced research and development expenses. Net losses available to common stockholders were $10.4 million, compared to $13.2 million in the prior year period. Adjusted EBITDA losses also narrowed to $5.5 million from $10.4 million in Q1 2024.
The company confirmed its revenue guidance of at least 50% growth for 2025. However, due to a strategic decision to further invest in sales force expansion and clinical registries for new applications, TriSalus no longer expects to be adjusted EBITDA-positive or cash flow-positive in 2025, now targeting adjusted EBITDA positive in the first half of 2026. Cash and cash equivalents totaled $13.0 million on March 31, 2025, with an additional $22.0 million raised in gross proceeds via a private placement in the second quarter.
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