Overview

• US oncology device maker's Q1 revenue fell 2.9% yr/yr, missing analyst expectations

• Company posted net income of $1.5 mln, reversing a loss from prior year

• TriSalus raised $46 mln in equity to fund commercial expansion and pipeline development

Outlook

• TriSalus revises 2026 revenue guidance to $54 mln-$57 mln

• Company says updated outlook reflects commercial expansion and delayed FDA clearance for TriNav Advance

• Company believes long-term growth opportunity for PEDD platform remains substantial

Result Drivers

• COMMERCIAL EXPANSION - Co said lower Q1 revenue was primarily due to commercial expansion initiatives

• HIGHER OPERATING EXPENSES - Increased operating losses were mainly driven by higher sales and marketing expenses related to commercial expansion and increased stock-based compensation

• GROSS MARGIN IMPROVEMENT - Gross margin rose due to lower average cost per TriNav unit

Company press release: ID:nBw8cZQV2a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$8.90 mln	$10.44 mln (5 Analysts)
Q1 Gross Profit		$7.67 mln
Q1 Income from Operations		-$8.41 mln
Q1 Pretax Profit		$1.54 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for TriSalus Life Sciences Inc is $10.00, about 120.3% above its May 11 closing price of $4.54

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